Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 54

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 54
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| • |     | PTCE 84-14 (for certain transactions determined by independent 
 qualified professional asset managers);                        |

| • |     | PTCE 90-1 (for certain transactions involving insurance company 
 pooled separate accounts);                                      |

| • |     | PTCE 91-38 (for certain transactions involving bank collective 
 investment funds);                                             |

| • |     | PTCE 95-60 (for transactions involving certain insurance 
 company general accounts); and                           |

| • |     | PTCE 96-23 (for transactions managed by in-house asset managers). |

In addition, ERISA Section 408(b)(17) and Section 4975(d)(20) of the Code may provide an exemption for the purchase and sale of securities offered hereby, provided that neither the issuer of securities offered hereby nor any of its affiliates have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Plan involved in the transaction, and provided further that the Plan pays no more and receives no less than “adequate consideration” in connection with the transaction to the non-fiduciary serviceprovider (the “service provider exemption”). There can be no assurance that all of the conditions of any such exemptions will be satisfied. S-34

Because of the foregoing, the depositary shares should not be acquired by any person
investing the assets of any Plan, Plan Asset Entity or Non-ERISA Arrangement, unless such acquisition will not constitute a non-exempt prohibited
transaction under ERISA and the Code or similar violation of any applicable Similar Laws.

Any purchaser or holder of depositary shares or
any interest therein will be deemed to have represented by its purchase and holding of depositary shares offered hereby, as well as acknowledged in the Deposit Agreement, that it either (1) is not a Plan, a Plan Asset Entity or a Non-ERISA Arrangement and is not purchasing the depositary shares on behalf of or with the assets of any Plan, a Plan Asset Entity
or Non-ERISA Arrangement or (2) the purchase and holding of the depositary shares will not constitute a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or a similar violation under any applicable Similar Laws and neither M&T Bank Corporation. nor any of its affiliates is a “fiduciary” within the meaning of Section 3(21)
of ERISA or, with respect to a governmental plan, under any applicable Similar