Exhibit 99.2 [HUNTINGTON LOGO] SALOMON SMITH BARNEY FINANCIAL SERVICES EQUITY CONFERENCE NEW YORK CITY JANUARY 31, 2002 1 AGENDA - -OVERVIEW AND PROGRESS UPDATE HOAGLIN - -CREDIT REVIEW MCMENNAMIN - -FINANCIAL PERFORMANCE TRENDS & ACHIEVEMENTS MCMENNAMIN - -2002 OUTLOOK & KEY PRIORITIES HOAGLIN 2 OVERVIEW AND PROGRESS UPDATE 3 HUNTINGTON BANCSHARES OVERVIEW (1) MIDWEST FINANCIAL SERVICES HOLDING COMPANY FOUNDED - 1866 HEADQUARTERS - COLUMBUS, OHIO TOTAL ASSETS - $26 BILLION FRANCHISE: RETAIL AND COMMERCIAL BANKING 5 STATES / 6 REGIONS 332 OFFICES / 954 ATMS DEALER SALES 5 STATES + FL, TN, PA, AZ PRIVATE FINANCIAL GROUP 5 STATES + FL MORTGAGE BANKING 5 STATES + FL, MD, NJ (1) EXCLUDES FLORIDA RETAIL AND COMMERCIAL BANKING OPERATIONS PENDING SALE TO SUNTRUST 4 THE HUNTINGTON FRANCHISE FOCUS ON THE MIDWEST 4Q01 LINE OF BUSINESS EARNINGS - -------------------- ------------------------------ CONTRIBUTION (1) MICHIGAN ---------------- Mortgage Banking - 8% OFFICES 114 Retail Banking - 38% ATMS 192 Corporate Banking - 17% DETROIT 3% Dealer Sales - 20% GRAND RAPIDS 10% Private Financial Group - 17% OHIO OFFICES 155 (1) OPERATING BASIS AND BEFORE ATMS 544 TREASURY/OTHER AND INTERNAL ALLOCATIONS CINCINNATI 2% CLEVELAND 3% COLUMBUS 13% DAYTON 3% TOLEDO 9% INDIANA OFFICES 21 ATMS 86 INDIANAPOLIS 2% KENTUCKY OFFICES 12 ATMS 42 WEST VIRGINIA OFFICES 30 ATMS 90 CHARLESTON 9% 5 2001 OBJECTIVES REPORT CARD - - DIVEST FLORIDA BANKING OPERATIONS 2/15/02 - - CONSOLIDATE NON-FLORIDA BANKING OFFICES DONE - - REDUCE THE DIVIDEND DONE - - BUILD NEW MANAGEMENT TEAM DONE - - RESTRUCTURE THE BALANCE SHEET DONE - - IMPROVE OPERATING EFFICIENCIES - GROW REVENUES DONE - REMOVE $36 MILLION OF NIE GROWTH DONE - - BUILD CAPITAL DONE - - EXIT UNPROFITABLE E-BUSINESSES DONE 6 BUILDING A NEW CULTURE OBJECTIVE ACTION --------- ------ - - EMPOWERED EMPLOYEES WITH A SENSE OF - "GO AHEAD" EMPHASIS URGENCY - - DECISION MAKING CLOSER TO CUSTOMERS - ESTABLISHED REGIONAL BANKING STRUCTURE WITH 5 NEW PRESIDENTS - - BROADER ASSOCIATE OWNERSHIP - COMPANY-WIDE STOCK OPTION GRANT - - SALES CULTURE - INITIATED WEEKLY SALES MANAGEMENT PROCESS - IMPROVED FINANCIAL REPORTING WITH BANKING - - ACCOUNTABILITY OFFICE P & LS THIS YEAR - - PAY FOR PROFITABLE PERFORMANCE - CHANGED INCENTIVE COMPENSATION PLANS

7 STRENGTHEN COMMERCIAL CREDIT CULTURE IMPROVED CREDIT PROCESS CREDIT APPROVAL - ----------------------- --------------- - - CREATED NEW SENIOR LENDER POSITION CENTRAL REGIONS - - SEPARATED CREDIT APPROVAL ------- ------- FROM ORIGINATION CHIEF CREDIT ____ - - CENTRALIZATION OF SHARED OFFICER | NATIONAL CREDIT REVIEW / >$40 MM | APPROVAL | - - CREATED SYNDICATION SENIOR LENDER____| FUNCTION $15-$40 MM | - - FOCUS ON WHAT | CONSTITUTES A REGIONAL CREDIT__| "HUNTINGTON" DEAL OFFICER | $10-$15 MM | | |____PORTFOLIO MANAGER <$10 MM 8 STRENGTHEN COMMERCIAL CREDIT CULTURE A "HUNTINGTON" DEAL - ------------------- - - HUNTINGTON IS THEIR PRIMARY BANK - - WE KNOW THEIR MANAGEMENT - - IN MARKET - - DEFINED LEVERAGE STANDARDS - - PROVEN CASH FLOW - - SECONDARY SOURCE OF REPAYMENT CAPACITY - - DEFINED EXPOSURE LIMITS GIVEN RISK RATING - - PRICING THAT MEETS OR EXCEEDS PRICING GRID 9 STRENGTHEN AUTO CREDIT FOCUS - - REDUCED ORIGINATION VOLUME IN LOWEST FICO SCORE TIER 1Q00 4Q01 ---- ---- LOANS 20% 3% LEASES 15% 4% - - RAISED AVERAGE FICO SCORES ON TOTAL ORIGINATIONS - - REDUCED POLICY EXCEPTIONS - - EXPECTED LOSSES ON 2001 LOAN ORIGINATIONS TARGETED AT 40% BELOW 4Q99-3Q00 ORIGINATION EXPERIENCE 10 REGIONAL BANKING RETAIL AND COMMERCIAL 2001 PROGRESS SNAPSHOTS - --------------------------------------------- - - 5 OF 6 REGIONAL PRESIDENTS ARE NEW - - TOP 25 POINT-OF-SALE MERCHANT SERVICES PROVIDER - - ENHANCED TREASURY MANAGEMENT CAPABILITIES - - EMPOWERED EMPLOYEES - - NEW AD CAMPAIGN - "LOCAL BANK WITH NATIONAL RESOURCES" - - NEW "BUSINESS MONEY MANAGER" ACCOUNT - BUNDLED PRODUCT SET FOR SMALL BUSINESSES - - NEW EQUIPMENT LEASING AND SYNDICATION CAPABILITIES - - NEW CUSTOMER DERIVATIVES CAPABILITY...$8 MILLION IN NEW FEES 11 REGIONAL BANKING LOAN AND DEPOSIT GROWTH CHANGE IN 4Q01 VS. 2Q01 AVERAGES - -------------------------------- LOANS CORE DEPOSITS -------------- ------------- ($MM) RETAIL COM'L RETAIL COM'L ------ ----- ------ ----- CENTRAL OHIO / WV $(32.3) $55.6 $208.7 $35.9 NORTHERN OHIO 16.6 9.9 97.7 43.7 SOUTHERN OHIO / KY 9.9 48.1 67.4 16.5 INDIANA 9.3 29.2 (0.2) 4.8 MICHIGAN 53.7 27.3 206.2 (39.9) ----- ------ ------ ----- TOTAL $57.2 $170.1 $579.8 $61.0 ANNUALIZED % CHANGE 2.8% 5.4% 10.4% 7.2% 12 RETAIL BANKING IMMEDIATE PRIORITIES NET HOUSEHOLD ACQUISITIONS - -------------------- -------------------------- - - IMPROVE CUSTOMER SERVICE LOST HH NEW HH JAN-00 6,084 5,316 - - INCREASE CUSTOMER RETENTION FEB-00 6,733 5,423 MAR-00 6,996 5,626 - - INCREASE REVENUES THROUGH STRONGER SALES APR-00 5,935 4,713 MAY-00 5,737 5,398 - ATTRACT NEW CUSTOMERS JUN-00 4,933 6,614 JUL-00 3,944 5,882 - INCREASE CROSS-SELLS TO AUG-00 4,420 7,832 EXISTING CUSTOMERS SEP-00 3,512 6,662 OCT-00 5,211 7,050 - - IMPLEMENT BANKING OFFICE NOV-00 3,860 5,844 P & L's / STRENGTHEN DEC-00 3,682 5,422 ACCOUNTABILITY JAN-01 4,820 6,411 FEB-01 4,425 6,143 - - ACCELERATE WEST MICHIGAN MAR-01 4,334 6,922 TURNAROUND APR-01 4,928 7,430 MAY-01 5,674 7,125 - - FOCUS ON BUSINESS BANKING JUN-01 5,640 7,810 JUL-01 5,578 10,545 AUG-01 5,851 12,313 SEP-01 4,503 7,238 OCT-01 6,217 7,587 NOV-01 5,207 7,414 DEC-01 5,023 6,931 13 COMMERCIAL BANKING IMMEDIATE PRIORITIES - -------------------- - - RELENTLESS FOCUS ON MANAGING CREDIT RISK - - IMPROVE CUSTOMER SERVICE - - EXECUTION OF DEPOSIT RE-INTERMEDIATION STRATEGY - - CROSS-SELL FOCUS OF PRODUCTS AND SERVICES - TREASURY MANAGEMENT - CAPITAL MARKETS - INVESTMENTS - 401K - - IMPROVE MARKET PENETRATION - INDIANA - EAST MICHIGAN 14 DEALER SALES 2001 PROGRESS SNAPSHOTS - ----------------------- - - IMPROVED CREDIT QUALITY OF NEW ORIGINATIONS - - PURCHASED LEASE RESIDUAL INSURANCE - - LEADER IN MAJOR MARKETS - MAINTAINED #1, 2 OR 3 RANKING BEHIND CAPTIVES IN OHIO, MICHIGAN AND FLORIDA - ROA ON LOAN ORIGINATIONS EXPANDED 30 BASIS POINTS IMMEDIATE PRIORITIES - -------------------- - - CONTINUE EMPHASIS ON CREDIT QUALITY OF NEW ORIGINATIONS - - INTRODUCE BEHAVIORAL SCORING INTO COLLECTIONS STRATEGY 15 PRIVATE FINANCIAL GROUP 2001 PROGRESS SNAPSHOTS - ----------------------- - - 5 NEW HUNTINGTON FUNDS - - 14 OF 17 HUNTINGTON FUNDS POSTED POSITIVE RETURNS - - 12% HUNTINGTON FUND ASSET GROWTH - - 27% PRIVATE BANKING LOAN GROWTH - - 61% INCREASE IN ANNUITY SALES. . . RECORD YEAR - - NEW INTERNET ACCESS FOR TRUST CUSTOMERS IMMEDIATE PRIORITIES - -------------------- - - GROW HUNTINGTON FUNDS AND TOTAL ASSETS UNDER MANAGEMENT - - GROW INSTITUTIONAL AND MUTUAL FUND CUSTODY BUSINESS - - PROMOTE NEW INTERNET-BASED 401K PRODUCT 16 MORTGAGE BANKING 2001 PROGRESS SNAPSHOTS - ----------------------- - - $3.5 BILLION OF ORIGINATIONS. . . HIGHEST SINCE 1993 - - $5.1 BILLION OF MORTGAGES SERVICED - - DEPLOYED INTERNET FUNCTIONALITY FOR BROKER ORIGINATIONS IMMEDIATE PRIORITIES - -------------------- - - CROSS-SELL WITH HELOC EMPHASIS - - MARKET INTERMEDIATE ARM ORIGINATIONS 17 CREDIT REVIEW 18 LOAN PORTFOLIO - 12/31/01 BY TYPE OF LOAN - MANAGED BY REGION OR LOB - ------------------------- ---------------- ($B) AMT PCT --- --- CENTRAL OH/WV 16% COMMERCIAL $ 6.4 28.1 NORTHERN OH 12% COMMERCIAL RE 4.0 17.5 W. MICHIGAN 8% ------ ----- S. OHIO/KY 6% TOTAL COMMERCIAL 10.4 45.6 E. MICHIGAN 4% ------ ----- INDIANA 3% AUTO LEASES 3.2 14.0 AUTO 32% AUTO LOANS 4.1 18.0 PFG 4% HOME EQUITY LINES 2.5 11.0 MORTGAGE 3% RESIDENTIAL REAL ESTATE 1.0 4.4 FLORIDA 12% OTHER CONSUMER 1.6 7.0 ------ ----- TOTAL CONSUMER 12.4 54.4 ------ ----- TOTAL LOANS $ 22.8 100.0 19 COMMERCIAL LOAN PORTFOLIO - 12/31/01 $10.4 B BY INDUSTRY SECTOR # OF LOANS BY SIZE - -------------------------- ------------------ SERVICES 25% < $5 MM - 26,063 (98.6%) $5 + MM - 365 (1.4%) MANUFACTURING 14% $5 MM - < $10 MM 225 F.I.R.E. 29% $10 MM - < $25 MM 119 $25 MM - < $50 MM 19 RETAIL TRADE 11% $50+ MM 2 --- CONSTRUCTION 7% TOTAL 365 WHOLESALE TRADE 6% TRANS./COMM. 3% AGRICULTURE 2% ENERGY 1% OTHER 2% 20 NON-PERFORMING ASSETS - BY SECTOR $227 MM @ 12/31/01 % OF $122 MM CHANGE VS 12/31/00 - ------------------ ------------------------------- SERVICES 28% SERVICES 30% MANUFACTURING 25% MANUFACTURING 39% F.I.R.E. 15% F.I.R.E 20% RETAIL TRADE 8% RETAIL TRADE 12% CONSTRUCTION 6% CONSTRUCTION 4% WHOLESALE TRADE 5% WHOLESALE TRADE 6% TRANS./COMM. 2% TRANS./COMM. 2% AGRICULTURE 2% AGRICULTURE 1% ENERGY 0% ENERGY 0% OTHER 9% OTHER -12% 21 INDIRECT LOAN PORTFOLIO ORIGINATIONS AUTO LOANS AND LEASES - --------------------- 2000 = $3.3 B - ------------- LOANS 60% $2.0B LEASES 40% $1.3B 2001 = $3.4 B - ------------- LOANS 65% $2.2 B LEASES 35% $1.2 B NEW CAR VS. USED CAR - -------------------- 2000 - ---- USED 45% $1.5B NEW 55% $1.8B 2001 - ---- USED 41% $1.4 B NEW 59% $2.0 B 22 VINTAGE PERFORMANCE AUTO LOANS - INDIRECT - CUMULATIVE CHARGE-OFF RATE - -------------------------------------------------- # Quarters After Origination 4Q98 - 3Q99 4Q99 - 3Q00 4Q00 - 4Q01 1 0.00% 0.00% 0.00% 2 0.04% 0.08% 0.05% 3 0.22% 0.42% 0.30% 4 0.48% 0.87% 0.65% 5 0.65% 1.35% 1.00% 6 0.85% 1.89% 7 1.00% 2.15% 8 1.20% 2.40% 9 1.41% 10 1.58% 11 1.69% 12 1.85% % OF PORTFOLIO @ ---------------- 12/00 12/01 ----- ----- Pre-4Q98 22% 8% 4Q98-3Q99 24% 12% 4Q99-3Q00 42% 25% 4Q00-3Q01 12% 55% ---- ---- 100% 100% AUTO LEASES - CUMULATIVE CHARGE-OFF RATE - ---------------------------------------- # Quarters After Origination 4Q98 - 3Q99 4Q99 - 3Q00 4Q00 - 4Q01 1 0.00% 0.01% 0.01% 2 0.04% 0.05% 0.06% 3 0.15% 0.33% 0.30% 4 0.27% 0.72% 0.67% 5 0.38% 1.30% 1.00% 6 0.55% 1.85% 7 0.75% 2.05% 8 0.95% 2.40% 9 1.21% 10 1.39% 11 1.60% 12 1.76% % OF PORTFOLIO @ ---------------- 12/00 12/01 ----- ----- Pre-4Q98 16% 6% 4Q98-3Q99 33% 22% 4Q99-3Q00 42% 31% 4Q00-3Q01 9% 41% ---- ---- 100% 100% 23 NET CHARGE-OFFS - ADJUSTED (1) AMOUNT($MM) PERCENT 1Q00 $18 0.35% 2Q00 $16 0.30% 3Q00 $24 0.46% 4Q00 $25 0.50% 1Q01 $29 0.55% 2Q01 $37 0.73% 3Q01 $33 0.61% 4Q01 $53 0.98% 4Q01 3Q01 4Q00 ---- ---- ---- COMMERCIAL 1.39 % 0.56 % 0.29 % COMMERCIAL REAL ESTATE 0.08 ---- 0.01 CONSUMER AUTO LOANS - INDIRECT 1.46 1.05 1.46 AUTO LEASE 1.55 1.27 0.86 ---- ---- ---- INDIRECT 1.51 1.17 1.14 INSTALLMENT 0.86 0.88 0.62 HOME EQUITY LINES 0.38 0.34 0.28 RESIDENTIAL REAL ESTATE 0.17 0.05 0.15 ---- ---- ---- TOTAL CONSUMER 1.05 0.85 0.79 ---- ---- ---- TOTAL 0.98 % 0.61 % 0.50 % (1) EXCLUDES IMPACT OF NET CHARGE-OFFS ON EXITED PORTFOLIOS FOR WHICH RESERVES WERE PREVIOUSLY ESTABLISHED 24 LOAN LOSS RESERVE STRENGTHENED AMOUNT PERCENT ($MM) 1Q00 $297 1.45% 2Q00 $297 1.45% 3Q00 $295 1.45% 4Q00 $298 1.45% 1Q01 $302 1.45% 2Q01 $352 1.67% 3Q01 $360 1.67% 4Q01 $411 1.90% LLR / LOANS - 12/31/01 - ---------------------- KEYCORP 2.65% UNIONBANC CAL 2.54 HUNTINGTON - 12/31/01 #3 1.90 HIBERNIA 1.74 M&T BANK 1.69 COMERICA 1.59 FIRST TENNESSEE 1.57 ZIONS 1.50 FIFTH THIRD 1.50 BANKNORTH GROUP 1.49 UNION PLANTERS 1.48 NATIONAL CITY 1.47 HUNTINGTON - 12/31/00 #8 1.45 AMSOUTH 1.45 SOUTHTRUST 1.45 COMPASS BANCSHARES 1.40 MARSHALL & ILSLEY 1.39 BB & T 1.36 REGIONS FINANCIAL 1.36 NATIONAL COMMERCE 1.31 CHARTER ONE 0.98 19 BHC MEDIAN X HBAN 1.48 25 FINANCIAL PERFORMANCE TRENDS & ACHIEVEMENTS 26 2H01 PERFORMANCE REPORT CARD TARGET - 7/12/01 3Q01 4Q01 ---------------- ----- ---- LOAN GROWTH (1) 6% - 8% 7% 2% NET INTEREST MARGIN 3.90% - 3.95% 4.04% 4.11% REVENUE GROWTH (1) 2% - 4% 0.5% 9.6% EFFICIENCY RATIO 57% - 59% 57.5% 55.8% NET CHARGE-OFFS 0.65% 0.74% 1.04% LLR / LOANS RATIO 1.45% 1.67% 1.90% 2H01 EPS (2) $0.58 - $0.60 $0.30 $0.30 (1) ANNUALIZED (2) OPERATING BASIS - EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES OF $115.0 MM IN 2001 AND $32.5 MM IN 2000 27 PERFORMANCE TRENDS (1) PRETAX INCOME BEFORE LLP AND EARNINGS PER SHARE SECURITIES GAINS - ------------------ ---------------- AMOUNT AMOUNT ($MM) 1Q00 $0.42 1Q00 $142 2Q00 $0.40 2Q00 $150 3Q00 $0.33 3Q00 $133 4Q00 $0.30 4Q00 $139 1Q01 $0.27 1Q01 $125 2Q01 $0.30 2Q01 $145 3Q01 $0.30 3Q01 $150 4Q01 $0.30 4Q01 $161 (1) OPERATING BASIS - EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES OF $115.0 MM IN 2001 AND $32.5 MM IN 2000 28 PERFORMANCE TRENDS NET INTEREST INCOME & MARGIN (FTE) - ---------------------------------- AMOUNT PERCENT ($MM) 1Q00 $241 3.78% 2Q00 $233 3.72% 3Q00 $236 3.74% 4Q00 $233 3.70% 1Q01 $243 3.93% 2Q01 $248 3.97% 3Q01 $250 4.04% 4Q01 $255 4.11% EARNING ASSET MIX - ----------------- LOANS SECURITIES OTHER EA 1Q00 81% 19% 0% 2Q00 82% 17% 1% 3Q00 81% 18% 1% 4Q00 81% 18% 1% 1Q01 83% 15% 2% 2Q01 84% 14% 2% 3Q01 86% 12% 2% 4Q01 86% 11% 3% 29 MANAGING INTEREST RATE RISK NET INTEREST INCOME AT RISK +/- 2% - ---------------------------------- GRADUAL CHANGE IN RATES ----------------------- 2% RATE RISE 2% RATE FALL 1Q00 -1.8% 0.9% 2Q00 -2.0% 1.6% 3Q00 -2.2% 1.8% 4Q00 -2.6% 2.0% 1Q01 -2.1% 1.7% 2Q01 -2.1% 1.8% 3Q01 -1.7% 1.5% 4Q01 -1.2% 0.8% BOARD POLICY LIMIT - -4.0% ECONOMIC VALUE AT RISK +/- 2% - ----------------------------- INSTANTANEOUS CHANGE IN RATES ----------------------------- +2% RATE SHOCK -2% RATE SHOCK 3Q00 -9.2% 5.3% 4Q00 -8.8% 4.6% 1Q01 -5.7% 3.3% 2Q01 -6.2% 3.6% 3Q01 -3.7% 0.7% 4Q01 -2.4% -0.7% BOARD POLICY LIMIT - -15.0% 30 PERFORMANCE TRENDS (1) REVENUE - EXCLUDING SECURITIES GAINS EFFICIENCY RATIO - ------------------------------------ ---------------- AMOUNT ($MM) 1Q00 $342 1Q00 53.9% 2Q00 $348 2Q00 53.9% 3Q00 $346 3Q00 58.4% 4Q00 $363 4Q00 58.5% 1Q01 $359 1Q01 62.0% 2Q01 $379 2Q01 58.6% 3Q01 $379 3Q01 57.5% 4Q01 $388 4Q01 55.8% (1) OPERATING BASIS - EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES 31 PERFORMANCE TRENDS TANGIBLE COMMON EQUITY / - ------------------------ TANGIBLE ASSETS RATIO --------------------- 1Q00 5.49% 2Q00 5.78% 3Q00 5.73% 4Q00 5.87% 1Q01 6.01% 2Q01 5.97% 3Q01 5.96% 4Q01 6.04% DRIVERS OF TCE/TA RATIO INCREASE - -------------------------------- 1Q00 5.49% EARNINGS NET OF DIVIDENDS +0.81% EMPIRE ACQUISITION +0.16% TANGIBLE ASSET DECLINE +0.08% OTHER +0.03% CHARGES - -0.53% 4Q01 6.04% 32 2001 FINANCIAL PERFORMANCE SUMMARY ACCOMPLISHMENTS (1) # CONSECUTIVE - ------------------- QUARTERS -------- - - REVENUE GROWTH, EXCLUDING SECURITIES GAINS 3 - - NET INTEREST MARGIN INCREASE 4 - - CORE DEPOSIT GROWTH 2 - - EXPENSE DECLINES 3 - - IMPROVED EFFICIENCY RATIO 3 CHALLENGES - ---------- - - LOAN LOSS PROVISION EXPENSE INCREASE 7 (1) OPERATING BASIS. EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES OF $115.0 MM IN 2001 AND $32.5 MM IN 2000 33 2002 OUTLOOK & KEY PRIORITIES 34 2002 ECONOMIC ENVIRONMENT ASSUMPTIONS - - FIRST HALF OF THE YEAR - WEAK ECONOMY CONTINUES - CREDIT QUALITY TRENDS REMAIN NEGATIVE - - SECOND HALF OF THE YEAR - MODEST ECONOMIC RECOVERY BEGINS - CREDIT QUALITY TRENDS MODESTLY IMPROVE - - INTEREST RATES - MODEST INCREASES THROUGHOUT THE YEAR - FLATTENING OF THE YIELD CURVE 35 2002 PERFORMANCE ASSUMPTIONS - - OPERATING EARNINGS OF $1.32 - $1.36 PER SHARE - - CONTINUED HIGH LEVELS OF CHARGE-OFFS AND NPAS - - MODEST GROWTH IN LOANS - - CONTINUED GROWTH IN CORE DEPOSITS - - EXPANSION OF THE NET INTEREST MARGIN - - MODEST EXPENSE GROWTH - - CONTINUED IMPROVEMENT IN THE EFFICIENCY RATIO - - A $300 - $400 MILLION SHARE REPURCHASE PROGRAM 36 2002 KEY PRIORITIES - - COMPLETE SALE OF FLORIDA - - INITIATE STOCK REPURCHASE PROGRAM - - IMPROVE CUSTOMER SERVICE - - CONTINUE WEST MICHIGAN TURNAROUND - - IMPROVE CROSS-SELL PERFORMANCE - - INCREASE REVENUE - - IMPROVE OPERATING EFFICIENCIES - - IMPROVE FINANCIAL REPORTING / ACCOUNTABILITY EXECUTE THE GAME PLAN - MAKE CONSISTENT PROGRESS 37 LONG-TERM FINANCIAL PERFORMANCE TARGETS EPS GROWTH 10% - 12% RETURN ON AVERAGE EQUITY 18% - 20% DIVIDEND PAYOUT RATIO 35% - 45% TANGIBLE COMMON EQUITY RATIO 6.5%+ RISK-BASED CAPITAL RATIO 11.0%+ 38 PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD LOOKING STATEMENT DISCLOSURE THIS PRESENTATION AND DISCUSSION, INCLUDING RELATED QUESTIONS AND ANSWERS, MAY CONTAIN FORWARD-LOOKING STATEMENTS, INCLUDING CERTAIN PLANS, EXPECTATIONS, GOALS, AND PROJECTIONS WHICH ARE SUBJECT TO NUMEROUS ASSUMPTIONS, RISKS, AND UNCERTAINTIES. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE CONTAINED OR IMPLIED BY SUCH STATEMENTS FOR A VARIETY OF FACTORS INCLUDING: - - CHANGES IN ECONOMIC CONDITIONS - THE SUCCESSFUL INTEGRATION OF ACQUIRED - - MOVEMENTS IN INTEREST RATES BUSINESSES - - COMPETITIVE PRESSURES ON PRODUCT - THE NATURE, EXTENT AND TIMING OF PRICING AND SERVICES GOVERNMENTAL ACTIONS AND REFORMS - - SUCCESS AND TIMING OF BUSINESS - EXTENDED DISRUPTION OF VITAL STRATEGIES INFRASTRUCTURE ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THIS DISCUSSION, INCLUDING RELATED QUESTIONS AND ANSWERS, ARE BASED ON INFORMATION AVAILABLE AT THE TIME OF THE DISCUSSION. HUNTINGTON ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT. 39 [HUNTINGTON LOGO] 40 APPENDIX 41 PERFORMANCE TRENDS LOANS (AVG)($B) COM'L COM'L RE AUTO LN/LSE HEL RES MTG OTHER TOTAL 1Q00 $6.3 $3.4 $6.4 $1.7 $1.4 $1.5 $20.8 2Q00 $6.4 $3.4 $6.0 $1.9 $1.5 $1.5 $20.8 3Q00 $6.5 $3.5 $5.7 $2.0 $1.3 $1.6 $20.6 4Q00 $6.5 $3.5 $5.7 $2.1 $0.9 $1.7 $20.5 1Q01 $6.7 $3.6 $5.6 $2.2 $1.0 $1.7 $20.7 2Q01 $6.7 $3.6 $5.8 $2.3 $0.9 $1.7 $21.0 3Q01 $6.7 $3.7 $6.0 $2.4 $0.9 $1.7 $21.3 4Q01 $6.5 $3.9 $6.1 $2.5 $0.9 $1.6 $21.5 CORE DEPOSITS (AVG)($B) NON. INT. BRG. DDA INT. BRG. DDA SAVINGS CDS TOTAL 1Q00 $3.5 $4.1 $3.6 $7.3 $18.4 2Q00 $3.5 $4.2 $3.6 $7.2 $18.5 3Q00 $3.4 $4.4 $3.5 $7.5 $18.8 4Q00 $3.3 $4.5 $3.5 $7.5 $18.8 1Q01 $3.2 $4.6 $3.5 $7.3 $18.6 2Q01 $3.3 $4.8 $3.5 $7.0 $18.6 3Q01 $3.3 $5.1 $3.5 $7.2 $19.1 4Q01 $3.4 $5.5 $3.4 $7.1 $19.4 42 PERFORMANCE TRENDS NON-INTEREST INCOME ($MM) (1) - -----------------------------
DEP. SVC. CHG. BRKG/INS. MTG. BNKG. TRUST SVC. OTHR S.CHG. BOLI OTHER TOTAL 1Q00 $41.7 $15.3 $8.5 $12.9 $9.8 $9.2 $3.6 $100.9 2Q00 $40.1 $13.9 $8.1 $13.2 $11.3 $9.5 $19.5 $115.6 3Q00 $39.7 $15.6 $9.4 $13.2 $11.2 $9.8 $11.4 $100.3 4Q00 $39.2 $17.1 $12.0 $14.4 $11.5 $11.1 $24.4 $129.7 1Q01 $38.9 $18.8 $10.0 $14.3 $11.1 $9.6 $13.0 $115.6 2Q01 $40.7 $19.4 $18.7 $15.2 $12.2 $9.6 $15.0 $130.7 3Q01 $41.7 $19.9 $14.6 $15.5 $12.4 $9.6 $15.8 $129.4 4Q01 $42.8 $21.0 $15.8 $15.3 $12.6 $9.6 $16.1 $133.0
(1) EXCLUDING SECURITIES GAINS NON-INTEREST EXPENSE ($MM) (2) - ------------------------------
PERSONNEL EQUIP / OCC. OUTSIDE DP / OTHR SVC. OTHER TOTAL 1Q00 $102.3 $38.5 $15.0 $44.2 $200.1 2Q00 $104.1 $36.4 $15.3 $41.1 $198.1 3Q00 $109.5 $39.4 $15.5 $50.1 $213.6 4Q00 $105.8 $39.4 $16.1 $62.5 $223.9 1Q01 $117.7 $39.7 $16.7 $60.0 $234.1 2Q01 $122.1 $38.0 $17.7 $55.5 $233.3 3Q01 $120.8 $39.4 $17.4 $51.3 $228.9 4Q01 $118.1 $40.5 $18.0 $50.7 $227.4
(2) OPERATING BASIS - EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES 43 PERFORMANCE TRENDS (1) LOAN LOSS PROVISION NET INCOME - ------------------------- ---------------- AMOUNT ($MM) 1Q00 $16 AMOUNT ($MM) 2Q00 $16 1Q00 $104 3Q00 $26 2Q00 $98 4Q00 $33 3Q00 $83 1Q01 $33 4Q00 $76 2Q01 $46 1Q01 $68 3Q01 $50 2Q01 $75 4Q01 $58 3Q01 $76 4Q01 $75 (1) OPERATING BASIS - EXCLUDES AFTER TAX IMPACT OF RESTRUCTURING AND OTHER CHARGES 44 NON-PERFORMING ASSETS AMOUNT($MM) PERCENT 1Q00 $92 0.45% 2Q00 $95 0.46% 3Q00 $88 0.44% 4Q00 $105 0.51% 1Q01 $125 0.60% 2Q01 $166 0.79% 3Q01 $210 0.97% 4Q01 $227 1.05% $227 MM @ 12/31/01 - ------------------ SERVICES 28% MANUFACTURING 25% F.I.R.E. 15% RETAIL TRADE 8% CONSTRUCTION 6% WHOLESALE TRADE 5% TRANS./COMM. 2% AGRICULTURE 2% ENERGY 0% OTHER 9% 45 PERFORMANCE TRENDS (1) RETURN ON AVERAGE ASSETS RETURN ON AVERAGE EQUITY - ------------------------ ------------------------ 1Q00 1.45% 1Q00 19.0% 2Q00 1.37% 2Q00 17.8% 3Q00 1.15% 3Q00 14.0% 4Q00 1.06% 4Q00 12.9% 1Q01 0.97% 1Q01 11.5% 2Q01 1.05% 2Q01 12.4% 3Q01 1.07% 3Q01 12.6% 4Q01 1.07% 4Q01 12.7% (1) Operating basis - Excludes after tax impact of restructuring and other charges 46