Pledging, Speculative and Hedging Arrangements

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Pledging, Speculative and Hedging Arrangements Policy (excerpted from Zions Bancorporation, N.A. Insider Trading Policy)

Prohibition on Speculative or Hedging Arrangements:

You may not engage in speculative financial transactions involving Zions securities or enter into hedging arrangements with respect to Zions securities. Speculative activities include, but are not limited to, buying and selling put and call options with respect to Zions securities or engaging in short selling of any Zions securities. Hedging arrangements include, but are not limited to; the purchase of financial instruments or entry into transactions designed to hedge or offset any decrease in the market value of equity securities (including prepaid variable forward contracts, equity swaps, collars and exchange funds). Of course, holding and exercising options or other securities granted under Zions’ equity incentive plans are not prohibited by this policy. You should also be aware that Section 16(c) of the Securities Exchange Act of 1934 prohibits you from engaging in short sales of Zions securities or equivalent transactions using derivatives, such as puts and calls.

Pledging Securities:

Insiders may pledge Zions securities only with the approval of Harris Simmons, Paul Burdiss or Thomas Laursen. Zions recognizes that the pledging of securities can be a beneficial and appropriate financing technique when done prudently, but can also be risky to the pledger (e.g., foreclosure on pledged shares could result in a violation of Section 16 or this policy) or potentially damaging to Zions if done imprudently. Accordingly, approval should not be granted unless (1) the insider confirms that he or she reasonably believes he or she is, and in the future will be, able to perform under the financing transaction without increased pledging of securities or foreclosure upon pledged securities and (2) the aggregate amount of securities pledged by all insiders does not at the time of the pledge exceed 5% of the outstanding amount of the class of securities subject to the pledge. The Compensation Committee will be provided with information on insider pledging at least annually. If the Compensation Committee believes pledging of Zions stock by insiders presents unreasonable risk to Zions, the Committee may direct one or more insiders to reduce their pledging of Zions stock. Any insider so directed shall take prudent actions to reduce his or her pledging to an acceptable level. Pledged stock shall not be included in amounts held to meet Zions’ Stock Ownership and Retention Guidelines.

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