ASSOCIATED BANC-CORP

In light of the significant interest rate volatility experienced by the regional banking sector during the performance period,

which resulted in a material decline in the KRXTR median ROATCE during the period, the Committee exercised its

discretion to adjust the ROATCE target to reflect the economic environment. Specifically, the threshold, target, and

maximum goals were each reduced by 135 basis points (1.35%) considering that the KRXTR estimated median decreased

by approximately 223 basis points (2.23%) over this period. The Committee determined not to adjust the goals for the full

amount of the decrease observed amongst the KRXTR banks, as improvement in the Company’s performance relative to

banks within this index was expected. The Company's unadjusted ROATCE results would have resulted in below-threshold

formulaic performance.

The Company achieved 76.4% of the adjusted ROATCE target. In addition, the Company's ROATCE performance

improvement over the full three-year performance period exceeded the KRXTR median change. Specifically, the

Company’s ROATCE 1 result decreased by 97 basis points (0.97%) over the period (from 13.77% in 2022 to an adjusted

result of 12.80% over the 2023-2025 period after adjusting for the balance sheet repositionings and other nonrecurring

items during the period). Whereas, the KRXTR median result decreased approximately 223 basis points (2.23%) over the

period (from 16.19% in 2022 to an average of 13.96% in 2023-2025).

The Committee believes the ELT achieved the desired ROATCE outcome by narrowing the gap to the KRXTR peers.

Based on the ELT’s progress towards achieving the 2023-2025 performance goals and to preserve the intended retention

objectives of the LTIPP, the Committee determined it was appropriate to recognize the results demonstrated.

The combined formulaic achievement of Relative TSR and adjusted ROATCE goals resulted in a payout payout at 99.85%

of target. If the combined achievement had exceeded 100%, the Committee agreed that it would have exercised its

discretion to cap the payout at 100%. The Committee retains discretion under the LTIPP but exercises it infrequently and

only in limited circumstances. The Committee believes this determination reflects appropriate alignment between

compensation outcomes and performance results, consistent with sound governance practices and shareholder interests.

The chart below summarizes the 2023-2025 LTIPP performance goals and achievement, as adjusted and approved by the

Committee.