Press Release June 27, 2007

People’s United Financial, Inc. to Acquire Chittenden Corporation

June 27, 2007 — People’s United Financial, Inc. (NASDAQ: PBCT), the holding company for People’s United Bank, announced today a definitive agreement to acquire Chittenden Corporation (NYSE: CHZ) in a stock and cash transaction valued at $1.9 billion.

Chittenden is a bank holding company headquartered in Burlington, Vermont that was founded in 1904 as Chittenden Trust Company. Through its subsidiary banks, Chittenden offers a broad range of financial products and services to customers in New England, including deposit accounts and services; commercial and consumer loans; insurance; and investment and trust services to businesses, individuals, and the public sector.

Goodwin Procter LLP served as counsel to Chittenden, led by attorneys Lisa R. Haddad, William P. Mayer and Julie C. Grundman. Other lawyers who provided legal advice throughout the transaction include Robert M. Hale, Heidi Goldstein Shepherd, Matthew T. Giuliani, Robert G. Kester and William E. Stern.