Forward Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies’ anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This news release may contain, or incorporate by reference, statements which may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions. Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

4 Enhance Profitability Capitalize on Opportunities Aggressively Manage Problem Credits Build Capital Ratios Focus on highly-accretive acquisition opportunitiesLeverage existing marketsSeek new marketsNew lines of business Selective balance sheet growthMaintain dividendPrudently manage capital Identify problem assets and risks earlyQuarantine troubled assets Superior returnsRevenue growth / Expense controlNet interest margin expansion / mitigate interest rate riskLoan growthCore deposit growth Four Key Strategic Initiatives

6 Market Expansion Experience Since 2010 De novo expansion:Columbus, MS 2010 De novo expansion:Montgomery, ALStarkville, MSTuscaloosa, AL De novo expansion:Maryville, TNJonesborough, TN FDIC-AssistedTransaction:Crescent Bank andTrustJasper, GAAssets: $1.0 billion FDIC-AssistedTransaction:American TrustBankRoswell, GAAssets: $145 million Trust Acquisition:RBC (USA) TrustUnitBirmingham, ALAssets: $680 million Whole Bank Transaction:First M&F CorporationKosciusko, MSAssets: $1.6 billion 2011 2013 De novo expansion:Bristol, TNJohnson City, TN 2014 Whole Bank Transaction Announcement:Heritage Financial Group, Inc.Albany, GAAssets: $1.8 billion 2012

Transaction Terms Consideration 100% stock (tax-free exchange)Fixed exchange ratio of 0.9266x Implied Price Per Share $27.00(1) Aggregate Value $257.9 million(1)(2) Board Seats One current member from HBOS to be added to RNST’s board of directors Ownership HBOS pro forma ownership will be approximately 21% Required Approvals Customary regulatory approvalFDIC approval with respect to certain FDIC loss-share agreements with HBOSRNST and HBOS shareholder approval Expected Closing Third quarter 2015 Based on RNST’s 20 day average closing price as of December 9, 2014 of $29.14Aggregate value includes the value of options, which will be settled in cash

Transaction Rationale Strategically Advantageous Provides additional scale with $1.8 billion in quality assets and a strong core deposit baseComplementary cultures and strong ties to the community consistent with RenasantAbility to increase non-interest income through the enhancement of fee-based servicesBanking, mortgage and investment offices enhance existing footprint and provide initial entry point into several attractive markets:AlabamaAuburn - OpelikaGeorgiaAlbanyAtlantaMaconSavannahStatesboroValdostaFloridaOcalaGainesville

Transaction Rationale Financially AttractiveImmediately accretive to EPS, double-digit EPS accretion projected in 2016Tangible book value dilution expected to be earned back in under two (2) years(1)Estimated IRR of 20%Anticipated realization of significant expense synergies (20% of noninterest expense)Pro forma TCE ratio of approximately 6.8%Pro forma regulatory ratios remain above “well capitalized” guidelinesLower risk opportunityExtensive due diligence process completed Comprehensive review of loan and OREO portfoliosConservative credit mark coupled with large portion of previously acquired assets at fair valueUnique acquisition of an acquisitive institution Tangible book value earn back utilizes the “crossover” or “standalone vs. pro forma” methodology (assumes all merger-related expenses are recognized at close)

Financial Impact of the Transaction Assumptions Loan Mark (Non-acquired)Credit: 3.98%OREO Mark (Non-acquired): 25%Cost Savings: 20%, 75% realized in 2015 and 100% realized in 2016 and thereafterNo revenue enhancements assumedPre-Tax Merger Expenses: $30 million (includes termination of ESOP and other employee benefit plans)Core Deposit Intangible: 1.0%, amortized sum-of-the-years digits over 10 yearsRetain all FDIC loss share agreementsClosing: Q3 2015 Attractive Returns Immediately accretive to EPSDouble-digit EPS accretion projected in 2016Tangible book value dilution expected to be earned back in less than two yearsEstimated IRR of 20% Pro Forma Capital Based on an anticipated Q3 2015 closing, pro forma capital ratios are expected to remain well in excess of “well capitalized” minimums at closePro forma TCE ratio of approximately 6.88% at close and expected to exceed 7% within one year

15 Enhance Profitability Capitalize on Opportunities Aggressively Manage Problem Credits Build Capital Ratios Focus on highly-accretive acquisition opportunitiesLeverage existing marketsSeek new marketsNew lines of business Selective balance sheet growthMaintain dividendPrudently manage capital Identify problem assets and risks earlyQuarantine troubled assets Superior returnsRevenue growth / Expense controlNet interest margin expansion / mitigate interest rate riskLoan growthCore deposit growth Four Key Strategic Initiatives

Total Portfolio Loans 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Non-Acquired $2,242 $2,282 $2,392 $2,540 $2,573 $2,594 $2,683 $2,794 $2,886 $2,948 $3,097 $3,165 $3,268 AcquiredCovered* $339 $318 $290 $260 $237 $214 $201 $196 $182 $174 $167 $155 $143 Acquired M&F - - - - - - - $891 $813 $746 $694 $637 $577 Total Loans $2,581 $2,600 $2,682 $2,800 $2,810 $2,808 $2,884 $3,881 $3,881 $3,867 $3,958 $3,957 $3,988 Non-acquired loans increased $382M or 13.2% on a Y-O-Y basisCovered loans declined $39M or 21% on a Y-O-Y basisCompany maintained strong pipelines throughout all markets which will continue to drive further loan growth 17 *Covered loans are subject to loss-share agreements with FDIC

Cost of Funds 2.81% $3.28B $5.03B Cost of Funds .45% Transition To Core Funding Non-interest bearing deposits represent 19% of deposits, up from 12% at year end 2008Time deposits totaling $248M at WAR of .79 bps will be maturing during 1Q15 with the current repricing rate between 35-40 bpsLess reliance on borrowed fundsBorrowed funds as a percentage of funding sources declined from 15% at year end 2008 to 3% at the end of 3Q13 19

2011 2012 2013 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Net Interest Income 129,077 133,338 106,533 33,381 34,404 38,748 50,668 49,971 52,169 50,473 50,016 Net Interest Margin 3.77% 3.94% 3.88% 3.89% 3.88% 3.86% 4.16% 4.04% 4.24% 4.12% 4.09% Yield on Earning Assets 4.92% 4.67% 4.47% 4.51% 4.49% 4.42% 4.67% 4.53% 4.72% 4.58% 4.53% Cost of Funds 1.11% 0.72% 0.59% 0.62% 0.60% 0.57% 0.51% 0.48% 0.48% 0.47% 0.45% Net Interest Income and Net Interest Margin 20

Diversified sources of noninterest incomeLess reliant on NSFOpportunities for growing Non Interest IncomeExpansion of Trust Division Wealth Management Services into larger, metropolitan marketsExpansions within our de novo operationsExpansion of the Mortgage Division within new marketsFees derived from higher penetration and usage of debit cards and deposit charges *Non interest income excludes gains from securities transactions and gains from acquisitions Sources of Non Interest Income* 21

Noninterest Expense Continued focus on managing noninterest expenses and improving efficiencyProvided resources for nine de novo expansions since 2010 Fluctuations in mortgage loan expense driven by higher mortgage productionOREO expense down approximately 34% Y-O-YIncurred merger related expenses during 2010, 2011, 2013 and 2014 22 *Excludes debt extinguishment penalties, amortization of intangibles and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income

23 Enhance Profitability Capitalize on Opportunities Aggressively Manage Problem Credits Build Capital Ratios Focus on highly-accretive acquisition opportunitiesLeverage existing marketsSeek new marketsNew lines of business Selective balance sheet growthMaintain dividendPrudently manage capital Identify problem assets and risks earlyQuarantine troubled assets Superior returnsRevenue growth / Expense controlNet interest margin expansion / mitigate interest rate riskLoan growthCore deposit growth Four Key Strategic Initiatives

Non Performing Assets Continue to Decline Both on a Linked Quarter and Y-O-Y Basis 34% of total NPAs are covered under FDIC loss shareNon-acquired NPAs approaching pre-credit cycle levels. As a percentage of total assets 65 126 105 95 88 104 137 75 68 83 24 Non-Acquired AcquiredCovered AcquiredM&F NPL’s $20.2M $24.2M $10.7M ORE $17.1M $ 6.4M $11.0M Total NPA’s $37.3M $30.6M $21.7M 83 56 49 67 104 47 62 22 45 56 22 21 21 45 49 21 20 39 47 22 31 37

*Ratios excludes loans and assets acquired in connection with the M&F acquisition or loss share transactions Proactive in Providing Reserves for Problem Credit Resolution Net charge-offs totaled $11.5 million (.29%) in 2014 compared to $7.0 million for 2013Provision for loan loss decreased 40% from $10.4 million in 2013 to $6.2 million in 2014.Covered loans declined $39 million or approximately 21% in 2014The allowance for loan loss to non acquired loans was 1.29%Coverage ratio* approximated 209% Allowance for Loan Losses as % of Non-Acquired Loans* 2010 2011 2012 2013 2014 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2.07% 2.17% 2.18% 2.20% 1.98% 1.94% 1.87% 1.74% 1.72% 1.79% 1.75% 1.66% 1.65% 1.63% 1.53% 1.41% 1.29% 25

Other Real Estate OREO* totaled $28M at 4Q14Geographic segmentation*West TN $ 3.4MMS (Excluding DeSoto) 6.9MSouth MS 5.1MDeSoto 3.4M Mid TN 2.2MAL 5.6MGA .7MFL .7M Changes in OREO Non-Covered2013Year End Non-Covered2014Year End **Covered2014Y-T-D Beginning Balance $44,717 $39,945 $12,942 Additions 11,164 8,529 7,794 M&F 13,527 - - Impairments (1,434) (1,805) (3,242) Dispositions (28,027) (18,379) (10,428) Other 2 (186) (698) Ending Balance $39,945 $28,104 $6,368 Amounts based on OREO not covered through the FDIC loss share agreement** Amounts based on OREO covered through the FDIC loss share agreement 27

28 Enhance Profitability Capitalize on Opportunities Aggressively Manage Problem Credits Build Capital Ratios Focus on highly-accretive acquisition opportunitiesLeverage existing marketsSeek new marketsNew lines of business Selective balance sheet growthMaintain dividendPrudently manage capital Identify problem assets and risks earlyQuarantine troubled assets Superior returnsRevenue growth / Expense controlNet interest margin expansion / mitigate interest rate riskLoan growthCore deposit growth Four Key Strategic Initiatives

Strong Capital Position Capital 2008 2009 2010 2011 2012 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Tangible Common Equity 5.87% 6.34% 6.76% 7.35% 7.71% 7.65% 7.66% 6.49% 6.64% 6.68% 7.00% 7.37% 7.52% Leverage 8.34% 8.68% 8.97% 9.44% 9.86% 9.79% 9.83% 8.61% 8.68% 8.56% 8.91% 9.31% 9.53% Tier 1 Risk Based 10.85% 11.12% 13.58% 13.32% 12.74% 12.86% 12.87% 11.34% 11.41% 11.55% 11.82% 12.28% 12.45% Total Risk Based 12.10% 12.37% 14.83% 14.58% 14.00% 14.13% 14.14% 12.47% 12.58% 12.72% 12.96% 13.43% 13.54% Maintained dividend throughout economic downturnRegulatory capital ratios are above the minimum for well-capitalized classificationExpected to remain “well capitalized” on a pro forma basis under the new Basel III standardsCapital level positions the Company for future growth and geographic expansionDid not participate in the TARP program 29

Poised for Growth with Added Shareholder Value $5.8B franchise well positioned in attractive markets in the SoutheastPending merger with HBOS will add $1.8B in assets, $1.5B in deposits, $1.2B in loans and 37 branches Strategic focus on expanding footprintAcquisitionDe NovoNew lines of businessOpportunity for further profitability improvement Organic loan growthCore deposit growthRevenue growthDeclining credit costsStrong capital positionConsistent dividend payment history 30

Montgomery Huntsville Birmingham Entered Montgomery and Tuscaloosa markets in late Q3 ’11 with the hiring of an experienced management team well entrenched in the respective marketsBirmingham leads the state in the health care industry with an annual payroll of approximately $2.9 billion, followed by Huntsville with $998 million Unemployment rate of 5.8%; Ranked number 8 out of top 50 MSA’s Honda, Hyundai, Mercedes-Benz increasingly large presence Merger with First M&F will provide approximately $122 million in loans, $160 million in deposits and 4 branch locationsMerger with HBOS added approximately $90 million in loans, $141 million in deposits and 9 branches Alabama 32 Deposit Market Share by County – Top 5 Presence in 4 of 9 counties 2 5 4 3 Deposit Market Share Rank 20 13 13 15 16 Alabama Deposit Market Share Source: SNL FinancialRNST data pro forma for pending acquisition of Heritage Financial Group, Inc.Green highlighting denotes top 5 deposit market share in respective countyDeposit data as of 6/30/14 RNST Branches Acquired HBOS Branches

Entered the North GA market through two FDIC loss share transactions12 full-service locations Expanded services include mortgage and wealth management personnelPending acquisition of Heritage Financial Group, Inc. ($1.7 billion in assets)20 full-service branches and 4 mortgage offices Significantly ramps up our mortgage divisionLegacy loans total $393 million at December 31, 201438% of the loans outstanding are covered under FDIC loss share agreementsGrowth in non-covered loans exceeded decline in covered loans by 85% YTDRecently established an asset based lending division headquartered in Atlanta Georgia 33 Deposit Market Share by County – Top 5 Presence in 11 of 15 counties 1 7 3 1 3 5 2 4 3 4 5 4 9 Deposit Market Share Rank 18 11 28 14 16 10 13 Georgia Deposit Market Share Atlanta Source: SNL FinancialRNST data pro forma for pending acquisition of Heritage Financial Group, Inc.Green highlighting denotes top 5 deposit market share in respective countyDeposit data as of 6/30/14 RNST Branches Acquired Heritage Branches Heritage Mortgage Offices Savannah Albany

Mississippi 34 Deposit Market Share by County – Top 5 Presence in 25 of 28 counties 1 5 Entered the Columbus, MS market in November 2010 and opened an office in Starkville, home of Mississippi State University, during late Q3 ‘11Columbus Air Force Base trains 1/3 of the nation’s pilots, with an economic impact of $250 millionYokohama Tire Corporation announces plans to locate new commercial tire plant in West Point with an initial investment of $300 million and potentially more than $1 billion. The Tupelo/Lee County Recently completed a $12 million aquatic center and a $4 million expansion of the Elvis Presley Birthplace and MuseumHosts one of the largest furniture markets in the U.S.Oxford, Tupelo and Columbus were noted by American Express as three of the best small towns in America for businessMerger with First M&F added approximately $671 million in loans, $1.1 billion in deposits and over 30 branches 2 1 2 6 2 7 4 2 Deposit Market Share Rank 5 3 2 2 2 3 3 5 3 3 2 2 3 4 4 4 3 10 Mississippi Deposit Market Share Source: SNL FinancialRNST data pro forma for pending acquisition of Heritage Financial Group, Inc.Green highlighting denotes top 5 deposit market share in respective countyDeposit data as of 6/30/14

Our Tennessee OperationsThe Knoxville/Maryville MSA location opened in late Q2 ‘12 East Tennessee operations currently have 4 full-service branches, $178 million in loans and $102 million in depositsNew lending teams added in both Memphis and Nashville during 2013Merger with First M&F provided approximately $55 million in loans, $36 million in deposits and 2 branchesY-O-Y net loans grew 9% at the end of Q4 ‘14Tennessee ranked 7th best state to do business, per Area Development magazineDriven by VW, Nissan and GM, Tennessee named the #1 state in the nation for automotive manufacturing strength Unemployment rate continues to improve declining to 6.7% from 8.3% on a Y-O-Y basis. In the Nashville market, Hospital Corporation of American announced an expansion that will create 2,000 jobs The Nashville housing sales increased 23.4% Y-O-YThe median home price increased approximately 9% on a Y-O-Y, with average price/sq. ft. increasing 16%The Memphis MSA market ranked #1 for Logistics Leaders both nationally and globallyBass Pro Shops, $70 million hotel in conjunction with their Pyramid flagship store to open in 2015Electrolux has begun the hiring of some 1,200 workers from its expansion announcement in 2010 Tennessee 35 Deposit Market Share by County – Top 5 Presence in 2 of 8 counties 4 3 Deposit Market Share Rank 14 10 14 18 24 11 Tennessee Deposit Market Share Source: SNL FinancialRNST data pro forma for pending acquisition of Heritage Financial Group, Inc.Green highlighting denotes top 5 deposit market share in respective countyDeposit data as of 6/30/14

Heritage Financial Highlights Company Profile Bank Subsidiary HeritageBank of the South Headquarters Albany, GA Bank Established: 1955 Offices: 48 Top 5 Markets by Deposit Market Share: Albany, GAOcala, FLStatesboro, GAAtlanta-Sandy Springs-Roswell, GASavannah, GA Source: SNL Financial Financial Highlights 2011 2012 2013 2014 Balance Sheet ($M) Total Assets 1,090 1,098 1,381 1,706 Total Net Loans 561 677 900 1,237 Total Deposits 884 870 1,076 1,322 Tangible Common Equity 119 116 121 142 Profitability (%) Core ROAA 0.20 0.58 0.78 0.64 Core ROAE 1.59 4.96 8.39 6.96 Net Interest Margin 3.57 5.35 5.24 4.70 Capital Ratios (%) TCE / TA 10.99 10.65 8.79 8.38 Tier 1 Ratio 21.20 17.20 13.50 12.20 TRBC Ratio 22.40 18.40 14.50 13.00 Asset Quality (%) NPAs / Assets 1.53 1.63 1.08 0.88 NCOs / Avg. Loans 0.83 0.18 0.24 0.04 LLRs / Gross Loans 1.32 1.32 0.98 0.80

History of HBOS Growth Transaction History January 20, 2015, Heritage completed the acquisition of a branch in Norcross, GA including $37 million in loans and $107 million in deposits from The PrivateBank and Trust Company.On September 30, 2014, Heritage completed the acquisition of Alarion Financial Services Inc., a $276 million asset bank with 6 branches, headquartered in Ocala, FL. On March 8, 2013, Heritage assumed $212 million of deposits and purchased $181 million of assets of Frontier Bank in LaGrange, GA, from the FDIC.On August 19, 2011, Heritage assumed $170 million of deposits and purchased all ($175 million) of the assets of First Southern National Bank in Statesboro, GA, from the FDIC. Approximately $108 million in assets were covered under a loss share agreement with the FDIC.On February 18, 2011, Heritage assumed $204 million of deposits and purchased nearly all ($214 million) assets of Citizens Bank of Effingham from the FDIC. Approximately $153 million in assets were covered under a loss share agreement with the FDIC.On December 4, 2009, Heritage assumed all ($56 million) of deposits and purchased all ($59 million) assets of Tattnall Bank in Reidsville, GA from the FDIC. Total Assets Core Net Income & Core ROAA ($ in millions) ($ in thousands)

Additional Information Renasant and Heritage will be filing a joint proxy statement/prospectus, and other relevant documents concerning the merger with the Securities and Exchange Commission (the “SEC”). This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT RENASANT, HERITAGE AND THE PROPOSED MERGER. When available, the joint proxy statement/prospectus will be mailed to shareholders of both Renasant and Heritage. Investors will also be able to obtain copies of the joint proxy statement/prospectus and other relevant documents (when they become available) free of charge at the SEC’s Web site (www.sec.gov). In addition, documents filed with the SEC by Renasant will be available free of charge from Kevin Chapman, Chief Financial Officer, Renasant Corporation, 209 Troy Street, Tupelo, Mississippi 38804-4827, telephone: (662) 680-1450. Renasant, Heritage and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Renasant and Heritage in connection with the proposed merger. Information about the directors and executive officers of Renasant is included in the proxy statement for its 2014 annual meeting of shareholders, which was filed with the SEC on March 11, 2014. Information about the directors and executive officers of Heritage is included in the proxy statement for its 2014 annual meeting of shareholders, which was filed with the SEC on April 25, 2014. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.