#1Third Quarter 2022 Earnings Conference Call Bill Rogers - Chairman & CEO Mike Maguire - CFO October 18, 2022 ' TRUIST HH#2Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "would," "could" and other similar expressions are intended to identify these forward-looking statements. In particular, forward looking statements include, but are not limited to, statements we make about: (i) Truist's ability to generate positive operating leverage in 2022, (ii) the benefits of Truist's shift from integrating to operating, (iii) the benefits and expenses related to Truist's investment in its teammates, including through an increase in its minimum wage, (iv) the benefits associated with investments in digital capabilities offered by Truist and the timing for making new capabilities available to clients, (v) future levels of adjusted and core revenue, fee income, adjusted noninterest expense, net charge-off ratio, adjusted PPNR, and net interest margin, (vi) Truist's capital position and financial performance through a range of economic scenarios, (vii) projected amounts of merger-related and restructuring charges and incremental operating expenses related to the merger and the timing for elimination of such charges and expenses, (viii) the benefits and capabilities of the Arena software platform, (ix) the ability of investments in technology to mitigate operational losses, (x) Truist's effective tax rate in future periods, (xi) the benefits and financial impact of the BenefitMall and BankDirect Capital Finance acquisitions, and (xii) Truist's prospects for loan growth in the near-term and medium-term, in particular with respect to prime auto and residential mortgage lending. Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding Truist's business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist's actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021 and in Truist's subsequent filings with the Securities and Exchange Commission: residual risks and uncertainties relating to the Merger of heritage BB&T and heritage SunTrust, including the ability to realize the anticipated benefits of the Merger; expenses relating to the Merger and application and data center decommissioning; deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; the COVID-19 pandemic disrupted the global economy and adversely impacted Truist's financial condition and results of operations, including through increased expenses, reduced fee income and net interest margin, decreased demand for certain types of loans, and increases in the allowance for credit losses; a resurgence of the pandemic, whether due to new variants of the coronavirus or other factors, could reintroduce or prolong these negative impacts and also adversely affect Truist's capital and liquidity position or cost of capital, impair the ability of borrowers to repay outstanding loans, cause an outflow of deposits, and impair goodwill or other assets; Truist is subject to credit risk by lending or committing to lend money, and may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral; changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, which could adversely affect Truist's revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity; inability to access short-term funding or liquidity, loss of client deposits or changes in Truist's credit ratings, which could increase the cost of funding or limit access to capital markets; risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk; risks resulting from the extensive use of models in Truist's business, which may impact decisions made by management and regulators; failure to execute on strategic or operational plans, including the ability to successfully complete or integrate mergers and acquisitions; increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist's client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist's businesses or results of operations; failure to maintain or enhance Truist's competitive position with respect to new products, services and technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense; negative public opinion, which could damage Truist's reputation; increased scrutiny regarding Truist's consumer sales practices, training practices, incentive compensation design, and governance; regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist's business activities, reputational harm, negative publicity, or other adverse consequences; evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, and results of regulatory examinations may adversely affect Truist's financial condition and results of operations; the monetary and fiscal policies of the federal government and its agencies, including in response to rising inflation, could have a material adverse effect on the economy and Truist's profitability; accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist's stock and adverse economic conditions are sustained over a period of time; general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters or volatility in financial markets could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services; risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; risks relating to Truist's role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform, without any corresponding increase in servicing fees or a breach of Truist's obligations as servicer; Truist's success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist's operations and integration activities could be adversely impacted, which could be exacerbated in the increased work-from-home environment caused by the COVID-19 pandemic as job markets may be less constrained by physical geography; fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate; security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist's teammates and clients, malware intrusion, data corruption attempts, system breaches, cyber-attacks, which have increased in frequency with current geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist's business or reputation or create significant legal or financial exposure; and widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist's financial condition and results of operations, lead to material disruption of Truist's operations or the ability or willingness of clients to access Truist's products and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. TRUIST HH 2#3Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non- GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Efficiency Ratio - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Adjusted Operating Leverage - The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Pre-Provision Net Revenue (PPNR) - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk. Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from SunTrust and other acquisitions are excluded to approximate the yields paid by clients. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets. Adjusted Diluted EPS - The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Performance Ratios - The adjusted performance ratios, including adjusted return on average assets, adjusted return on average common shareholders' equity, and adjusted return on average tangible common shareholders' equity, are non-GAAP in that they exclude merger-related and restructuring charges, selected items, and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist's management also adds back merger- related and restructuring charges, incremental operating expenses related to the merger, and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Selected items affecting results are included on slide 7. TRUIST HH 3#4Purpose Inspire and build better lives and communities Clients Provide distinctive, secure and successful client experiences through touch and technology. Mission Teammates Create an inclusive and energizing environment that empowers teammates to learn, grow and have meaningful careers. Stakeholders Optimize long-term value for stakeholders through safe, sound and ethical practices. Values Trustworthy We serve with integrity. Caring Everyone and every moment matters. One Team Together, we can accomplish anything. Success When our clients win, we all win. Happiness Positive energy changes lives. TRUIST HH#5Living our purpose Inspire and build better lives and communities Community Impact, Financial - - Inclusion, and Education Achieved 120% of prorated goal for the $60 billion 3 year 2020-2022 Community Benefits Plan commitment¹ Provided disaster relief, humanitarian aid, and volunteerism to our impacted teammates, clients, and communities in response to Hurricane lan, including $1.25 million in grants from the Truist Foundation - - Responsible Business and Ethical Conduct Continued teammate listening sessions across footprint (which resulted in several positive actions, including more than $72 million in investments to strengthen small businesses) and community outreach events with more than 800 teammate volunteers Launched Truist One Banking - a first-of-its-kind approach to the checking account experience: provides accounts with no overdraft fees and other solutions to help clients grow and achieve financial success - Bringing T3 to Life: Technology and Touch Launched Truist Assist, an Al- enhanced virtual assistant within the mobile banking app and online banking platform; combining innovative technology with personalized human touch to enhance the client experience Announced the expansion of digital investment offerings with Truist Invest, a robo advisor, and Truist Invest Pro, a hybrid investing solution that combines automated investing with access to a team of financial advisors - - Human Capital and DEI 16.5% of senior leadership roles are held by ethnically diverse teammates; with continued aspirations for growth in this area Increased minimum wage to $22/ hour on 10/1 for eligible teammates to attract and retain top talent, address the rising cost of living, and position Truist among the leaders in the industry - - ESG and Environmental Sustainability Named a Top 100 performer within the new 2022 JUST Capital Workforce Equity and Mobility Ranking Will shift TCFD Report publication to spring 2023, to align with the release of the annual ESG/CSR Report 1 As of 8/31/22 TRUIST HH 5#6Financial Results#7Selected items affecting 3Q22 results Item ($ MM, except per share impact) Merger-related and restructuring charges Pre-Tax After-Tax Diluted EPS Impact ($62) ($48) ($0.04) Incremental operating expenses related to the merger ($90) ($69) ($0.05) TRUIST HH See non-GAAP reconciliations in the appendix Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted diluted EPS due to rounding 7#83Q22 performance highlights GAAP / Unadjusted Summary Income Statement ($ MM) Change vs. 3Q22 2Q22 3Q21 Revenue Expense $5,885 3.6% 4.6% $3,613 0.9% (4.8)% PPNR $2,272 8.0% Provision for credit losses $234 36.8% Net income available to common $1,536 5.6% 24.1% NM (5.0)% Diluted EPS $1.15 5.5% (4.2)% ROTCE 23.5% 80 bps 420 bps Efficiency ratio 61.8% (150) bps (600) bps Adjusted Revenue $5,886 3.6% 4.6% Expense $3,321 2.6% 2.0% PPNR $2,565 4.9% 8.3% Net income available to common $1,654 3.1% (13.8)% Diluted EPS $1.24 3.3% ROTCE 25.1% 30 bps (12.7)% 250 bps Efficiency ratio 56.4% (60) bps (150) bps Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Earnings and profitability Commentary - $1.7 billion of adjusted net income available to common ($1.24 per share) and adjusted ROTCE of 25.1% - Adjusted EPS up 3.3% sequentially as higher PPNR was partially offset by higher provision for credit losses Adjusted PPNR up 4.9% sequentially as a result of expanding net interest margin and strong loan growth; partially offset by seasonally lower insurance revenues and lower investment banking & trading income Continue to target positive operating leverage (GAAP and adjusted) for full year - YTD adjusted operating leverage was (50) bps Building momentum: YoY (3Q22 vs. 3Q21) adjusted operating leverage was +260 bps Asset quality remains excellent: 27 bps NCO and stable NPL / delinquencies Balance sheet, capital, and liquidity - Robust average loan growth of 4.3% Liquidity and funding remain stable - - Average deposits declined 0.9% sequentially - LCR of 111% Capital (9.1% CET1) remains strong, particularly in the context of Truist's risk profile - Acquired BenefitMall (9/1) and announced acquisition of BankDirect Capital Finance - Increased dividend 8% to $0.52 per share TRUIST HH 8#9Digital care for Truist clients Mobile App Users¹ 5% 4.4MM 4.3MM 4.2MM 1Q22 2Q22 3Q22 Digital Transactions² 58MM 12% 65MM 64MM 1Q22 2Q22 3Q22 Zelle Transactions 38% 18MM 16MM 13MM 1Q22 2Q22 3Q22 Increase in Client Satisfaction With Digital³ +18% +7% +5% +6% Introducing Truist Assist: Continuing to Bring T3 to Life Our Al-enhanced virtual assistant, combining innovative technology with personalized human touch, available to Retail banking clients 24x7 in online and mobile banking app platforms Addresses our clients' most common banking and support needs such as locking/unlocking debit and credit cards, exploring different account options, managing payments and alerts, ordering checks, and offering financial tips Embeds Truist Contact Centers as part of the experience, providing clients with a frictionless transition to speak with a dedicated group of live agents in the Contact Center when their request warrants a deeper level of support In the future, Truist Insights will be integrated with Truist Assist where we currently deliver nearly 9 financial insights per client each month on average H 9:41 Truist Assist Hi, I'm here to help you find what you're looking for or answer your questions about digital banking. How can i help you? Now! Explore checking options Explore credit cards Order checks Go paperless Manage alerts 1Q22 2Q22 3Q22 1 Active users reflect clients that have logged in using the mobile app over the prior 90 days 2 Digital commerce defined as products (deposits, lending, mortgage, ex. LightStream, Sheffield, and Service Finance) opened through digital applications 3 Client satisfaction: How satisfied are you with your most recent experience using digital banking with Truist? Type or ask me something... TRUIST HH 9#10Average loans & leases HFI 5-Quarter Trend $309.4 $296.7 $286.2 $286.3 $288.6 $129.7 $123.4 $120.4 $121.8 $121.1 $173.3 $165.8 $164.5 $167.5 $179.7 4.49% 4.36% 3.92% 3.91% 3.81% 3.70% 3.64% 3.58% 3.49% 3.42% 3Q21 4Q21 Commercial LHFI ($ B) Loans HFI yield (%) 1Q22 2Q22 Consumer & Card LHFI ($ B) Loans HFI yield ex. PAA (%) vs. Prior Quarter Broad-based growth: average loans up 4.3% - C&I up 4.5% due to growth across most CIB industry verticals and product groups Residential mortgage up $4.0 billion, or 8.2%, as a result of additional correspondent production and slower prepays Consumer and Card (ex. mortgage) up $2.3 billion, or 3.1%, as a result of strong growth in prime auto, Service Finance, LightStream, recreational lending (marine and RV), and Sheffield; partially offset by continued run-off in partnership loans and student vs. Prior Year Average loans up 8.1%; up 9.7% ex. PPP (YoY drivers generally similar to prior quarter trends) - C&I up 12.7% 3Q22 - - - CRE and Commercial construction down 11% Residential mortgage up 17% Consumer and Card (ex. mortgage) up 1.9% TRUIST HH 10#11Average deposits 5-Quarter Trend $423.8 $411.0 $415.2 $420.1 $402.7 $148.6 $146.5 $145.9 $146.0 $141.7 $261.0 $264.5 $269.3 $275.1 $274.1 0.31% 0.09% 0.03% 0.03% 0.03% 3Q21 4Q21 Interest-bearing deposits Total deposit cost (%) 1Q22 3Q22 2Q22 Noninterest-bearing deposits - vs. Prior Quarter Average deposits decreased $3.7 billion, or 0.9%, driven by monetary tightening, increased consumer spending, and seasonality Well-controlled deposit costs Total cost of deposits was 31 bps; up 22 bps compared to prior quarter Total cost of interest-bearing deposits was 48 bps, up 34 bps compared to prior quarter - Reflects a 21% cumulative beta; (ex. brokered deposits was 14%)1 vs. Prior Year Average deposits increased $17.4 billion, or 4.3%, due to the prior impacts of government stimulus and 1Q increase in brokered deposits 1 Cumulative beta calculation is based on change in average interest bearing deposit cost divided by change in average Fed Funds from 1Q22 to 3Q22 TRUIST HH 11#12Net interest income & net interest margin 5-Quarter Trend - $3,261 $3,267 $3,209 $3,435 $204 $3,783 $113 $3,670 $255 $237 $210 $3,231 $3,006 $3,030 $2,999 3.12% 2.89% 2.81% 2.76% 2.76% 3.02% 2.72% 2.58% 2.55% 2.57% 3Q21 4Q21 1Q22 2Q22 3Q22 Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 1 See non-GAAP reconciliations in the appendix - vs. Prior Quarter Net interest income increased 10% as a result of higher short-term interest rates and strong loan growth (alongside well-controlled deposit costs), partially offset by lower PAA Core net interest income increased 14% Reported NIM and core NIM expanded 23 and 30 bps, respectively, as a result of higher short-term interest rates (alongside well-controlled deposit costs) - PAA contribution declined by 7 bps vs. Prior Year Net interest income up 16% as a result of strong loan growth, higher market interest rates (alongside well-controlled deposit costs), and solid deposit growth; partially offset by lower PAA and PPP revenue Reported NIM up 31 bps YoY as core NIM expansion of 44 bps more than offset 13 bps decline in PAA contribution - Core NIM expansion driven by higher market interest rates coupled with well-controlled deposit costs TRUIST HH 12#13Noninterest income 5-Quarter Trend $2,365 $2,323 $2,248 $772 $657 $2,142 $577 $559 $2,102 $558 $273 $254 $276 $252 $263 $350 $337 $356 $343 $334 $377 $255 $316 $261 $222 $825 $727 $725 $645 $666 42.2% 41.7% 40.2% 39.7% 36.0% 3Q21 4Q21 Insurance income Wealth management income All other fee categories Other income detail Other income (ex. NQDCP) NQDCP impact Other income 1Q22 2Q22 3Q22 Investment banking & trading Service charges on deposits Fee income ratio (%) 3Q21 110 $ 30 2Q22 46 $ 3Q22 29 (30) (28) 140 $ 16 $ vs. Prior Quarter Noninterest income declined $146 million, or 6.5% - Insurance income decreased $100 million, or 12%, primarily driven by seasonality - Investment banking & trading declined $33 million, or 13%, due to continued challenging market conditions Other income, excluding NQDCP impacts, decreased $17 million due to valuation-related marks (see table) vs. Prior Year Noninterest income declined $263 million, or 11% - Residential mortgage income declined 60% due to lower refinance activity (impacting volumes and margins) - Investment banking & trading income declined 30% due to lower capital markets activity, partially offset by higher trading income Other income, excluding NQDCP impact, decreased $81 million due to lower income from SBIC-related investments and other valuation-related impacts (see table) Above declines were partially offset by strong 12% growth in insurance income (acquisitions and 6.5% organic growth) TRUIST HH 13#14Noninterest expense 5-Quarter Trend ($ MM) $3,795 $30 $3,700 $3,674 $3,580 $3,613 $145 $143 $137 $143 $140 $363 $427 $418 $238 $152 $3,257 $3,238 $3,321 - $3,131 $3,119 69.0% 67.8% 66.5% 63.3% 61.8% 57.9% 58.3% 57.0% 56.0% 56.4% 3Q21 4Q21 1Q22 ($39) 2Q22 3Q22 1 - - - vs. Prior Quarter Noninterest expense increased $33 million, or 0.9% - Merger costs' declined $86 million, or 36% · Adjusted noninterest expense was $3.3 billion, up $83 million, or 2.6% Professional fees and outside processing² up $34 million due to ongoing investments in technology Other expense² increased $28 million primarily due to higher operational losses Personnel expense² increased $23 million primarily as a result of investments in lines of business and enterprise technology, in addition to the BenefitMall acquisition vs. Prior Year Noninterest expense declined $182 million, or 4.8% Merger costs declined $211 million Adjusted noninterest expense up $64 million, or 2.0%, as higher operational losses and increased investment spend mitigated by merger cost save progress - - - Other expense² increased $87 million as a result of higher operational losses and increased teammate travel Professional fees and outside processing² up $70 million due to enterprise technology investments and increased call center staffing Personnel expense² down $32 million as a result of impacts from the nonqualified plan and lower performance-driven incentives; partially offset by investments in talent and acquisitions Software, occupancy, equipment costs all declined primarily due to merger cost save progress TRUIST HH Adjusted noninterest expense Amortization GAAP efficiency ratio Merger costs Other significant items Adjusted efficiency ratio 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 2 Excludes incremental operating expenses related to the merger; 3Q21 professional fees and outside processing expense also excludes professional fee accrual 14#15Asset quality Asset quality remains excellent, reflecting our prudent risk culture and diverse portfolio Net Charge-Offs Continued strong credit performance; sequential and YoY trends driven by normalizing trends and seasonality within consumer portfolios $213 $182 $178 $159 Provision / (Benefit) for Credit Losses Provision expense increased sequentially as a result of increased consumer net charge-offs $234 $135 $171 0.27% ($103) ($95) 0.25% 0.25% 0.22% 0.19% 3Q21 4Q21 1Q22 2Q22 3Q22 ($324) 3Q21 4Q21 1Q22 2Q22 3Q22 NCO NCO ratio Nonperforming Loans / LHFI Leading indicators (NPL, early stage delinquencies) remain strong ALLL ALLL ratio declined 4 bps given strong portfolio performance and growth in higher quality loans, partially offset by moderately slower economic outlook 0.38% 0.38% $4,702 8.8X $4,435 6.1X 0.36% 0.36% $4,170 5.8X $4,187 6.5X $4,205 5.0X 0.35% 1.65% 1.53% 1.44% 1.38% 1.34% 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 ALLL ALLL ratio ALLL/NCO TRUIST HH 15#16Capital and liquidity position Capital and liquidity position Capital position 13.9% - 12.6% 11.9% 10.8% 12.6% 10.7% 10.1% 9.2% 9.1% 3Q21 2Q22 3Q22 Common Equity Tier 1 Tier 1 Total 114% 110% 111% $88.6 $85.8 $85.0 3Q21 2Q22 3Q22 LCR HQLA ($ B) Current quarter regulatory capital information is preliminary Commentary CET1 ratio was 9.1% - Sequential decline driven by strong 3.5% EOP loan growth and BenefitMall acquisition Increased dividend 8% to $0.52 per share in 3Q22 Overall, continue to maintain a strong capital position, particularly in the context of risk and profitability profile Liquidity position - Average LCR of 111% Average loan-to-deposit ratio of 74% TRUIST HH 16#173Q22 acquisition detail Description Strategic Rationale Initial impact Ongoing financial impact I BenefitMall BankDirect Capital Finance - Acquisition of a wholesale employee benefits insurance broker focused on small to medium sized businesses Closed 9/1/22 Significantly expands wholesale employee benefits offerings (dental, life, vision, disability, long-term care); fills void in Truist Insurance Holdings (TIH) offerings Provides incremental IRM opportunities across TIH and Truist commercial/corporate clients ~20 bps impact to CET1 ~$160 million annual revenue with strong projected growth Mid-20's EBITDA margin initially; growing to mid-30's over time ~$350 million intangible asset¹ Mid-teens IRR Entered into an agreement to purchase BankDirect Capital Finance, the insurance premium finance unit of Texas Capital Bancshares Anticipated to close 4Q22 Adds scale and life insurance premium finance capabilities - Pro forma: TIH becomes the #2 premium finance player Expands west coast presence High-quality, short duration loan portfolio ~$3.2 billion of loans added (with strong projected growth) ~15 bps impact to CET1 (RWA impact from loans and premium paid) ~1.60% cash ROA - ~250 bps blended spread across P&C and life² Mid-20's steady state efficiency ratio ~$80 million intangible asset³ Mid-teens IRR 1 Amortized over various time periods based on the economic benefit of the intangible asset, not to exceed 15 years 2 P&C loan spreads generally indexed to the 6-month Treasury and life loan generally spread indexed to BSBY 3 BankDirect useful life and amortization methodology have not yet been determined TRUIST HH 17#18Shifting from integration focus to execution and growth 2020 2021 2022 2023 Pandemic ✓✓ ✓ Integration ✓✓ ✓✓ Executional ✓✓ excellence Transformation and growth ㅈ Livi ✓✓ ✓✓✓ Well Positioned for the Future - - Finalize the merger - - February conversion (complete) Eliminate merger-related charges and incremental operating expenses by year-end Achieve cost saves objectives Shift from integration to execution and growth Realize significant benefit from becoming One Truist (systems, digital, brand, IRM) Accelerate revenue momentum Client experience enhancements Continue to target positive operating leverage for full year 2022 (GAAP and adjusted) TRUIST HH 18#19Investment thesis Why Truist? Purpose-Driven Culture - Inspire and build better lives and communities - Optimize long-term value for all stakeholders through safe, sound, and ethical practices - Attract and retain top talent - Continued strong ESG progress Exceptional Company Top 10 U.S. commercial bank - Comprehensive and diverse business mix with distinct capabilities in insurance, investment banking, digital / point-of- sale lending, and advice / industry expertise 1 Significant IRM potential Strong market shares in high growth footprint (South / Mid-Atlantic) with select national businesses Investing in the Future Further modernize technology stack Obsess over enhanced client and teammate experience to drive client acquisition Enable convenient commerce and strengthen payments capabilities Fit-for-purpose approach (build, buy, partner) Increased usage of Open Banking, APIs, and Truist Ventures Leading Financial Performance - - Targeting strong growth and profitability (with lower volatility) 1 Continued confidence in achieving $1.6 billion of net cost savings ROATCE: Low 20s ER: Low 50s Disciplined risk and financial management; focus on diversity Strong risk adjusted capital position TRUIST HH 19#20Appendix#21Consumer Banking & Wealth Represents performance for Retail and Small Business Banking, Wealth, Mortgage Banking, Dealer Retail Services, and Consumer Finance Income statement ($ MM) Metrics $368 ..... $495 283 84 288 882 (9) 1,952 986 210 53 (146) (33) 53 3Q22 Linked Qtr. Change Like Qtr. Change Net interest income $2,645 Provision for credit losses Noninterest income Noninterest expense Segment net income Balance Sheet ($ B) Average loans (1) $140.3 $6.0 $7.7 Average deposits 249.5 (5.6) 6.2 Other Key Metrics Mortgages serviced for others ($ B) (2) $218.7 $9.2 $20.6 Wealth management AUM ($ B) (2) 173.9 (6.2) (28.8) Branches 2,119 2 (399) - - - Commentary Net income of $986 million, up $210 million from the prior quarter Increase in NII primarily driven by higher funding credit on deposits and higher average loan balances, partially offset by decreased loan spreads and lower PAA - Average loans grew 5% vs. 2Q22 and 6% vs. 3Q21 primarily driven by increased residential mortgage balances along with growth in prime auto, Service Finance, LightStream, recreational lending (marine and RV), and Sheffield Average deposits declined 2% vs. 2Q22 due to tightening monetary policy, increased spending, and seasonality Provision for credit losses increased sequentially due to higher loan growth and increased net charge offs in the current quarter Fee income stable vs. 2Q22; YoY decline primarily driven by residential mortgage income Expenses were stable vs. 2Q22 primarily driven by lower merger-related and restructuring charges offsetting higher operational losses, marketing and personnel expense MSR increases driven by bulk acquisitions Wealth management AUM decline primarily due to lower market valuations offset by continued positive net asset flows (1) Excludes loans held for sale (2) Amount reported reflects end of period balance TRUIST HH A-1#22Corporate & Commercial Banking Represents performance for Commercial Community Banking, Corporate & Investment Banking, and CRE & Grandbridge Income Statement ($ MM) Net interest income Provision for credit losses Noninterest income Metrics 3Q22 Linked Qtr. Change Like Qtr. Change $278 $339 $1,623 (50) (22) 214 604 (32) (148) - Noninterest expense 795 14 (9) Segment net income 1,164 202 (17) Balance Sheet ($ B) Average loans (1) $167.8 $6.1 $17.3 Average deposits 146.1 (1.2) (5.8) Commentary Net income of $1.2 billion, up 21% from the prior quarter, primarily driven by higher NII and lower provision for loan losses offset by lower fees and higher expenses NII increased 21% vs. 2Q22 as a result of higher funding credit on deposits and higher average loan balances; partially offset by reduced PAA and PPP fees - Average loans up 4% vs. 2Q22 driven by growth across most CIB industry verticals and product groups Average deposits down 1% vs. 2Q22, primarily due to corporate tax payments and outflows within CCB Noninterest income decreased 5% vs. 2Q22, primarily driven by lower investment banking and trading income Noninterest expense increased $14 million driven by continued investment in talent within CIB (1) Excludes loans held for sale TRUIST HH A-2#23Insurance Holdings Represents performance for Truist Insurance Holdings' Retail, Wholesale, and Services Divisions Metrics Income statement ($ MM) Net interest income Noninterest income Total revenue Commentary Revenue increased 13% vs. 3Q21 3Q22 Linked Qtr. Change Like Qtr. Change - $33 $5 $5 734 (99) 82 767 (94) 87 Noninterest expense 640 17 103 - Segment net income 95 (84) (16) Performance ($ MM) Y-o-Y organic revenue growth 6.5% (120) bps (540) bps - Net acquired revenue 41 (39) (30) - Organic revenue growth was 6.5% Acquired revenue of $41 million New business generation was strong with stable retention Revenue down 11% vs. 2Q22 primarily due to revenue seasonality in P&C renewal commissions Expenses were up 20% vs. 3Q21 Increase driven by higher performance-based incentive expense, increase from acquisitions, higher T&E expense, and ongoing investments Market conditions - - P&C premium rate increases remained relatively consistent vs. prior quarters Continue to see growth in exposure units and growth in the value of the exposure units due to inflation Completed the acquisition of BenefitMall, the nation's largest benefits wholesale general agency, with expected annual revenue of $160 million Announced agreement to acquire BankDirect Capital Finance, a nationwide premium finance company with over $3 billion in loans Performance based commissions 21 (2) 2 Adjusted EBITDA (1) 181 (97) 3 Adjusted EBITDA margin (1) 23.5% (880) bps (270) bps (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist's management also adds back merger- related and restructuring charges, incremental operating expenses related to the merger, and other selected items. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. TRUIST HH A-3#24Purchase accounting summary (1) ($ MM) As of/For the Quarter Ended Sept. 30 2022 June 30 March 31 Dec. 31 2022 2022 2021 Sept. 30 2021 Loans and Leases (2) Beginning balance unamortized fair value mark Accretion $ (924) $ 96 (1,119) $ 189 (1,323) $ 191 (1,540) $ 217 (1,777) 233 Purchase accounting adjustments and other activity 2 6 13 4 Ending balance $ (826) $ (924) $ (1,119) $ (1,323) $ (1,540) Core deposit and other intangible assets Beginning balance Additions acquisitions - Amortization $ 3,535 $ 3,693 $ 3,408 2,930 $ 2,665 336 430 647 418 (140) (143) (137) (143) (145) Amortization in net occupancy expense (5) (5) (8) (3) (4) Purchase accounting adjustments and other activity Ending balance (10) (23 (4) $ 3,726 $ 3,535 $ 3,693 $ 3,408 $ 2,930 Deposits (3) Beginning balance unamortized fair value mark $ (3) $ (5) $ (7) $ (9) $ (12) Amortization Ending balance Long-Term Debt (3) Beginning balance unamortized fair value mark Amortization Ending balance 2 2 2 2 3 $ (1) $ (3) $ (5) $ (7) $ (9) $ EA (109) $ 15 (122) $ (139) $ (157) $ (176) 13 17 18 19 $ (94) $ (109) $ (122) $ (139) $ (157) (1) Includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability. TRUIST HH A-4#25M&A related financial impacts ($ MM) Purchase accounting accretion Amortization of intangibles Merger-related and restructuring charges Incremental operating expenses related to the merger 1Q21 $340 $144 $141 $175 2Q21 308 142 297 190 3Q21 255 145 173 191 4Q21 237 143 212 215 1Q22 210 137 216 202 2Q22 204 143 120 117 3Q22 113 140 62 90 4Q22E 95 150 40 60 1Q23E 90 140 2Q23E 80 130 No costs for the MOE 3Q23E 80 130 No longer applicable and will not be in expense base 4Q23E 70 130 FY 2021 $1,140 $574 $823 FY 2022E 622 570 438 $771 469 FY 2023E 320 530 N/A N/A Amounts for future periods are based on Company projections TRUIST HH A-5#264Q22-3Q23 preferred stock projected dividends Truist Preferred Outstandings ($ MM) 4Q22 1Q23 2Q23 3Q23 Series I $173 $1.7 $2.2 $2.3 $2.3 Series J $102 1.0 1.3 1.4 1.4 Series L $750 12.1 14.4 15.1 15.0 Series M $500 12.8 12.8 Series N $1,700 40.8 40.8 Series O $575 7.5 7.5 7.5 7.5 Series P $1,000 24.8 24.8 Series Q $1,000 25.5 25.5 Series R $925 11.0 11.0 11.0 11.0 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $71.0 $102.8 $75.0 $103.6 TRUIST HH Estimates assume forward curve for LIBOR and SOFR as of 10/1/22. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above. Table may not foot due to rounding A-6#27Non-GAAP Reconciliations#28Non-GAAP reconciliations Diluted EPS ($ MM, except per share data, shares in thousands) Net income available to common shareholders - GAAP Merger-related and restructuring charges Securities (gains) losses Loss (gain) on early extinguishment of debt Incremental operating expenses related to the merger Professional fee accrual Quarter Ended Sept. 30 June 30 2022 2022 March 31 2022 Dec. 31 2021 Sept. 30 2021 $ 1,536 $ 1,454 $ 1,327 $ 1,524 $ 48 92 166 163 1,616 132 1 53 | | (30) 69 89 155 165 | 8 || 147 23 Gain on redemption of noncontrolling equity interest Net income available to common shareholders - adjusted $ 1,654 $ 1,605 $ (57) 1,644 $ 1,852 $ 1,918 Weighted average shares outstanding - diluted 1,336,659 1,338,864 1,341,563 1,343,029 1,346,854 Diluted EPS - GAAP $ Diluted EPS - adjusted (¹) 1.15 $ 1.24 1.09 $ 1.20 0.99 $ 1.23 1.13 $ 1.38 1.20 1.42 (1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. TRUIST HH A-8#29Non-GAAP reconciliations Efficiency ratio ($ MM) Quarter Ended Sept. 30 2022 June 30 March 31 Dec. 31 Sept. 30 2022 2022 2021 2021 Efficiency ratio numerator - noninterest expense - GAAP $ 3,613 $ 3,580 $ 3,674 $ 3,700 $ 3,795 Merger-related and restructuring charges, net (62) (121) (216) (212) (172) Gain (loss) on early extinguishment of debt 39 1 Incremental operating expense related to the merger (90) (117) (202) (215) (191) Amortization of intangibles Professional fee accrual (140) (143) (137) (143) (145) (30) Efficiency ratio numerator - adjusted $ 3,321 $ 3,238 $ 3,119 $ 3,131 $ 3,257 Efficiency ratio denominator - revenue (1) - GAAP $ 5,847 5,655 $ 5,325 $ 5,566 $ 5,598 Taxable equivalent adjustment 38 28 26 24 28 Securities (gains) losses 1 1 69 Gain on redemption of noncontrolling equity interest (74) Efficiency ratio denominator - adjusted $ 5,886 $ 5,684 $ 5,346 $ 5,590 $ 5,626 Efficiency ratio - GAAP Efficiency ratio - adjusted (2) 61.8 % 56.4 63.3 % 57.0 69.0 % 58.3 66.5 % 56.0 67.8 % 57.9 (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. TRUIST HH A-9#30Non-GAAP reconciliations Pre-provision net revenue ($ MM) Net income Provision for credit losses Provision for income taxes Taxable-equivalent adjustment Pre-provision net revenue (1)(2) PPNR Merger-related and restructuring charges, net Gain (loss) on early extinguishment of debt Incremental operating expense related to the merger Amortization of intangibles Professional fee accrual Securities (gains) losses Gain on redemption of noncontrolling equity interest Pre-provision net revenue - adjusted (1)(2) (1) Revenue is defined as net interest income plus noninterest income. Quarter Ended Sept. 30 June 30 March 31 Dec. 31 2022 2022 2022 2021 Sept. 30 2021 $ 1,637 $ 234 1,532 171 $ 1,416 $ 1,602 $ 1,704 (95) (103) (324) 363 372 330 367 423 38 28 26 24 28 $ 2,272 $ 2,103 $ 1,677 $ 1,890 1,831 SA $ 2,272 $ 2,103 $ 1,677 $ 1,890 1,831 62 121 216 212 172 (39) (1) 90 117 202 215 191 140 143 137 143 145 30 1 69 | (74) $ 2,565 $ 2,446 $ 2,227 $ 2,459 $ 2,369 (2) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. TRUIST HH A-10#31Non-GAAP reconciliations Return on average assets ($ MM) Net income - GAAP Merger-related and restructuring charges Securities (gains) losses Loss (gain) on early extinguishment of debt Incremental operating expenses related to the merger Professional fee accrual As of/ Quarter Ended Sept. 30 2022 June 30 March 31 Dec. 31 Sept. 30 2022 2022 2021 2021 1,637 1,532 1,416 1,602 $ 1,704 48 92 166 163 132 1 53 │ │| 8 | 69 (30) 89 155 གླ| 165 147 23 Gain on redemption of noncontrolling equity interest Numerator - adjusted(1) (57) $ 1,755 $ 1,683 $ 1,733 $ 1,930 $ 2,006 Average assets Return on average assets - GAAP Return on average assets - adjusted (1) $ 545,606 540,568 $ 535,981 $ 534,911 $ 526,685 1.19 % 1.28 1.14 % 1.25 1.07 % 1.19 % 1.28 % 1.31 1.43 1.51 (1) The adjusted performance ratios,including adjusted return on average assets, adjusted return on average common shareholders' equity, and adjusted return on average tangible common shareholders' equity, TRUIST H are non-GAAP in that they exclude merger-related and restructuring charges, selected items, and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-11#32Non-GAAP reconciliations Calculations of tangible common equity and related measures ($ MM, except per share data, shares in thousands) Common shareholders' equity Less: Intangible assets, net of deferred taxes Tangible common shareholders' equity (1) Outstanding shares at end of period Sept. 30 2022 June 30 2022 As of Quarter Ended March 31 2022 Dec. 31 2021 Sept. 30 2021 54,115 56,302 58,348 62,598 62,227 29,752 29,095 29,229 28,772 27,066 $ 24,363 $ 27,207 $ 29,119 $ 33,826 $ 35,161 1,326,766 1,326,393 1,331,414 1,327,818 1,334,892 Common shareholders' equity per common share Tangible common shareholders' equity per common share (1) 40.79 42.45 18.36 20.51 43.82 21.87 47.14 46.62 25.47 26.34 Net income available to common shareholders $ 1,536 1,454 $ 1,327 $ 1,524 $ 1,616 Plus amortization of intangibles, net of tax 107 109 105 110 113 Tangible net income available to common shareholders (1) $ 1,643 1,563 $ 1,432 $ 1,634 $ 1,729 Average common shareholders' equity $ 56,813 56,803 60,117 $ 61,807 $ 62,680 Less: Average intangible assets, net of deferred taxes Average tangible common shareholders' equity (1) Return on average common shareholders' equity Return on average tangible common shareholders' equity (1) 29,035 29,173 $ 27,778 $ 27,630 $ 28,905 31,212 27,523 27,149 $ 34,284 $ 35,531 10.7 % 23.5 10.3 % 22.7 9.0 % 9.8 % 18.6 10.2 % 19.3 (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk. These measures are not necessarily comparable to similar measures that may be presented by other companies. 18.9 TRUIST HH A-12#33Non-GAAP reconciliations Return on average common equity and average tangible common equity ($ MM) Net income available to common shareholders - GAAP Merger-related and restructuring charges Securities (gains) losses Loss (gain) on early extinguishment of debt Incremental operating expenses related to the merger Professional fee accrual Sept. 30 2022 $ 1,536 48 1 June 30 As of Quarter Ended March 31 Dec. 31 2022 2022 2021 Sept. 30 2021 1,454 92 $ 1,327 $ 1,524 $ 1,616 166 163 132 53 69 (30) 89 155 55 (57) 165 147 23 Gain on redemption of noncontrolling equity interest Net income available to common shareholders - adjusted Amortization 1,654 1,605 1,644 107 109 105 1,852 110 1,918 113 Net income available to common shareholders - tangible adjusted $ 1,761 1,714 $ 1,749 1,962 2,031 Average common shareholders' equity $ 56,813 56,803 $ 60,117 $ 61,807 $ 62,680 Plus: Estimated impact of adjustments on denominator Average common shareholders' equity - adjusted 59 76 158 164 151 56,872 56,879 60,275 61,971 62,831 Less: Average intangible assets Average tangible common shareholders' equity-adjusted 29,035 29,173 28,905 27,523 27,149 $ 27,837 $ 27,706 $ 31,370 $ 34,448 $ 35,682 Return on average common shareholders equity - GAAP Return on average common shareholders equity - adjusted (1) Return on average tangible common shareholders equity - adjusted (1) 10.7 % 10.3 % 9.0 % 9.8 % 10.2 % 11.5 % 25.1 11.3 % 11.1 % 11.9 % 12.1 % 24.8 22.6 22.6 22.6 (1) The adjusted performance ratios, including adjusted return on average assets, adjusted return on average common shareholders' equity, and adjusted return on average tangible common shareholders' equity, are non-GAAP in that they exclude merger-related and restructuring charges, selected items, and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies. TRUIST HH A-13