2021 Annual Report Inspiring and building better lives and communities Purpose-built Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. 7th largest commercial bank $541B in assets ~15MM clients Consumer banking and wealth Corporate and commercial banking Insurance holdings Primarily regional • Premier banking • Retail banking • Small business • Wealth National • Dealer finance • Mortgage • National consumer finance, services, and payments National • Retail • Wholesale Primarily regional • Commercial banking • Treasury solutions National • Corporate and investment banking • Commercial real estate • Grandbridge: full-service commercial mortgage banking On the cover: The Truist Innovation & Technology Center (see more on Pages 25 – 26) Purpose To inspire and build better lives and communities Mission For clients Provide distinctive, secure, and successful client experiences through touch and technology. For teammates Create an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers. For 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. 2 A letter from our CEO To our stakeholders: In many ways, 2021 marked the beginning of a possi- ble “new normal.” Extraordinary ingenuity was on full display with the development and rollout of multiple vaccines for billions of people, less than a year after the initial outbreak of COVID-19. This profound scien- tific achievement, along with new behaviors such as mask-wearing and testing, gave millions of Americans the confidence to get back together, travel, eat out, and return to on-site work. While the delta and omicron variants expanded the reach and devastating impact of this pandemic, consumer and business confidence and demand generally rebounded much more rapidly than expected. Against this progress, there were challenges. Our clients experienced labor shortages defined by an ever-changing workforce and the beginning of infla- tionary pressures. In addition, global progress fighting the pandemic was inconsistent, creating supply chain issues that affected businesses around the world, including our clients and communities. progress while also delivering improved financial performance for our stakeholders. For me, 2021 was a year of transition as I assumed the CEO role in September—a great opportunity, privilege, and responsibility. I’m excited to bring my experience and drive to serve our clients, communities, and teammates during this dynamic time for Truist and banking. The future of banking is accelerating and requires new approaches, greater agility, and faster responsiveness. The competitive landscape is broader, but our much-expanded capabilities also create more opportunity. One thing that will not change is my intense desire to listen and learn. In my first 100 days as CEO of Truist, I did exactly that—listen. I’ve spent time with hundreds of teammates, clients, and community leaders across different markets, businesses, and functions, both virtually and face-to-face. These sessions energized me. While I’ve clearly heard how challenging these two years have been, I also have heard optimism and excitement about the future from our clients and our Looking back, 2020—our first year as Truist—was filled teammates. Community leaders confirm that our with challenges and our primary focus was shifting community strategy is making a real difference for gears to navigate the pandemic. Truist teammates’ them, including businesses and individuals in need. I’ve inspirational response to helping our clients and met with many of our largest shareholders and con- fellow teammates defined and activated our purpose: firmed our high expectations for Truist are aligned. Our to inspire and build better lives and communities. An decision to create a best-of-both model of integration intense focus and commitment, combined with the resulted in increased costs and a longer time frame, strong alignment around purpose, mission, and values, which has been frustrating, but it’s one I firmly believe brought our new company together quickly, uniting our creates the best platform for investment and growth. teammates around our culture. Through these first 100 days, and all of 2021, I’ve seen Our focus in 2021 shifted toward becoming one Truist a deeply ingrained culture where purpose, performance, across other dimensions—most notably technology, teamwork, and a client-first mindset have come together but also strategy, products, processes, and brand. to support our stakeholders, including our communities, Across all these dimensions, we made significant teammates, clients, suppliers, and shareholders. 3 “I ended 2021 with incredible optimism about Truist’s purpose and our potential, but I also have a sense of urgency to realize that potential.” – Bill Rogers, CEO 4 From our CEO I’m immensely grateful for everything our team Truist, allowing our team to pivot from an integration accomplished and their determination to make a mindset to an operating mindset, focused on execu- difference. I ended 2021 with incredible optimism tional excellence and growth. about Truist’s purpose and our potential, but I also have a sense of urgency to realize that potential. Our 2021 accomplishments We strengthened our culture, continued to advance our purpose, and took major steps forward in our corporate social responsibility (CSR)/environmental, We took major steps forward in our integration social, and governance (ESG) profile. We view ESG process, building on the significant preparation we as an opportunity, not a requirement. We issued our undertook in 2020. We began the year with our wealth first social bond—the first by a U.S. regional bank—to brokerage platform conversion in February, which was advance our ESG focus, and have announced emis- a success from a technology perspective, though we sions and net-zero targets during 2021 and 2022. learned some valuable lessons from our teammates and clients. We applied those learnings and had extremely successful conversions of our wealth fiduciary/trust platform in May and mortgage origi- nations platform in August. Our largest conversion of 2021 was in October, when we successfully converted about 7 million mostly heritage BB&T clients to our new Truist technology ecosystem, following months of intense preparation by thousands of dedicated teammates. We launched the Truist Mobile app throughout 2021 using our “digital straddle” strategy, where we delinked the digital front-end conversion from the back end, an approach we can leverage for future innovation. Our largest and most complex conversion occurred during Presidents Day weekend 2022, as we successfully converted 7 million heritage SunTrust clients to the Truist technology ecosystem. This conversion substantively completes the major integration processes associated with building We continued to activate our culture and purpose, and as part of that, our teammates spent time in 2021 articulating their personal purposes, which has never been more important. Finding one’s personal “why” and discovering how it aligns with our company’s purpose is both the glue and the propellant for success. Our purpose-driven culture is instrumental in attracting and retaining teammates and growing our business. People simply want to work for and do business with companies that stand for something meaningful. Truist combines this meaningful culture with a comprehensive compensation and benefits package, including a pension; significant and ongoing training, development, and career mobility; Truist’s rich history and legacy, with the appeal of a startup; and our intentionally more flexible approach to work. This is our formula for attracting and retaining the best talent. We made new or elevated existing commitments to diversity, equity, and inclusion (DEI) because we know a more diverse workforce creates a better work environment and better client experiences, and also builds better lives and communities. We released our inaugural Supplier Diversity Economic Report, outlin- ing the $1 billion of economic impact Truist created through our supplier diversity spending efforts. We conducted our first pay equity study at Truist and our results were very strong, but we can’t take our eyes off the commitment to equitable opportunity for success. We increased ethnically diverse representation in senior leadership roles to 15%—a year earlier than our original commitment. 6 From our CEO Truist’s banking network is located in fast-growing markets Truist ranks among the top 3 banks in 17 of our top 20 metropolitan statistical areas. Source: S&P Global as of 10/28/21. Truist’s top 20 MSAs: Atlanta Baltimore Charlotte Columbia Durham Greensboro Greenville Knoxville Miami Nashville Orlando Philadelphia Raleigh Richmond Roanoke Sarasota Tampa Virginia Beach Washington, D.C. Winston-Salem While we’re proud to ac hieve this milestone, this is only leaning forward with regard to our technology the beginning. ecosystem, yielding long-term benefits for our clients, We produced solid financial results, building a teammates, and shareholders. foundation for even stronger performance over time. Revenue performance was mixed. Net interest income GAAP EPS was $4.47, up 45% compared to the prior was down 6% compared to the prior year, primarily year. Adjusted EPS, which excludes the impact of tem- driven by a 7% decline in loans, a reflection of the porary but significant merger-related costs, was $5.53, significant levels of liquidity our clients have built, but up 46% compared to the prior year, primarily driven also due to our own conservative risk posture during by the significant reduction in our provision for credit the pandemic and competing priorities from the losses due to the rapid recovery of the U.S. economy. merger. The good news is our performance improved Cumulative merger-related costs will approximate $4 during the year, with loans at December 31 up 2% (or billion when all is said and done, more than we initially 7% annualized) compared to September 30, excluding expected due to the integration efforts required by a Paycheck Protection Program forgiveness. In addition, best-of-both approach. This approach makes sense for our diverse business mix (which was significantly Truist because BB&T and SunTrust invested in different enhanced by the merger) proved advantageous in yet complementary technology and business ecosys- 2021, with fee income, excluding securities gains, up tems, and therefore this was the right decision for our a very strong 10%, led by insurance and investment clients. Despite this higher-than-anticipated upfront banking, businesses that capitalized on their com- cost, our conviction in this decision has only increased petitive advantages, investments, and strong market with time, and we’re confident we are now positioned conditions to produce record results. 7 This collective performance helped produce strong Introducing purposeful growth absolute returns for our shareholders, with TFC stock up 26%, including dividends, in 2021. However, we underperformed our peer group, partially due to the aforementioned elevated merger costs and mixed core operating performance. We’re not yet where we want As we shift priorities, aiming past systems integration and the pandemic, Truist is well positioned for purposeful growth. Our purpose is not an asterisk or a slogan. It’s the fuel and inspiration for our growth. to be, but I have great confidence in the momentum What is purposeful growth? we have coming into 2022, particularly as our focus pivots from integration to execution, growth, and performance. Our goal is to realize the promise of Truist, which is the potential for both strong growth and profitability, with lower volatility compared with our peers. With our purpose at our core, purposeful growth means capitalizing on our vibrant markets, diverse business mix and capabilities, and outstanding teammates (as One Team) and their advice to produce better results and better lives for our clients. Strong performance in 2021 Adjusted EPS Capital deployment ratio1 46% $5.53 GAAP $4.47 $3.80 GAAP $3.08 49% 115% 77% 2020 2021 2020 2021 Diverse business model Insurance, Investment Banking, and Wealth ($ MM) Strong risk management Net charge-offs / loans 22% $5,460 0.36% 33% $4,480 0.24% 2020 2021 2020 2021 1Capital deployment ratio includes dividends, share repurchases, and acquisitions. 8 From our CEO 9 Purpo seful growth means investing in strategies that strengthen and differentiate our competitive advantages. Purpo seful growth means continuously investing in the future and understanding the changing expectations, evolving environment, and needs of clients and communities, even if it is dilutive in the short term. Our investment thesis is built on four pillars—key themes we believe differentiate Truist from the competition and allow us to inspire and build better lives and communities, and deliver purposeful growth for all our stakeholders. Pillar 1: We have a purpose-driven culture Our purpose statement intentionally begins with the words “to inspire.” We decided from the beginning if we wanted to be a leader, we would need to be bold, be first, and be inspirational. Our first inspirational commitment was our $60 bil- lion Community Benefits Plan, where we are lending and investing to elevate low-to-moderate-income and minority communities by supporting affordable housing, nonprofits, and small businesses. We’re making excellent progress here, ending Nov. 30 at 113% of our goal. Among our commitments to inspire is Truist Momentum, a financial well-being program, based on the Truist Financial Principles. Designed to increase financial literacy for all, the program offers life-changing guidance, tools, and financial well-being initiatives to inspire our teammates and hundreds of thousands of our clients’ employees to manage their money based on what matters most. We announced a $20 million investment in Operation HOPE for financial education and the support of significant initiatives, including the creation of 1 million Black-owned businesses by 2030. Today, HOPE Inside coaches are available at 600 Truist branches, helping clients with important topics such as access to mainstream credit, behaviors that accelerate savings, debt reduction, entrepreneur- ship, and homeownership. Our purpose defines how we do business every day and serves as a framework for how we make decisions. As an example, we demonstrated care for our clients by staying open during our October 2021 and February 2022 conversion weekends, guiding our clients through the process and addressing any questions or concerns. To my knowledge, we’re the first bank that’s ever provided this service during a systems conversion. We determined that the Paycheck Protection Program would exemplify our commitment to our communities, and we were the fourth-largest lender during the past two years, providing nearly $17 billion of lending to small businesses throughout our communities. This commitment helped bridge businesses and their employees to the other side of the pandemic. Our efforts to promote financial inclusion and will bring more new consumers into mainstream banking. Truist One will have zero overdraft fees, a simple $100 negative balance buffer, and a deposit-based credit line of up to $750. These features will help clients manage their liquidity needs far more confidence for our clients in our day-to-day business cost-effectively than alternative solutions. In addition, continue to strengthen. Our Bank On certified1 Money we’re eliminating a host of overdraft-related fees for Account (prepaid debit card), secured credit card other accounts in the coming months. Long-term, (secured by a deposit account) and Ready Now loan (up Truist One Banking will increase client acquisition, to $1,000 emergency loan) support clients who may enhance deposit growth, improve our overall client not qualify for mainstream banking and are looking experience, and be a win-win for all our stakeholders. to build or rebuild credit. We helped our clients along Overdraft-related revenue will decline by their financial journeys through our industry-leading approximately $300 million annually by 2024, but Child Tax Credit awareness initiative, which promotes given the diversity of our business model, our ongoing savings and financial confidence. Clients in low- to efficiency opportunities, and the ability to create new moderate-income communities grew their savings client growth from a differentiated and purpose-driven and IRA balances by 9% and 15%, respectively, value proposition, Truist is much better positioned from May through December—a great example of to absorb this loss of revenue than either heritage purposeful growth. company alone. But we know we can do more. Guided by our purpose, As I indicated earlier, we view all the elements of ESG we’ve been reinventing a new checking account as an opportunity to improve our company and fulfill experience that aligns with our clients’ needs, which our purpose, and our progress has been swift and we believe will provide more flexibility, lower costs, significant. During the past two years, in an effort to and increased financial confidence. Truist One Banking increase transparency and accountability, we’ve will be our new differentiated and disruptive suite of produced our first two ESG reports and our inaugural checking solutions that redefines everyday banking Supplier Diversity and Task Force on Climate-related and accelerates the journey toward purposeful growth. Financial Disclosures (TCFD) reports. In those reports, We expect this alternative suite of checking solutions we outlined our commitment to significantly reducing 1 Nationally certified by the nonprofit Cities for Financial Empowerment Fund. 10 From our CEO our emissions, supporting and partnering with our clients in their transition to a more carbon-neutral economy, advancing DEI, and supporting financial inclusion. Pillar 2: We’re better together and building an exceptional company At Truist, in order to fully support our purpose of Being purpose-driven is by no means the only way inspiring and building better lives and communities, Truist separates itself from other financial institutions. we must move forward on climate change opportu- We have many other advantages, starting with our size. nities. As such, we announced a new goal to achieve Truist fills a “sweet spot” between smaller regional net-zero emissions by 2050. The net-zero goal banks and larger global competitors. As the nation’s builds on the 2030 emission reduction targets we seventh-largest bank, we’re big enough to offer a full previously announced, specifically to reduce direct range of capabilities, generate meaningful capital— and indirect operational emissions by 35%. But more that can be used to drive innovation—and invest in importantly, our goal is to support our communities in organic and inorganic growth. At the same time, Truist this transition, building on our strong legacy of part- is small enough to follow and leverage our community nering closely with clients to help advance beneficial bank model, offering the personalized, localized transitions. We’ll accelerate financing of sustainable experience and service that comes when decisions are investments in renewables, which is an area that Truist made closer to the client. teammates already have been working in successfully for years. We’re adding new teammates to business lines, including new managing directors focused on energy transition and renewable energy within Truist Securities and specialists within our Commercial Community Bank and Corporate and Investment Bank. They will partner across industry sectors to help our clients drive their sustainable innovation, transition, and growth plans. We have an enviable market position across our core retail, commercial, and wealth businesses. Our markets, focused in the Southeast and mid-Atlantic, are some of the best in the United States, and they’re projected to grow faster than the rest of the country in coming years. We have a leading deposit market share in those markets, relative to our peers and their footprints, and we’re confident that will help us grow faster—and stronger—over time. Our unique business mix also separates us from the pack. Truist offers a range of services, products, and capabilities usually found at only the biggest banks. The merger played a key role in improving the diversity of our business mix and our loan portfolio, creating more capacity and opportunity for growth. Our merger started with the principle that 2+2=5. Together, we are more than the sum of our parts. The formula applies to teammates as well: People working together create exponential results. We call this Integrated Relationship Management, or IRM. It’s the idea that, when we bring the breadth of Truist’s capabilities to clients in a seamless and integrated manner, our clients win. We’ve seen good early results, most notably in delivering capital markets capabilities to commercial banking clients and growing oppor- tunities in insurance and wealth, but the potential far exceeds what we’ve realized. IRM is the manifestation of purposeful growth. Pillar 3: We’re investing in the future One of the key drivers of the Truist merger was the increased need to invest in digital, and the pace of change is even faster today than it was in 2018, when we first contemplated the merger. U.S. consumer fintech adoption has exploded, increasing from 58% in 2020 to 88% in 2021. Fintech companies have been 2 incredible at creating excellent client experiences, and their successes should be lauded. However, we’re not standing still. With our more modern best-of-both technology stack, our focus on client experience (through journey rooms and data), and our agile mindset, we’re looking to get faster ourselves—with the added ability to deliver a comprehensive set of advice, solutions, and tools for our clients. This is how we launched the Truist value proposition: Touch + Technology = Trust. T3, as we call it, aims to seamlessly integrate the industry-leading personal touch that we’ve long been known for with innovative technology, yielding our most valuable asset: the trust of our clients. Diverse business mix 2021 revenue by line of business CRE 4% Mortgage 8% Retail community bank 25% Insurance 12% Consumer finance 12% Corp. & investment banking 15% Wealth 10% Commercial community bank 14% Recognitions Forbes America’s Best Employers (2022) Fortune World’s Most Admired Companies (2022) Human Rights Campaign Corporate Equality Index 100% score; Best Place to Work (2022, 2021, 2020) Top 50 Employers by CAREERS & the disABLED magazine (2022, 2021, 2020) JUST 100 list (2022) Forbes Best Employers for Diversity (2021) Fortune Global 500 list (2021) Readers’ Choice Award and Top 50 employer by Equal Opportunity magazine (2021) Top 50 Employers List in STEM by Workforce Diversity magazine (2021) Forbes Best-In-State Employer in Florida, Georgia, North Carolina, and Pennsylvania (2021) 2 Plaid survey (October 12, 2021): https://plaid.com/blog/report-the-fintech-effect-2021/. Adoption represents the percent of U.S. consumers using technology to manage their finances. 12 From our CEO Our first step has been to integrate our systems and a great example of early investment and partnership, modernize them. The integration journey we’ve been resulting in better experiences for our clients and value on since the merger closed will result in best-of-both creation for our shareholders. systems that we can continue to modernize through APIs, open banking, and a more flexible foundation and architecture. We’re also enabling convenient commerce for businesses and consumers. We’ve had a head start in this space with Sheffield (point-of-sale financing However, our primary focus on integration has not pre- for power equipment, power sports, and trailers) and vented us from executing our strategy to improve the LightStream (direct-to-consumer digital lending for client experience or hindered our agility while merging. any purpose), both of which have grown rapidly during One great example is in commercial lending, where the the past 10 years. We strengthened our position in combination of our nCino front end (heritage SunTrust) convenient commerce by acquiring Service Finance, and AFS Vision back end (heritage BB&T) helped us a leading national provider of point-of-sale financing create a best-in-class lending ecosystem, resulting in solutions for the home improvement industry and a better transparency, communication, and speed. We strong partner to Truist for many years, as part of our introduced innovative solutions like AI-driven insights, continued digital evolution. Service Finance is another robo-advising and Truist OneView. As indicated earlier, excellent example of how we view ESG as an opportu- we launched the Truist Mobile app throughout 2021 nity: we help our clients with projects to reduce their using our “digital straddle” strategy. We started with energy costs through upgraded, energy-efficient HVAC a teammate pilot in March and by the end of 2021 had units, new windows, roofs, and solar panels, and we do 9 million clients with access to the app. Truist digital our small part in sustaining the planet. banking is a great example of co-creating experiences with clients and iterating rapidly to respond to client feedback, ultimately resulting in the right long-term consumer digital foundation for Truist. At the end of 2021, we opened our state-of-the-art Innovation & Technology Center in the heart of our Charlotte headquarters (featured on Pages 25 – 26). It’s a springboard for, and physical manifestation of, innovation across our entire company, one that will help us reimagine client experiences. Teammates from business units throughout Truist will partner directly with clients, innovators, digital product managers, designers, engineers, fintech firms, partner vendors, and many others to develop new ways to empower our clients. Another example of investment for the long term is Truist Ventures, our venture capital division launched in 2020 with a focus on strategic partnerships and investments to create novel solutions for Truist clients. We’re partnering with and investing in innovative companies, focusing not just on fintech but also on adjacent, disruptive technologies that will help us Pillar 4: We’re well positioned to deliver leading financial performance Our performance in 2021 gives me confidence that once we eliminate merger-related costs in 2022, we have the potential to deliver strong profitability in the top quartile of our peer group. Adjusted ROATCE was 22% and our adjusted Efficiency Ratio was 56.7%, both of which would have ranked in the Top 2 of our 11-bank peer group. These metrics exclude merger-related costs and incremental operating expenses related to the merger, and I acknowledge those costs have dampened our GAAP profitability rel- ative to our potential. That said, we’ve been successful in taking core costs out, and we closed 2021 on target, with more than $1 billion in annualized cost savings. By the end of 2022, merger-related costs will end and our cost savings will be fully realized, resulting in a less complex narrative, improved earnings quality, and more capital—music to our collective ears. shape the future of the industry and, once again, grow We also have many ways we can reimagine what we in a purposeful way. Our prior investment in nCino is do day in and day out to create efficiency and invest in 13 The new sign is installed atop Truist Plaza in Atlanta. 14 From our CEO better client experiences. In 2021 we empowered our products, including Truist One Banking, that will show teammates to create an expansive list of opportunities our care for clients, many of whom have traditionally to cut costs, generate revenue, and improve processes, been underserved. and we’ve approved more than 1,000. Our teammates have displayed incredible insight into the inner workings of Truist, and our goal is to shift this from a one-time exercise to a continuing mindset, creating ongoing fuel for investments as well as improved client and teammate experiences, ultimately leading to better long-term purposeful growth. We’ll now focus on implementing these ideas given our largest conversions are done. Strong profitability on its own, though, will not generate sustainable shareholder value. Growth also matters. We’ve done well, through the challenges of the merger, to keep pace with our peers, but we have the potential to generate stronger purposeful growth as our focus shifts from integration efforts to fully capitalizing on our markets, our differentiated business mix, and our ability to generate meaningful revenue synergies. United by care, I would like to conclude where we should all begin—with gratitude. I want to express sincere gratitude to our Truist board of directors for your counsel, guidance, and significant commitment to all of our stakeholders, and for the opportunity to lead this incredible company. In particular, I want to recognize and thank Paul Garcia, who retired from our board in 2021. Your leadership and experience have been critical in creating a new company. To our Executive Leadership team, I sincerely appreci- ate your intense and unwavering focus on our purpose, clients, and teammates, and our partnership in building something epic—these will be the defining years of our careers. Thank you to Kelly King, who retired in 2021 as CEO after an extraordinary and unparalleled 50-year career in banking. Kelly, your leadership has been inspirational for so many, and I appreciate the enduring, positive impact you have had on our clients, I could not be more excited about the opportunity we teammates, communities, shareholders—and myself. have to fulfill Truist’s incredible potential, particu- You led Truist through the largest merger in over a larly as we transition from integration to executional decade and a pandemic, establishing the cultural excellence and growth. Looking into 2022, our fi- foundation needed for generational success. nancial formula will be simple: deliver solid revenue growth, produce positive operating leverage, eliminate merger-related costs, and deploy capital. Longer term, the potential of Truist is to combine strong profitability and strong growth, ultimately delivering sustainable and differentiated shareholder returns, underpinned by our purpose-driven culture and our strong capital and risk foundation. Finally, I would like to thank our more than 50,000 purpose-driven teammates. The past two years have likely been the hardest in your careers, given the merger, the pandemic, civil unrest, and maybe a new job, new team, or new city. But in that challenge you have likely also experienced tremendous personal and professional growth. I’m immensely grateful for everything you have done and how you have done Demonstrating care: a different kind of bank it—by living our values of Trustworthy, Caring, One We believe care is the best method for defining not only what we do every day, but how. Our company is built on a foundation that everyone and every moment matters. We have countless opportunities every day to express our Caring value to our clients, in our communities, and with one another. Those daily acts are the building blocks of purpose. We plan to demonstrate how we hold ourselves accountable to care by unveiling care metrics and the Truist care promise. And we’re busy developing new 15 Team, Success, and Happiness. I am proud to be part of this team, and together, we are committed to Truist’s purposeful growth. Bill Rogers CEO February 23, 2022 16 Financial highlights (in millions, except for per share data, ratios, and headcount) For the year ended December 31 2021 2020 2021 vs 2020 GAAP / Unadjusted results Net interest income Noninterest income Total revenue Noninterest expense Pre-tax, pre-provision net revenue (non-GAAP) Provision for credit losses Net income available to common Return on average assets Return on average tangible common equity Efficiency ratio Adjusted results Total revenue Noninterest expense Pre-tax, pre-provision net revenue (non-GAAP) Net income available to common Return on average assets Return on average tangible common equity Efficiency ratio Per common share Diluted earnings Diluted earnings (adjusted) Cash dividends declared Book value Tangible book value (non-GAAP) Closing share price Period end balances $13,114 $13,951 9,290 22,404 15,116 7,288 (813) 6,033 1.23% 18.4% 67.8% 22,367 12,687 9,680 7,457 1.50% 22.0% 56.7% $4.47 5.53 1.86 47.14 25.47 58.55 8,879 22,830 14,897 7,933 2,335 4,184 0.90% 13.4% 65.6% 22,428 12,533 9,895 5,163 1.10% 15.9% 55.9% $3.08 3.80 1.80 46.52 26.78 46.441 Loans and leases held for investment $289,513 $299,734 Investment securities Total assets Deposits Common shareholders’ equity Other Common equity Tier 1 capital ratio Average diluted shares outstanding 154,617 541,241 416,488 62,598 9.6% 1,349 120,788 509,228 381,077 62,759 10.0% 1,358 (6.0%) 4.6% (1.9%) 1.5% (8.1%) NM 44.2% 33 bps 500 bps 220 bps (0.3%) 1.2% (2.2%) 44.4% 40 bps 610 bps 80 bps 45.1% 45.5% 3.3% 1.3% (4.9%) 26.1% (3.4%) 28.0% 6.3% 9.3% (0.3%) (40 bps) (0.7%) 17 1 Share price adjusted to reflect dividends. All data points are on a taxable-equivalent basis, where applicable. See Pages 29 - 30 for non-GAAP reconciliations. 2021 adjusted ROTCE 22.9% 22.0% 21.6% 20.4% 19.8% 17.2% 16.7% 16.4% 16.0% 15.1% 13.8% Peer 1 TFC Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 2021 adjusted tangible efficiency ratio 57.4% 56.7% 58.3% 59.0% 59.7% 59.7% 59.9% 59.9% 66.2% 69.4% 63.6% TFC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 See Page 29 for a list of peers. 18 Living our purpose Our purpose—to inspire and build better lives and communities—is the foundation of our culture. By acting on our purpose, mission, and values, we unleash a force to create better results for our clients, teammates, and stakeholders that we believe is critical to our long-term success. As part of our purpose, we’re committed to enhancing diversity, equity, and inclusion (DEI) both in our communities and among our teammates. Here are a few highlights from 2021, and we look forward to sharing more in our upcoming ESG and CSR Report. Community impact, financial inclusion, and education $116MM Total giving, which includes: Truist Foundation: $70MM/984 grants 91.4% of grants to groups serving low- to moderate-income families Truist Charitable Fund: $33MM/114 grants CRA: $9MM/ 516 grants Regional/CCB: $4MM Outstanding CRA rating First regional bank to issue a social bond of $1.25B. Support for affordable housing: $1.8B1 in loans/ investments 19,102 affordable units created 115,397 LMI community members served 3,658 permanent jobs created Community development Loans and investments: $5.2B1 113% of prorated goal for the $60B 2020 – 2022 Community Benefits Plan commitment2 Truist Momentum: 164,497 employees at 294 companies participating 70% of participants have an emergency savings account 51% of participants use a budget 46% of participants give regularly WORD Force:3 393 active schools, including 268 active LMI schools 12,777 active students, including 7,586 active LMI students 29,799 cumulative students reached since January 2020 Responsible business and ethical conduct Truist Community Capital provided more than $1B in equity in 2021, supporting communities by investing in affordable housing, job creation, and small businesses, and through access to healthy food and education. Financial Foundations:4 1,126 active schools, including 514 active LMI schools 98,503 active students, including 46,106 active LMI students 1,370,643 cumulative students reached 22% of small business loans under $1MM went to low- and moderate-income census tracts in 2021 Provided nearly 130,000 Paycheck Protection Program (PPP) loans totaling nearly $17B, and we continue to work with our clients seeking forgiveness of their PPP loans BlackRock’s philanthropic Emergency Savings Initiative (ESI):5 As the first top-10 bank to join the ESI, Truist has attracted over 25,000 eligible households that have opened more than 30,000 savings accounts. Recently featured in JUST Capital’s JUST 100, a list of companies that are doing right by their stakeholders 19 1 As of 11/30/2021 2 As of 11/30/2021, 113% of the prorated goal, which is $38.7 billion 3 WORD Force reach reflects students and schools active between July 1, 2021, and December 31, 2021. Cumulative students reached reflects all students active since January 2020. 4 Financial Foundations reach reflects students and schools active between July 1, 2021, and December 31, 2021. Cumulative students reached reflects all students active since March 2010. 5 The Emergency Savings Initiative (Start. Save. Win.) concluded at the end of Q3 2021 Technology and client service Mobile app clients logged in approximately 1.1B times (up 6% since 2020) 48% of all retail check/cash deposit transactions now come through digital channels using Mobile Check Deposit and Zelle Migrated about 9MM clients to the new Truist digital banking experience, which includes enhanced digital investment and money-management capabilities, personalized insights, and a holistic personal financial management tool ESG, climate change, and environmental sustainability Assisted with underwriting $15.3B in investment grade ESG-themed bonds, including serving as active bookrunner on $4.1B Joined the Partnership for Carbon Accounting Financials (PCAF) with the intent to disclose financed emissions from loans and investments within the next three years Truist’s inaugural TCFD report launched in 4Q21, focused on Truist’s efforts to transparently measure and share climate-related risks, opportunities, goals, and progress. Truist’s direct capital commitments to renewable energy exceeded $856MM, including $400MM in project finance, $156MM in tax equity, and $300MM in consumer lending through partnerships or direct lending. Earned CDP Climate score of B Set reduction targets and announced a net-zero by 2050 goal 35% reduction in Scope 1 emissions by 2030 35% reduction in Scope 2 emissions by 2030 25% reduction in water consumption by 2030 Through its philanthropy partner American Forests, LightStream has planted a tree for every loan it has funded since the company launched in 2013. In 2021, LightStream reached the milestone of having planted one million trees across the United States. LightStream’s $1MM investment in forestry is creating forest-related jobs and helping to address the annual need for nearly 8,300 tree-industry workers nationwide. Over 180,000 trees planted in 2021 Diversity, equity, and inclusion Our commitment was to increase ethnically diverse representation in senior leadership roles to at least 15% by 2023, and in 2021 we reached 15.1% Grants: $3MM to Thurgood Marshall College Fund $1MM to St. Thomas University College of Law Commitment to equity: $8MM to Charlotte Mayor’s Racial Equity Initiative, includ- ing $3MM to Johnson C. Smith University and a $5MM commitment to support small businesses In an internal engagement survey of diverse teammates, 84% agreed that Truist lives its purpose and 74% said Truist is an inclusive workplace. Truist Foundation invested $12MM of its endowment with a diversely-owned private equity manager and $20MM across two diverse hedge fund managers. Supplier diversity: Total diverse spend: $803MM Minority-owned businesses: $652MM Women-owned businesses: $106MM Small businesses: $124MM Veteran-owned businesses: $305MM LGBTQ+-owned businesses: $39K We filled 54% of early career program seats with diverse candidates.1 In support of increasing opportunities for diverse-owned asset managers, Truist com- mitted $100MM in investment capital to Sterling Capital to support the launch of the new Diverse Multi-Manager Active ETF (NYSE: DEIF), which launched on Dec. 14, 2021, and will employ investment strategies from three diverse-owned asset managers (two ethnically diverse owned and one gen- der diverse). Supplier diversity goals: 2021 supplier spend with diverse suppliers: 15.9% vs. 9% in Year 2 of Community Benefits Plan RFx Inclusion:2 31.3% vs. 30% goal in Year 2 1 Representative of Summer 2021 interns and Fall 2021 Full-time Cohorts 2 RFx is an acronym used to capture all references to Request for Proposal (RFP), Request for Information (RFI), Request for Quote (WFQ), and Request for Bid (RFB). This figure represents FY as of September. 20 Better by care Caring is our differentiator. Showing care is how we inspire and build better lives and communities. Every day, we have countless opportunities to touch people’s lives and make our communities better. Care shows through in the work we do. It’s evident in how we build relationships, design our products, and bring our technology to life. Care is as elemental as how we listen and talk to each other, as visible as how we carry ourselves in the world, and as meaningful as how we act to fulfill our purpose. Care is both showing interest in others and putting their outcomes first. And we know from client feedback and research that putting care at the heart of the Truist experience differentiates us. Care for clients’ well-being Care to create banking experiences that put people first Care for one another as teammates and as One Team Care that strengthens our communities, so we can all thrive together Our actions Tangible, meaningful, distinctive acts of care Our promise Bring authentic care to banking Our purpose To inspire and build better lives and communities 21 Care in action Truist One Banking A first-of-its-kind approach, Truist One Banking addresses our clients’ biggest challenges, meets their most-expressed needs, and creates a better banking experience The new Truist One checking account includes: No overdraft fees A $100 negative balance buffer for qualifying clients An easily accessible deposit-based line of credit—up to $750—that doesn’t rely on traditional credit scores to qualify Premium rewards to instantly recognize relationships and honor loyalty In addition, Truist will offer an alternative account created for clients who want simplicity and control without overdraft fees. This new product will help more clients access mainstream banking, allow them to avoid high fees from check-cashing services and payday lenders, and create a pathway to upgrade to Truist One. Both accounts will be available for eligible clients in summer 2022. 22 West Virginia day care owner Rashida Yost with students How we’re living our purpose of inspiring and building better lives and communities From the story of a woman building an oasis in a day care desert to the work of a health clinic serving Atlanta’s most vulnerable, by taking care of the people who take care of others, Truist is delivering on our promise. Big heart, long odds: How a day care provider’s dream came true Rashida Yost is a West Virginia day care owner who had a seemingly impossible dream: to expand her busi- ness to better meet her community’s needs despite her not-so-great credit score and a worldwide pandemic. Yost had 31 years of experience in child care when she bought her first day care center in 2019, using her savings, her credit cards, and her irre- pressible spirit. But with the pandemic and its requisite shutdowns, it looked like Yost’s dream of building three more day cares—and even keeping her original center open—was in peril. Things seemed even bleaker when her bank wouldn’t approve a loan because of her credit score. That’s right around the time when Scott Blaney, assistant vice president and manager of the Martinsburg, West Virginia, branch of Truist, made a cold call to Yost. Inspired by her enthusiasm for helping children in need, he connected her to Partner Community Capital, a local community development financial institution that helped small businesses affected by COVID-19. Yost received a $90,000 loan, and her three new day care centers are now in the works. She’s caring for 67 children, who worked together to create a piece of artwork for Blaney: a canvas cov- ered in their handprints and the words “Thank you.” Watch our video to see more about this story Helping launch 1 million Black-owned businesses When Simone Harvin was a kid, she spent summers selling homemade icy cups in her neighborhood. She took her entrepreneurial spirit to Atlanta, where she earned a degree in fashion marketing and management. In 2013, she launched her new business, SC Creative Group, which specializes in web design and social media for other small businesses. To make ends meet, Harvin also worked a full-time job, which made her business feel like more of a side gig. “For the first six years, I treated it as a hobby,” she says. “I didn’t know how I was going to scale this into a sustainable thing.” Harvin turned to Operation HOPE, an organization that helps entrepreneurs navigate their unique obstacles. “It was the beginning of me choosing myself in a real way,” she says. Truist is a longtime partner of Operation HOPE, and in 2021, the two organizations announced a shared commitment to help launch 1 mil lion Black-owned businesses (like Harvin’s) by 2030. The partnership includes making HOPE Inside financial wellness coaches available at 600 Truist branches to offer one-on-one sessions and group workshops on a variety of important topics. 23 Today, Harvin’s business is thriving. “Sometimes, being an entrepreneur is like driving in fog,” says Harvin. “But with programs like Operation HOPE, that foggy road becomes a lot clearer.” Caring for Atlanta’s most vulnerable Mercy Care, Atlanta’s only program to provide health care for the homeless and uninsured, needed an upgrade. The cost? $22 million. The nonprofit turned to their long- time ally, Truist. And Truist stepped up, with a $22 million New Markets Tax Credit (NMTC) transaction that included $6.5 million in tax credit equity from Truist Community Capital, a $9.6 million Truist bridge loan, and a $200,000 charitable grant from Truist Foundation. Now, Mercy Care is renovating its headquarters and expanding clinic space, helping an estimated 3,000 be- havioral health patients, 4,000 dental patients, and 2,000 vision patients. (Of Mercy Care’s patients, 77% are uninsured and 64% live below the poverty line.) Thanks to the infusion of cash, Mercy Care will be able to double patient intake and give more patients access to paired medical and behavioral care. This support is part of Truist’s three- year, $300 million Atlanta investment initiative tailored to the diverse needs of the Atlanta community. It includes a combination of community devel opment and tax credit investments from the bank as well as philanthropic grants from the Truist Foundation. Protecting a small business during the pandemic W.S. Jenks & Son—a family-owned hardware store—has been a staple of Washington, D.C. since 1866. Over the course of a century and a half, it survived wars, depressions, and recessions. But the pandemic posed the greatest threat to its survival yet. The hardware store vowed to never shut its doors in 2020, when many businesses had to close under COVID-19 restrictions. But W.S. Jenks & Son still struggled: 60% of their business—government and commer- cial sales—was gone. And to keep everyone as safe as possible, they sent all of their at-risk employees home, with the full commitment to keep paying them. That’s when they called their bank, Truist. Through their partnership, W.S. Jenks & Son received two Paycheck Protection Program (PPP) loans, al- lowing them to keep their doors open and pay their staff. “W.S. Jenks paid me the whole time I was out,” says James Frink, commercial and govern- ment sales manager, who’s been at the store for 30 years. “I was one of the fortunate ones.” “Our purpose at Truist is to inspire and build better lives and communities,” says Bernita Bailey, market president for the Truist suburban Maryland re- gion. “It’s very important to make sure stores like W.S. Jenks can stay open, can keep making payroll, and the PPP loan did exactly that. If that’s not living our purpose through our value of care, I don’t know what is.” Watch our video and learn more Creating better client experiences through listening, empathy, and innovation The Truist Innovation & Technology Center is a groundbreaking collaboration space that is designed to continuously improve the client experience by accelerating innovation through direct client input combined with cutting-edge technology. Award-winning design The ITC won the CoreNet Global Carolinas Chapter CORE Award for Innovation Project of the Year. 25 Inside the Truist Center is a modern, bright, open, and environmentally sustainable space that brings to life one of our key visions: to create distinctive client experiences through touch and technology. The Truist Innovation & Technology Center (ITC), which opened in early 2022, pushes the boundaries not only of design, but also of what we’re capable of creating for our clients. While innovation is commonly associated with technology, in the ITC we add a human dimension to it. By making clients part of the design process, we’re able to work as One Team to reimagine innovative finan- cial services and products for those clients. The ITC takes client-centricity to a new level through: Dedicated client journey rooms, where integrated Truist teams gather—including experts from research, purpose, digital, technolo- gy, design, behavioral science, risk, marketing, and business units—to leverage methods like journey mapping and design thinking to improve every aspect of the client’s experience. Agile neighborhoods, where we brainstorm, connect, and problem-solve using customizable arrangements including moveable desks, whiteboards, and digital screens. Co-creation suites, where clients can react to the solutions that are being tailored to their needs in face- to-face sessions with professional Truist researchers. A reality lab for testing immersive virtual and aug- mented reality and exploring the emerging possibilities of the metaverse. An indoor park with sculptural trees and hand-painted murals, to inspire mindfulness and creativity. A maker space for constructing physical prototypes, like a new branch podium or an ATM. Clients will be able to collab- orate on these prototypes before they go to production. Also integrated into the ITC will be a Truist contact center, so the voice of the client remains close to the people creating the products and services clients use. We use our clients’ feedback to catalyze innova- tion on their behalf. Through the Innovators in Residence Program that’s housed here, strategic external partners such as tech giants, startups, and universities will have a dedicated set of workspaces where their innovators can reside full time, enabling new levels of collaboration to explore new and emerging technologies in finance. ITC highlights Environmentally sustainable aspects of the center include energy-saving lighting, signs, and energy sources; responsibly and locally sourced materials (including North Carolina wood); and more than a million linear feet of recycled wire and cabling. With everything we do in the ITC, we can provide new ways of thinking to open opportunities for our teammates, for our clients, and for our stakeholders. 2 football fields Comparative size of the new Truist ITC 6MM Approximate number of client interactions Truist has every day 87% Percentage of client interactions that are digital 1MM Linear feet of recycled wire and cabling used as part of sustainable construction 26 Executive Leadership team William H. Rogers, Jr. Chief Executive Officer Daryl N. Bible Chief Financial Officer Scott E. Case Chief Information Officer Hugh S. “Beau” Cummins III Vice Chair Ellen M. Fitzsimmons Chief Legal Officer and Head of Public Affairs John M. Howard Chief Insurance Officer Mike Maguire Chief National Consumer Finance, Services and Payments Officer Kimberly Moore-Wright Chief Teammate Officer and Head of Enterprise Diversity Brant J. Standridge Chief Retail Community Banking Officer Clarke R. Starnes III Chief Risk Officer Joseph M. Thompson Chief Wealth Officer David H. Weaver Chief Commercial Community Banking Officer Dontá L. Wilson Chief Digital and Client Experience Officer 27 Board of directors Kelly S. King Executive Chairman Truist William H. Rogers, Jr. Chief Executive Officer Truist Jennifer S. Banner Executive Director Paul D. Donahue President and Chief Executive Officer Genuine Parts Company Patrick C. Graney III President PCG, Inc. Linnie M. Haynesworth Retired Sector Vice President and University of Tennessee Haslam College General Manager David M. Ratcliffe Retired Chairman, President and Chief Executive Officer Southern Company Frank P. Scruggs Jr. Principal Frank Scruggs P.A. Christine Sears Retired Chief Executive Officer of Business, Forum for Emerging Northrop Grumman Corporation Pennsylvania National Mutual Casualty Enterprises and Private Business K. David Boyer Jr. Chief Executive Officer GlobalWatch Technologies Inc. Agnes Bundy Scanlan President The Cambridge Group LLC Anna R. Cablik President Anasteel & Supply Company, LLC Dallas S. Clement Co-President and Chief Financial Officer Cox Enterprises Easter A. Maynard Director of Community Investment Investors Management Corporation Donna S. Morea Chief Executive Officer Adesso Group, LLC Charles A. Patton Manager Patton Holdings, LLC Nido R. Qubein President High Point University Insurance Company Thomas E. Skains Retired CEO Piedmont Natural Gas Company Inc. Bruce L. Tanner Retired Executive Vice President and Chief Financial Officer Lockheed Martin Corporation Thomas N. Thompson President Thompson Homes, Inc. Steven C. Voorhees Retired President and CEO WestRock Company 28 Shareholder information Corporate headquarters Truist Financial Corporation 214 N. Tryon Street Charlotte, NC 28202 Website To find the latest information about Truist, go to Truist.com. Please visit the Media section for news releases or the Investor Relations section for financial information, governance and responsibility practices, or to access this report online. SEC filings Truist Financial Corporation files required reports with the Securities and Exchange Commission each year. Copies of these reports may be obtained upon written request to: Shareholder Services Truist Financial Corporation 214 N. Tryon Street Charlotte, NC 28202 Transfer agent Computershare Trust Company, N.A. P.O. Box 505005 Louisville, KY 40233 800-213-4314 Shareholder services Shareholders seeking information regarding transfer instructions, dividends, lost certificates or other general information should write or call: Computershare Trust Company, N.A. P.O. Box 505005 Louisville, KY 40233 800-213-4314 Address changes, reprinting of tax information and account information may be directly accessed through the Computershare website using Investor Center: www.Computershare.com/investor Stock Exchange and Trading Symbol The common stock of Truist Financial Corporation is traded on the New York Stock Exchange under the ticker symbol TFC. Direct Stock Purchase and Dividend Reinvestment Plan The Direct Stock Purchase and Dividend Reinvestment Plan offers prospective and current shareholders the opportunity to affordably obtain Truist common shares. Shareholders may reinvest dividends, purchase additional shares and sell shares on a regular basis. For more information, contact Computershare at 800-213-4314. Media News media seeking information should contact: Media@Truist.com Analysts Analysts, investors, and others seeking additional financial information should contact: Ankur Vyas Executive Vice President Head of Investor Relations Investors@Truist.com Clients Clients seeking assistance with Truist products and services should call 844-4TRUIST or visit Truist.com. Peer comparisons The peer data reflected herein includes: Bank of America Corporation, Citizens Financial Group, Inc., Fifth Third Bancorp, JPMorgan Chase & Co., KeyCorp, M&T Bank Corporation, The PNC Financial Services Group, Inc., Regions Financial Corporation, U.S. Bancorp, and Wells Fargo & Company. Non-GAAP financial information This Annual Report 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 Corporation 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 29 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, pre-tax pre-provision net revenue 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. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included here. Forward-Looking Information This Annual Report 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. All statements other than statements of historical or current facts, including statements regarding Truist’s environmental or sustainability or any of its other plans, targets, commitments, strategies or goals, made in this report, and the assumptions underlying those statements, are forward-looking. 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. Investors should not place undue reliance on any forward-looking statement. While there can be no assurance that any list of risk 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 risks and uncertainties discussed in Truist’s most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this report are made as of the date of this report, unless otherwise indicated, and Truist undertakes no obligation to revise or update any forward-looking statements, except as required by applicable law or regulation. 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 annual report: 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. 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. 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 Non-GAAP reconciliations 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 Charitable contribution Professional fee accrual Acceleration for cash flow hedge unwind Net income available to common shareholders - adjusted Weighted average shares outstanding - diluted Diluted EPS - GAAP Diluted EPS - adjusted Efficiency ratio ($ MM) Efficiency ratio numerator - noninterest expense - GAAP Merger-related and restructuring charges, net Gain (loss) on early extinguishment of debt Incremental operating expense related to the merger Amortization of intangibles Charitable contribution Professional fee accrual Acceleration for cash flow hedge unwind Efficiency ratio numerator - adjusted Efficiency ratio denominator - revenue(1) - GAAP Taxable equivalent adjustment Securities (gains) losses Gains on divestiture of certain businesses Efficiency ratio denominator - adjusted Efficiency ratio - GAAP Efficiency ratio - adjusted (1) Revenue is defined as net interest income plus noninterest income. Year Ended Dec. 31, 2021 $ 6,033 631 — (3) 592 153 23 28 $7,457 1,349,378 $4.47 5.53 Dec. 31, 2020 $ 4,184 660 (308) 180 409 38 — — $5,163 1,358,289 $3.08 3.80 Year Ended Dec. 2021 $ 15,116 (822) 4 (771) (574) (200) (30) (36) $12,687 $22,296 108 — (37) $22,367 67.8% 56.7 Dec. 2020 $ 14,897 (860) (235) (534) (685) (50) — — $12,533 $22,705 125 (402) — $22,428 65.6% 55.9 Pre-provision net revenue ($ MM) Year Ended 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 Charitable contribution Professional fee accrual Acceleration for cash flow hedge unwind Securities (gains) losses Gains on divestiture of certain businesses Pre-provision net revenue - adjusted(1) (1) Revenue is defined as net interest income plus noninterest income. Dec. 31, 2021 $ 6,437 (813) 1,556 108 $7,288 $ 7,288 822 (4) 771 574 200 30 36 — (37) $ 9,680 Dec. 31, 2020 $ 4,492 2,335 981 125 $7,933 $ 7,933 860 235 534 685 50 — — (402) — $ 9,895 Return on average assets ($ MM) Year Ended 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 Charitable contribution Professional fee accrual Acceleration for cash flow hedge unwind Numerator - adjusted Average assets Return on average assets - GAAP Return on average assets - adjusted Dec. 31, 2021 $ 6,437 631 — (3) 592 153 23 28 $7, 861 $522,385 1.23% 1.50 Dec. 31, 2020 $ 4,492 660 (308) 180 409 38 — — $5,471 $499,085 0.90% 1.10 Return on average common equity and average tangible common equity ($ MM) Year Ended 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 Charitable contribution Professional fee accrual Acceleration for cash flow hedge unwind Net income available to common shareholders - adjusted Amortization Net income available to common shareholders- tangible adjusted Average common shareholders’ equity Plus: Estimated impact of adjustments on denominator Average common shareholders’ equity - adjusted Less: Average intangible asset Average tangible common shareholders’ equity - adjusted Return on average common shareholders equity - GAAP Return on average common shareholders equity - adjusted Return on average tangible common shareholders equity - adjusted Calculations of tangible common equity and related measures ($ MM, except per share data, shares in thousands) Common shareholder’s equity Less: Intangible assets, net of deferred taxes Dec. 31, 2021 $ 6,033 631 — (3) 592 153 23 28 7, 457 441 $7,898 $62,112 712 62,824 26,897 $35,927 9.7% 11.9% 22.0% Dec. 31, 2020 $ 4,184 660 (308) 189 409 38 — — 5,163 524 $5,687 $61,379 490 61,869 26,122 $35,747 6.8% 8.3% 15.9% Year Ended Dec. 31, 2021 Dec. 31, 2020 $ 62,598 28,772 $35,215 1,327,818 $47.14 25.47 $ 62,759 26,629 $36,130 1,348,961 $46.52 26.78 Tangible common shareholders’ equity(1) Outstanding shares at end of period Common shareholders’ equity per common share Tangible common shareholders’ equity per common share(1) (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. 30 © 2022 Truist Financial Corporation. BB&T, Truist Leadership Institute, SunTrust, onUp, Momentum onUp, LightStream, Truist, Truist purple and the Truist logo are service marks of Truist Financial Corporation. C0001125067