Fourth Quarter 2019 Earnings Conference Call Kelly King - Chairman & CEO Daryl Bible - CFO January 30, 2020

Forward-Looking Statement 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) future levels of Truist’s earning assets, net interest margin, net charge-offs, loan loss provision, noninterest income, noninterest expense, including merger-related expenses and amortization of intangibles, Truist’s effective tax rate and average diluted common shares outstanding, (ii) medium term performance targets relating to return on tangible common equity, efficiency ratios and capital ratios, (iii) expense savings to be realized from the merger and the timing of such realization, (iv) expected positive operating leverage for the next three years, and (v) expected levels of investments to be made in personnel, branding, digital and technology. 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 Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2018 and in Truist's subsequent filings with the Securities and Exchange Commission: = risks and uncertainties relating to the merger of BB&T and SunTrust, including the ability to successfully integrate the companies or to realize the = legislative, regulatory or accounting changes may adversely affect the businesses in which Truist is engaged; anticipated benefits of the merger; = = evolving regulatory standards, including with respect to capital and liquidity, and results of regulatory examinations, may adversely affect Truist's expenses relating to the merger and integration of BB&T and SunTrust; financial condition and results of operations; = deposit attrition, customer loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; = accounting policies and processes require management to make estimates about matters that are uncertain; = changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, that 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; general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit or asset growth, a deterioration in credit quality or a reduced demand for credit, insurance or other services; = volatility in mortgage production and servicing revenues, and changes in carrying values of Truist’s servicing assets and mortgages held for sale due to changes in interest rates; = risk management measures and management oversight functions may not identify or address risks adequately; = management’s ability to effectively manage credit risk; = unfavorable resolution of legal proceedings or other claims or regulatory or other governmental investigations or inquiries could result in negative = publicity, protests, fines, penalties, restrictions on Truist's operations or ability to expand its business or other negative consequences, all of inability to access short-term funding or liquidity; which could cause reputational damage and adversely impact Truist's financial condition and results of operations; = loss of customer deposits, which could increase Truist’s funding costs; = competitors of Truist may have greater financial resources or develop products that enable them to compete more successfully than Truist and = changes in Truist’s credit ratings, which could increase the cost of funding or limit access to capital markets; may be subject to different regulatory standards than Truist; = = additional capital and liquidity requirements that will result from the merger of BB&T and SunTrust; failure to maintain or enhance Truist’s competitive position with respect to technology, whether because it fails to anticipate customer expectations or because its technological developments fail to perform as desired or are not rolled out in a timely manner or for other reasons, = regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist’s may cause Truist to lose market share or incur additional expense; business activities, reputational harm, or other adverse consequences; = = risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect or mitigate; warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; = operational or communications systems, including systems used by vendors or other external parties, may fail or may be the subject of a breach = failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions; or cyber-attack that, if successful, could adversely impact Truist's financial condition and results of operations; = = risks relating to Truist’s role as a servicer of loans, including an increase in the scope or costs of the services Truist is required to perform without security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s employees and customers, malware any corresponding increase in Truist’s servicing fee, or a breach of Truist’s obligations as servicer; intrusion or data corruption attempts, and identity theft could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; = negative public opinion, which could damage Truist’s reputation; = = natural or other disasters, including acts of terrorism, could have an adverse effect on Truist, including by materially disrupting Truist's operations increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design and governance; or the ability or willingness of customers to access Truist's products and services; = competition from new or existing competitors, including increased competition from products and services offered by non-bank financial = widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact technology companies, may reduce Truist’s customer base, cause Truist to lower prices for its products and services in order to maintain market Truist's financial condition and results of operations; share or otherwise adversely impact Truist’s businesses or results of operations; = = Truist’s ability to introduce new products and services in response to industry trends or developments in technology that achieve market accounting policies and processes requiring management to make estimates about matters that are uncertain; acceptance and regulatory approval; = depressed market values for Truist’s stock and adverse economic conditions sustained over a period of time may require us to write down all or Truist’s success depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements, some portion of Truist’s goodwill; and which could be exacerbated as Truist continues to integrate the executive management teams of BB&T and SunTrust, or if we are unable to hire = and retain qualified personnel, Truist's operations and integration activities could be adversely impacted; new tax guidance or differences in interpretation of tax laws and regulations. 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. 2

Non-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. 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 and believes investors may find them useful in their analysis of the Corporation. 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 a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna and National Penn are excluded to approximate their yields at the pre-merger and acquisition rates. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. 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. 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. Performance Ratios - The adjusted performance ratios 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 enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Adjusted NIM - The adjusted net interest margin is a non-GAAP measure in that it estimates the impact on taxable-equivalent net interest income as if the tax reform legislation had not been enacted. 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 tax reform. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger- related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. 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. 3

We Are Truist Financial Corporation Successfully closed Largest financial 275+ combined merger of equals institution merger in years of serving our between BB&T and more than 15 years clients and SunTrust communities 6th largest U.S. #2 weighted $473.1B assets commercial bank by average deposit $75.6B market value assets and market value rank in Top 20 MSAs ~10 Million households ~59,000 teammates Headquartered in Charlotte, N.C. 4

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4Q19 Highlights Summary Income Statement ($ MM) 4Q19 Asset Quality and Capital 4Q19 Total taxable-equivalent revenue1 $3,650 Nonperforming assets as a % of total assets 0.14% Provision for credit losses 171 Net charge-offs as a % of average loans and leases 0.40% Income before income taxes 879 Common equity tier 1 capital ratio (CET1)4 9.4% Net income 726 Key Points Net income available to common shareholders 702 ▪ Completed merger of equals to form Truist on December 6 ▪ Delivered strong underlying performance, including taxable- Adjusted net income available to common shareholders2,3 1,046 equivalent revenue of $3.7B and adjusted net income of $1.0B3 GAAP / 2,3 ▪ Maintained strong asset quality; economic and political 4Q19 Performance Metrics Unadjusted Adjusted uncertainty presents risk Diluted earnings per share $0.75 $1.12 ▪ Managed to strong capital levels relative to regulatory guidelines ▪ Restructured balance sheet to enhance credit quality, liquidity, Return on average assets 0.95% 1.40% interest rate sensitivity and return on capital Return on average common equity 7.33% 10.84% ▪ Launched the Truist brand, visual identity and logo on January 13 ▪ Building momentum to deepen client relationships Return on average tangible common equity2 12.91% 18.60% ▪ Holding 39 town halls with teammates across footprint to celebrate and activate the Truist culture Efficiency ratio 71.0% 57.5% ▪ Serving communities with promised commitments 1 Comprised of net interest income and noninterest income 2 See non-GAAP reconciliations in the attached appendix 3 Excludes merger-related and restructuring charges, incremental operating expenses related to the merger and other items noted on slide 7 4 Current quarter regulatory capital information is preliminary 6

Selected Items Affecting 4Q19 Results Item Pre-Tax After-Tax Diluted EPS Impact ($ MM, except per share impact) Merger-related and restructuring charges $(223) $(176) $(0.19) Securities gains (losses), net $(116) $(90) $(0.10) Incremental operating expenses related to the merger1 $(101) $(79) $(0.08) Impact from sale of residential mortgage loans: Allowance release related to residential mortgage portfolio sale $25 $19 Gain (loss) on residential mortgage portfolio sale $(22) $(17) Corporate advance write off $(2) $(1) Impact from sale of residential mortgage loans $1 $1 $— 1 Includes costs not classified as merger-related and restructuring charges that are also excluded from adjusted disclosures. Refer to the non-GAAP disclosures in the Appendix. 7

Loans & Leases 4Q19 Loans & Leases Held for Investment ($ MM) $300,000 6.00% Average End of period $121,400 balance balance 4.94% $200,000 5.00% Commercial: $75,621 $169,339 Commercial and industrial $81,853 $130,180 $100,000 4.00% $109,612 CRE 19,896 26,832 Commercial construction 4,506 6,205 $— 3.00% 4Q19 Average balance 4Q19 End of period balance Lease financing 3,357 6,122 Commercial LHFI ($ MM) Consumer LHFI ($ MM) Loans HFI yield (%) Consumer: Key Points Residential mortgage 34,824 52,071 Residential home equity and direct 15,810 27,044 ▪ LHFI totaled $299.8B at year-end and included $154.0B from the merger Indirect auto 15,390 24,442 ▪ The mix of LHFI consisted of 56.4% commercial, 40.5% Indirect other 7,772 11,100 consumer, 1.9% credit card, and 1.2% PCI based on end of period balances Student 1,825 6,743 ▪ Undertook a series of strategic actions during 4Q19 to better Credit card 3,788 5,619 position the loan portfolio for future profitability, including the PCI 1,220 3,484 transfer of $2.5B of residential mortgage to LHFS, of which $1.1B remained in HFS at year-end Total loans & leases held for investment $190,241 $299,842 ▪ Approximately $4.5B of the total $8.4B LHFS at year-end were related to the merger and will be settled in early 2020 8

Deposits 4Q19 Deposits ($ MM) $400,000 1.00% Average End of period balance balance 0.82% $334,727 Noninterest-bearing deposits $64,485 $92,405 $200,000 0.75% $210,716 Interest checking 43,246 85,492 0.57% 0.50% Money market and savings 79,903 120,934 $— 4Q19 Average balance 4Q19 End of period balance Time deposits 23,058 35,896 Total deposits ($ MM) IBD cost (%) Total deposit cost (%) Foreign office deposits - interest- bearing 24 — Key Points Total deposits $210,716 $334,727 ▪ Total deposits were $334.7B at year-end, which included $170.7B from the merger ▪ End of period deposit mix consisted of 27.6% noninterest-bearing, 25.5% interest checking, 36.2% money market and savings and 10.7% time deposits ▪ Average noninterest-bearing deposits were 30.6% of total deposits during 4Q19 ▪ The cost of average total deposits and average interest-bearing deposits decreased 10 bps and 17 bps, respectively, vs. 3Q19 9

Net Interest Income and Interest Rate Sensitivity Net Interest Income and Margin Key Points 4.00% $2,252 ▪ Reported NIM increased 4 bps and the core NIM decreased 15 $2,000 bps vs. 3Q19 3.41% 3.50% ▪ Total loans and leases HFI portfolio yield decreased 6 bps vs. 3Q19 due to the impact of lower short-term rates on 3.14% 3.00% variable rate loans, partially offset by the impact of $1,000 purchase accounting of 37 bps ▪ The yield on the average securities portfolio increased 5 2.50% 4Q19 bps due to the 4Q19 portfolio restructuring Net interest income TE ($ MM) Reported NIM (%) Core NIM (%) ▪ Purchase accounting contributed 27 bps to the reported NIM 1 Change in Net Interest Income ▪ Average earning assets increased $59.7B to $263.1B due to the +2.00% merger; average total loans and leases increased $41.6B and average securities increased $11.8B +0.95% +0.75% +1.00% ▪ Interest rate risk profile achieved goal of becoming relatively neutral from balance sheet restructuring 0.00% -1.18% -1.00% -1.72% -2.00% Down 100 Down 50 Up 50 Up 100 At 12/31/19 1 Rate increase or decrease scenarios assume a ramped, parallel 25 basis point change per quarter in market interest rates 10

Balance Sheet Restructuring A number of actions were taken in 4Q19 to optimize the balance sheet: enhance credit quality, build a strong liquidity profile, minimize option risk and premium amortization, create a more neutral interest rate risk profile, improve ongoing core net interest margin and increase returns on capital. Investment Portfolio Loan Sales and Transfers ▪ Sold $7.1B low coupon securities yielding 1.72% at a loss of $93MM, ▪ Transferred $1.4B of commercial exposures to HFS to enhance credit reinvested at 2.36% and improved run rate 64 bps, breakeven of 2.6 years quality with $516MM funded as of year-end; about 80% of sale traded ▪ Sold $1.4B low coupon securities yielding 1.85% at a loss of $23MM, in January reinvested at 2.55% and improved run rate 70 bps, breakeven of 2.6 years ▪ Sold $1.2B residential mortgages to reduce prepayment risk ▪ Sold $24.7B of securities yielding 2.23% at a book price of 103.2 and ▪ Sold $178MM of TDR/NPL residential mortgages to enhance credit purchased $21.2B yielding 2.41% at a book price of 101.4 to reduce positioning premium amortization risk ▪ Transferred $1.1B of residential mortgages to HFS for sale in 1Q20 to ▪ Maintained >$10B in excess reserves to manage a stronger liquidity reduce interest rate risk position and to meet the LCR requirements as a Category III financial ▪ Transferred $356MM of commercial loans to HFS for sale in relation to institution under the Tailoring Rule the exit of a business ▪ Moved $17.9B from HTM to AFS in response to changes in regulatory ▪ Transferred $59MM of commercial loans, $257MM of residential capital rules mortgage loans and $65MM of retail loans to HFS as part of the merger-related branch divestitures Funding Actions Derivatives and Off Balance Sheet ▪ Through the end of January, reduced rates on $16.6B of institutional ▪ Utilized $12.0B FHLB letters of credit to meet LCR requirements as a deposits having a cumulative reduction of 20 bps since the merger Category III financial institution under the Tailoring Rule ▪ Plan to be opportunistic to replace other funding as markets allow to ▪ Unwound $26.4B in heritage SunTrust swaps and added $9.4B in swaps to take advantage of Truist’s higher credit ratings re-hedge the balance sheet and manage toward a neutral interest rate ▪ Redeemed $4.4B holding company and bank debt and issued $1.25B position bank debt to manage the LCR and interest expense ▪ Deposit divestiture of ~$2.4B in progress 11

Noninterest Income $1,500 $1,398 60% 4Q19 Noninterest Income ($ MM) 38.6% $1,000 40% Insurance income $509 Service charges on deposits 222 $500 20% Wealth management income 206 $— —% Card and payment related fees 156 4Q19 Residential mortgage income 65 Noninterest income ($ MM) Fee income ratio (%) Investment banking and trading income 109 Key Points Operating lease income 47 ▪ Noninterest income totaled $1.4B, an increase of $95MM vs. 3Q19 ▪ Noninterest income increased $233MM vs. 3Q19 excluding $116MM of Income from bank-owned life insurance 38 securities losses and $22MM of losses recognized from the transfer of mortgage loans to HFS; approximately $217MM of this increase was due to Lending related fees 47 the merger Commercial real estate related income 48 ▪ Insurance income increased $22MM vs. 3Q19 primarily due to seasonality, and increased $22MM vs. 4Q18; organic insurance income grew 8.8% in Securities gains (losses), net (116) full-year 2019 and contributed to a 25.0% EBITDA margin Other income 67 ▪ Heritage BB&T noninterest income also reflected the following minor changes vs. 3Q19: Total noninterest income $1,398 • Other income increased due to SBIC funds • Service charges on deposits decreased due to fewer revenue days • Investment banking and trading income decreased due to lower client derivative volume • CRE related income decreased due to lower volume 12

Noninterest Expense & Efficiency $3,000 $2,575 80% Noninterest Expense ($ MM) $2,000 70% Personnel expense $1,465 71.0% Net occupancy expense 147 57.5% $1,000 60% Professional fees and outside processing 161 Software expense 118 $— 50% 4Q19 Equipment expense 83 Marketing and customer development 45 Total noninterest expense ($ MM) GAAP efficiency (%) Adjusted efficiency (%) Depreciation - property under operating leases 43 Key Points Loan-related expense 42 Amortization 71 ▪ Noninterest expense increased $497MM vs. 3Q19 excluding an increase of $189MM in merger-related and restructuring charges and an increase of Regulatory costs 24 $49MM in incremental operating expenses related to the merger; approximately $400MM of this increase was due to merged operations Merger-related and restructuring charges, net 223 ▪ Personnel expense included a $41MM increase in incremental operating Other expense 153 expenses related to the merger; heritage BB&T also reflected a $42MM Total noninterest expense $ 2,575 increase in production-based and other incentives expense Adjusted noninterest expense1 $ 2,249 ▪ Amortization increased $42MM due to higher CDI and other intangibles ▪ Heritage BB&T noninterest expense also reflected the following minor changes vs. 3Q19: ▪ The adjusted efficiency ratio of 57.5% reflected underlying adjusted noninterest expense of $2.2B • Software expense increased due to strategic projects • Equipment expense increased due to technology infrastructure projects • Loan-related expense increased due to the TDR loan sale 1 Excludes merger-related charges and other selected items in the Quarterly Performance Summary 13

Asset Quality Net Charge-offs Nonperforming Assets $240 1.00% $800 1.00% $192 $684 $120 0.50% $400 0.50% 0.40% 0.14% $— —% $— —% 4Q19 4Q19 Net charge-offs ($ MM) as % of avg. loans and leases Nonperforming assets ($ MM) as a % of total assets Key Points Allowance for Loan and Lease Losses ▪ Asset quality remains strong; economic and political uncertainty presents risk 0.75% ▪ Net charge-offs were 0.40% as a percentage of average loans and leases, $1,500 $1,549 down 1 bp from 3Q19 ▪ Nonperforming loans and leases were 0.15% of loans and leases HFI vs. 0.50% $1,250 0.52% 0.30% in 3Q19 due to merged nonperforming loans being accounted for on a pooled basis in PCI and the sale of $69MM in nonperforming mortgage loans ▪ The allowance for loan and lease losses decreased $24MM vs. 3Q19 $1,000 0.25% primarily due to the sale of residential mortgage loans 4Q19 ▪ Allowance coverage ratios remain strong at 2.03x net charge-offs and 3.41x nonperforming loans and leases ALLL ($ MM) as % of loans and leases ▪ The ALLL to loans and leases ratio decreased to 0.52% from 1.05% in 3Q19 due to the elimination of the SunTrust ALLL ▪ The coverage ratio including the ALLL and FV mark was 2.01% for 4Q19 14

Implementation of Current Expected Credit Losses (CECL) Allowance for Credit Losses ($ B) Summary of Key Inputs and Assumptions 12/31/2019 Incurred Impact at Adoption 1/1/2020 CECL Reasonable and Commercial $1.1 $0.9 $2.0 Supportable ▪ 2 years 1-4 Single Family Residential 0.2 0.3 0.5 Period Consumer 0.6 1.7 2.3 Total $1.9 $2.9 $4.8 Reversion ▪ 1 year reversion to historic loss conditions Impact to Capital ($ B) ▪ Moody’s consensus baseline forecast, adjusted to Macroeconomic Total CECL Impact at Adoption $2.9 incorporate Truist’s implied rate forecast Forecast ▪ Qualitative adjustments to incorporate Less: CECL Reserve on PCD Assets (0.2) consideration of forecast imprecision Total Pre-Tax Impact 2.7 ▪ Employment - rate, etc. Key ▪ Market indicators - GDP, credit spreads, interest Less: Tax Effect (0.6) Macroeconomic rates, etc. Variables Impact to Retained Earnings $2.1 ▪ Collateral values - housing, CRE, used auto pricing Adoption Impact ▪ CECL was effective on January 1, 2020 ▪ Increase at adoption impacted by merger; an approximate 40% increase to ACL excluding purchase accounting ▪ Increase in reserves on retail portfolios partially offset by decrease in commercial reserves excluding purchase accounting ▪ Elected phase-in of $2.1B regulatory capital impact; 25% per year from 2020 through 2023 ▪ Approximately 14 basis point impact to CET1 for 1Q20 15

Capital & Liquidity Position Common Equity Tier 1 Ratio1 Key Points 10% 9.4% ▪ The CET1 ratio1 was 9.4% for 4Q19 ▪ Items reducing regulatory capital: 5% ▪ MSR RWA impact of 10 bps in 1Q20 as a result of the simplification rule ▪ CECL phase-in impact of 14 bps in 1Q20 (3-year phase- in period) —% 4Q19 ▪ The dividend and total payout ratios were 49.1% for 4Q19 ▪ TCE per share was $25.93 at December 31, up 5.2% vs. 4Q19 Liquidity Coverage Ratio September 30 200% 165% • Earnings during the quarter contributed about 3.4% • The merger contributed about 1.8%, confirming the 117% close was accretable to tangible common equity 100% ▪ Liquidity ratios remain strong and include an average modified LCR of 165% for 4Q19 and a liquid asset buffer of 16.5% at year end —% Modified LCR 2 Estimated Tailored LCR 3 1 Current quarter regulatory capital information is preliminary 2 Based on average of 10/31/19, 11/30/19 and 12/31/19 3 Based on 12/31/19 16

Outlook Category First Quarter Full Year 2020 Earning assets - average $405.5B - $406.5B $405B - $408B Net interest margin 3.45% - 3.49% 3.40% - 3.46% Core net interest margin 3.01% - 3.05% 3.01% - 3.07% Net charge-offs 35 - 50 bps 35 - 50 bps Loan loss provision $325MM - $375MM $1.35B - $1.45B Noninterest income $2.05B - $2.10B $8.45B - $8.65B Noninterest expense - total $3.40B - $3.45B $13.65B - $13.85B Merger expenses1 $100MM - $150MM $600MM - $700MM Amortization of intangibles $150MM - $200MM $675MM - $725MM Effective tax rate 18% - 19% 18% - 19% Average diluted shares 1.355B - 1.365B 1.355B - 1.365B Growth rates are not provided due to the absence of meaningful historical baselines 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 17

Medium-Term Targets Performance Targets Key Points ▪ 2019 noninterest expense, excluding merger-related and ROTCE Adjusted CET1 Ratio restructuring charges, incremental operating expenses Efficiency related to the merger and a one-time charitable contribution, on a combined basis was ~$12.9B Low 20% Low 50% 10% (2020 target) ▪ Excluding amortization of intangibles, noninterest expense on a combined basis was ~$12.8B ▪ Average life of purchase accounting for commercial and Net Expense Savings - Run Rate consumer, and amortization of intangibles is ~3 years, ~6 years and ~3 years, respectively 4Q20 4Q21 4Q22 annualized annualized annualized $480MM $1,040MM $1,600MM ▪ Expense savings are net of investments in personnel, 30% of net 65% of net 100% of net branding, digital and technology cost saves cost saves cost saves Expect positive operating leverage for the next 3 years Annualized 4Q20 investment of ~$200MM 18

Merger Update Accomplishments Converted Launched Introduced Integrated Successfully Added Closed derivatives, Restructured visual Truist financial retained leadership to merger FX and balance imagery, purpose, reporting talent and drive December 6 securities sheet colors and mission and systems clients innovation systems logo values Next Steps Complete Build on Complete town hall Complete Introduce Continue momentum Complete Convert product culture purchase of and market investments to deepen branch additional mapping and meetings Truist the Truist in digital and client divestitures systems development (28 of 39 Center brand technology relationships remain) 19

Appendix

Consumer Banking & Wealth 4Q19 Key Points ▪ Represents performance for Retail Community Banking, Wealth, Net interest income $1,399 Mortgage Banking, Dealer Retail Services and National Consumer Finance & Payments Noninterest income 648 ▪ 2020 performance will be driven by: Provision for credit losses 145 ▪ Revenue growth resulting from a client-first view across ~10 million households Noninterest expense 1,341 ▪ Retaining and growing the strong household base via a Income Statement ($ MM) distinctive client and community-centric experience based on Pre-tax income 561 Touch, Technology and Trust ▪ Aligning bank-wide products and resources with our clients’ Segment net income 425 needs ▪ Providing strategic advice and solutions to successfully EOP loans(1) $140.8 retain, grow and deepen the client base ▪ Expanding the complimentary capabilities of Premier Banking, @ Work and Small Business to maximize synergies Balance Sheet ($ B) EOP deposits 202.1 across Wealth, Insurance and core banking (2) Mortgages serviced for others $219.3 ▪ Efficiencies from driving out cost while supporting a more technology-enabled digital client experience and managing Branches 2,958 overall risk ($ B) • Expanding omnichannel client experiences through Other Key Metrics ATMs 4,426 transformation of platforms and improving advisor productivity (1) Excludes loans held for sale (2) Amount reported reflects end of period balance A-1

Corporate & Commercial 4Q19 Key Points ▪ Represents performance for Corporate and Investment Banking, Net interest income $840 Commercial Community Banking, Commercial Real Estate and Grandbridge Real Estate Capital Noninterest income 390 ▪ 2020 performance will be driven by: ▪ Revenue growth resulting from a relentless focus on our Provision for credit losses 17 clients’ needs ▪ Strategic dialogue with increased product and service Noninterest expense 553 offerings to deliver to the new and expanding client bases Income Statement ($ MM) (i.e., Full suite of Capital Markets solutions and Insurance platform) Pre-tax income 660 ▪ Expense reduction realized from platform integration, synergies and increased productivity levels Segment net income 557 EOP loans(1) $156.5 ($ B) EOP deposits 120.8 Balance Sheet (1) Excludes loans held for sale A-2

Insurance Holdings 4Q19 Key Points Net interest income $27 ▪ Favorable market conditions with tightening capacity and increasing pricing in most lines Noninterest income 536 ▪ Execution of Insurance Holdings Optimization Program initiatives Total revenue 563 delivering robust results across all lines of business Provision for credit losses 2 ▪ 4Q new business up 13% with a 90% retention rate in retail ▪ Economic indicators are positive and backdrop remains strong Noninterest expense 481 Income Statement ($ MM) heading into 2020 Pre-tax income 80 ▪ Strong organic revenue growth combined with prudent cost management driving meaningful margin expansion Segment net income 59 Y-o-Y organic revenue growth 7.9% Net acquired revenue $1 Performance based commissions 17 EBITDA(1) 132 Performance ($ MM) EBITDA margin(1) 23.4% (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger- related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. 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. A-3

Allowance and Fair Value Marks Information ($ MM) Allowance for Credit Losses & Fair Value Marks December 31, 2019 PCI Non-PCI Total ALLL RUFC Total ACL Allowance for credit losses - End of period $ 8 $ 1,541 $ 1,549 $ 340 $ 1,889 Unamortized fair value mark(1) 537 4,027 4,564 — 4,564 Allowance plus unamortized fair value mark $ 545 $ 5,568 $ 6,113 $ 340 $ 6,453 Allowance for loan and lease losses as a percentage of loans and leases 0.23 % 0.52 % 0.52 % Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases(1) 13.55 1.85 2.01 Fair Value Marks and Loan and Lease Balances as of Period End December 31, 2019 PCI Loans and Leases Gross value $ 4,021 Fair value mark (537) Carrying value of PCI loans and leases 3,484 Non-PCI Loans and Leases Gross value 155,423 Fair value mark (4,027) Carrying value of non-PCI loans and leases 151,396 Carrying value of originated loan and leases 144,962 Total Loans and Leases Held for Investment $ 299,842 (1) Unamortized fair value mark includes credit, interest rate and liquidity components. A-4

Purchase Accounting Summary1 ($ MM) December 31, 2019 PCI Loans and Leases(2) Beginning balance unamortized fair value mark $ (152) Additions - Merger with SunTrust (425) Accretion 33 Interest reversal (19) Net charge offs 26 Ending balance $ (537) Non-PCI Loans and Leases(2) Beginning balance unamortized fair value mark $ (69) Additions - Merger with SunTrust (4,088) Accretion 130 Ending balance $ (4,027) Core deposit and other intangible assets Beginning balance $ 678 Additions - Merger with SunTrust 2,535 Amortization (71) Ending balance $ 3,142 Deposits(3) Beginning balance unamortized fair value mark $ — Additions - Merger with SunTrust (83) Amortization 7 Ending balance $ (76) Long-Term Debt(3) Beginning balance unamortized fair value mark $ (10) Additions - Merger with SunTrust (309) Amortization 7 Ending balance $ (312) (1) Includes the merger with SunTrust, as well as other acquisitions. This summary includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting loan marks on loans and leases represents the total mark, including credit, interest and liquidity, and are recognized using level-yield 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 level-yield method over the term of the liability. A-5

Non-GAAP Reconciliations

Non-GAAP Reconciliations Diluted EPS ($ MM, except per share data, shares in thousands) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 2018 Net income available to common shareholders - GAAP $702 $735 $842 $749 $754 $3,028 $3,063 Merger-related and restructuring charges, net 176 26 19 64 59 285 111 Securities gains (losses), net 90 — — — (1) 90 (2) Incremental operating expenses related to the merger 79 40 7 1 — 127 — Corporate advance write off 1 — — — — 1 — Gain (loss) on loan portfolio sale 17 (3) — — — 14 — Redemption of preferred shares — 46 — — — 46 — Allowance release related to loan portfolio sale (19) (12) — — — (31) — Net income available to common shareholders - adjusted $1,046 $832 $868 $814 $812 $3,560 $3,172 Weighted average shares outstanding - diluted 934,718 775,791 774,603 774,071 775,402 815,204 783,484 Diluted EPS - GAAP $0.75 $0.95 $1.09 $0.97 $0.97 $3.71 $3.91 Diluted EPS - adjusted(1) $1.12 $1.07 $1.12 $1.05 $1.05 $4.37 $4.05 (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. A-7

Non-GAAP Reconciliations Efficiency Ratio ($ MM) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 2018 Efficiency ratio numerator - noninterest expense - GAAP $ 2,575 $ 1,840 $ 1,751 $ 1,768 $ 1,784 $ 7,934 $ 6,932 Merger-related and restructuring charges, net (223) (34) (23) (80) (76) (360) (146) Incremental operating expense related to the merger (101) (52) (9) (2) — (164) — Amortization (71) (29) (32) (32) (34) (164) (131) Corporate advance write off (2) — — — — (2) — Efficiency ratio numerator - adjusted $ 2,178 $ 1,725 $ 1,687 $ 1,654 $ 1,674 $ 7,244 $ 6,655 Efficiency ratio denominator - revenue(1) - GAAP $ 3,625 $ 3,003 $ 3,042 $ 2,898 $ 2,940 $ 12,568 $ 11,558 Taxable equivalent adjustment 25 23 24 24 24 96 96 Securities (gains) losses, net 116 — — — (2) 116 (3) Gain (loss) on loan portfolio sale 22 (4) — — — 18 — Efficiency ratio denominator - adjusted $ 3,788 $ 3,022 $ 3,066 $ 2,922 $ 2,962 $ 12,798 $ 11,651 Efficiency ratio - GAAP 71.0 % 61.3 % 57.6 % 61.0 % 60.7 % 63.1 % 60.0 % Efficiency ratio - adjusted(2) 57.5 57.1 55.1 56.6 56.5 56.6 57.1 (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. A-8

Non-GAAP Reconciliations Calculations of tangible common equity and related measures ($ MM, except per share data, shares in thousands) As of / Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2019 2019 2019 2019 2018 Common shareholders' equity $ 61,282 $ 29,177 $ 28,650 $ 27,770 $ 27,069 Less: Intangible assets, net of deferred taxes 26,482 10,281 10,317 10,326 10,360 Tangible common shareholders' equity(1) $ 34,800 $ 18,896 $ 18,333 $ 17,444 $ 16,709 Outstanding shares at end of period 1,342,166 766,303 766,010 765,920 763,326 Common shareholders' equity per common share $ 45.66 $ 38.07 $ 37.40 $ 36.26 $ 35.46 Tangible common shareholders' equity per common share(1) 25.93 24.66 23.93 22.78 21.89 Net income available to common shareholders $ 702 $ 735 $ 842 $ 749 $ 754 Plus amortization of intangibles, net of tax 57 22 24 25 25 Tangible net income available to common shareholders(1) $ 759 $ 757 $ 866 $ 774 $ 779 Average common shareholders' equity $ 38,031 $ 29,040 $ 28,188 $ 27,432 $ 26,860 Less: Average intangible assets, net of deferred taxes 14,760 10,298 10,326 10,343 10,391 Average tangible common shareholders' equity(1) $ 23,271 $ 18,742 $ 17,862 $ 17,089 $ 16,469 Return on average common shareholders' equity 7.33 % 10.04 % 11.98 % 11.08 % 11.14 % Return on average tangible common shareholders' equity(1) 12.91 16.03 19.45 18.36 18.77 (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 and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-9

Non-GAAP Reconciliations Performance Ratios ($ MM, except per share data, shares in thousands) Quarter Ended December 31, 2019 Return on Average Return on Average Return on Average Common Tangible Common Assets Shareholders’ Equity Shareholders’ Equity(2) Net income - GAAP $ 726 Net income available to common shareholders - GAAP $ 702 $ 702 Merger-related and restructuring charges, net 176 176 176 Securities gains (losses), net 90 90 90 Incremental operating expenses related to the merger 79 79 79 Amortization 57 Corporate advance write off 1 1 1 Gain (loss) on loan portfolio sale 17 17 17 Allowance release related to loan portfolio sale (19) (19) (19) Numerator - adjusted(1) $ 1,070 $ 1,046 $ 1,103 Average assets $ 302,059 Average common shareholders' equity $ 38,031 $ 38,031 Plus: Estimated impact of adjustments on denominator — 171 171 Less: Average intangible assets, net of deferred taxes (14,760) Denominator - adjusted(1) $ 302,059 $ 38,202 $ 23,442 Reported ratio 0.95 % 7.33 % 12.91 % Adjusted ratio 1.40 10.84 18.60 (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 and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. (2) Tangible common equity - reported ratio is a non-GAAP reconciliation on page A-9 A-10

Non-GAAP Reconciliations Operating Leverage(1) ($ MM) Quarter Ended Dec. 31 Sept. 30 Dec. 31 % Growth 4Q19 vs. 2019 2019 2018 3Q19 4Q18 (annualized) Revenue(2) - GAAP $ 3,625 $ 3,003 $ 2,940 82.2 % 23.3 % Taxable equivalent adjustment 25 23 24 Securities (gains) losses, net 116 — (2) Gain (loss) on loan portfolio sale 22 (4) — Revenue(2) - adjusted $ 3,788 $ 3,022 $ 2,962 100.6 % 27.9 % Noninterest expense - GAAP $ 2,575 $ 1,840 $ 1,784 158.5 % 44.3 % Merger-related and restructuring charges, net (223) (34) (76) Incremental operating expense related to the merger (101) (52) — Amortization (71) (29) (34) Corporate advance write off (2) — — Noninterest expense - adjusted $ 2,178 $ 1,725 $ 1,674 104.2 % 30.1 % Operating leverage - GAAP (76.3)% (21.0)% Operating leverage - adjusted(3) (3.6) (2.2)% (1) Operating leverage is defined as percentage growth in revenue growth less percentage growth in noninterest expense. (2) Revenue is defined as net interest income plus noninterest income. (3) 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.These measures are not necessarily comparable to similar measures that may be presented by other companies. A-11

Non-GAAP Reconciliations Core NIM ($ MM) Quarter Ended Dec. 31 2019 Net interest income - GAAP $ 2,227 Taxable-equivalent adjustment 25 Net interest income - taxable-equivalent 2,252 Accretion of mark, net of interest reversals - PCI loans (14) Accretion of mark on acquired non-PCI loans (130) Accretion of mark on acquired liabilities (14) Accretion of mark on securities acquired from FDIC (3) Net interest income - core(1) $ 2,091 Average earning assets - GAAP $ 263,115 Average balance - mark on PCI loans 254 Average balance - mark on acquired non-PCI loans 1,169 Average balance - mark on securities acquired from FDIC 339 Average earning assets - core(1) $ 264,877 Annualized net interest margin: Reported - taxable-equivalent 3.41 % Core(1) 3.14 (1) 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 a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna and National Penn are excluded to approximate their yields at the pre-merger and acquisition rates. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. 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.These measures are not necessarily comparable to similar measures that may be presented by other companies. A-12

Non-GAAP Reconciliations Insurance Holdings Adjusted EBITDA ($ MM) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 Segment net interest income $ 27 $ 28 $ 25 $ 23 $ 22 $ 103 Noninterest income 536 491 570 515 496 2,112 Total revenue $ 563 $ 519 $ 595 $ 538 $ 518 $ 2,215 Segment net income (loss) - GAAP $ 59 $ 61 $ 111 $ 88 $ 77 $ 319 Provision (benefit) for income taxes 21 21 38 30 26 110 Depreciation & amortization 19 20 20 20 21 79 EBITDA 99 102 169 138 124 508 Merger-related and restructuring charges, net 22 1 2 2 3 27 Incremental operating expenses related to the merger 11 8 — — — 19 Adjusted EBITDA(1) $ 132 $ 111 $ 171 $ 140 $ 127 $ 554 Adjusted EBITDA(1) margin 23.4 % 21.4 % 28.8 % 26.1 % 24.5 % 25.0 % (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger-related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. 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. A-13

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