Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank.

Truist Bank, Truist's largest subsidiary, was chartered in 1872 and is the oldest bank headquartered in North Carolina. Truist Bank provides a wide range of banking and trust services for clients through 2,001 offices as of December 31, 2023 and its digital platform.

• Employees: 50,832 (as of December 31, 2023)
• Geographic Footprint: Primarily concentrated in the Southeast and Mid-Atlantic regions of the U.S.
• Headquarters: Charlotte, North Carolina
• Founded: 1872 (Truist Bank)
• Number of locations/facilities: 2,001 offices (as of December 31, 2023)
• Revenue: $23.6 billion (FY2023, Taxable-Equivalent)
• Key Subsidiaries/Brands: Truist Bank

• CEO: William H. Rogers, Jr. (Chairman since March 2022, CEO since September 2021)
• CFO: Michael B. Maguire (since September 2022)
• COO: Hugh S. (Beau) Cummins, III (since November 2023)
• Chief Legal Officer and Head of Government Affairs: Scott A. Stengel (since December 2023)
• Chief Wholesale Banking Officer: Kristin Lesher (since February 2024)
• Chief Risk Officer: Clarke R. Starnes III (since July 2009)
• Chief Consumer & Small Business Banking Officer: Dontá L. Wilson (since November 2023)

Key leaders have extensive experience in the financial services industry.

• Annual Revenue: $23.6 billion (FY2023, Taxable-Equivalent)
• Net Income: $(1.5) billion (FY2023)
• Total Assets: $535.3 billion (as of December 31, 2023)
• Key Financial Highlights: The company reported a net loss for 2023, primarily due to a goodwill impairment charge and a special assessment from the FDIC.

Truist offers a full array of financial products and services to meet the needs of commercial and consumer clients.

• Consumer Services: Asset management, automobile lending, credit card lending, consumer finance, home equity and other direct retail lending, home mortgage lending, insurance, investment brokerage services, mobile/online banking, payment solutions, point-of-sale lending, retail and small business deposit products, small business lending, wealth management/private banking.
• Commercial Services: Asset based lending, asset management, commercial deposit and treasury services, commercial lending, floor plan lending, derivatives, institutional trust services, insurance, insurance premium finance, international banking, investment banking and capital markets services, leasing, merchant services, mortgage warehouse lending, payment solutions, real estate lending, supply chain financing.

Truist operates across three segments, which are being realigned in 2024:

• Consumer and Small Business Banking: Provides banking, borrowing, investing, insurance solutions, and advice to individuals and small business clients.
• Wholesale Banking: Delivers strategic advisory, capital raising, risk management, financing, liquidity and investment solutions to public and private companies.
• Insurance Holdings: Provides property and casualty, employee benefits and life insurance to businesses and individuals.

Truist's long-term strategy primarily encompasses organically growing and deepening client relationships across its core and profitable businesses. The company also seeks strategic mergers and acquisitions to enhance growth when market conditions, business objectives, profitability, impact to capital, and market share considerations align. Key initiatives include:

• Completing the transformation into a simpler, more efficient, and client-centric organization with leading financial results.
• Leveraging existing platforms and increasing efficiencies to gain market share.
• Focusing on integrated relationship management to deepen relationships with core clients, improve client experiences, and deliver the bank as One Team.
• Digitizing the enterprise through our "T3 strategy" to create a world-class client experience and streamline, simplify, and automate processes and operations.
• Building capital and maintaining strong risk controls and asset quality metrics.

The financial services industry is intensely competitive and constantly evolving. Truist competes with national, regional, and local financial services providers, including banks, thrifts, credit unions, investment advisers, asset managers, securities brokers and dealers, private-equity funds, hedge funds, mortgage-banking companies, finance companies, financial technology companies, and insurance companies.

• Market Position: Top-10 commercial bank in the U.S.
• Key Competitors: National, regional, and local banks and other financial service providers.
• Industry Trends: Increased competition from new and existing market participants, including non-banking entities and financial technology companies.

• Market Risks: Changes in interest rates, evolving economic conditions, and market volatility.
• Credit Risks: Credit losses due to borrower defaults and inadequate underwriting practices.
• Liquidity Risks: Inability to retain deposits, access funding, or monetize liquid assets.
• Technology Risks: Cybersecurity incidents, system failures, and failure to implement new technology.
• Regulatory Risks: Extensive and evolving government regulation and supervision.