PowerPoint PresentationBarclays+Conference+Deck+final.pdfoperations and opportunities, potential adverse reactions or changes to business or employee relationships, including those

Barclays Americas Select Franchise Conference 2019

Daryl N. Bible, Chief Financial Officer

May 2019

Forward-Looking / Non-GAAP Statements

Cautionary Note Regarding Forward-Looking Statements

This communication 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 BB&T and SunTrust. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BB&T’s and SunTrust’s current expectations and assumptions regarding BB&T’s and SunTrust’s businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could affect BB&T’s or SunTrust’s future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. Such risks and uncertainties include, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between BB&T and SunTrust, the outcome of any legal proceedings that may be instituted against BB&T or SunTrust, delays in completing the transaction, the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where BB&T and SunTrust do business, the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction, the ability to complete the transaction and integration of BB&T and SunTrust successfully, and the dilution caused by BB&T’s issuance of additional shares of its capital stock in connection with the transaction. Except to the extent required by applicable law or regulation, each of BB&T and SunTrust disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding BB&T, SunTrust and factors which could affect the forward-looking statements contained herein can be found in BB&T’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and its other filings with the Securities and Exchange Commission (“SEC”), and in SunTrust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and its other filings with the SEC.

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures that are not in accordance with U.S. generally accepted accounting principles (GAAP). BB&T and SunTrust use certain non-GAAP financial measures to provide meaningful, supplemental information regarding their operational results and to enhance investors’ overall understanding of BB&T’s and SunTrust’s financial performance. The limitations associated with non-GAAP financial measures include the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. These disclosures should not be considered an alternative to BB&T’s and SunTrust’s GAAP results.

2

Additional Statements

Additional Information about the Merger and Where to Find It

In connection with the proposed merger with SunTrust, BB&T has filed with the SEC a registration statement on Form S-4 to register the shares of BB&T’s capital stock to be issued in connection with the merger. The registration statement includes a joint proxy statement/prospectus which will be sent to the shareholders of BB&T and SunTrust seeking their approval of the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT BB&T, SUNTRUST, AND THE PROPOSED TRANSACTION.

Investors and security holders may obtain copies of these documents free of charge through the website maintained by the SEC at www.sec.gov or from BB&T at its website, www.bbt.com, or from SunTrust at its website, www.suntrust.com. Documents filed with the SEC by BB&T will be available free of charge by accessing BB&T’s website at http://bbt.com/ under the tab “About BB&T” and then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to BB&T Corporation, 200 West Second Street, Winston-Salem, North Carolina, (336) 733-3065, and documents filed with the SEC by SunTrust will be available free of charge by accessing SunTrust’s website at http://suntrust.com/ under the tab “Investor Relations,” and then under the heading “Financial Information” or, alternatively, by directing a request by telephone or mail to SunTrust Banks, Inc., 303 Peachtree Street, N.E., Atlanta, Georgia 30308, (877) 930-8971.

Participants in the Solicitation

BB&T, SunTrust and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of BB&T and SunTrust in connection with the proposed transaction under the rules of the SEC. Certain information regarding the interests of these participants and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus regarding the proposed transaction when it becomes available. Additional information about BB&T, and its directors and executive officers, may be found in the definitive proxy statement of BB&T relating to its 2019 Annual Meeting of Shareholders filed with the SEC on March 19, 2019, and other documents filed by BB&T with the SEC. Additional information about SunTrust, and its directors and executive officers, may be found in the definitive proxy statement of SunTrust relating to its 2019 Annual Meeting of Shareholders filed with the SEC on March 8, 2019, and other documents filed by SunTrust with the SEC. These documents can be obtained free of charge from the sources described above.

3

A Mission- and Purpose-Driven Institution

4

5

Our Commitments

1Committed to our

Clients

Committed to our

Associates23Committed to our

Communities4 Committed to our

Shareholders

Committed to Our ClientsA Rich Heritage of Leadership Development:

The BB&T Leadership Institute

6

1

1956 1971 1994 2014 2019

James Farr, Ph.D.,

opens

leadership

development

firm Farr Associates

BB&T starts its own

Leadership

Development

Program to

prepare future

leaders of the

company

BB&T purchases

Farr Associates

and continues

to operate it for

BB&T leaders

as well as external

clients

Farr Associates

rebranded as

The BB&T

Leadership Institute

with expanded

corporate and

philanthropic

services

A new, world-class

executive

education center

is open

in Greensboro,

North Carolina

60,000 square foot facility * 48 rooms for overnight guests * 8 training and development rooms

* 11 acres adjacent to the BB&T Triad Corporate Center in Greensboro, North Carolina

7

Committed to Our AssociatesThe Most Engaged Associates

Note: rounding caused the sum of percentages in one item to sum to 101

Peer median represents the most recent information available

15.8%

20.6%*

0.0%

6.0%

12.0%

18.0%

24.0%

BB&T Peer median

2018 Turnover Analysis BB&T 2018 Associate Engagement

BB&T’s overall engagement

score = 77

30

32

45

40

43

47

33

41

42

41

15

16

11

14

10

6

13

2

4

4

1

5

1

1

1

0 10 20 30 40 50 60 70 80 90100

Overall, I am very satisfied

working at BB&T.

I rarely consider looking for a

job outside of BB&T.

I am proud to work for BB&T.

I would recommend BB&T as an

employer.

I am motivated to put forth

extra effort in my job.

Strongly AgreeAgreeNeither Agree nor DisagreeDisagreeStrongly Disagree

= industry norm of 64%

BB&T consistently has the lowest turnover in our peer group and an average associate tenure of 10 years

BB&T’s overall engagement

score = 79

2

Why Early Literacy

– Third graders who are not proficient in reading are four times more likely to drop out of high school

– By 2020, more than 65% of jobs will require education or training beyond high school

– If current literacy trends continue, the US will have a shortfall of 5 million workers with the necessary post-secondary education

BB&T’s Commitment

In partnership with EVERFI, a top

leading education technology

company, a digital game will be

released in early 2020 to help children

in grades K-2 build critical literacy skills.

Activation Goals

Committed to Our CommunitiesInvesting in Our Youth: The Early Literacy Project

The Early Literacy Project is a national initiative to provide critical early childhood literacy education

in elementary schools across the U.S.

500 Schools in 2020-2021school year650 Schools in 2021-2022school year

Source: Business Roundtable, Why Reading Matters and What to Do About it: A CEO Action Plan8

3

Committed to Our ShareholdersStrong Long-Term Total Return to Shareholders

Peers include BAC, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC

Note: Market data through 5/3/2019

Source: S&P Global

Total Shareholder Return since 12/31/06

9

4

Through our vision, mission and values, we are committed to maximizing long-term returns for our shareholders

78%

1%

(100)%

(80)%

(60)%

(40)%

(20)%

0%

20%

40%

60%

80%

100%

12/31/06 3/25/08 6/19/09 9/12/10 12/7/11 3/2/13 5/26/14 8/20/15 11/12/16 2/6/18 5/3/19

BB&T Peer median

In 2018, we invested more than $50 million across our facilities to help decrease our energy and water consumption

500 Schools in 2020-2021school year650 Schools in 2021-2022school year

In 2018, we set clear 5-year targets and made significant investments to help achieve these

– Reduce our electricity consumption by 25%; to date we’ve already

reduced our consumption by 13%

– Reduce our water usage by 10%

Other BB&T facilities initiatives:

– Corporate paper shredding and recycling

– Maximize use of natural light

– Use of native plants to reduce irrigation requirements

– Use of environmentally-friendly or “green” cleaning products within all BB&T locations

More Than131,000

Trees Preserved

216.7 Million Gallons

Water Saved

17.9 Million kWhElectricity Saved

More Than

31,000 Cubic YardsLandfill Space

Conserved11.3 Million Lbs.

CO2 Avoided

15.6 Million Lbs. of Paper Recycled in 2018

10

Environmental Sustainability

11

Our Commitments are Highly Recognized

Recognitions

BB&T named on the FORTUNE

“World’s Most Admired

Companies®” list in the

superregional bank category

in 2019

BB&T achieved the

highest possible score of

100 on the Human Rights

Campaign Foundation’s

Corporate Equality Index

BB&T has been named a

2017 Winning Company by

2020 Women on Boards for

our commitment to board

diversity

BB&T has the 2nd highest

mobile app ranking by

Dynatrace

BB&T Named Best for Core

Deposit Growth Strategy in the

2018 Bank Director Ranking

Banking study

Training magazine

recognized BB&T as one of

the world’s Top 125

Organizations for Excellent

Training in 2018

BB&T has been named

one of the 2019 Best

Banks in America by

Forbes

BB&T received 11 Greenwich

Excellence Awards in Small

Business and Middle Market

Banking from Greenwich

Associates for our overall

satisfaction and outstanding

client service in 2018

A Diversified Franchise

12

Premier Community Banking Model

State# of

Branches3

Deposits1

($bn)

Deposit

Rank

North Carolina2 303 $30.4

Virginia 290 23.5

Florida 272 18.3

Pennsylvania 217 13.3

Georgia 136 12.6

Maryland 144 10.1

South Carolina 97 8.4

Texas 110 6.3

Kentucky 86 6.1

West Virginia 59 5.3

Alabama 72 3.7

Tennessee 40 3.0

New Jersey 28 1.7

District of

Columbia12 1.2

Indiana 2 NM

Ohio 3 NM

Total # of Branches 1,871

2

4

6

6

5

7

3

15

4

1

6

9

19

9

NM

NM

1: Deposit market share data as of 6/30/2018

2: Excludes home office deposits

3: Branch totals as of 3/31/2019

Source: FactSet, FDIC, S&P Global13

Well-Positioned to Leverage Opportunity

14

8 out of 10 of the “Top 10 Cities for Economic Opportunity” are in BB&T’s Community Banking footprint

1. Las Vegas, NV

6. Salt Lake City, UT

2. Austin, TX

8. Dallas, TX

5. Houston, TX

3. Miami, FL

4. Louisville, KY

7. Atlanta, GA

9. Charlotte, NC

10. Jacksonville, FL

Source: 3Q18 Yelp Economic Outlook

Diversification Drives Industry-Leading Revenue Profile

Revenue mix is for the 3 months ended 3/31/2019. PPNR / average assets for the 12 months ended.

National peer group: BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC. Largest 4 BHCs: BAC, C, JPM, WFC

Volatility measured as square root of median of peer variance

Revenue Diversification by Segment Superior Performance…

Community

Banking Retail

and

Consumer

Finance

43%

Community

Banking

Commercial

23%

Financial

Services and

Commercial

Finance

16%

Insurance

Holdings

18%

1.93%1.81%

1.65%

BB&T

PPNR/average assets 10-year average

(2009 – 2018)

National Peers

Largest 4 Banks

0.27%0.35%

0.39%

PPNR/average assets 10-year standard deviation

(2009 – 2018)

BB&T National Peers

Largest 4 Banks

…With Less Volatility

15

BB&T Insurance Holdings – A Key Differentiator

$27B

Annual Premiums

~$2.1B

Annual Revenue

~250

Locations

7,500+

Employees

100+

Acquisitions Successfully Integrated

Founded in 1922 * 5th largest Insurance Broker world-wide * Largest insurance wholesaler in U.S.

* 2nd largest P&C wholesaler in U.S. * Largest life insurance wholesaler in U.S.

16

Insurance Holdings Has a Unique Profile

1: Business Insurance 2018 U.S. Rankings based off of 2017 revenue, does not include Regions Insurance Group acquisition

2: Based on revenue for the 3 months ended 3/31/2019, excludes Premium Finance revenue

3: Organic commission and fee revenue excludes performance-based commissions and revenue from acquisitions within the previous 12 months

Balanced Revenue Mix2Meaningful Scale Advantage1

17

Strong Growth Profile3

3.0%

5.2%

6.7%

9.5%

6.7%

1Q18 2Q18 3Q18 4Q18 1Q19

$6.8

$4.4

$3.8

$3.1

$1.9

$1.9

$1.6

$1.5

Marsh

AON

WLTW

AJ Gallagher

BB&T

Brown & Brown

USI

Hub

Retail

53%

Wholesale

47%

Y-o-Y Organic Growth

Total Revenue ($B) – Business Insurance1

iOS App Rating

4.8

Android App Rating

4.6

2018 Dynatrace Q3 Mobile Banker Scorecard

3rd Overall

Top 2 Mobile App

Top 5 Mobile Browser

2018 Javelin Mobile Banking Awards

Leader in all 6 Categories

Best in class “Financial Fitness”

2018 MagnifyMoney Mobile Banking App Ratings

Best Among 10 Largest Banks

Most Improved Traditional Bank

Investing in Our Digital Channels

15% 31%33% 11% 16%

28%

Retail Savings8%

Business Checking

20%

Retail Checking10%

Business Savings

19%

Bankcard

Mar YTD 2019, Unit Sales Growth YoY

3.14MMActive Digital

Users

App

.90MM

Browser & App

.84MM

Browser

1.40MM

Mar 2019 U Web, U Mobile, Small Business, OLB

Online Account Opening Percentage of Total Bank Production

Mar 2019

Accolades

Digital Users

Mobile Check Deposit Activity

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

366K

563K

Tota

l De

po

sits

Pe

r M

on

th

54% YoY growth in transactions

Active Mobile App Users

Prospects

5.96MM

YTD 2019

47.43MMVisits

13% Prospects

Clients

41.47MM

BBT.com Traffic

Mar-18 Mar-19

1.47MM

1.74MM

18% YoY growth in active users

18

Long-Term Performance Advantage

19


0.34%

0.37%

0.28%

0.26% 0.26%

0.52%0.53%

0.38%

0.36%

0.41%

0.20%

0.30%

0.40%

0.50%

0.60%

2015 2016 2017 2018 1Q'19

BB&T Peer median

NPAs / Total Assets

Source: S&P Global and company reports

Peers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC

Net Interest Margin

3.32%3.39%

3.46% 3.46%3.51%

2.93%2.96%

3.10%

3.24% 3.26%

2.00%

2.50%

3.00%

3.50%

4.00%

2015 2016 2017 2018 1Q'19

BB&T Peer median

20


Fee Income Ratio

41.8%

41.4%

42.3% 42.2%41.5%

42.5%

40.2%

38.2%

34.7%34.0%

30.0%

32.5%

35.0%

37.5%

40.0%

42.5%

45.0%

2015 2016 2017 2018 1Q'19

BB&T Peer median

65.2%

62.3%

65.8%

60.0%

61.0%

59.5%59.2%

58.0%

57.1%

56.6%

63.4%

61.8%

59.9%

58.4%

57.8%

56.0%

58.0%

60.0%

62.0%

64.0%

66.0%

2015 2016 2017 2018 1Q'19

BB&T GAAP BB&T adjusted

Adjusted peer median

Efficiency Ratio


Peers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC 21

1.08%1.12%

1.09%

1.47% 1.43%

1.15% 1.14%

1.24%

1.51%1.55%

1.03%1.01%

1.13%

1.35%

1.28%

0.80%

1.00%

1.20%

1.40%

1.60%

2015 2016 2017 2018 1Q'19

BB&T GAAP BB&T adjusted

Adjusted peer median

Return on Average Assets Return on Average Tangible Common Equity

8.34% 8.57%8.25%

11.50%11.08%

13.11%

14.27%13.71%

19.27%

18.36%

13.97%14.54%

15.41%

19.88% 19.86%

12.20%

11.30%

12.50%

16.90%

15.62%

7.00%

9.00%

11.00%

13.00%

15.00%

17.00%

19.00%

21.00%

2015 2016 2017 2018 1Q'19

BB&T ROCE BB&T ROTCE

BB&T adjusted ROTCE Adjusted peer median


Peers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC


22

Superior Credit Profile

1: Excludes CFG, which is not rated by Moody’s

2: Excludes peers not rated by DBRS

Source: S&P, Moody’s, Fitch and DBRS: represents long-term credit ratings

S&P Moody’s1 Fitch DBRS2

AA- / Aa3 /

AA

A+ / A1 /

A (High)

A / A2 / A

A- / A3 /

A (Low)

BBB+ / Baa1 /

BBB (High)

BBB / Baa2 /

BBB

(low)

23

Creating the Premier Financial InstitutionBB&T’s Merger of Equals with SunTrust

24

The World Has

……Changed

25

.

TOUCH TECHNOLOGY TRUST+ =

V=QP

(T3)

26

The Optimal Foundation

Two like-minded institutions with strong cultural alignment and a focus forward

27

A Powerful Combination

Efficiency Ratio(2)

# of Households

(MM)

Leading Market

Position Across

Diverse Set of

Businesses

Market Value ($BN)

Assets ($BN)

Loans ($BN)

Deposits ($BN)

ROATCE

Combined Company

#2 weighted

average deposit rank

in Top 20 MSAs

#1 regional bank-

owned investment

bank

#2 regional bank

mortgage originator

and servicer

#5 global insurance

broker

$311BN wealth

and institutional

client invested

assets

57%

5.3

$37

$226

$149

$161

20%

60%

5.1

$26

$216

$152

$163

17%

BB&T SunTrust

$76(1) 6th

$442 6th

$301 largest U.S. bank

$324 largest U.S. bank

#1 of 11 (peer group)

22%(3) of 11 (peer group)

~10 Fastest growing footprint among peers(4)

largest U.S. bank

largest U.S. bank

51%(3)

5th

6th

#1

(1): Includes value of net cost savings ($1.6BN net pre-tax, 24% tax rate) at 11.5x and $2.0BN pre-tax one-time restructuring charge, see Appendix for reconciliation. (2): Reflects adjusted tangible efficiency ratio (FTE), see

non-GAAP reconciliations. (3): Illustrative combined ratios for 2018 assuming $1.6BN of net pre-tax cost savings, see Appendix for reconciliations. (4): Based on weighted average footprint population and GDP growth,

see page 19 for detail. Note: Financial data at or for the 12 months ended 12/31/18. Market data as of 2/5/19. Illustrative combined does not include impact of purchase accounting or other merger adjustments. Peers

include: BAC, CFG, FITB, HBAN, KEY, MTB, PNC, RF, USB, WFC

28

Overlapping Footprint Drives Enhanced Market Density

8 states with a Top 3 market rank

#2 weighted average deposit rank in our Top 20 MSAs

~27% weighted average market share vs. 22% peer average(1)

#3 deposit rank in our combined footprint

BB&T

SunTrust

(1) Based on local market share. Peers include: BAC, CFG, FITB, HBAN, KEY, MTB, PNC, RF, USB, WFC

Note: Branch and deposit data as of 6/30/18 FDIC summary of deposits, pro forma for M&A through 1/31/19

Source: S&P Global29

Individually, Strong; Together, Best

51%54% 55%

57% 57% 58% 58% 59% 60% 60%

65%

Combined USB MTB HBAN FITB BAC CFG RF PNC KEY WFC

Tangible Efficiency Ratio (FTE)

22%20%

19%18% 18%

16% 16% 16%15%

14%13%

Combined USB MTB HBAN FITB KEY RF BAC PNC WFC CFG

Cash Return on Average Tangible Common Equity

BB&T / SunTrust illustrative combined includes $1.6 billion net pre-tax cost savings. See Appendix for illustrative combined and non-GAAP reconciliations.

Note: Data for the 12 months ended 12/31/18. Peer tangible efficiency ratio (FTE) and Cash ROATCE reflects adjustments as reported by the company. Does not include impact of purchase accounting and other

merger adjustments.

Source: S&P Global, company disclosure

30

Complementary and Experienced Management Team

Positions the Combined Company for Success

Kelly King

Chairman & CEO

William H. Rogers, Jr.

President & COO

Chris HensonClarke Starnes

CRO

Brant Standridge

Dontá Wilson

Ellen Koebler

Joseph ThompsonScott CaseHugh (Beau)

Cummins

Daryl BibleCFO

Hugh (Beau)

Cummins

Ellen Fitzsimmons

David Weaver

Mike Maguire

Daryl BibleCFO

31

Merger of Equals Update

Highly Synergistic; Financially Compelling; Transformative

FRB/FDIC public hearing held in Charlotte (4/25) and

Atlanta (5/3)

Submit joint capital plan / stress test (May)

New Executive Management Team (E14) meeting

weekly since late February to guide organizational

design and oversee integration process

Integration planning has commenced

o Named integration leads across businesses and

functions

o Engaged third-party consultants

o Significant focus on risk oversight to govern

integration process

Merger applications and registration statement/merger

proxy statement filed in early March

Engaged leading brand agency (Interbrand) for

brand/naming process

Foundational work for new, integrated culture underway with teammate / associate engagement

Held listening session meetings with community

organizations in various cities

Momentum Established Next Steps

Name additional business leads for top levels of

leadership (2Q)

Announce new name (targeting late 2Q)

Finalize divestiture commitments and undertake

marketing process

Shareholder vote (targeting early 3Q)

Continued confidence in achieving ~$1.6bn of

cost synergies (net of investments)

32

A-1

Appendix

A-2

BB&T Non-GAAP Reconciliations – ROTCE

($ in millions) 2015 2016 2017 2018 1Q'19

Net income available to common shareholders 1,936$ 2,259$ 2,220$ 3,063$ 749$

Amortizaton of intangibles, net of tax 66 94 89 99 25

Tangible net income available to common shareholders 2,002$ 2,353$ 2,309$ 3,162$ 774$

Adjustments:

Merger-related and restructuring charges 103 108 71 111 64

Loss on early extinguishment of debt 107 - 246 - -

Securities gains (losses) 2 (28) - (2) -

Charitable contribution - 31 63 - -

Impact of tax reform - - (43) - -

One-time bonus - - 23 - -

Excess tax benefit on equity-based awards - - (35) - -

Mortgage reserve adjustment - (19) - - -

Adjustments for FHA-insured loans matter and related recovery - (46) - - -

Energy-related provision in excess of charge-offs - 17 - - -

Income tax adjustments (107) (13) - - -

Net loss on sale of American Coastal 34 - - - -

Tangible net income available to common shareholders-adjusted 2,141$ 2,403$ 2,634$ 3,271$ 838$

Average common shareholders' equity 23,206$ 26,349$ 26,907$ 26,640$ 27,432$

Average intangible assets, net of deferred taxes (7,938) (9,851) (10,061) (10,229) (10,343)

Average tangible common shareholders's equity 15,268$ 16,498$ 16,846$ 16,411$ 17,089$

Estimated impact of adjustments 61 34 249 41 32

Average tangible common shareholders' equity-adjusted 15,329$ 16,532$ 17,095$ 16,452$ 17,121$

ROCE

As reported 8.34% 8.57% 8.25% 11.50% 11.08%

ROTCE

As reported 13.11% 14.27% 13.71% 19.27% 18.36%

Adjusted 13.97% 14.54% 15.41% 19.88% 19.86%

A-3

BB&T Non-GAAP Reconciliations – ROA

($ in millions) 2015 2016 2017 2018 1Q'19

Net income 2,123$ 2,442$ 2,415$ 3,257$ 798$

Merger-related and restructuring charges 103 108 71 111 64

Loss on early extinguishment of debt 107 - 246 - -

Securities gains (losses) 2 (28) - (2) -

Charitable contribution - 31 63 - -

Impact of tax reform - - (43) - -

One-time bonus - - 23 - -

Excess tax benefit on equity-based awards - - (35) - -

Mortgage reserve adjustment - (19) - - -

Adjustments for FHA-insured loans matter and related recovery - (46) - - -

Energy-related provision in excess of charge-offs - 17 - - -

Income tax adjustments (107) (13) - - -

Net loss on sale of American Coastal 34 - - - -

Net income-adjusted $2,262 $2,492 $2,740 $3,366 $862

Average assets $197,347 $218,945 $221,065 $222,273 $225,573

Impact of above adjustments 61 34 249 42 -

Average assets-adjusted $197,408 $218,979 $221,314 $221,315 $225,573

ROA

As reported 1.08% 1.12% 1.09% 1.47% 1.43%

Adjusted 1.15% 1.14% 1.24% 1.51% 1.55%

A-4

BB&T Non-GAAP Reconciliations – Efficiency Ratio

($ in millions) 2015 2016 2017 2018 1Q'19

Efficiency ratio numerator - noninterest expense – GAAP 6,266$ 6,721$ 7,444$ 6,932$ 1,768$

Amortization of intangibles (105) (150) (142) (131) (32)

Merger-related and restructuring charges, net (165) (171) (115) (146) (80)

Gain (loss) on early extinguishment of debt (172) 1 (392) - -

FHA-insured loan matters and related recovery - 73 - - -

One-time bonus - - (36) - -

Mortgage reserve adjustments - 31 - - -

Charitable contribution - (50) (100) - -

Efficiency ratio numerator – adjusted $5,824 $6,455 $6,659 $6,655 $1,656

Efficiency ratio denominator - revenue1 – GAAP 9,611 10,793 11,317 11,558 2,898

Taxable equivalent adjustment 146 160 159 96 24

Securities (gains) losses, net 3 (46) 1 (3) -

Loss on sale of American Coastal 26 - - - -

Efficiency ratio denominator – adjusted $9,786 $10,907 $11,477 $11,651 $2,922

Efficiency ratio – GAAP 65.2% 62.3% 65.8% 60.0% 61.0%

Efficiency ratio – adjusted2 59.5% 59.2% 58.0% 57.1% 56.6%

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. BB&T's management uses this

measure in their analysis of the Corporation's performance. BB&T'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

Combined Deposits by MSA ($MM)

Note: Branch and deposit data as of 6/30/18 FDIC summary of deposits, pro forma for M&A

through 1/31/19. Source: S&P Global.

BB&T SunTrust Combined

Market Deposits Market Deposits Market Deposits

Combined MSAs Rank ($MM) Rank ($MM) Rank ($MM)

1. Atlanta, GA 4 $8,630 1 $47,166 1 $55,796

2. Washington, DC 5 14,122 4 18,971 2 33,093

3. Winston-Salem, NC 1 25,356 5 684 1 26,041

4. Miami, FL 9 7,288 6 11,475 4 18,763

5. Orlando, FL 5 2,163 1 10,684 1 12,848

6. Tampa, FL 7 2,603 3 9,903 2 12,506

7. Baltimore, MD 5 5,468 6 2,870 3 8,338

8. Charlotte, NC 3 6,235 6 1,872 3 8,107

9. Richmond, VA 4 3,161 3 4,490 2 7,651

10. Virginia Beach, VA 4 3,207 3 4,121 1 7,328

11. Nashville, TN 15 715 4 6,359 4 7,074

12. Raleigh, NC 2 4,213 6 1,348 2 5,561

13. Philadelphia, PA 10 4,968 -- -- 10 4,968

14. Knoxville, TN 6 1,097 2 2,499 1 3,596

15. Durham, NC 5 1,328 3 2,249 2 3,577

16. North Port, FL 5 1,192 3 2,227 2 3,419

17. Deltona, FL 6 401 1 2,927 1 3,328

18. Dallas, TX 14 3,123 -- -- 14 3,123

19. Greensboro, NC 2 2,363 6 734 1 3,097

20. Cape Coral, FL 5 928 3 2,059 1 2,987

Top 20 MSAs -- $98,564 -- $132,639 -- $231,203

Other MSAs -- 61,945 -- 31,761 -- 93,706

Total MSAs -- $160,508 -- $164,400 -- $324,909

Non-MSA Deposits -- 6,206 -- 812 -- 7,018

Total -- $166,714 -- $165,212 -- $331,926

The combined company will have a

#2 weighted average deposit rank in its Top 20 MSAs

A-5

Illustrative Combined 2018 Efficiency Ratio / Return on

Average Tangible Common Equity

Note: See non-GAAP reconciliations for Adjusted Tangible Noninterest Expense and Adjusted Cash Net Income Available to Common. Assumes 24% tax rate.

Source: Company disclosure.

Illustrative Combined Tangible Efficiency Ratio (FTE)(12 mos. Ended 12/31/18)

Illustrative Combined Cash ROATCE(12 mos. Ended 12/31/18)

Revenue (FTE) ($BN)

BB&T $11.7

SunTrust 9.3

Illustrative Combined $21.0

Adj. Tangible Noninterest Expense ($BN)

BB&T $6.7

SunTrust 5.5


Pre-Tax Cost Savings ($BN) $1.6

Illustrative Combined Revenue (FTE) ($BN) $21.0

Illustrative Combined Adj. Tangible Noninterest Expense ($BN) $10.6

Illustrative Combined Tangible Efficiency Ratio (FTE) 51%

Adj. Cash Net Income to Common ($BN)

BB&T $3.3

SunTrust 2.6


Average Tangible Common Equity ($BN)

BB&T $16.2

SunTrust 16.0



After-Tax Cost Savings ($BN) $1.2

Illustrative Combined Adj. Cash Net Income ($BN) $7.1

Illustrative Combined Avg. Tangible Common Equity ($BN) $32.2

Illustrative Combined Cash ROATCE 22%

A-6

BB&T EOP(1) Common Shares Outstanding (MM) 763

SunTrust EOP(1) Common Shares Outstanding (MM) 447

BB&T Stock Price (2/5/19) $48.79

SunTrust Stock Price (2/5/19) $59.14

BB&T Market Value ($BN) $37.2

SunTrust Market Value ($BN) $26.4


After-Tax Cost Savings ($BN) 1.2

Value of Cost Savings ($BN) (11.5x Price / Forward Earnings) $14.0

Less: After-Tax One-Time Merger Charges ($BN) ($1.5)

Illustrative Combined Market Value ($BN) $76.1

Illustrative Combined Market Value

(1): As of 12/31/18.

A-7

Non-GAAP Reconciliation: Adjusted Cash Net Income to

Common

(1): BB&T one-time items include merger and restructuring charges.

SunTrust one-time items include discrete income tax benefit (3Q’18) and

pension plan termination charge (4Q’18). Assumes 24% tax rate on

adjustments.

12 Months Ended 12/31/18

($ in Millions) BB&T SunTrust

Reported (GAAP) Basis

Net Income to Common Shareholders $3,063 $2,668

Reconciliation

Pre-Tax Intangible Amortization Expense $131 $2

After-Tax Intangible Amortization Expense $99 $1

Pre-Tax One-Time Items(1) $146 $60

After-Tax One-Time Items(1) $111 $(20)

Adjusted Cash Net income to Common Shareholders $3,273 $2,649

A-8

Non-GAAP Reconciliation: Adjusted Tangible

Efficiency Ratio

(1): Adjusted noninterest expense and adjusted tangible efficiency ratio is provided as it removes certain items that are

material and potentially non-recurring. Adjusted figures are intended to provide management and investors information

on trends that are more comparable across periods and potentially more comparable across institutions.

12 Months Ended 12/31/18

($ in Millions) BB&T SunTrust

Reported (GAAP) Basis

Net Interest Income $6,682 $5,987

Noninterest Income 4,876 3,226

Revenue 11,558 9,213

Noninterest Expense 6,932 5,673

Efficiency Ratio 60.0% 61.6%

Reconciliation

Net Interest Income 6,682 5,987

FTE Adjustment 96 88

Net Interest Income-FTE 6,778 6,075

Noninterest Income 4,876 3,226

Revenue-FTE 11,654 9,301

Efficiency Ratio-FTE 59.5% 61.0%

Noninterest Expense 6,932 5,673

Adjustment Items (Noninterest Expense):

• Merger-related and restructuring charges, net (146)

• Legacy pension settlement charge (60)

Adjusted Noninterest Expense(1) $6,786 $5,613

Amortization Expense (131) (73)

Adjusted Tangible Expenses $6,655 $5,540

Adjusted Efficiency Ratio-FTE 58.2% 60.3%

Adjusted Tangible Efficiency Ratio-FTE(1) 57.1% 59.6%

A-9