Truist Financial : Disclosures under California’s Voluntary Carbon Market Disclosures Business Regulation Act (AB 1305) (“VCMDA”)

Truist's Disclosures under California's Voluntary Carbon Market Disclosures Business Regulation Act (AB 1305) ("VCMDA")

Truist is providing this disclosure in connection with Section 44475.2 of Division 26 of the California Health and Safety Code (A.B. 1305) as a business entity that operates within the State of California and has announced operational emissions goals to (1) reduce Scope 1 and Scope 2 (location-based) emissions by 35% each, using 2019 as the baseline year and 2030 as the achievement target year, and (2) achieve net zero greenhouse gas emissions by 2050.

Progress on these goals, along with efforts taken to increase the sustainability of Truist's operations, is discussed in Truist's 2023 TCFD Report (pages 26-27), which was published in April 2024. A link to the 2023 TCFD Report is provided here.

Truist obtained a Verification Opinion Declaration on Greenhouse Gas Emissions from an independent third party, Apex Companies, LLC, which is a professional-services company that specializes in health, safety, social, and environmental management services. The Opinion was made pursuant to Reference Standard ISO 14064-3 Second Edition 2019-4: Greenhouse gases - Part 3: Specification with guidance for the verification and validation of greenhouse gas statements and is available here. Verification was performed on Truist's reporting of Scope 1 emissions, Scope 2 emissions (location-based and market-based), and specified Scope 3 emissions (Category 3 (fuel and energy-related activities), Category 5 (Waste generated in operations), Category 6 (business travel), and Category 8 (Upstream leased assets; market-based)).

This information has been prepared and is provided as of April 10, 2024, for the sole purpose of this disclosure and does not create any legal rights or obligations. We currently intend to measure and disclose our progress toward our goals on an annual basis, which will generally be set forth in Truist's TCFD Report, Truist's Corporate Responsibility Report, or an equivalent report. Reports are expected to be available on Truist Corporate Responsibility and Sustainability webpage located at www.truist.com/corporate-responsibility-sustainability.