Disrupt or Die – A Strategic OverviewChris HensonPresident and Chief Operating Officer

Investor Day 2018

2

Key Takeaways

1A diversifiedfranchise in

great markets

Maintaining our

long-term

performance advantage2

3Reconceptualizingour businesses 4

Strong and

experiencedleadership

3

Well-Positioned for the Future

▪ Differentiated businesses driving top-tier operating performance

▪ Diversification produces stable, consistent and growing earnings

▪ Achieving targeted cost savings / intense focus on expenses

▪ Disrupt or Die – investing in our company

▪ Client first mentality

▪ Strong, conservative credit culture

▪ Achieving positive operating leverage

▪ Committed to a strong and consistently growing dividend and a strong TSR

▪ Vision, Mission and Values

4

A Diversified Franchise

Premier Community Banking Model with Diverse

National Businesses

▪ Founded in 1872

▪ 8th largest financial

institution in the

U.S.1

▪ 5th largest

insurance broker in

the world2

▪ 2nd highest mobile

app ranking3

▪ 1,900+ bank

locations

▪ 36,000+ FTEs

▪ 7.6MM clients

1 Deposit market share data as of 06/30/20182 Business Insurance US Rankings, July 20183 Dynatrace 3Q18 results

5

6

BB&T Corporation: A Growing Franchise8th Largest U.S. Financial Institution1

State# of

Branches3

Deposits1

($bn)

Deposit

Rank

North Carolina2 319 $30.4

Virginia 299 23.5

Florida 288 18.3

Pennsylvania 231 13.3

Georgia 141 12.6

Maryland 150 10.1

South Carolina 99 8.4

Texas 115 6.3

Kentucky 91 6.1

West Virginia 63 5.3

Alabama 75 3.7

Tennessee 42 3.0

New Jersey 28 1.7

District of

Columbia12 1.2

Indiana 2 NM

Ohio 3 NM

Total # of Branches 1,958

2

4

6

6

5

7

3

15

4

1

6

9

19

9

NM

NM

1 Deposit market share data as of 06/30/20182 Excludes home office deposits

3 Branch totals as of 09/30/2018Source: FactSet, FDIC, S&P Global

Among Leaders in Fastest Growing Markets

4.1%

3.8%3.6% 3.6%

3.5% 3.5%

3.1%

2.5%2.3%

2.0%

1.6%

1.3%

0.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

STI BBT RF PNC CFG WFC BAC COF MTB USB FITB KEY HBAN

Weighted Average Nominal GDP Footprint Growth vs. Peers Over the Last Three Years

7Note: Reflects trailing average of nominal GDP growth by state annually for the last 3 years (’15-’17), weighted by deposits by state (pro forma for pending M&A) as of 06/30/2018

Source: BEA.gov, FDIC 2018 summary of deposits, S&P Global

BB&T is Well-Positioned to Leverage Opportunity

Source: 3Q18 Yelp Economic Outlook

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

8

2. Austin, TX

8. Dallas, TX

5. Houston, TX

3. Miami, FL

4. Louisville, KY

7. Atlanta, GA

9. Charlotte, NC

10. Jacksonville, FL

Diversification Drives Revenue and Net Income

YTD as of 09/30/2018

Revenue Diversification by Segment

Community Banking –Retail &

Consumer

Finance44%

Community Banking –

Commercial 23%

Insurance Holdings & Premium Finance

16%

Financial Services &

CommercialFinance

17%

9

1.9%

1.7%1.6%

Superior Performance…``

BB&T

PPNR/average assets 10-year average

(3Q08 – 2Q18)

0.3%

0.5%0.4%

PPNR/average assets 10-year standard deviation

(3Q08 – 2Q18)

BB&TNational

Peers

Largest 4 Banks

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

…With Less Volatility

National Peers

Largest 4 Banks

What Do These Diversified Businesses Bring to BB&T?

10

A leading risk and advisory firm providing valued risk management expertise

and a broader product offering to clients while offering income

diversification and stable revenues not subject to credit cycles

Provides a strong collateralized loan with limited exposure while providing

good returns and a perfect complement to BB&T Insurance Holdings

Diversified fee income revenue streams connecting BB&T to wealth and

institutional clients

A full-service platform that offers clients strategic capital markets expertise

coupled with the balance sheet strength of the bank

Provides a fee-based business with attractive profit margins and little

correlation to the credit or economic cycles

A national, diversified commercial and multi-family finance portal (third party

and balance sheet), that generates diversified fee and interest income

Helps our clients achieve economic success and financial security while

providing strong risk adjusted returns for our shareholders

Offers BB&T an alternative channel to grow prime, direct retail loan

production with a highly efficient OEM-sponsored distribution model

Generates a granular and diverse stream of small business equipment

finance receivables referred by the Community Bank, OEM sponsored

programs and relationships with Equipment Dealers throughout the U.S.

11

Industry Leading Recognitions

Recognitions

BB&T named on the FORTUNE

“World’s Most Admired

Companies®” list in the

superregional bank category

in 2018

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 2018 Best

Banks in America by

Forbes

BB&T received 24 Greenwich

Excellence Awards in Small

Business and Middle Market

Banking from Greenwich

Associates for our overall

satisfaction and outstanding

client service in 2017

Designed new

general ledger system

Constructed the BB&T

Leadership Institute

Built new Data Center

Extended the depth of

Executive Management

Positively impacted our

communities for

10 consecutive years

Launched

client-focused

rebranded image

New Commercial

Loan System

Launched U by BB&T

Implemented

Financial

Insights

Successfully

completed strategic

mergers & acquisitions

Major Accomplishments in the Last 4 Years

12

13

Our Long-Term Performance Advantage

Long-term Performance Advantage

Source: S&P Global Peers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC; YTD 2018 as of 09/30/2018 annualized 14

1.19%

1.08%1.12%

1.09%

1.48%

1.25%

1.15% 1.14%

1.24%

1.51%

1.08%

1.03%1.01%

1.13%

1.35%

0.90%

1.10%

1.30%

1.50%

2014 2015 2016 2017 YTD 2018

BBT GAAP

BBT adjusted

Adjusted peer median

Return on Average Assets Return on Average Tangible Common Equity

9.32%

8.34% 8.57%8.25%

11.62%

14.68%

13.34%

14.59%

13.99%

19.72%

15.52%

14.20%14.86%

15.72%

20.08%

12.50%12.20%

11.30%

12.50%

16.70%

8.00%

11.00%

14.00%

17.00%

20.00%

2014 2015 2016 2017 YTD 2018

BBT ROCE

BBT ROTCE

BBT adjusted ROTCE

Adjusted peer median

Long-term Performance Advantage

Source: S&P Global and company reportsPeers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC; YTD 2018 as of 09/30/2018See non-GAAP reconciliations included in the attached Appendix

Fee Income Ratio

15

44.7%

41.8%

41.4%

42.3% 42.2%

40.5%

42.5%

40.2%

38.2%

36.5%

35.0%

37.5%

40.0%

42.5%

45.0%

2014 2015 2016 2017 YTD 2018

BBT Peer median

63.4%

65.2%

62.3%

65.8%

59.7%

58.1%

59.5%59.2%

58.0%

57.3%

62.5%

63.4%

61.8%59.9%

59.0%

54.3%

55.6%

54.9%

53.5%53.1%

53.0%

55.0%

57.0%

59.0%

61.0%

63.0%

65.0%

2014 2015 2016 2017 YTD 2018

BBT GAAP

BBT adjusted

Adjusted peer median

BBT ex. Insurance Segment

Efficiency Ratio

16

Long-term Performance Advantage

3.09%3.07%

3.11%

3.18% 3.19%

2.87%

2.72%2.70%

2.87%

2.96%

2.65%

2.85%

3.05%

3.25%

2014 2015 2016 2017 YTD 2018

BBT Peer Median

Risk Adjusted Net Interest Margin

Reflects fully taxable-equivalent

Peers include BAC, CFG, COF, FITB, HBAN, KEY, MTB, PNC, RF, STI, USB and WFC; 2018 YTD as of 09/30/2018 annualized

Risk-adjusted NIM is calculated by subtracting annualized net charge-offs/average earning assets from net interest margin

Source: S&P Global

0.42%

0.34%

0.37%

0.28%0.27%

0.60%

0.52%0.53%

0.38%0.39%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

2014 2015 2016 2017 9/30/2018

BBT Peer median

NPAs / Total Assets

17

Disrupt or Die

18

BB&T’s 5 Phases

1 2 3 4 5

1972“Envision or Die” 1988

“Differentiate or Die”

Mid 1990’s“Grow or Die”

2008“Restructure or Die”

Today“Disrupt or Die”

19

Disrupt or Die: Investing in Our Businesses

Reconceptualizing

Our

Businesses

Optimize

branch

network/

non-branch

facilities

Consistent

positive

operating

leverage

Rationalize /

improve risk

management

systems

FTE reductions

No new major

systems projects

Renew focus on

commercial and

retail

community

bank

New branch

products

and strategies

Regional Presidents

drive commercial

strategies and IRM

Restructure

and digitize

support

services

A.I.

Robotics

Agile DevOps

Branch closures

(148 in 2017, 171 in 2018, ~150 in 2019)

Robotics process

improvements

IRM

Improve Insurance

profitability and grow faster (organic &

acquisitions)

Increase

national

lending

businesses

Corporate

Sheffield

Mortgage

Equipment Finance

CRE

Substantially

increase digital

client services

and marketing

Small Business

focus

Enhance “U”

Large increase

in social media

and advertising

Voice of the

Client

Expand wealth

and fee

businessesAsset management

and brokerage IRM

Non-branch space reductions

(7.2% in 2017, 4.7% in 2018, ~3.9% in 2019)

20

Transformation in Technology

▪ Objective

– BB&T’s Data & Technology Services (D&TS) is becoming more business line focused and transforming to support a more technology-enabled business

Driving out cost and inefficiency with Lean

management principles

Transformed organizational

structure

Enhanced productivity/

maintain quality

New Agile/DevOps delivery model

$

OngoingStart

date

1Q18

Baseline

assessments

2Q-3Q18

Workforce

governance and

new BIO org

3Q18-1Q19

Workflow

optimization and

software productivity

1Q19 and beyond

Scale up future

operating model by

building capabilities

21

Insurance Holdings Operating Model Transformation

Operating Model Transformation▪ Define the most sufficient model for

the Retail and Wholesale businesses

▪ Align organization, processes and

systems to become more

competitive

Governance Framework Realignment▪ Improve operating nimbleness and flexibility

▪ Take advantage of the strength of BB&T

Drive top-line growth Expand margins

Leverage these two enablers to drive superior performance…

▪ Objective

– To unlock significant value in Insurance Holdings over the next 2-3 years through operating model transformation and a governance framework realignment

Expected

completion date

Start

date

2018 2020

Design new

industry based

operations model

2019

Launch transformation

with key wins to fund

the journey

Continue to

execute on

prioritized initiatives

Full

implementation

2021

Expected

completion date

▪ Objective

– The design of an efficient and effective organizational structure that enables agility, promotes better decision-making and further empowers our leaders

Organizational Simplification (Efficiency)

Post simplification…

BB&T’s organizational structure is complex

Today…

Agility and better

decision making

Sharper

alignment to

strategy

Enhanced

accountability

Better associate

morale

Streamlined cost

structure

Distinctive

client experience!

22

Start

date

3Q18 1Q19

▪ Objective

– The redesign of the commercial lending process to simplify it, improve client and associate experiences, enhance revenues and reduce costs

Redesign of End-to-End Commercial Credit Process

Expected

completion dateStart

date

4Q18

Coverage

model definition

1Q19

Credit baseline

and operating

model design

2Q19

Functional and

org design and

early wins

3Q-4Q19

Full

implementation

23

Front

Office

Middle

Office

Back

Office

Originations Portfolio

Mgmt.

Servicing

24

Our Leadership Team

BB&T has the longest-serving

senior Executive Management

team among the top 20 banks

Average age of EM:

Average years of EM experience at

BB&T:

25

Deep and Experienced Executive Management Team

54

27

26

Agenda

Time Speaker Topic

8:00 AM Rich Baytosh Welcome

8:05 AM Kelly King Opening Remarks

8:20 AM Chris Henson “Disrupt or Die – A Strategic Overview”

8:50 AM Brant Standridge “The Road Ahead”

9:20 AM David Weaver“Evolving Our Differentiated Model:

Community Bank – Commercial”

9:50 AM Refreshment Break / Exhibits Open

10:15 AM Rufus Yates “Positioned for Growth”

10:45 AM John Howard“Not So Risky Business:

BB&T Insurance Holdings”

11:15 AM Barbara Duck “Transformation in Technology”

11:45 AM Lunch

12:45 PM Dontá Wilson “Client Centricity”

1:15 PM Clarke Starnes“Enhancing BB&T’s Risk Management Advantage in a

Disrupt or Die Environment”

1:45 PM Daryl Bible “Driving Shareholder Value”

2:15 PM Refreshment Break / Exhibits Open

2:30 PM Kelly King Q&A and Closing Remarks

27

▪ Organizing for Exceptionalism

▪ Enhancing the Client Experience

▪ Capitalizing on Untapped Revenue Opportunities

▪ Optimizing and Streamlining Our Businesses

▪ Creating a Long-Term Investment Roadmap

Brant Standridge – President of Retail Banking“The Road Ahead”

28

▪ Maintaining and building strong client relationships

▪ Adding value through a differentiated client experience

▪ Investing in and evolving our business to drive improved financial results

▪ Improving processes and streamlining structure to drive greater efficiency

David Weaver – President of Community Banking“Evolving Our Differentiated Model:

Community Bank – Commercial”

29

▪ Strong revenue momentum

▪ Significant potential for C&I, geographic and industry diversification

▪ Platform consolidations offer operating efficiency and market coverage growth

▪ Continued opportunity for new market expansion

▪ Investing in technology to improve client and associate experience

▪ Wealth and Corporate platforms have matured, resulting in market share gain

Rufus Yates – BB&T Securities President/CEO and

Financial Services Commercial Finance Manager“Positioned for Growth”

30

John Howard – Chairman & CEO of BB&T Insurance Holdings“Not So Risky Business: BB&T Insurance Holdings”

▪ Who we are and what we do

▪ Review contribution to BB&T and diversification benefits

▪ Key operational and financial highlights

▪ Key changes in the market and our position going forward

31

▪ Transformation in technology is driving out cost

▪ New business model is giving unprecedented insight

▪ Gaining efficiency through automation

▪ Investments in cyber

Barbara Duck – Chief Information Officer“Transformation in Technology”

32

▪ Voice of the Client

▪ Insights-driven client experience

▪ Revolutionary marketing

▪ Digital transformation

Dontá Wilson – Chief Digital and Client Experience Officer

“Client Centricity”

33

▪ Our fundamental approach to risk management

▪ Risk management programs must adapt and evolve

▪ Maintaining our risk advantage

▪ Credit risk management

▪ Driving disruption, not being outpaced by it

Clarke Starnes – Chief Risk Officer“Enhancing BB&T’s Risk / Return Advantage in a

Disrupt or Die Environment”

34

▪ Prudent organic growth

▪ Delivering top quartile profitability

▪ Optimal capital management

▪ Best-in-class shareholder returns

Daryl Bible – Chief Financial Officer“Driving Shareholder Value”

35

Key Takeaways

1A diversifiedfranchise in

great markets

Maintaining our

long-term

performance advantage2

3Reconceptualizingour businesses 4

Strong and

experiencedleadership

Non-GAAP Reconciliations

36

37

Non-GAAP Reconciliations – ROTCE

YTD

($ in millions) 2014 2015 2016 2017 2018

Net income available to common shareholders $ 1,983 $ 1,936 $ 2,259 $ 2,220 $ 2,309

Merger-related and restructuring charges 29 103 108 71 52

Loss on early extinguishment of debt 76 107 - 246 -

Securities gains (losses) 2 2 (28) - (1)

Charitable contribution - - 31 63 -

Impact of tax reform - - - (43) -

One-time bonus - - - 23 -

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

Mortgage reserve adjustment 38 - (19) - -

Adjustments for FHA-insured loans matter and related recovery 53 - (46) - -

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

Income tax adjustments (36) (107) (13) - -

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

Franchise tax adjustment (9) - - - -

Allowance release related to loan sale (41) - - - -

Reallocation of partnership profit rights 16 - - - -

Net income available to common shareholders-adjusted $ 2,111 $ 2,075 $ 2,309 $ 2,545 $ 2,360

Amortizaton of intangibles, net of tax 57 $ 66 $ 94 $ 89 $ 74

Net income available, excluding amortization of intangibles $ 2,168 $ 2,141 $ 2,403 $ 2,634 $ 2,434

Average common shareholders' equity $ 21,280 $ 23,206 $ 26,349 $ 26,907 $ 26,565

Estimated impact of adjustments 80 61 34 249 48

Average common shareholders' equity-adjusted $ 21,360 $ 23,267 $ 26,383 $ 27,156 $ 26,613

Average intangible assets 7,388 8,194 10,215 10,402 10,406

Average tangible common shareholders' equity $ 13,972 $ 15,073 $ 16,168 $ 16,754 $ 16,207

ROCE

As reported 9.32% 8.34% 8.57% 8.25% 11.62%

ROTCE

As reported 14.68% 13.34% 14.59% 13.99% 19.72%

Adjusted 15.52% 14.20% 14.86% 15.72% 20.08%

38

YTD

($ in millions) 2014 2015 2016 2017 2018

Net income $ 2,206 $ 2,123 $ 2,442 $ 2,415 $ 2,452

Merger-related and restructuring charges 29 103 108 71 52

Loss on early extinguishment of debt 76 107 - 246 -

Securities gains (losses) 2 2 (28) - (1)

Charitable contribution - - 31 63 -

Impact of tax reform - - - (43) -

One-time bonus - - - 23 -

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

Mortgage reserve adjustment 38 - (19) - -

Adjustments for FHA-insured loans matter and related recovery 53 - (46) - -

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

Income tax adjustments (36) (107) (13) - -

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

Franchise tax adjustment (9) - - - -

Allowance release related to loan sale (41) - - - -

Net income-adjusted $ 2,318 $ 2,262 $ 2,492 $ 2,740 $ 2,503

Average assets $ 185,095 $ 197,347 $ 218,945 $ 221,065 $ 221,817

Impact of above adjustments 80 61 34 249 48

Average assets-adjusted $ 185,175 $ 197,408 $ 218,979 $ 221,314 $ 221,865

ROA

As reported 1.19% 1.08% 1.12% 1.09% 1.48%

Adjusted 1.25% 1.15% 1.14% 1.24% 1.51%

Non-GAAP Reconciliations – ROA

39

Non-GAAP Reconciliations – Efficiency Ratio

($ in millions) 2014 2015 2016 2017 YTD 09/30/18

Efficiency ratio numerator - noninterest expense – GAAP $ 5,852 $ 6,266 $ 6,721 $ 7,444 $ 5,148

Amortization of intangibles (91) (105) (150) (142) (97)

Merger-related and restructuring charges, net (46) (165) (171) (115) (70)

Gain (loss) on early extinguishment of debt (122) (172) 1 (392) -

FHA-insured loan matters and related recovery (85) - 73 - -

One-time bonus - - - (36) -

Mortgage reserve adjustments - - 31 - -

Charitable contribution - - (50) (100) -

Franchise tax adjustment 15 - - - -

Mortgage repurchase expense adjustment (27) - - - -

Mortgage loan indemnification reserves (33) - - - -

Efficiency ratio numerator – adjusted $ 5,463 $ 5,824 $ 6,455 $ 6,659 $ 4,981

Insurance noninterest expense – adjusted 1,310 1,311 1,449 1,508 1,134

Efficiency ratio numerator – adjusted, excluding Insurance $ 4,153 $ 4,513 $ 5,006 $ 5,151 $ 3,847

Efficiency ratio denominator - revenue1 – GAAP 9,230 9,611 10,793 11,317 8,618

Taxable equivalent adjustment 143 146 160 159 72

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

Loss on sale of American Coastal - 26 - - -

FDIC loss share accounting 25 - - - -

Efficiency ratio denominator – adjusted $ 9,401 $ 9,786 $ 10,907 $ 11,477 $ 8,689

Insurance revenues – adjusted 1,747 1,674 1,797 1,855 1,440

Efficiency ratio denominator – adjusted, excluding Insurance $ 7,654 $ 8,112 $ 9,110 $ 9,622 $ 7,249

Efficiency ratio – GAAP 63.4% 65.2% 62.3% 65.8% 59.7%

Efficiency ratio – adjusted2 58.1% 59.5% 59.2% 58.0% 57.3%

Efficiency ratio – adjusted2, excluding Insurance54.3% 55.6% 54.9% 53.5% 53.1%

Revenue is defined as net interest income plus noninterest income.

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.