Fifth Third Bancorp - FXDFR PRF PERPETUAL USD 25 - Ser I

Strong combined-company profitability; synergies progressing - Q3 EPS: $0.90 ($1.13 adjusted, excluding certain items). - Adjusted PPNR +8% QoQ (revenue +2%, expenses -2%). Adjusted ROTCE 20.6%, adjusted ROA 1.41%, efficiency ratio 54.6%. - Expense actions/synergy realization: adjusted expenses -$45M sequentially (synergies primary driver). Remaining conversion/integration work now largely behind them, with additional synergies continuing into Q4.

Deposits & loan momentum; conversion effects already visible - Core deposits +3% sequentially; loans +1%. Net charge-offs stable at 31 bps (at low end of guided range). - Deposit ranking (FDIC retail dataset methodology): No. 1 in retail footprint, No. 3 nationally YoY retail deposit growth. - Texas early results: Dallas & Houston retail deposits >20% YoY, market share +40 bps; now #7/#8 in Dallas/Houston (before planned expansion). - Critical “surprising” driver: ~45% of Q3 deposit growth cited as from reclass/migration of Comerica sweep deposits onto the balance sheet (a balance-sheet/conversion timing effect that may partially unwind later).

Net interest income supported by rate actions + portfolio hedging, but margin down - Q3 NII: $2.28B (+$56M QoQ); NIM 3.34% (-2 bps QoQ). - Conversion-related cash: moving sweeps to deposits increased short-term investments/cash and reduced NIM by ~4 bps, but management says no material impact on NII; excluding cash build, NIM would have expanded ~2 bps. - Rate risk management: added $2.5B to HTM at 4.9% average yield; added $7B in received fixed cash flow hedges. - Management expects to benefit from the balance sheet being asset sensitive, including potential further rate hikes.