Pinnacle Financial Partners : 2023 Corporate Social Responsibility Report.

2023

CORPORATE SOCIAL RESPONSIBILITY REPORT

PINNACLE'S COMMITMENT TO CORPORATE SOCIAL RESPONSIBILITY

Banking is a business of improvement. We work to help improve people's finances, businesses and homes. We seek to help improve their standing in the world and the legacies they leave to their families.

That daily work has a cumulative effect that reaches outside of the direct service we give to clients. It should help improve quality of life for an entire community and as many communities and people as we can.

We at Pinnacle make intentional and strategic efforts to meet that responsibility. It's baked into our reason for being, the "why" behind our firm and the vision that we drive toward:

• We strive to be the best financial services firm and the best place to work in the Southeast.
• We seek to make a significant positive impact on the communities we serve.
• Because we believe every single person deserves a great place to work and a great place to do business.
• Because we believe that people are important and that every individual makes a difference.

Our mission, vision and values are so much a part of our DNA that it can be challenging to quantify the impact we make. Volunteer projects, charitable donations, affordable housing investments and the like are easy to measure. It's much more difficult when you have a firm made up of 3,400 difference makers all giving discretionary effort to making someone's day brighter or helping a client or stranger in trouble.

Still, this report is our best effort at calculating the level of improvement we've brought to the lives of our stakeholders, our communities and the world at large and to more fully account for and contextualize the work that can't be measured in numbers.

This is how we worked to take everybody with us in 2023.

Improving quality of life for our associates.

Pinnacle has made huge strides in increasing the diversity of its associate base and leadership team since 2020. Important as that is, increasing demographic percentages is only one piece of work. Our dedicated DEI team, along with nearly 200 associates voluntarily serving on locally based DEI Councils, have also worked diligently to instill a sense of inclusion and belonging by engaging associates in events designed to inform, broaden perspectives and spur conversation. More than 300 such events took place firm-wide and at a local level in 2023, including a Pinnacle Forum for clients and associates and 180 "Connection Lunches" bringing together two or more associates from different backgrounds to share a meal and conversation.

Improving quality of life in our communities.

While it would be enough to tick the right regulatory boxes and meet the minimum requirements set forth for community lending, Pinnacle has developed a bold new vision for reaching historically underserved and underbanked communities. In redesigning our community lending program, we have increased the number of associates dedicated to this specialty while also pushing more responsibility, strategy and decisions to the local level. Now we move forward executing a new model for fighting for economic equity and shared prosperity with dedicated offices to serve as hubs for specialized expertise, products and partnerships. The financial professionals who feel called to serve this purpose are armed with customized financial products and an empathetic and trauma-informed approach to putting people on a path to financial success.

Improving quality of life for everyone.

Our responsibility to improve quality of life does not stop at the borders of our markets. Decisions and actions on our climate can have an impact on the world at large. As a major financial institution, we are committed to helping safeguard our environment and managing climate-related risks responsibly. Through the work of two separate Climate Sustainability Committees-one for the board of directors and another for management-Pinnacle is preparing to meet regulatory requirements and respond to the threats and opportunities related to climate change and the carbon transition. This includes potential financial risks to our own firm, Pinnacle's direct environmental impact and the needs of our clients to mitigate risk and improve their business outcomes on matters of climate change and carbon transition. We are preparing to serve as advisors for our clients and connectors to industry experts who can help them manage a changing economy and reduce their own impact.

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THE BEST PLACE TO WORK IN THE SOUTHEAST

3,399	94%
Associates	Retention Rate

ASSOCIATE DIVERSITY

65.4%	50.8%	34.2%	17.5%	9.3%	9.9%
Women		Women		Women		Minorities		Minorities		Minorities
WORKFORCE		PEOPLE MANAGERS		LEADERSHIP TEAM		WORKFORCE		PEOPLE MANAGERS		LEADERSHIP TEAM

INCLUSION & BELONGING

of associates say Pinnacle

97.2% is a great firm where associates want to work

of associates say they are

96.2% given the responsibility and freedom to do their jobs

of associates say Pinnacle

93.2% gives them the flexibility to maintain balance in their lives

10,000+

Pinnacle Cares packages sent to

sick and grieving associates and clients since 2020

ON A GREAT PLACE TO WORK® SURVEY, PINNACLE ASSOCIATES

FEEL POSITIVELY ABOUT THE FIRM'S APPROACH TO:

91%	IMPARTIALITY	95%	EQUITY
	GPTW BENCHMARK: 80%		GPTW BENCHMARK: 80%
95%	RESPECT	95%	FAIRNESS
	GPTW BENCHMARK: 86%		GPTW BENCHMARK: 85%
96%	CARING	97%	INTEGRITY
	GPTW BENCHMARK: 88%		GPTW BENCHMARK: 87%
97%	JUSTICE	97%	LEADERSHIP
BEHAVIOR
	GPTW BENCHMARK: 92%		GPTW BENCHMARK: 88%

99% believe people here are treated fairly regardless of their sexual orientation (benchmark: 96%)

98% believe people here are treated fairly regardless of their race (benchmark: 94%)

98 believe people here are treated fairly regardless % of their gender (benchmark: 93%)

94% believe people here are paid fairly for the work they do (benchmark: 76%)

91 believe promotions go to those who best deserve % them (benchmark: 78%)

	associates serving on 14 locally
	198 based DEI councils
	7 DEI firm-wide events
	125 DEI local events
	180 DEI Connection Lunches
	FROM INTERNAL SURVEYS:
92%	Our Firm's policies and practices ensure
fair treatment for all associates.
	91% OF MINORITIES | 91% OF WOMEN
96%	Our Firm's culture is special - something
you don't find just anywhere.
	97% OF MINORITIES | 96% OF WOMEN
97%	There are associates here who
I consider my friend.
	96% OF MINORITIES | 98% OF WOMEN
95%	The Leadership Team shows a genuine
interest in the well-being of associates.
	96% OF MINORITIES | 95% OF WOMEN

COMMITMENT TO COMMUNITIES

COMMITMENT TO OUR CLIMATE

$1.74

committed to investments and lending for low- to moderate-

2 CLIMATE SUSTAINABILITY COMMITTEES

income housing, small business and minority-owned

BILLION institutions, as well as grants to nonprofits, including:

(BOARD AND MANAGEMENT) FOCUSED ON:

PINNACLE'S DIRECT IMPACT

OPPORTUNITIES TO HELP CLIENTS

MITIGATE RISK AND ADAPT TO THE

POTENTIAL FINANCIAL RISKS

CARBON TRANSITION

FROM CLIMATE CHANGE AND

$902.6

33,643

3,718 SERVICE OPPORTUNITIES

THE CARBON TRANSITION

REGULATORY REQUIREMENTS

MIL.

2,189 HOURS FOR HABITAT FOR HUMANITY

committed investment in community

associate volunteer service

development to support affordable

hours, including:

744 HOURS FOR JUNIOR ACHIEVEMENT

housing, small business and minority-

owned institutions

$

361MIL.

707

625 TOOK BUSINESS MASTERMIND

Mastermind students taking a

ACROSS 78 COHORTS

in investment commitments

series of classes on growing their

82 TOOK CONSUMER MASTERMIND

4,653 UNITS OF AFFORDABLE

businesses and improving their

ACROSS 11 PILOT COHORTS

RENTAL HOUSING

personal finances

SOLAR CAPITAL ADVISORY

213

$

2 PEER improvement in historically underserved

MIL.

serving as hubs for financial services and

CENTERS* and underbanked communities

128MIL.

180MIL.

in home loans for low- to moderate-

$

$

income individuals and families

1,359 TOTAL HOME LOANS

in construction loans

in solar sale-leaseback

for utility-scale

agreements

$403

MIL.

projects in 2023

$

17

MIL.

'24

'25

in funding through the Community

Investment Tax Credit program in

3 PEER Centers

3 PEER Centers

in solar

Tennessee

opening in 2024

in the pipeline for

partnership lending

2025 and beyond

*Pinnacle Economic Empowerment Resource Centers

TOPIC	METRIC		2023 OUTCOMES
	Create the best place to work in the Southeast.
	Work environment survey		96% of associates agree or strongly agree Pinnacle's
	Our annual survey asks 25 multiple-choice		culture is truly special.
	questions and three open-ended questions. We		74.1% of associate responses to the 25 questions
	share the unedited feedback with all associates and
		on our survey were "top box," meaning associates
	establish firm-wide and team-based initiatives for
		strongly agree.
	improvement.
			See full survey results, including responses broken
			down by demographic.
			In a 2023 Great Place to Work™ survey of associates,
			98% said they are proud to work at Pinnacle
ASSOCIATES			(benchmark is 92%).
Listening to associates		89.8% of associates say they are comfortable
EXCITED
encouraged to seek feedback regularly, and our CEO		89.0% say they have opportunities to contribute to
	We listen to associates continuously so we know		expressing opinions on issues that are important
	what's going well, what needs improvement and how		to them.
	they're feeling at any particular time. All leaders are
	and senior leaders conduct formal listening sessions		important decisions.
	with associates.		Senior leaders and regional presidents held more than
			50 listening sessions with a cross-section of associates
			on a range of topics, including 6 held by the CEO.
			Pinnacle's 14 market-based Diversity, Equity and
			Inclusion Councils count 198 associates in their ranks
			providing continuous feedback and development
			opportunities for leaders and all associates across
			the firm.

OBJECTIVES FOR 2024

75% "top box" rating is our overall goal. We will continue our current strategy.

Based on survey feedback in 2023, we planned for the following initiatives in 2024:

• Increase bereavement leave for immediate family members from 3 to 5 days
• A "Re-Orientation" initiative to give tenured associates the excitement and energy of the Day 3 Orientation experience
• CEO-hostedMonday meetings for closer connections to associates
• Other improvements related to technology and internal communications

Continue our current strategies.

Our CEO plans for 4 listening sessions in 2024. Senior leaders and market leaders plan to host at least

as many listening sessions as they did in 2023 for continuous feedback and improvement.

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TOPIC

METRIC	2023 OUTCOMES	OBJECTIVES FOR 2024

Associate orientation

Our CEO hosts a 3-day orientation focused exclusively on our mission, vision and values.

Pinnacle hosted nearly 700 associates for eight in-person orientation sessions, each led by CEO Terry Turner and other leaders across three days. A cross-functional team of 50 associates helped support orientation with planning, logistics, associate support and more. Pinnacle's orientation has a casual, conference-like feel with a pep rally atmosphere and includes multiple opportunities for social interaction between new associates, veterans, leaders and across geographies. One such opportunity is a songwriters night with a private concert from some of Nashville's premier songwriters.

We have plans for four sessions in 2024 to include all new hires for the year. We continuously update orientation materials and presentations and continue emphasizing team building activities and going over the wall.

We are also introducing a "re-orientation" option for veteran associates who want to relive the experience and re-energize their cultural adoption. We expect up to 300 associates to take part in this pilot in 2024, with potential for growth in 2025.

EXCITED ASSOCIATES

Retention rate	94% retention rate in 2023, including voluntary and	Our goal is a 95% retention rate, including voluntary
Ensuring our associates stay with us and with our	involuntary separations and retirements.	and involuntary separations and retirements.
clients creates a great client experience.

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TOPIC

METRIC

2023 OUTCOMES

OBJECTIVES FOR 2024

EXCITED ASSOCIATES

Balance and flexibility	Full-time associates receive 160 hours of paid time	Continue current strategies.
Balance has been a Pinnacle value since the very	off annually for use as vacation, sick, personal, family,	After adding multiple new balance and flexibility
beginning. We apply it to everything, like balancing	emergency or other time off. Every five years they
provisions last year, in 2024 we extended
workload, learning and work and life. It's carried out	earn 40 additional hours, up to a maximum of 240
bereavement leave for immediate family members
by giving associates the flexibility and autonomy they	hours.
from 3 to 5 days.
need to properly prioritize the demands of work,	93.2% of associates say the firm's practices give them
personal life and family.	We continue to monitor legislation and associate
the flexibility to maintain balance in their lives. See full
	survey results, including responses broken down by	feedback regarding PTO in order to best meet needs
	of our associate population.
	demographic.
	In response to 2022 internal work environment
	surveys, in 2023 we:
	• established the minimum amount of PTO for
	every associate at 4 weeks, whereas many
	associates only had 3 weeks previously
	• doubled the amount of parental leave available
	to 4 weeks
	• added an emergency PTO option for associates
	who have urgent needs late in the year
	All associates continue to enjoy room to balance
	personal and family needs whenever possible.
	Currently, all associates have returned to the office
	except for those working in a geography with no
	facility and/or those working for certain subsidiaries.
	Leaders continue to work with associates to address
	special work-related needs.
Culture of caring	95.0% of associates say the leadership team shows a	Continue our current strategies.
Pinnacle's workplace culture is nurtured by the	genuine interest in their well-being.
genuine care and affection associates show for each	$1.4 million spent in 2023 by associates to WOW
other.
each other and clients with small gifts or tokens of
	appreciation-a 56.7% increase over 2022. The WOW
	budget is a "no questions asked" line item everyone
	can access to show their fellow associates they care.
	3,491 Pinnacle Cares packages sent to associates and
	clients experiencing illness or grief. These include a
	plush blanket and note of kindness from the sender.
	More than 10,000 packages have been sent since the
	program began in 2020.

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TOPIC	METRIC			2023 OUTCOMES
	Create a diverse and inclusive team.
	Great place to work for all		Percent of workforce, women: 65.44%
	We believe that a strong and diverse		- 3.92% growth over 2022
	team is critical to our success and		-	Full-time: 96.7%
	performance. We are committed to		-	Part-time: 3.3%
	being more vocal and focused in our		Percent of people managers, women: 50.79%
	efforts to ensure we are creating a
		- 8.94% growth over 2022
	great place to work for all guided by our
	Diversity and Inclusion Policy.		Percent of leadership team, women: 34.16%
				- 23.21% growth over 2022
				Percent of workforce, minorities: 17.5%
				- 13.12% growth over 2022
				-	Full-time: 98.8%
ASSOCIATESEXCITED				-	Part-time: 1.2%
			Percent of people managers, minorities: 9.33%
				- 27% growth over 2022
				Percent of leadership team, minorities: 9.9%
				- 53.85% growth over 2022

OBJECTIVES FOR 2024

In 2024, we will continue to focus our actions in 4 key strategic areas.

• Recruitment: We will continue to offer periodic workshops on DEI recruiting related topics to continue our intentional focus on the recruitment of diverse associates and leaders to the firm. We will continue the expanded class size of our leadership learning communities so that we can continue to accelerate the pace at which new and current leaders of people complete these sessions
  to ensure our diverse recruiting approach is implemented throughout the organization.
  We will continue to assess all internal leadership focused programs and meetings to ensure every leader understands and is partnered with us to execute our diverse recruiting approach.
• Development: We will continue our 2023 strategy to develop more diversity in leadership through intentionally focused succession plan reviews and the identification of diverse high potential associates that we can begin developing for future leadership roles. We will continue the expanded class size of our leadership learning communities so that we can continue to accelerate the pace at which potential future leaders, inclusive of diverse associates, complete our leadership learning community process. We will continue to implement our goal of ensuring that 50% of the potential future leaders that participate in these sessions are diverse associates with respect to race/ethnicity and gender.

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TOPIC METRIC

Foster inclusion and belonging through associate engagement Pinnacle believes in an all "hands on deck" approach to inclusion through our proven model of associate engagement. While overall strategies are managed by a team of three dedicated leaders, locally based, volunteer DEI Councils develop associate-drivenpractices, events and other opportunities for

all associates to feel seen, heard and included while broadening horizons as a whole.

EXCITED ASSOCIATES

2023 OUTCOMES	OBJECTIVES FOR 2024
198 associates sit on 14 locally based Diversity, Equity	In 2024, we will continue to focus our actions in 4 key strategic
and Inclusion Councils, discussing and giving feedback	areas (contd.).
on firm policies and practices, developing learning	• Employee Resource Group: We will continue to provide
opportunities, leading celebrations and serving as
dedicated financial resources to our DEI Councils to
thought leaders for the firm.
empower them to fully execute their local strategies
DEI Councils hosted 7 firm-wide streamed events,	that support our organization wide diversity, equity, and
125 local events and paid for 180 "Connection Lunches"	inclusion strategies. In 2024, we will continue to expand
to bring associates together for a better understanding	them for implementation in markets throughout our footprint,
of each other's perspectives.	including our newer markets of Kentucky and Florida.
A DEI-focused Pinnacle Forum featuring speaker	• Continuing Education: We will continue the process of
Chris Singleton drew 180 associates and clients in	developing a suite of on-demand diversity, equity,
Middle Tennessee.	and inclusion resources including articles, videos, book
Read about the full details of Pinnacle's 2023	recommendations and team building engagement activities
that will be available to leaders and associates via our
DEI work.
internal intranet. We will continue to host our DEI related
	client and associate facing forum in early 2024 that is
	focused on creating care and connectedness within our firm
	because we believe that developing these meaning
	interpersonal connections is the best approach to mitigating
	bias, which allows us to work better together as a team
	while simultaneously helping us to create an inclusive work
	environment for every associate where they feel they belong
	and can grow and develop. Finally, in 2024 we will
	implement a 3-part suite of leadership courses focused on
	our inclusive leadership approach, having difficult
	conversations in a way that leads to productive outcomes
	and leveraging the power of storytelling to create
	connections and inspire elevated levels of engagement
	and execution.

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TOPIC

METRIC

2023 OUTCOMES

OBJECTIVES FOR 2024

EXCITED ASSOCIATES

Leadership accountability and recruiting Leaders are the principal recruiters at Pinnacle, and we work hard to ensure their networks include a diverse talent pool and their work environment sets up all associates for success.

100% of leaders and associates completed the equal employment opportunity and affirmative action training in 2023.

Continued to offer our work environment inclusiveness assessment training to leaders as a part of our annual work environment review process. This session helps leaders intentionally focus their attention on high-impact areas of their work environment where they can simultaneously create highly engaged and high-performing teams while also promoting an inclusive work environment for all associates on their team.

• 101 of leaders of people attended this live virtual training session.

Continued the integration of our Intentional Inclusion bias training course into the new associate training process for new leaders joining the firm.

Continued the expanded frequency of the sessions offered for our redesigned Leadership Learning Community process which includes our integrated

DEI focus on the core elements of successful leadership at our firm.

• 55 leaders of people completed the Leadership Learning Community in 2023.

Continue current strategies and add our Florida market to our meeting schedule.

Provide the opportunity for at least 100 leaders of people to participate in the Leadership Learning Community.

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