– 2021 ESG Report ECONOMIC Fifth Third Empowering Black Futures Neighborhood Program The cornerstone of AREEI is the Fifth Third Empowering Black Futures neighborhood program . Announced in October 2021, the $180 million program will invest up to $20 million into each of nine select neighborhoods within the Bank’s footprint that have sufered from disinvestment, wealth extraction and income disparities due to racial inequalities. The three-year program will deliver comprehensive support to the neighborhoods to revitalize and boost the economic mobility of Black residents. Across each of the nine neighborhoods, the program seeks to: • Create more equitable, connected systems. Strengthen links across stakeholder groups, including small Black-owned businesses, the community and other institutions and organizations. Improve availability and delivery of Fifth Third lending products in previously underserved areas. • Improve upward mobility among Black residents. Increase Black homeownership rates and reduce displacement of Black residents. Generate wealth and a higher sense of value, agency and belonging. • Build an inclusive civic infrastructure. Strengthen the capacity of local stakeholders to sustain eforts and expand services and programs that support residents’ economic mobility. • Promote prosperous, small Black- owned businesses. Increase entrepreneurship and achieve greater growth and retention of small Black- owned businesses. • Develop healthy, built environments. Reduce vacancies and abandoned buildings and develop plans for improved walkability and availability of open spaces. Fifth Third is committing up to $20 million in lending, investments and philanthropy to each of the nine neighborhoods. Of the funds, 90% represents a combination of capital and products and services for small business, mortgage and neighborhood revitalization loans and investments, while 10% will be invested in philanthropic eforts. Fifth Third selected Enterprise Community Partners to lead the three-year neighborhood program. ECP will use its national program and technical assistance platform to foster the development of tailored community economic development plans in each neighborhood. In March 2021, Fifth Third and ECP invited a group of organizations to apply to be one of the nine neighborhoods selected for the program. The criteria included partnering with the neighborhood’s Black residents, existing neighborhood infrastructure, and the organization’s ability to manage equitable investment and wealth-building opportunities. Contents Introduction Economic Environment Social Governance “The Fifth Third Empowering Black Futures neighborhood investment program combines capital, expertise and collaboration to create economic mobility and develop a foundation of equity to eliminate racial disparities and level the playing feld.” JADA GRANDY MOCK , CHIEF COMMUNITY IMPACT BANKING OFFICER. CONTINUED 30