Synchrony Financial (SYF) 8-K Synchrony Financial Reports Third Quarter Net Earnings of $548 Million or $0.70 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Nine months ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			3Q'14 vs. 3Q'13					Sep 30, 2014			Sep 30, 2013			YTD'14 vs. YTD'13
EARNINGS
Net interest income	$	2,879		$	2,720		$	2,743		$	2,849		$	2,703		$	176		6.5	%	$	8,342		$	7,722		$	620		8.0	%
Retailer share arrangements	(693		)	(590		)	(594		)	(662		)	(680		)	(13		)	1.9	%	(1,877		)	(1,711		)	(166		)	9.7	%
Net interest income, after retailer share arrangements	2,186			2,130			2,149			2,187			2,023			163			8.1	%	6,465			6,011			454			7.6	%
Provision for loan losses	675			681			764			818			541			134			24.8	%	2,120			2,254			(134		)	(5.9	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,511			1,449			1,385			1,369			1,482			29			2.0	%	4,345			3,757			588			15.7	%
Other income	96			112			115			130			114			(18		)	(15.8	)%	323			370			(47		)	(12.7	)%
Other expense	728			797			610			807			575			153			26.6	%	2,135			1,677			458			27.3	%
Earnings before provision for income taxes	879			764			890			692			1,021			(142		)	(13.9	)%	2,533			2,450			83			3.4	%
Provision for income taxes	331			292			332			249			380			(49		)	(12.9	)%	955			914			41			4.5	%
Net earnings	$	548		$	472		$	558		$	443		$	641		$	(93	)	(14.5	)%	$	1,578		$	1,536		$	42		2.7	%
Net earnings attributable to common stockholders	$	548		$	472		$	558		$	443		$	641		$	(93	)	(14.5	)%	$	1,578		$	1,536		$	42		2.7	%
COMMON SHARE STATISTICS
Basic EPS	$	0.70		$	0.67		$	0.79		$	0.63		$	0.91		$	(0.21	)	(23.1	)%	$	2.16		$	2.18		$	(0.02	)	(0.9	)%
Diluted EPS	$	0.70		$	0.67		$	0.79		$	0.63		$	0.91		$	(0.21	)	(23.1	)%	$	2.16		$	2.18		$	(0.02	)	(0.9	)%
Common stock price	$	24.55		n/a			n/a			n/a			n/a			$	24.55		n/a		$	24.55		n/a			$	24.55		n/a
Book value per share	$	11.92		$	9.07		$	8.57		$	8.45		$	7.92		$	4.00		50.5	%	$	11.92		$	7.92		$	4.00		50.5	%
Tangible common equity per share(1)	$	10.24		$	7.07		$	6.57		$	6.68		$	6.15		$	4.09		66.5	%	$	10.24		$	6.15		$	4.09		66.5	%
Beginning common shares outstanding	705			705			705			705			705			—			—	%	705			705			—			—	%
Issuance of common shares through initial public offering	129			—			—			—			—			129			NM		129			—			129			NM
Shares repurchased	—			—			—			—			—			—			NM		—			—			—			NM
Ending common shares outstanding	834			705			705			705			705			129			18.3	%	834			705			129			18.3	%
Weighted average common shares outstanding	782			705			705			705			705			77			10.9	%	731			705			26			3.7	%
Weighted average common shares outstanding (fully diluted)	782			705			705			705			705			77			10.9	%	731			705			26			3.7	%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1

SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions, except account data)
	Quarter Ended																			Nine months ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			3Q'14 vs. 3Q'13				Sep 30, 2014			Sep 30, 2013			YTD'14 vs. YTD'13
PERFORMANCE METRICS
Return on assets(1)	3.2		%	3.1		%	3.9		%	3.0		%	4.7		%			(1.5	)%	3.4		%	3.7		%			(0.3	)%
Return on equity(2)	26.8		%	29.9		%	35.3		%	31.1		%	48.8		%			(22.0	)%	29.7		%	39.7		%			(10.0	)%
Return on tangible common equity(3)	32.4		%	38.5		%	44.2		%	40.0		%	63.8		%			(31.4	)%	36.7		%	52.1		%			(15.4	)%
Net interest margin(4)	17.11		%	17.84		%	18.83		%	19.30		%	19.69		%			(2.58	)%	17.80		%	18.74		%			(0.94	)%
Efficiency ratio(5)	31.9		%	35.5		%	26.9		%	34.8		%	26.9		%			5.0	%	31.5		%	26.3		%			5.2	%
Other expense as a % of average loan receivables, including held for sale	5.09		%	5.77		%	4.51		%	5.77		%	4.39		%			0.70	%	5.11		%	4.37		%			0.74	%
Effective income tax rate	37.7		%	38.2		%	37.3		%	36.0		%	37.2		%			0.5	%	37.7		%	37.3		%			0.4	%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.05		%	4.88		%	4.86		%	5.13		%	4.07		%			(0.02	)%	4.57		%	4.52		%			0.05	%
30+ days past due as a % of period-end loan receivables	4.26		%	3.82		%	4.09		%	4.35		%	4.32		%			(0.06	)%	4.26		%	4.32		%			(0.06	)%
90+ days past due as a % of period-end loan receivables	1.85		%	1.65		%	1.93		%	1.96		%	1.83		%			0.02	%	1.85		%	1.83		%			0.02	%
Net charge-offs	$	579		$	673		$	658		$	718		$	533		$	46	8.6	%	$	1,910		$	1,736		$	174	10.0	%
Loan receivables delinquent over 30 days	$	2,416		$	2,097		$	2,220		$	2,488		$	2,299		$	117	5.1	%	$	2,416		$	2,299		$	117	5.1	%
Loan receivables delinquent over 90 days	$	1,051		$	908		$	1,046		$	1,121		$	974		$	77	7.9	%	$	1,051		$	974		$	77	7.9	%
Allowance for loan losses (period-end)	$	3,102		$	3,006		$	2,998		$	2,892		$	2,792		$	310	11.1	%	$	3,102		$	2,792		$	310	11.1	%
Allowance coverage ratio(6)	5.46		%	5.48		%	5.52		%	5.05		%	5.24		%			0.22	%	5.46		%	5.24		%			0.22	%
BUSINESS METRICS
Purchase volume(7)	$	26,004		$	25,978		$	21,086		$	27,002		$	23,499		$	2,505	10.7	%	$	73,068		$	66,856		$	6,212	9.3	%
Period-end loan receivables	$	56,767		$	54,873		$	54,285		$	57,254		$	53,265		$	3,502	6.6	%	$	56,767		$	53,265		$	3,502	6.6	%
Average loan receivables, including held for sale	$	57,391		$	55,363		$	55,495		$	54,895		$	52,580		$	4,811	9.1	%	$	56,238		$	51,488		$	4,750	9.2	%
Period-end active accounts (in thousands)(8)	60,489			59,248			57,349			61,957			56,703			3,786		6.7	%	60,489			56,703			3,786		6.7	%
Average active accounts (in thousands)(8)	59,907			58,386			59,342			58,402			56,171			3,736		6.7	%	59,394			55,523			3,871		7.0	%
LIQUIDITY
Liquidity portfolio
Cash and equivalents	$	14,808		$	6,782		$	5,331		$	2,319		$	2,670		$	12,138	NM		$	14,808		$	2,670		$	12,138	NM
Total liquidity portfolio	$	14,077		$	6,119		$	4,806		$	2,058		$	2,099		$	11,978	NM		$	14,077		$	2,099		$	11,978	NM
Undrawn credit facilities
Undrawn committed securitization financings	$	5,650		$	5,650		$	450		$	—		$	—		$	5,650	NM		$	5,650		$	—		$	5,650	NM
Total liquidity portfolio and undrawn credit facilities	$	19,727		$	11,769		$	5,256		$	2,058		$	2,099		$	17,628	NM		$	19,727		$	2,099		$	17,628	NM
Liquidity portfolio as a % of total assets	19.16		%	9.69		%	8.11		%	3.48		%	3.78		%			15.38	%	19.16		%	3.78		%			15.38	%
Liquidity portfolio including undrawn committed securitization financings as a % of total assets	26.85		%	18.63		%	8.87		%	3.48		%	3.78		%			23.07	%	26.85		%	3.78		%			23.07	%
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings as a percentage of average tangible common equity. Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(6) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(7) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(8) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

2

SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended																				Nine months ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			3Q'14 vs. 3Q'13					Sep 30, 2014			Sep 30, 2013			YTD'14 vs. YTD'13
Interest income:
Interest and fees on loans	$	3,116		$	2,920		$	2,928		$	3,032		$	2,883		$	233		8.1	%	$	8,964		$	8,263		$	701		8.5	%
Interest on investment securities	7			6			5			5			3			4			133.3	%	18			13			5			38.5	%
Total interest income	3,123			2,926			2,933			3,037			2,886			237			8.2	%	8,982			8,276			706			8.5	%
Interest expense:
Interest on deposits	126			109			96			93			94			32			34.0	%	331			281			50			17.8	%
Interest on borrowings of consolidated securitization entities	57			54			47			49			51			6			11.8	%	158			162			(4		)	(2.5	)%
Interest on related party debt	15			43			47			46			38			(23		)	(60.5	)%	105			111			(6		)	(5.4	)%
Interest on third party debt	46			—			—			—			—			46			NM		46			—			46			NM
Total interest expense	244			206			190			188			183			61			33.3	%	640			554			86			15.5	%
Net interest income	2,879			2,720			2,743			2,849			2,703			176			6.5	%	8,342			7,722			620			8.0	%
Retailer share arrangements	(693		)	(590		)	(594		)	(662		)	(680		)	(13		)	1.9	%	(1,877		)	(1,711		)	(166		)	9.7	%
Net interest income, after retailer share arrangements	2,186			2,130			2,149			2,187			2,023			163			8.1	%	6,465			6,011			454			7.6	%
Provision for loan losses	675			681			764			818			541			134			24.8	%	2,120			2,254			(134		)	(5.9	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,511			1,449			1,385			1,369			1,482			29			2.0	%	4,345			3,757			588			15.7	%
Other income:
Interchange revenue	101			92			76			89			82			19			23.2	%	269			235			34			14.5	%
Debt cancellation fees	68			70			70			88			74			(6		)	(8.1	)%	208			236			(28		)	(11.9	)%
Loyalty programs	(84		)	(63		)	(43		)	(57		)	(58		)	(26		)	44.8	%	(190		)	(156		)	(34		)	21.8	%
Other	11			13			12			10			16			(5		)	(31.3	)%	36			55			(19		)	(34.5	)%
Total other income	96			112			115			130			114			(18		)	(15.8	)%	323			370			(47		)	(12.7	)%
Other expense:
Employee costs	239			207			193			190			173			66			38.2	%	639			508			131			25.8	%
Professional fees	159			155			141			157			120			39			32.5	%	455			329			126			38.3	%
Marketing and business development	115			97			83			117			54			61			113.0	%	295			152			143			94.1	%
Information processing	47			53			52			52			47			—			—	%	152			141			11			7.8	%
Other	168			285			141			291			181			(13		)	(7.2	)%	594			547			47			8.6	%
Total other expense	728			797			610			807			575			153			26.6	%	2,135			1,677			458			27.3	%
Earnings before provision for income taxes	879			764			890			692			1,021			(142		)	(13.9	)%	2,533			2,450			83			3.4	%
Provision for income taxes	331			292			332			249			380			(49		)	(12.9	)%	955			914			41			4.5	%
Net earnings attributable to common shareholders	$	548		$	472		$	558		$	443		$	641		$	(93	)	(14.5	)%	$	1,578		$	1,536		$	42		2.7	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Sep 30, 2014 vs. Sep 30, 2013
Assets
Cash and equivalents	$	14,808		$	6,782		$	5,331		$	2,319		$	2,670		$	12,138		NM
Investment securities	325			298			265			236			233			92			39.5	%
Loan receivables:
Unsecuritized loans held for investment	30,474			28,280			29,101			31,183			28,102			2,372			8.4	%
Restricted loans of consolidated securitization entities	26,293			26,593			25,184			26,071			25,163			1,130			4.5	%
Total loan receivables	56,767			54,873			54,285			57,254			53,265			3,502			6.6	%
Less: Allowance for loan losses	(3,102		)	(3,006		)	(2,998		)	(2,892		)	(2,792		)	(310		)	11.1	%
Loan receivables, net	53,665			51,867			51,287			54,362			50,473			3,192			6.3	%
Loan receivables held for sale	1,493			1,458			—			—			—			1,493			NM
Goodwill	949			949			949			949			957			(8		)	(0.8	)%
Intangible assets, net	449			463			464			300			290			159			54.8	%
Other assets	1,780			1,358			949			919			882			898			101.8	%
Total assets	$	73,469		$	63,175		$	59,245		$	59,085		$	55,505		$	17,964		32.4	%
Liabilities and Equity
Deposits:
Interest bearing deposit accounts	$	32,480		$	30,258		$	27,123		$	25,360		$	21,712		$	10,768		49.6	%
Non-interest bearing deposit accounts	209			204			235			359			450			(241		)	(53.6	)%
Total deposits	32,689			30,462			27,358			25,719			22,162			10,527			47.5	%
Borrowings:
Borrowings of consolidated securitization entities	15,091			15,114			14,642			15,362			15,395			(304		)	(2.0	)%
Related party debt	1,405			7,859			8,062			8,959			9,270			(7,865		)	(84.8	)%
Third party debt	11,088			—			—			—			—			11,088			NM
Total borrowings	27,584			22,973			22,704			24,321			24,665			2,919			11.8	%
Accrued expenses and other liabilities	3,255			3,347			3,141			3,085			3,095			160			5.2	%
Total liabilities	63,528			56,782			53,203			53,125			49,922			13,606			27.3	%
Equity:
Parent’s net investment	—			—			6,052			5,973			5,592			(5,592		)	NM
Common stock	1			1			—			—			—			1			NM
Additional paid-in capital	9,401			6,399			—			—			—			9,401			NM
Retained earnings	548			—			—			—			—			548			NM
Accumulated other comprehensive income:	(9		)	(7		)	(10		)	(13		)	(9		)	—			—	%
Total equity	9,941			6,393			6,042			5,960			5,583			4,358			78.1	%
Total liabilities and equity	$	73,469		$	63,175		$	59,245		$	59,085		$	55,505		$	17,964		32.4	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2014							Jun 30, 2014							Mar 31, 2014							Dec 31, 2013							Sep 30, 2013
				Interest		Average					Interest		Average					Interest		Average					Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Assets
Interest earning assets:
Interest earning cash and equivalents	$	9,793		$	4	0.16	%	$	5,489		$	3	0.22	%	$	4,001		$	2	0.21	%	$	2,792		$	2	0.28	%	$	2,266		$	1	0.18	%
Securities available for sale	309			3		3.89	%	285			3		4.22	%	250			3		4.92	%	237			3		4.97	%	227			2		3.53	%
Loan receivables:
Credit cards, including held for sale	54,891			3,054		22.32	%	52,957			2,860		21.66	%	53,211			2,867		22.10	%	52,271			2,963		22.25	%	49,790			2,812		22.65	%
Consumer installment loans	1,070			25		9.37	%	1,004			24		9.59	%	959			23		9.84	%	1,249			29		9.11	%	1,374			33		9.63	%
Commercial credit products	1,412			37		10.51	%	1,387			36		10.41	%	1,311			38		11.89	%	1,362			39		11.24	%	1,404			38		10.86	%
Other	18			—		—	%	15			—		—	%	14			—		—	%	13			1		NM		12			—		—	%
Total loan receivables, including held for sale	57,391			3,116		21.78	%	55,363			2,920		21.16	%	55,495			2,928		21.64	%	54,895			3,032		21.68	%	52,580			2,883		21.99	%
Total interest earning assets	67,493			3,123		18.56	%	61,137			2,926		19.20	%	59,746			2,933		20.13	%	57,924			3,037		20.58	%	55,073			2,886		21.02	%
Non-interest earning assets:
Cash and due from banks	1,260							637							561							533							535
Allowance for loan losses	(3,058		)					(3,005		)					(2,931		)					(2,823		)					(2,799		)
Other assets	2,605							2,446							2,045							2,072							2,097
Total non-interest earning assets	807							78							(325		)					(218		)					(167		)
Total assets	$	68,300						$	61,215						$	59,421						$	57,706						$	54,906
Liabilities
Interest bearing liabilities:
Interest bearing deposit accounts	$	31,459		$	126	1.61	%	$	28,568		$	109	1.53	%	$	26,317		$	96	1.50	%	$	23,857		$	93	1.53	%	$	21,012		$	94	1.79	%
Borrowings of consolidated securitization entities	15,102			57		1.51	%	14,727			54		1.47	%	14,830			47		1.30	%	15,378			49		1.25	%	16,058			51		1.27	%
Related party debt	4,582			15		1.31	%	7,959			43		2.17	%	8,286			47		2.33	%	9,037			46		2.00	%	9,213			38		1.65	%
Third party debt(1)	5,544			46		3.33	%	—			—		—	%	—			—		—	%	—			—		—	%	—			—		—	%
Total interest bearing liabilities	56,687			244		1.73	%	51,254			206		1.61	%	49,433			190		1.58	%	48,272			188		1.53	%	46,283			183		1.59	%
Non-interest bearing liabilities
Non-interest bearing deposit accounts	206							221							331							450							477
Other liabilities	3,208							3,412							3,182							3,391							2,880
Total non-interest bearing liabilities	3,414							3,633							3,513							3,841							3,357
Total liabilities	60,101							54,887							52,946							52,113							49,640
Equity
Total equity	8,199							6,328							6,475							5,593							5,266
Total liabilities and equity	$	68,300						$	61,215						$	59,421						$	57,706						$	54,906
Net interest income				$	2,879						$	2,720						$	2,743						$	2,849						$	2,703
Interest rate spread(2)						16.83	%						17.59	%						18.55	%						19.05	%						19.43	%
Net interest margin(3)						17.11	%						17.84	%						18.83	%						19.30	%						19.69	%
(1) Interest on third party debt calculated above utilizes monthly average balances. The average third party debt balance outstanding, from the date of issuance through September 30, 2014, was $10.8 billion and accrued interest at an effective rate of 2.63%, excluding the impact of a one time charge incurred in connection with the prepayment of the Bank term loan facility.
(2) Interest rate spread represents the difference between the yield on total interest earning assets and the rate on total interest bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest earning assets.

5

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Nine months ended Sep 30, 2014							Nine months ended Sep 30, 2013
				Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Interest earning assets:
Interest earning cash and equivalents	$	6,587		$	9	0.18	%	$	3,589		$	7	0.26	%
Securities available for sale	281			9		4.31	%	209			6		3.85	%
Loan receivables:
Credit cards, including held for sale	53,836			8,781		21.97	%	48,745			8,053		22.17	%
Consumer installment loans	1,012			72		9.58	%	1,382			99		9.61	%
Commercial credit products	1,374			111		10.88	%	1,350			111		11.03	%
Other	16			—		—	%	11			—		—	%
Total loan receivables, including held for sale	56,238			8,964		21.47	%	51,488			8,263		21.54	%
Total interest earning assets	63,106			8,982		19.17	%	55,286			8,276		20.09	%
Non-interest earning assets:
Cash and due from banks	863							545
Allowance for loan losses	(2,997		)					(2,609		)
Other assets	2,360							2,013
Total non-interest earning assets	226							(51		)
Total assets	$	63,332						$	55,235
Liabilities
Interest bearing liabilities:
Interest bearing deposit accounts	$	28,799		$	331	1.55	%	$	21,355		$	281	1.77	%
Borrowings of consolidated securitization entities	14,888			158		1.43	%	16,560			162		1.31	%
Related party debt	6,739			105		2.10	%	8,902			111		1.67	%
Third party debt(1)	2,218			46		2.79	%	—			—		—	%
Total interest bearing liabilities	52,644			640		1.64	%	46,817			554		1.59	%
Non-interest bearing liabilities
Non-interest bearing deposit accounts	259							488
Other liabilities	3,272							2,737
Total non-interest bearing liabilities	3,531							3,225
Total liabilities	56,175							50,042
Equity
Total equity	7,157							5,193
Total liabilities and equity	$	63,332						$	55,235
Net interest income				$	8,342						$	7,722
Interest rate spread(2)						17.53	%						18.50	%
Net interest margin(3)						17.80	%						18.74	%
(1) Interest on third party debt calculated above utilizes monthly average balances. The average third party debt balance outstanding, from the date of issuance through September 30, 2014, was $10.8 billion and accrued interest at an effective rate of 2.63%, excluding the impact of a one time charge incurred in connection with the prepayment of the Bank term loan facility.
(2) Interest rate spread represents the difference between the yield on total interest earning assets and the rate on total interest bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest earning assets.

6

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Sep 30, 2014 vs. Sep 30, 2013
BALANCE SHEET STATISTICS
Total common equity	$	9,941		$	6,393		$	6,042		$	5,960		$	5,583		$	4,358	78.1	%
Total common equity as a % of total assets	13.53		%	10.12		%	10.20		%	10.09		%	10.06		%			3.47	%
Tangible assets	$	72,071		$	61,763		$	57,832		$	57,836		$	54,258		$	17,813	32.8	%
Tangible common equity(1)	$	8,543		$	4,981		$	4,629		$	4,711		$	4,336		$	4,207	97.0	%
Tangible common equity as a % of tangible assets(1)	11.85		%	8.06		%	8.00		%	8.15		%	7.99		%			3.86	%
Tangible common equity per share(1)	$	10.24		$	7.07		$	6.57		$	6.68		$	6.15		$	4.09	66.5	%
REGULATORY CAPITAL RATIOS(2)
Basel I
Total risk-based capital ratio(3)	16.4		%
Tier 1 risk-based capital ratio(4)	15.1		%
Tier 1 common ratio(5)	15.1		%
Tier 1 leverage ratio(6)	12.2		%
Basel III
Tier 1 common ratio(7)	14.6		%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital metrics as of the end of 3Q 2014 are preliminary and therefore subject to change. As a new savings and loan holding company, the Company historically has not been required by regulators to disclose capital ratios, and therefore these ratios are non-GAAP measures. See Reconciliation of Non-GAAP Measures and Calculation of Regulatory Measures for components of capital ratio calculations.
(3) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(4) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(5) Tier 1 common ratio is the ratio of common equity Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is calculated based on Tier 1 capital divided by total assets, after certain adjustments.
(7) Our Basel III Tier 1 common ratio is the ratio of common equity Tier 1 capital to total risk-weighted assets, each as calculated in accordance with the U.S. Basel III capital rules (on a fully phased-in basis). Our Basel III Tier 1 common ratio is a preliminary estimate reflecting management’s interpretation of the final Basel III capital rules adopted in July 2013 by the Federal Reserve Board, which have not been fully implemented, and our estimate and interpretations are subject to, among other things, ongoing regulatory review and implementation guidance.

7

SYNCHRONY FINANCIAL
PLATFORM RESULTS AND RECONCILIATION OF NON-GAAP MEASURES
(unaudited, $ in millions)
	Quarter Ended																				Nine months ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			3Q'14 vs. 3Q'13					Sep 30, 2014			Sep 30, 2013			YTD'14 vs. YTD'13
RETAIL CARD
Purchase volume(1),(2)	$	20,991		$	21,032		$	16,713		$	22,199		$	18,840		$	2,151		11.4	%	$	58,736		$	53,540		$	5,196		9.7	%
Period-end loan receivables	$	38,466		$	37,238		$	37,175		$	39,834		$	36,137		$	2,329		6.4	%	$	38,466		$	36,137		$	2,329		6.4	%
Average loan receivables, including held for sale	$	39,411		$	38,047		$	38,223		$	37,576		$	35,754		$	3,657		10.2	%	$	38,685		$	35,037		$	3,648		10.4	%
Average active accounts (in thousands)(2),(3)	48,433			47,248			48,168			47,455			45,617			2,816			6.2	%	48,116			45,128			2,988			6.6	%
Interest and fees on loans(2)	$	2,299		$	2,158		$	2,178		$	2,234		$	2,119		$	180		8.5	%	$	6,635		$	6,083		$	552		9.1	%
Other income(2)	78			92			96			113			95			(17		)	(17.9	)%	266			306			(40		)	(13.1	)%
Platform revenue, excluding retailer share arrangements(2)	2,377			2,250			2,274			2,347			2,214			163			7.4	%	6,901			6,389			512			8.0	%
Retailer share arrangements(2)	(683		)	(577		)	(584		)	(651		)	(670		)	(13		)	1.9	%	(1,844		)	(1,680		)	(164		)	9.8	%
Platform revenue(2)	$	1,694		$	1,673		$	1,690		$	1,696		$	1,544		$	150		9.7	%	$	5,057		$	4,709		$	348		7.4	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	3,226		$	3,115		$	2,687		$	3,111		$	2,963		$	263		8.9	%	$	9,028		$	8,249		$	779		9.4	%
Period-end loan receivables	$	11,514		$	11,014		$	10,647		$	10,893		$	10,731		$	783		7.3	%	$	11,514		$	10,731		$	783		7.3	%
Average loan receivables	$	11,267		$	10,785		$	10,775		$	10,844		$	10,526		$	741		7.0	%	$	10,965		$	10,342		$	623		6.0	%
Average active accounts (in thousands)(3)	6,892			6,692			6,737			6,566			6,310			582			9.2	%	6,784			6,234			550			8.8	%
Interest and fees on loans	$	405		$	379		$	372		$	399		$	383		$	22		5.7	%	$	1,156		$	1,107		$	49		4.4	%
Other income	7			8			8			4			9			(2		)	(22.2	)%	23			32			(9		)	(28.1	)%
Platform revenue, excluding retailer share arrangements	412			387			380			403			392			20			5.1	%	1,179			1,139			40			3.5	%
Retailer share arrangements	(9		)	(12		)	(9		)	(9		)	(10		)	1			(10.0	)%	(30		)	(27		)	(3		)	11.1	%
Platform revenue	$	403		$	375		$	371		$	394		$	382		$	21		5.5	%	$	1,149		$	1,112		$	37		3.3	%
CARECREDIT
Purchase volume(1)	$	1,787		$	1,831		$	1,686		$	1,692		$	1,696		$	91		5.4	%	$	5,304		$	5,067		$	237		4.7	%
Period-end loan receivables	$	6,787		$	6,621		$	6,463		$	6,527		$	6,397		$	390		6.1	%	$	6,787		$	6,397		$	390		6.1	%
Average loan receivables	$	6,713		$	6,531		$	6,497		$	6,475		$	6,300		$	413		6.6	%	$	6,588		$	6,109		$	479		7.8	%
Average active accounts (in thousands)(3)	4,582			4,446			4,437			4,381			4,244			338			8.0	%	4,494			4,161			333			8.0	%
Interest and fees on loans	$	412		$	383		$	378		$	399		$	381		$	31		8.1	%	$	1,173		$	1,073		$	100		9.3	%
Other income	11			12			11			13			10			1			10.0	%	34			32			2			6.3	%
Platform revenue, excluding retailer share arrangements	423			395			389			412			391			32			8.2	%	1,207			1,105			102			9.2	%
Retailer share arrangements	(1		)	(1		)	(1		)	(2		)	—			(1		)	NM		(3		)	(4		)	1			(25.0	)%
Platform revenue	$	422		$	394		$	388		$	410		$	391		$	31		7.9	%	$	1,204		$	1,101		$	103		9.4	%
TOTAL SYNCHRONY FINANCIAL
Purchase volume(1),(2)	$	26,004		$	25,978		$	21,086		$	27,002		$	23,499		$	2,505		10.7	%	$	73,068		$	66,856		$	6,212		9.3	%
Period-end loan receivables	$	56,767		$	54,873		$	54,285		$	57,254		$	53,265		$	3,502		6.6	%	$	56,767		$	53,265		$	3,502		6.6	%
Average loan receivables, including held for sale	$	57,391		$	55,363		$	55,495		$	54,895		$	52,580		$	4,811		9.1	%	$	56,238		$	51,488		$	4,750		9.2	%
Average active accounts (in thousands)(2),(3)	59,907			58,386			59,342			58,402			56,171			3,736			6.7	%	59,394			55,523			3,871			7.0	%
Interest and fees on loans(2)	$	3,116		$	2,920		$	2,928		$	3,032		$	2,883		$	233		8.1	%	$	8,964		$	8,263		$	701		8.5	%
Other income(2)	96			112			115			130			114			(18		)	(15.8	)%	323			370			(47		)	(12.7	)%
Platform revenue, excluding retailer share arrangements(2)	3,212			3,032			3,043			3,162			2,997			215			7.2	%	9,287			8,633			654			7.6	%
Retailer share arrangements(2)	(693		)	(590		)	(594		)	(662		)	(680		)	(13		)	1.9	%	(1,877		)	(1,711		)	(166		)	9.7	%
Platform revenue(2)	$	2,519		$	2,442		$	2,449		$	2,500		$	2,317		$	202		8.7	%	$	7,410		$	6,922		$	488		7.0	%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
COMMON EQUITY MEASURES
GAAP Total common equity	$	9,941		$	6,393		$	6,042		$	5,960		$	5,583
Less: Goodwill	(949		)	(949		)	(949		)	(949		)	(957		)
Less: Intangible assets, net	(449		)	(463		)	(464		)	(300		)	(290		)
Tangible common equity	$	8,543		$	4,981		$	4,629		$	4,711		$	4,336
Adjustments for certain other intangible assets, deferred tax liabilities and certain items in accumulated comprehensive income (loss)	292
Basel I - Tier 1 capital and Tier 1 common equity	$	8,835
Adjustments for certain other intangible assets and deferred tax liabilities	(24		)
Basel III - Tier I common equity	$	8,811
RISK-BASED CAPITAL
Basel I - Tier 1 capital and Tier 1 common equity	$	8,835
Add: Allowance for loan losses includible in risk-based capital	760
Basel I - Risk-based capital	$	9,595
ASSET MEASURES
Total assets	$	73,469
Less: Disallowed goodwill and other disallowed intangible assets, net of related deferred tax liabilities	(1,110		)
Less: Unrealized (gains) / losses on investment securities	4
Total assets for leverage purposes - Basel I	$	72,363
Risk-weighted assets - Basel I	$	58,457
Additional risk weighting adjustments related to:
Deferred taxes	1,319
Loan receivables delinquent over 90 days	682
Other	—
Risk-weighted assets - Basel III (fully phased in)	$	60,458
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	11.92		$	9.07		$	8.57		$	8.45		$	7.92
Less: Goodwill	(1.14		)	(1.34		)	(1.34		)	(1.34		)	(1.36		)
Less: Intangible assets, net	(0.54		)	(0.66		)	(0.66		)	(0.43		)	(0.41		)
Tangible common equity per share	$	10.24		$	7.07		$	6.57		$	6.68		$	6.15

9