Ally Financial (ALLY) 8-K Ally Financial Reports First Quarter 2020 Financial Results

Exhibit 99.3

FIRST QUARTER 2020

FINANCIAL SUPPLEMENT

ALLY FINANCIAL INC. FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form10-K, Quarterly Reports on Form10-Q, and Current Reports onForm 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.

This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about future effects ofCOVID-19, the outlook for financial and operating metrics, and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form10-Q or Current Reports on Form8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This document and related communications contain specifically identifiednon-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). Thesenon-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences betweennon-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle atlease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

1Q 2020 Preliminary Results 2

ALLY FINANCIAL INC. TABLE OF CONTENTS

	Page(s)
Consolidated Results
Consolidated Financial Highlights		4
Consolidated Income Statement		5
ConsolidatedPeriod-End Balance Sheet		6
Consolidated Average Balance Sheet		7
Segment Detail
Segment Highlights		8
Automotive Finance		9-10
Insurance		11
Mortgage Finance		12
Corporate Finance		13
Corporate and Other		14
Credit Related Information		15-16
Supplemental Detail
Capital		17
Liquidity		18
Net Interest Margin and Deposits		19
Ally Bank Consumer Mortgage HFI Portfolios		20
Earnings Per Share Related Information		21
Adjusted Tangible Book Value Per Share Related Information		22
Core ROTCE Related Information		23
Adjusted Efficiency Ratio Related Information		24

1Q 2020 Preliminary Results 3

ALLY FINANCIAL INC. CONSOLIDATED FINANCIAL HIGHLIGHTS

($ in millions, shares in thousands)

								��
	QUARTERLY TRENDS															CHANGE VS.
Selected Income Statement Data	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Net financing revenue (ex. Core OID)(1)	$	1,154		$	1,164		$	1,195		$	1,164		$	1,139		$	(10	)	$	16
Core OID		(8	)		(8	)		(7	)		(7	)		(7	)		(0	)		(2	)
Net financing revenue (as reported)		1,146			1,156			1,188			1,157			1,132			(10	)		14
Other revenue (ex. change in the fair value of equity securities)(2)		451			458			424			393			396			(7	)		55
Change in the fair value of equity securities(3)		(185	)		29			(11	)		2			70			(214	)		(255	)
Other revenue (as reported)		266			487			413			395			466			(221	)		(200	)
Provision for loan losses		903			276			263			177			282			627			621
Total noninterest expense (4)		920			880			838			881			830			40			90
Pre-tax (loss) income from continuing operations		(411	)		487			500			494			486			(898	)		(897	)
Income tax (benefit) expense		(92	)		106			119			(90	)		111			(198	)		(203	)
(Loss) / income from discontinued operations, net of tax		-			(3	)		-			(2	)		(1	)		3			1
Net (loss) income attributable to common shareholders	$	(319	)	$	378		$	381		$	582		$	374		$	(697)		$	(693	)
Selected Balance Sheet Data(Period-End)
Total assets	$	182,527		$	180,644		$	181,485		$	180,448		$	180,117		$	1,883		$	2,410
Consumer loans		90,066			89,924			90,081			90,698			89,211			142			855
Commercial loans		38,073			38,307			38,528			38,512			40,844			(234	)		(2,771	)
Allowance for loan losses		(3,245	)		(1,263	)		(1,277	)		(1,282	)		(1,288	)		(1,982	)		(1,957	)
Deposits		122,324			120,752			119,230			116,325			113,299			1,572			9,025
Total equity		13,519			14,416			14,450			14,316			13,699			(897	)		(180	)
Common Share Count
Weighted average basic(5)		375,723			380,793			390,205			398,100			404,129			(5,070	)		(28,406	)
Weighted average diluted(5)		375,723			383,391			392,604			399,916			405,959			(7,668	)		(30,236	)
Issued shares outstanding(period-end)		373,155			374,332			383,523			392,775			399,761			(1,177	)		(26,606	)
Per Common Share Data
Earnings per share (basic)(5)	$	(0.85	)	$	0.99		$	0.98		$	1.46		$	0.93		$	(1.84)		$	(1.77	)
Earnings per share (diluted)(5)		(0.85	)		0.99			0.97			1.46			0.92			(1.83	)		(1.77	)
Adjusted earnings per share(6)		(0.44	)		0.95			1.01			0.97			0.80			(1.39	)		(1.24	)
Book value per share		36.2			38.5			37.7			36.4			34.3			(2.3	)		2.0
Tangible book value per share (7)		35.0			37.3			37.0			35.7			33.6			(2.3	)		1.5
Adjusted tangible book value per share(7)		32.8			35.1			34.7			33.6			31.4			(2.3	)		1.4
Select Financial Ratios
Net interest margin (as reported)		2.66%			2.64%			2.70%			2.66%			2.67%
Net interest margin (ex. Core OID)(8)		2.68%			2.66%			2.72%			2.67%			2.69%
Cost of funds		2.43%			2.55%			2.66%			2.74%			2.70%
Cost of funds (ex. Core OID)(8)		2.39%			2.51%			2.62%			2.70%			2.66%
Efficiency Ratio (9)		65.2%			53.6%			52.3%			56.8%			51.9%
Adjusted efficiency ratio(8)(9)		52.3%			49.4%			45.3%			46.1%			48.9%
Return on average assets(10)		-0.7%			0.8%			0.8%			1.3%			0.8%
Return on average total equity(10)		-9.1%			10.5%			10.6%			16.6%			11.1%
Return on average tangible common equity(10)		-9.4%			10.7%			10.8%			17.0%			11.3%
Core ROTCE(11)		-5.4%			11.2%			12.3%			12.4%			10.9%
Capital Ratios(12)
Common Equity Tier 1 (CET1) capital ratio		9.3%			9.5%			9.6%			9.5%			9.3%
Tier 1 capital ratio		10.9%			11.2%			11.2%			11.2%			11.0%
Total capital ratio		12.8%			12.8%			12.8%			12.7%			12.5%
Tier 1 leverage ratio		8.9%			9.1%			9.1%			9.0%			9.0%

(1) Represents anon-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents anon-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. ForNon-GAAP calculation methodology and details see page 21.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.

(5) Due to antidilutive effect of the net loss frompre-tax loss from continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to calculate diluted earnings per share.

(6) Represents anon-GAAP financial measure. For more details refer to page 21.

(7) Represents anon-GAAP financial measure. For more details refer to page 22.

(8) Represents anon-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(9) Represents anon-GAAP financial measure. For more details refer to page 24.

(10) Return metrics are annualized.

(11) Return metrics are annualized. Represents anon-GAAP financial measure. For more details refer to page 23.

(12) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital. For more details on the final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally.

1Q 2020 Preliminary Results 4

ALLY FINANCIAL INC. CONSOLIDATED INCOME STATEMENT

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Financing revenue and other interest income
Interest and fees on finance receivables and loans	$	1,742		$	1,811		$	1,859		$	1,860		$	1,807		$	(69	)	$	(65	)
Interest on loansheld-for-sale		2			4			8			3			2			(2	)		-
Total interest and dividends on investment securities		213			217			221			227			222			(4	)		(9	)
Interest-bearing cash		14			15			19			21			23			(1	)		(9	)
Other earning assets		13			17			16			17			18			(4	)		(5	)
Operating leases		367			378			368			363			361			(11	)		6
Total financing revenue and other interest income		2,351			2,442			2,491			2,491			2,433			(91	)		(82	)
Interest expense
Interest on deposits		592			637			658			651			592			(45	)		-
Interest on short-term borrowings		17			21			33			37			44			(4	)		(27	)
Interest on long-term debt		348			366			378			407			419			(18	)		(71	)
Total interest expense		957			1,024			1,069			1,095			1,055			(67	)		(98	)
Depreciation expense on operating lease assets		248			262			234			239			246			(14	)		2
Net financing revenue (as reported)	$	1,146		$	1,156		$	1,188		$	1,157		$	1,132		$	(10	)	$	14
Other revenue
Servicing fees		3			3			4			5			6			(0	)		(3	)
Insurance premiums and service revenue earned		277			285			280			261			261			(8	)		16
Gain on mortgage and automotive loans, net		(12	)		6			10			2			10			(18	)		(22	)
Other (loss) / gain on investments, net		(79	)		69			27			39			108			(148	)		(187	)
Other income, net of losses		77			125			92			88			81			(48	)		(5	)
Total other revenue		266			487			413			395			466			(221	)		(200	)
Total net revenue		1,412			1,643			1,601			1,552			1,598			(231	)		(186	)
Provision for loan losses		903			276			263			177			282			627			621
Noninterest expense
Compensation and benefits expense		360			312			296			296			318			48			42
Insurance losses and loss adjustment expenses		74			61			74			127			59			13			15
Other operating expenses		486			507			468			458			453			(21	)		33
Total noninterest expense		920			880			838			881			830			40			90
Pre-tax (loss) income from continuing operations	$	(411	)	$	487		$	500		$	494		$	486		$	(898	)	$	(897	)
Income tax (benefit) expense from continuing operations		(92	)		106			119			(90	)		111			(198	)		(203	)
Net (loss) income from continuing operations		(319	)		381			381			584			375			(700	)		(694	)
Income / (Loss) from discontinued operations, net of tax		-			(3	)		-			(2	)		(1	)		3			1
Net (loss) income	$	(319	)	$	378		$	381		$	582		$	374		$	(697	)	$	(693	)
CorePre-Tax Income Walk
Net financing revenue (ex. Core OID)(1)	$	1,154		$	1,164		$	1,195		$	1,164		$	1,139		$	(10	)	$	16
Adjusted other revenue(2)		451			458			424			393			396			(7	)		55
Provision for loan losses		903			276			263			177			282			627			621
Noninterest expense		920			880			838			881			830			40			90
Corepre-tax (loss) income(3)	$	(217	)	$	466		$	519		$	499		$	423		$	(683	)	$	(640	)
Core OID		(8	)		(8	)		(7	)		(7	)		(7	)		(0	)		(2	)
Change in the fair value of equity securities(4)		(185	)		29			(11	)		2			70			(214	)		(255	)
Pre-tax (loss) income from continuing operations	$	(411	)	$	487		$	500		$	494		$	486		$	(898	)	$	(897	)

(1) Represents anon-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents anon-GAAP financial measure. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For more details refer to page 21.

(3) Corepre-tax income is anon-GAAP financial measure that adjustspre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes corepre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

(4) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

1Q 2020 Preliminary Results 5

ALLY FINANCIAL INC. CONSOLIDATEDPERIOD-END BALANCE SHEET

($in millions)

	QUARTERLY TRENDS															CHANGE VS.
	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Assets
Cash and cash equivalents
Noninterest-bearing	$	453		$	619		$	723		$	659		$	946		$	(166	)	$	(493	)
Interest-bearing		5,708			2,936			2,894			2,904			3,011			2,772			2,697
Total cash and cash equivalents		6,161			3,555			3,617			3,563			3,957			2,606			2,204
Investment securities(1)		31,619			32,468			32,572			31,740			30,553			(849	)		1,066
Loansheld-for-sale, net		235			158			1,000			275			107			77			128
Finance receivables and loans		128,139			128,231			128,609			129,210			130,055			(92	)		(1,916	)
Allowance for loan losses		(3,245	)		(1,263	)		(1,277	)		(1,282	)		(1,288	)		(1,982	)		(1,957	)
Total finance receivables and loans, net		124,894			126,968			127,332			127,928			128,767			(2,074	)		(3,873	)
Investment in operating leases, net		9,064			8,864			8,653			8,407			8,339			200			725
Premiums receivables and other insurance assets		2,576			2,558			2,521			2,460			2,401			18			175
Other assets		7,978			6,073			5,790			6,075			5,993			1,905			1,985
Total assets	$	182,527		$	180,644		$	181,485		$	180,448		$	180,117		$	1,883		$	2,410
Liabilities
Deposit liabilities
Noninterest-bearing	$	139		$	119		$	156		$	162		$	141		$	20		$	(2	)
Interest-bearing		122,185			120,633			119,074			116,163			113,158			1,552			9,027
Total deposit liabilities		122,324			120,752			119,230			116,325			113,299			1,572			9,025
Short-term borrowings		9,493			5,531			5,335			6,519			6,115			3,962			3,378
Long-term debt		31,066			34,027			35,730			37,466			41,490			(2,961	)		(10,424	)
Interest payable		710			641			894			744			696			69			14
Unearned insurance premiums and service revenue		3,305			3,305			3,246			3,171			3,096			-			209
Accrued expense and other liabilities		2,110			1,972			2,600			1,907			1,722			138			388
Total liabilities	$	169,008		$	166,228		$	167,035		$	166,132		$	166,418		$	2,780		$	2,590
Equity
Common stock andpaid-in capital(2)	$	18,278		$	18,350		$	18,628		$	18,914		$	19,119		$	(72	)	$	(841	)
Accumulated deficit		(5,465	)		(4,057	)		(4,368	)		(4,682	)		(5,195	)		(1,408	)		(270	)
Accumulated other comprehensive income / (loss)		706			123			190			84			(225	)		583			931
Total equity		13,519			14,416			14,450			14,316			13,699			(897	)		(180	)
Total liabilities and equity	$	182,527		$	180,644		$	181,485		$	180,448		$	180,117		$	1,883		$	2,410

(1) Includesheld-to-maturity securities.

(2) Includes Treasury stock.

1Q 2020 Preliminary Results 6

ALLY FINANCIAL INC. CONSOLIDATED AVERAGE BALANCE SHEET⁽¹⁾

($in millions)

	QUARTERLY TRENDS															CHANGE VS.
	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Assets
Interest-bearing cash and cash equivalents	$	4,853		$	3,811		$	3,539		$	3,713		$	4,212		$	1,042		$	641
Investment securities and other earning assets		32,694			33,680			32,708			32,446			30,555			(986	)		2,139
Loansheld-for-sale, net		150			405			745			191			190			(255	)		(40	)
Total finance receivables and loans, net(2)		126,646			127,184			128,799			129,950			128,663			(538	)		(2,017	)
Investment in operating leases, net		9,078			8,749			8,525			8,370			8,389			329			689
Total interest earning assets		173,420			173,829			174,316			174,670			172,009			(409	)		1,411
Noninterest-bearing cash and cash equivalents		418			297			391			544			445			121			(27	)
Other assets		7,583			7,232			7,012			6,722			6,558			351			1,025
Allowance for loan losses		(2,629	)		(1,277	)		(1,287	)		(1,284	)		(1,248	)		(1,352	)		(1,381	)
Total assets	$	178,792		$	180,081		$	180,432		$	180,652		$	177,764		$	(1,289	)	$	1,028
Liabilities
Interest-bearing deposit liabilities
Retail deposit liabilities	$	104,483		$	102,362		$	99,874		$	96,855		$	91,881		$	2,121		$	12,602
Other interest-bearing deposit liabilities(3)		16,593			17,553			17,615			17,402			17,291			(960	)		(698	)
Total Interest-bearing deposit liabilities		121,076			119,915			117,489			114,257			109,172			1,161			11,904
Short-term borrowings		4,496			4,283			5,550			5,887			7,054			213			(2,558	)
Long-term debt(4)		33,122			34,954			36,395			40,222			42,396			(1,832	)		(9,274	)
Total interest-bearing liabilities(4)		158,694			159,152			159,434			160,366			158,622			(458	)		72
Noninterest-bearing deposit liabilities		141			142			149			135			137			(1	)		4
Other liabilities		6,137			6,352			6,468			6,357			5,660			(215	)		477
Total liabilities	$	164,972		$	165,646		$	166,051		$	166,858		$	164,419		$	(674	)	$	553
Equity
Total equity	$	13,820		$	14,435		$	14,381		$	13,794		$	13,345		$	(615	)	$	475
Total liabilities and equity	$	178,792		$	180,081		$	180,432		$	180,652		$	177,764		$	(1,289	)	$	1,028

(1) Average balances are calculated using a combination of monthly and daily average methodologies.

(2) Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(3) Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow, and other deposits).

(4) Includes average Core OID balance of $1,059 million in 1Q 20, $1,067 million in 4Q 19, $1,075 million in 3Q 19, $1,082 million in 2Q 19, and $1,089 million in 1Q 19.

1Q 2020 Preliminary Results 7

ALLY FINANCIAL INC. SEGMENT HIGHLIGHTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Pre-tax Income / (Loss)
Automotive Finance	$	(173	)	$	401		$	429		$	459		$	329		$	(574	)	$	(502	)
Insurance		(105	)		114			56			-			145			(219	)		(250	)
Dealer Financial Services		(278	)		515			485			459			474			(793	)		(752	)
Corporate Finance		(68	)		50			44			46			13			(118	)		(81	)
Mortgage Finance		12			2			11			14			13			10			(1	)
Corporate and Other(1)		(77	)		(80	)		(40	)		(25	)		(14	)		3			(63	)
Pre-tax (loss) income from continuing operations	$	(411	)	$	487		$	500		$	494		$	486		$	(898	)	$	(897	)
Core OID(2)		8			8			7			7			7			0			2
Change in the fair value of equity securities(3)		185			(29	)		11			(2	)		(70	)		214			255
Corepre-tax (loss) income(4)	$	(217	)	$	466		$	519		$	499		$	423		$	(683	)	$	(640	)

(1) Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.

(2) Core OID for all periods shown are applied to thepre-tax income of the Corporate and Other segment.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Corepre-tax income is anon-GAAP financial measure that adjustspre-tax income from continuing operations by excluding (1) Core OID and (2) equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Management believes corepre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

1Q 2020 Preliminary Results 8

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Net financing revenue
Consumer	$	1,202		$	1,234		$	1,227		$	1,184		$	1,130		$	(32	)	$	72
Commercial		307			342			385			412			422			(35	)		(115	)
Loans held for sale		-			(1	)		-			-			1			1			(1	)
Operating leases		367			378			368			363			361			(11	)		6
Other interest income		1			1			3			3			1			-			-
Total financing revenue and other interest income		1,877			1,954			1,983			1,962			1,915			(77	)		(38	)
Interest expense		589			631			671			701			689			(42	)		(100	)
Depreciation expense on operating lease assets:
Depreciation expense on operating lease assets (ex. remarketing)		251			265			262			261			262			(15	)		(11	)
Remarketing gains		2			3			28			23			15			(0	)		(13	)
Total depreciation expense on operating lease assets		248			262			234			239			246			(14	)		2
Net financing revenue		1,040			1,061			1,078			1,022			980			(21	)		60
Other revenue
Servicing fees		1			2			3			4			5			(1	)		(4	)
Gain/(loss) on automotive loans, net		-			-			-			-			8			-			(8	)
Other income		46			58			57			57			56			(13	)		(10	)
Total other revenue		47			61			59			61			68			(14	)		(21	)
Total net revenue		1,087			1,122			1,137			1,083			1,048			(35	)		39
Provision for loan losses		766			255			265			180			262			511			504
Noninterest expense
Compensation and benefits		148			133			128			127			136			15			12
Other operating expenses		346			333			315			317			321			13			25
Total noninterest expense		494			466			443			444			457			28			37
Pre-tax (loss) income	$	(173	)	$	401		$	429		$	459		$	329		$	(574	)	$	(502	)
Memo: Net lease revenue
Operating lease revenue	$	367		$	378		$	368		$	363		$	361		$	(11	)	$	6
Depreciation expense on operating lease assets (ex. remarketing)		251			265			262			261			262			(15	)		(11	)
Remarketing gains (losses), net of repo valuation		2			3			28			23			15			(0	)		(13	)
Total depreciation expense on operating lease assets		248			262			234			239			246			(14	)		2
Net lease revenue	$	119		$	116		$	134		$	124		$	115		$	3		$	4
Balance Sheet(Period-End)
Cash, trading and investment securities	$	23		$	23		$	23		$	23		$	23		$	-		$	-
Consumer loans		72,463			72,254			72,894			72,746			71,490			209			973
Commercial loans		31,390			32,490			33,330			33,575			35,726			(1,100	)		(4,336	)
Allowance for loan losses		(2,968	)		(1,130	)		(1,156	)		(1,146	)		(1,138	)		(1,838	)		(1,830	)
Total finance receivables and loans, net		100,885			103,614			105,068			105,175			106,078			(2,729	)		(5,193	)
Investment in operating leases, net		9,064			8,864			8,653			8,407			8,339			200			725
Other assets		1,582			1,362			1,352			1,350			1,349			220			233
Total assets	$	111,554		$	113,863		$	115,096		$	114,955		$	115,789		$	(2,309	)	$	(4,235	)

1Q 2020 Preliminary Results 9

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - KEY STATISTICS

	QUARTERLY TRENDS										CHANGE VS.
	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19		4Q 19			1Q 19
U.S. Consumer Originations(1)($inbillions)
Retail standard - new vehicle GM	$	1.0	$	1.2	$	1.3	$	1.2	$	1.0	$	(0.2	)	$	(0.0	)
Retail standard - new vehicle Chrysler		0.8		0.8		0.9		0.9		0.8		(0.0	)		(0.0	)
Retail standard - new vehicle Growth		1.1		1.0		1.2		1.3		1.2		0.1			(0.1	)
Used vehicle		5.0		3.9		4.6		5.3		5.2		1.0			(0.2	)
Lease		1.2		1.2		1.3		1.1		0.9		0.0			0.3
Retail subvented		0.0		0.0		0.1		0.1		0.1		(0.0	)		(0.0	)
Total originations	$	9.1	$	8.1	$	9.3	$	9.7	$	9.2	$	0.9		$	(0.1	)
U.S. Consumer Originations - FICO Score
Super Prime (740+)	$	2.1	$	2.1	$	2.2	$	2.2	$	2.1	$	0.0		$	(0.0	)
Prime(660-739)		3.4		2.9		3.4		3.6		3.3		0.4			0.0
Prime/Near(620-659)		1.9		1.6		2.0		2.1		2.1		0.3			(0.1	)
Non Prime(540-619)		0.9		0.8		0.9		1.0		0.9		0.1			0.1
Sub Prime(0-539)		0.1		0.1		0.1		0.1		0.1		0.0			(0.0	)
Commercial Services Group(2)		0.6		0.7		0.7		0.7		0.7		(0.0	)		(0.0	)
Total originations	$	9.1	$	8.1	$	9.3	$	9.7	$	9.2	$	0.9		$	(0.1	)
U.S. Market
Light vehicle sales(SAAR - units in millions)		15.0		16.7		17.0		17.0		16.9		(1.7	)		(1.9	)
Light vehicle sales(NSA - units in millions)		3.5		4.3		4.3		4.4		4.0		(0.8	)		(0.5	)
GM market share		17.7%		17.3%		17.2%		16.9%		16.6%
Chrysler market share		12.8%		12.7%		13.1%		13.5%		12.4%
Ally U.S. Consumer Penetration
GM		6.2%		5.6%		5.7%		5.6%		5.7%
Chrysler		13.2%		12.5%		12.1%		11.1%		12.1%
Ally U.S. Commercial Outstandings EOP($ in billions)
Floorplan outstandings	$	26.1	$	27.0	$	27.7	$	27.9	$	30.1	$	(0.9	)	$	(4.0	)
Dealer loans and other		5.3		5.5		5.6		5.6		5.7		(0.2	)		(0.3	)
Total Commercial outstandings	$	31.4	$	32.5	$	33.3	$	33.6	$	35.7	$	(1.1	)	$	(4.3	)
U.S.Off-Lease Remarketing
Off-lease vehicles terminated -on-balance sheet(# in units)		20,419		27,832		29,985		29,267		26,030		(7,413	)		(5,611	)
Average gain / (loss) per vehicle	$	121	$	99	$	944	$	776	$	573	$	22		$	(452	)
Total gain / (loss)($ in millions)	$	2	$	3	$	28	$	23	$	15	$	(0	)	$	(12	)

(1) Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.

(2) Commercial Services Group (CSG) are business customers. Average annualized credit losses of40-45 bps on CSG loans from 2016 through 1Q20

1Q 2020 Preliminary Results 10

ALLY FINANCIAL INC. INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS

($ in millions)

	QUARTERLY TRENDS													CHANGE VS.
Income Statement(GAAP View)	1Q 20			4Q 19		3Q 19			2Q 19			1Q 19		4Q 19			1Q 19
Net financing revenue
Interest and dividends on investment securities	$	29		$	29	$	28		$	29		$	27	$	-		$	2
Interest bearing cash		5			5		6			5			4		-			1
Total financing revenue and other interest revenue		34			34		34			34			31		-			3
Interest expense		20			21		20			19			19		(1	)		1
Net financing revenue		14			13		14			15			12		1			2
Other revenue
Insurance premiums and service revenue earned		277			285		280			261			261		(8	)		16
Other (loss) / gain on investments, net		(142	)		51		6			23			95		(193	)		(237	)
Other income, net of losses		2			3		3			2			4		(1	)		(2	)
Total other revenue		137			339		289			286			360		(202	)		(223	)
Total net revenue		151			352		303			301			372		(201	)		(221	)
Noninterest expense
Compensation and benefits expense		21			20		19			20			21		1			-
Insurance losses and loss adjustment expenses		74			61		74			127			59		13			15
Other operating expenses		161			157		154			154			147		4			14
Total noninterest expense		256			238		247			301			227		18			29
Pre-tax (loss) income	$	(105	)	$	114	$	56		$	-		$	145	$	(219	)	$	(250	)
Memo: Income Statement(Managerial View)
Insurance premiums and other income
Insurance premiums and service revenue earned	$	277		$	285	$	280		$	261		$	261	$	(8	)	$	16
Investment income (adjusted)(1)		54			36		30			34			42		18			12
Other income		2			3		3			2			4		(1	)		(2	)
Total insurance premiums and other income		333			324		313			297			307		9			26
Expense
Insurance losses and loss adjustment expenses		74			61		74			127			59		13			15
Acquisition and underwriting expenses
Compensation and benefit expense		21			20		19			20			21		1			-
Insurance commission expense		126			123		120			117			114		3			12
Other expense		35			34		34			37			33		1			2
Total acquisition and underwriting expense		182			177		173			174			168		5			14
Total expense		256			238		247			301			227		18			29
Corepre-tax income / (loss)(1)		77			86		66			(4	)		80		(9	)		(3	)
Change in the fair value of equity securities(1)		(182	)		28		(10	)		4			65		(210	)		(247	)
(Loss) / income before income tax expense	$	(105	)	$	114	$	56		$	-		$	145	$	(219	)	$	(250	)
Balance Sheet(Period-End)
Cash, trading and investment securities	$	5,193		$	5,742	$	5,713		$	5,538		$	5,512	$	(549	)	$	(319	)
Premiums receivable and other insurance assets		2,594			2,576		2,539			2,478			2,420		18			174
Other assets		633			229		226			225			247		404			386
Total assets	$	8,420		$	8,547	$	8,478		$	8,241		$	8,179	$	(127	)	$	241
Key Statistics
Total written premiums and revenue(2)	$	317		$	335	$	357		$	314		$	305	$	(18	)	$	12
Loss ratio(3)		26.5%			21.2%		26.1%			48.5%			22.2%
Underwriting expense ratio(4)		65.1%			61.5%		61.4%			65.9%			63.5%
Combined ratio		91.6%			82.7%		87.5%			114.4%			85.7%

(1) Represents anon-GAAP financial measure. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(2) Written premiums are net of ceded premium for reinsurance.

(3) Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

(4) Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

1Q 2020 Preliminary Results 11

ALLY FINANCIAL INC. MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Net financing revenue
Total financing revenue and other interest income	$	138		$	137		$	144		$	150		$	146		$	1		$	(8	)
Interest expense		100			101			105			104			96			(1	)		4
Net financing revenue		38			36			39			46			50			2			(12	)
Gain on mortgage loans, net		9			6			10			2			2			3			7
Other income, net of losses		1			-			-			2			-			1			1
Total other revenue		10			6			10			4			2			4			8
Total net revenue		48			42			49			50			52			6			(4	)
Provision for loan losses		1			3			-			-			2			(2	)		(1	)
Noninterest expense
Compensation and benefits expense		6			7			7			9			8			(1	)		(2	)
Other operating expense		29			30			31			27			29			(1	)		-
Total noninterest expense		35			37			38			36			37			(2	)		(2	)
Pre-tax income	$	12		$	2		$	11		$	14		$	13		$	10		$	(1	)
Balance Sheet(Period-End)
Finance receivables and loans, net:
Consumer loans	$	15,949		$	16,181		$	15,782		$	16,485		$	16,225		$	(232	)	$	(276	)
Allowance for loan losses		(18	)		(19	)		(17	)		(18	)		(18	)		1			-
Total finance receivables and loans, net		15,931			16,162			15,765			16,467			16,207			(231	)		(276	)
Other assets		204			117			818			117			94			87			110
Total assets	$	16,135		$	16,279		$	16,583		$	16,584		$	16,301		$	(144	)	$	(166	)

1Q 2020 Preliminary Results 12

ALLY FINANCIAL INC. CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Net financing revenue
Total financing revenue and other interest income	$	95		$	93		$	93		$	97		$	90		$	2		$	5
Interest expense		27			29			33			36			36			(2	)		(9	)
Net financing revenue		68			64			60			61			54			4			14
Total other revenue (adjusted)(1)		17			15			10			12			7			2			10
Total net revenue		85			79			70			73			61			6			24
Provision for loan losses		114			7			3			3			23			107			91
Noninterest expense
Compensation and benefits expense		21			13			13			13			19			8			2
Other operating expense		14			9			9			9			10			5			4
Total noninterest expense		35			22			22			22			29			13			6
Corepre-tax income(1)		(64	)		50			45			48			9			(114	)		(73	)
Change in the fair value of equity securities(2)		(4	)		0			(1	)		(2	)		4			(4	)		(8	)
Pre-tax (loss) income	$	(68	)	$	50		$	44		$	46		$	13		$	(118	)	$	(81	)
Balance Sheet(Period-End)
Cash, trading and investment securities	$	4		$	8		$	8		$	9		$	12		$	(4	)	$	(8	)
Loans held for sale		133			100			240			195			24			33			109
Commercial loans		6,549			5,688			5,033			4,795			5,001			861			1,548
Allowance for loan losses		(191	)		(77	)		(75	)		(87	)		(96	)		(114	)		(95	)
Total finance receivables and loans, net		6,358			5,611			4,958			4,708			4,905			747			1,453
Other assets		77			68			69			68			65			9			12
Total assets	$	6,572		$	5,787		$	5,275		$	4,980		$	5,006		$	785		$	1,566

(1) Represents anon-GAAP financial measure. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 21 for more details.

(2) Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

1Q 2020 Preliminary Results 13

ALLY FINANCIAL INC. CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Net financing revenue
Total financing revenue and other interest income	$	207		$	224		$	237		$	248		$	251		$	(17	)	$	(44	)
Interest expense
Core original issue discount amortization		8			8			7			7			7			0			2
Other interest expense		213			234			233			228			208			(21	)		4
Total interest expense		221			242			240			235			215			(21	)		6
Net financing (loss) / revenue		(14	)		(18	)		(3	)		13			36			4			(50	)
Other revenue
Other gain on investments, net		67			18			22			14			9			49			58
Other income, net of losses (1)		(8	)		48			24			20			16			(56	)		(24	)
Total other revenue		59			66			46			34			25			(7	)		34
Total net revenue		45			48			43			47			61			(3	)		(16	)
Provision for loan losses		22			11			(5	)		(6	)		(5	)		11			27
Noninterest expense
Compensation and benefits expense		164			139			129			127			134			25			30
Other operating expense(2)		(64	)		(22	)		(41	)		(49	)		(54	)		(42	)		(10	)
Total noninterest expense		100			117			88			78			80			(17	)		20
Pre-tax (loss) income	$	(77	)	$	(80	)	$	(40	)	$	(25	)	$	(14	)	$	3		$	(63	)
Balance Sheet(Period-End)
Cash, trading and investment securities	$	32,560		$	30,250		$	30,445		$	29,733		$	28,963		$	2,310		$	3,597
Loansheld-for-sale		34			30			67			58			50			4			(16	)
Consumer loans		1,654			1,489			1,405			1,467			1,496			165			158
Commercial loans(3)		134			129			165			142			135			5			(1	)
Allowance for loan losses		(68	)		(37	)		(29	)		(31	)		(36	)		(31	)		(32	)
Total finance receivables and loans, net		1,720			1,581			1,541			1,578			1,595			139			125
Other assets		5,532			4,307			4,000			4,319			4,234			1,225			1,298
Total assets	$	39,846		$	36,168		$	36,053		$	35,688		$	34,842		$	3,678		$	5,004
Core OID Amortization Schedule (4)	2020			2021			2022			2023			2024 & After
Remaining Core OID amortization expense	$	27		$	41		$	47		$	54			Avg = $52/yr

(1) Includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.

(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $256 million for 1Q20, $225 million for 4Q19, $225 million for 3Q19, $219 million for 2Q19 and $229 million for 1Q19. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3) Includes intercompany.

(4) Represents anon-GAAP financial measure. For more details refer to page 21.

1Q 2020 Preliminary Results 14

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION

($ in millions)

	QUARTERLY TRENDS										CHANGE VS.
Asset Quality - Consolidated(1)	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19		4Q 19			1Q 19
Ending loan balance	$	128,129	$	128,220	$	128,609	$	129,210	$	130,055	$	(91	)	$	(1,926	)
30+ Accruing DPD	$	2,622	$	2,709	$	2,561	$	2,227	$	1,920	$	(87	)	$	702
30+ Accruing DPD %		2.05%		2.11%		1.99%		1.72%		1.48%
Non-performing loans (NPLs)	$	1,458	$	1,036	$	929	$	903	$	987	$	422		$	471
Net charge-offs (NCOs)	$	266	$	290	$	267	$	182	$	237	$	(24	)	$	29
Netcharge-off rate(2)		0.84%		0.91%		0.83%		0.56%		0.73%
Provision for loan losses	$	903	$	276	$	263	$	177	$	282	$	627		$	621
Allowance for loan losses (ALLL)	$	3,245	$	1,263	$	1,277	$	1,282	$	1,288	$	1,982		$	1,957
ALLL as % of Loans(3) (4)		2.54%		0.99%		0.99%		0.99%		0.99%
ALLL as % of NPLs(3)		223%		122%		137%		142%		130%
ALLL as % of NCOs(3)		305%		109%		119%		176%		136%
US Auto Delinquencies - HFI Retail Contract $‘s(5)
Delinquent contract $	$	2,528	$	2,616	$	2,428	$	2,113	$	1,833	$	(88	)	$	695
% of retail contract $ outstanding		3.47%		3.61%		3.32%		2.90%		2.56%
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s
Net charge-offs	$	262	$	271	$	253	$	172	$	234	$	(9	)	$	28
% of avg. HFI assets (2)		1.44%		1.49%		1.38%		0.95%		1.32%
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s
Net charge-offs	$	2	$	10	$	1	$	1	$	0	$	(8	)	$	2
% of avg. HFI assets (2)		0.03%		0.12%		0.02%		0.01%		0.00%

(1) Loans within this table are classified asheld-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.

(2) Netcharge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loansheld-for-sale during the year for each loan category.

(3) ALLL coverage ratios are based on the allowance for loan losses related to loansheld-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.

(4) Excludes $370 million of fair value adjustment for loans in hedge accounting relationships in 1Q20, $135 million in 4Q19, $176 million in 3Q19, $153 million in 2Q19 and $63 million in 1Q19.

(5) Dollar amount of accruing contracts greater than 30 days past due

1Q 2020 Preliminary Results 15

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION, CONTINUED

($ in millions)

CONTINUING OPERATIONS

Automotive Finance(1)	QUARTERLY TRENDS										CHANGE VS.
Consumer	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19		4Q 19			1Q 19
Allowance for loan losses	$	2,833	$	1,075	$	1,090	$	1,078	$	1,070	$	1,758		$	1,763
Total consumer loans(2)	$	72,832	$	72,390	$	73,071	$	72,898	$	71,553	$	442		$	1,279
Coverage ratio(3)		3.91%		1.49%		1.50%		1.48%		1.50%
Commercial
Allowance for loan losses	$	135	$	55	$	66	$	68	$	68	$	80		$	67
Total commercial loans	$	31,390	$	32,490	$	33,330	$	33,575	$	35,708	$	(1,100	)	$	(4,318	)
Coverage ratio		0.43%		0.17%		0.20%		0.20%		0.19%
Mortgage(1)
Consumer
Mortgage Finance
Allowance for loan losses	$	18	$	19	$	17	$	18	$	18	$	(1	)	$	-
Total consumer loans	$	15,949	$	16,181	$	15,782	$	16,485	$	16,225	$	(232	)	$	(276	)
Coverage ratio		0.11%		0.12%		0.11%		0.11%		0.11%
Mortgage - Legacy
Allowance for loan losses	$	21	$	27	$	27	$	31	$	34	$	(6	)	$	(13	)
Total consumer loans	$	1,061	$	1,141	$	1,228	$	1,315	$	1,433	$	(80	)	$	(372	)
Coverage ratio		1.99%		2.35%		2.23%		2.35%		2.36%
Total Mortgage
Allowance for loan losses	$	39	$	46	$	44	$	49	$	52	$	(7	)	$	(13	)
Total consumer loans	$	17,010	$	17,322	$	17,010	$	17,800	$	17,658	$	(312	)	$	(648	)
Coverage ratio		0.23%		0.27%		0.26%		0.27%		0.29%
Consumer Other (1)(4)
Allowance for loan losses	$	45	$	9							$	36		$	45
Total consumer loans	$	214	$	201							$	13		$	214
Coverage ratio		21.23%		4.65%
Corporate Finance (1)
Allowance for loan losses	$	191	$	77	$	75	$	87	$	96	$	114		$	95
Total commercial loans	$	6,549	$	5,688	$	5,033	$	4,795	$	5,001	$	861		$	1,548
Coverage ratio		2.92%		1.35%		1.50%		1.81%		1.91%
Corporate and Other (1)
Allowance for loan losses	$	2	$	1	$	2	$	0	$	2	$	1		$	-
Total commercial loans	$	134	$	129	$	165	$	142	$	135	$	5		$	(1	)
Coverage ratio		1.36%		0.69%		0.93%		0.34%		1.31%

(1) ALLL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.

(2) Includes $370 million of fair value adjustment for loans in hedge accounting relationships in 1Q20, $135 million in 4Q19, $176 million in 3Q19, $153 million in 2Q19 and $63 million in 1Q19.

(3) Excludes $370 million of fair value adjustment for loans in hedge accounting relationships in 1Q20, $135 million in 4Q19, $176 million in 3Q19, $153 million in 2Q19 and $63 million in 1Q19.

(4) Represents Health Credit Services (HCS) which Ally acquired in 4Q19 (now Ally Lending).

1Q 2020 Preliminary Results 16

ALLY FINANCIAL INC. CAPITAL

($ in billions)

								��
	QUARTERLY TRENDS															CHANGE VS.
	Basel III Transition
Capital(1)	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Risk-weighted assets	$	146.0		$	145.1		$	146.1		$	145.9		$	145.9		$	0.9		$	0.1
Common Equity Tier 1 (CET1) capital ratio		9.3%			9.5%			9.6%			9.5%			9.3%
Tier 1 capital ratio		10.9%			11.2%			11.2%			11.2%			11.0%
Total capital ratio		12.8%			12.8%			12.8%			12.7%			12.5%
Tangible common equity / Tangible assets(2)(3)		7.2%			7.8%			7.8%			7.8%			7.5%
Tangible common equity / Risk-weighted assets (2)		9.0%			9.6%			9.7%			9.6%			9.2%
Shareholders’ equity	$	13.5		$	14.4		$	14.5		$	14.3		$	13.7		$	(0.9	)	$	(0.2	)
add: CECLphase-in adjustment		1.2
less:   Disallowed DTA		-			-			-			(0.1	)		(0.1	)		-			0.1
Certain AOCI items and other adjustments		(1.1	)		(0.6	)		(0.5	)		(0.3	)		-			(0.5	)		(1.1	)
Common Equity Tier 1 capital	$	13.5		$	13.8		$	14.0		$	13.9		$	13.6		$	(0.3	)	$	(0.1	)
Common Equity Tier 1 capital	$	13.5		$	13.8		$	14.0		$	13.9		$	13.6		$	(0.3	)	$	(0.1	)
add: Trust preferred securities		2.5			2.5			2.5			2.5			2.5			-			-
less:   Other adjustments		(0.1	)		(0.1	)		(0.1	)		(0.1	)		(0.1	)		-			-
Tier 1 capital	$	16.0		$	16.3		$	16.4		$	16.3		$	16.0		$	(0.3	)	$	-
Tier 1 capital	$	16.0		$	16.3		$	16.4		$	16.3		$	16.0		$	(0.3	)	$	-
add: Qualifying subordinated debt		1.0			1.0			1.0			1.0			1.0			-			-
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments		1.7			1.2			1.2			1.2			1.2			0.5			0.5
Total capital	$	18.6		$	18.5		$	18.6		$	18.6		$	18.3		$	0.1		$	0.3
Total shareholders’ equity	$	13.5		$	14.4		$	14.5		$	14.3		$	13.7		$	(0.9	)	$	(0.2	)
Goodwill and intangible assets, net of deferred tax liabilities		(0.4	)		(0.5	)		(0.3	)		(0.3	)		(0.3	)		0.1			(0.1	)
Tangible common equity(2)	$	13.1		$	14.0		$	14.2		$	14.0		$	13.4		$	(0.9	)	$	(0.3	)
Total assets	$	182.5		$	180.6		$	181.5		$	180.4		$	180.1		$	1.9		$	2.4
less:   Goodwill and intangible assets, net of deferred tax liabilities		(0.4	)		(0.5	)		(0.3	)		(0.3	)		(0.3	)		0.1			(0.1	)
Tangible assets(3)	$	182.1		$	180.2		$	181.2		$	180.2		$	179.8		$	1.9		$	2.3
Denominator for Common equity tier 1 ratio
Risk-weighted assets (transition)	$	146.0		$	145.1		$	146.1		$	145.9		$	145.9
Metric
Common equity tier 1 ratio (transition)		9.3%			9.5%			9.6%			9.5%			9.3%

Note: Numbers may not foot due to rounding

(1) Basel III rules became effective on January 1, 2015, subject to transition provisions primarily related to deductions and adjustments impacting CET1 capital and Tier 1 capital

(2) Represents anon-GAAP financial measure. Tangible Common Equity is anon-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted fortax-effected Core OID balance and net deferred tax asset.

(3) Represents anon-GAAP financial measure. Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.

In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in theday-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020, and provides an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after atwo-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as theday-one impact of adoption plus 25% of the subsequent change in allowance during thetwo-year deferral period, which according to the interim final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and plan to phase in the regulatory capital impacts of CECL based on this five-year transition period.

1Q 2020 Preliminary Results 17

ALLY FINANCIAL INC. LIQUIDITY

($ in billions)

	QUARTERLY TRENDS										CHANGE VS.
Consolidated Available Liquidity	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19		4Q 19			1Q 19
Cash and cash equivalents(1)	$	5.7	$	3.1	$	3.2	$	3.2	$	3.5	$	2.5		$	2.2
Highly liquid securities(2)		24.0		24.7		23.5		21.5		20.3		(0.7	)		3.7
Current committed unused capacity		0.4		2.1		2.0		1.6		1.8		(1.7	)		(1.5	)
Total current available liquidity	$	30.1	$	29.9	$	28.6	$	26.3	$	25.6	$	0.2		$	4.4
Unsecured Long-Term Debt Maturity Profile	2020		2021		2022		2023		2024		2025 & After
Consolidated remaining maturities	$	0.5	$	0.7	$	1.1	$	0.0	$	1.5	$	6.9

(1) May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date

(2) Includes unencumbered UST, Agency debt and Agency MBS

1Q 2020 Preliminary Results 18

ALLY FINANCIAL INC. NET INTEREST MARGIN AND DEPOSITS

($ in millions)

	QUARTERLY TRENDS										CHANGE VS.
Average Balance Details	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19		4Q 19			1Q 19
Retail Auto Loans	$	72,550	$	72,626	$	73,162	$	72,274	$	70,981	$	(76	)	$	1,569
Auto Lease (net of dep)		9,078		8,749		8,525		8,370		8,389		329			689
Commercial Auto		30,472		31,921		33,273		34,757		35,641		(1,449	)		(5,169	)
Corporate Finance		6,088		5,526		5,166		5,080		4,825		562			1,263
Mortgage		17,296		17,140		17,723		17,841		17,186		156			110
Cash, Securities and Other(1)		37,936		37,867		36,467		36,348		34,987		69			2,949
Total Earning Assets	$	173,420	$	173,829	$	174,316	$	174,670	$	172,009	$	(409	)	$	1,411
Interest Revenue		2,103		2,180		2,257		2,252		2,187		(77	)		(84	)
Unsecured Debt (ex. Core OID balance)(2)(5)	$	12,182	$	12,741	$	13,164	$	12,749	$	12,664	$	(558	)	$	(482	)
Secured Debt		9,193		9,563		9,860		13,722		16,163		(370	)		(6,970	)
Deposits(3)		121,217		120,057		117,638		114,392		109,309		1,160			11,908
Other Borrowings(4)		17,302		18,000		19,996		20,720		21,712		(698	)		(4,410	)
Total Funding Sources (ex. Core OID balance)(2)	$	159,894	$	160,361	$	160,658	$	161,583	$	159,848	$	(467	)	$	47
Interest Expense (ex. Core OID) (2)		949		1,016		1,062		1,088		1,048		(67	)		(99	)
Net Financing Revenue (ex. Core OID)(2)	$	1,154	$	1,164	$	1,195	$	1,164	$	1,139	$	(10	)	$	16
Net Interest Margin (yield details)
Retail Auto Loan		6.54%		6.68%		6.66%		6.58%		6.47%		-0.14%			0.07%
memo: retail auto hedge impact		-0.12%		-0.07%		0.01%		0.02%		0.01%		-0.05%			-0.13%
Auto Lease (net of dep)		5.22%		5.19%		6.24%		5.94%		5.56%		0.03%			-0.34%
Commercial Auto		4.11%		4.25%		4.59%		4.75%		4.80%		-0.14%			-0.69%
Corporate Finance		6.27%		6.65%		7.14%		7.66%		7.48%		-0.38%			-1.21%
Mortgage		3.45%		3.46%		3.51%		3.71%		3.82%		-0.01%			-0.37%
Cash, Securities and Other(1)		2.65%		2.71%		2.82%		2.96%		3.09%		-0.06%			-0.44%
Total Earning Assets		4.88%		4.97%		5.14%		5.17%		5.16%		-0.09%			-0.28%
Unsecured Debt (ex. Core OID & Core OID balance)(2)(5)		6.32%		6.20%		6.15%		6.32%		6.37%		0.12%			-0.05%
Secured Debt		2.82%		2.92%		3.02%		3.16%		3.11%		-0.10%			-0.29%
Deposits(3)		1.97%		2.11%		2.22%		2.29%		2.20%		-0.14%			-0.23%
Other Borrowings(4)		2.34%		2.42%		2.48%		2.48%		2.48%		-0.08%			-0.14%
Total Funding Sources (ex. Core OID & Core OID balance)(2)		2.39%		2.51%		2.62%		2.70%		2.66%		-0.12%			-0.27%
NIM (as reported)		2.66%		2.64%		2.70%		2.66%		2.67%		0.02%			-0.01%
NIM (ex. Core OID & Core OID balance)(2)		2.68%		2.66%		2.72%		2.67%		2.69%		0.02%			-0.01%
Ally Bank Deposits
Key Deposit Statistics
Average retail CD maturity (months)		19.9		20.1		20.3		20.6		20.9		(0.2	)		(1.0	)
Average retail deposit rate		1.88%		2.02%		2.14%		2.22%		2.14%
End of Period Deposit Levels
Retail	$	106,068	$	103,734	$	101,295	$	98,600	$	95,423	$	2,335		$	10,645
Brokered & other(3)		16,256		17,018		17,935		17,725		17,876		(763	)		(1,620	)
Total deposits	$	122,324	$	120,752	$	119,230	$	116,325	$	113,299	$	1,572		$	9,025
Deposit Mix
Retail CD		38%		37%		36%		34%		34%
MMA/OSA/Checking		49%		49%		49%		51%		50%
Brokered(3)		13%		14%		15%		15%		16%

(1) ‘Other’ includesheld-for-investment consumer loans associated with Health Credit Services (HCS), now Ally Lending.

(2) Represents anon-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.

(3) Includes retail, brokered, and other deposits. Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.

(4) Includes Demand Notes, FHLB Borrowings and Repurchase Agreements.

(5) Includes trust preferred securities.

1Q 2020 Preliminary Results 19

ALLY FINANCIAL INC. ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS(PERIOD-END)

($ in billions)

	HISTORICAL QUARTERLY TRENDS
Mortgage Finance HFI Portfolio	1Q 20		4Q 19		3Q 19		2Q 19		1Q 19
Loan Value
Gross carry value	$	15.9	$	16.2	$	15.8	$	16.5	$	16.2
Net carry value	$	15.9	$	16.2	$	15.8	$	16.5	$	16.2
Estimated Pool Characteristics
% Second lien		0.0%		0.0%		0.0%		0.0%		0.0%
% Interest only		0.0%		0.0%		0.0%		0.1%		0.1%
% 30+ Day delinquent		0.5%		0.5%		0.8%		0.6%		0.4%
% Low/No documentation		0.2%		0.1%		0.1%		0.1%		0.0%
%Non-primary residence		4.5%		4.5%		4.5%		4.7%		4.6%
Refreshed FICO		772		774		774		774		772
Wtd. Avg. LTV/CLTV(1)		60.0%		60.3%		60.7%		60.6%		60.7%
Corporate Other Legacy Mortgage HFI Portfolio
Loan Value
Gross carry value	$	1.1	$	1.1	$	1.2	$	1.3	$	1.4
Net carry value	$	1.0	$	1.1	$	1.2	$	1.3	$	1.4
Estimated Pool Characteristics
% Second lien		13.6%		13.9%		14.0%		15.2%		15.6%
% Interest only		0.1%		0.1%		0.1%		0.2%		0.3%
% 30+ Day delinquent		5.1%		5.4%		5.2%		5.7%		5.4%
% Low/No documentation		23.1%		23.5%		23.2%		23.2%		23.2%
%Non-primary residence		7.1%		7.2%		7.1%		7.4%		7.5%
Refreshed FICO		729		730		731		731		729
Wtd. Avg. LTV/CLTV(1)		63.0%		63.8%		64.5%		65.4%		65.9%

(1) First lien only. Updated home values derived using a combination of appraisals, Broker Price opinion (BPOs), Automated valuation models (AVMs) and Metropolitan statistical area (MSA) level house price indices.

1Q 2020 Preliminary Results 20

ALLY FINANCIAL INC. EARNINGS PER SHARE RELATED INFORMATION

($ in millions, shares in thousands)

	QUARTERLY TRENDS															CHANGE VS.
Earnings Per Share Data	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
GAAP net (loss) income attributable to common shareholders	$	(319	)	$	378		$	381		$	582		$	374		$	(697	)	$	(693	)
Weighted-average common shares outstanding - basic(1)		375,723			380,793			390,205			398,100			404,129			(5,070	)		(28,406	)
Weighted-average common shares outstanding - diluted(1)		375,723			383,391			392,604			399,916			405,959			(7,668	)		(30,236	)
Issued shares outstanding(period-end)		373,155			374,332			383,523			392,775			399,761			(1,177	)		(26,606	)
Net (loss) income per share - basic(1)	$	(0.85	)	$	0.99		$	0.98		$	1.46		$	0.93		$	(1.84	)	$	(1.77	)
Net (loss) income per share - diluted(1)	$	(0.85	)	$	0.99		$	0.97		$	1.46		$	0.92		$	(1.83	)	$	(1.77	)
Adjusted Earnings per Share (“Adjusted EPS”)
Numerator
GAAP net (loss) income attributable to common shareholders	$	(319	)	$	378		$	381		$	582		$	374		$	(697	)	$	(693	)
Discontinued operations, net of tax		-			3			-			2			1			(3	)		(1	)
Core OID		8			8			7			7			7			0			2
Change in the fair value of equity securities(2)		185			(29	)		11			(2	)		(70	)		214			255
Core OID & change in the fair value of equity securities tax(tax rate 21% starting 1Q18)(2)		(41	)		4			(4	)		(1	)		13			(45	)		(54	)
Significant discrete tax items		-			-			-			(201	)		-			-			-
Core net income attributable to common shareholders(3)	$	(166	)	$	364		$	396		$	387		$	325		$	(530	)	$	(491	)
Denominator
Weighted-average common shares outstanding - diluted(1)		375,723			383,391			392,604			399,916			405,959			(7,668	)		(30,236	)
Adjusted EPS (4)	$	(0.44	)	$	0.95		$	1.01		$	0.97		$	0.80		$	(1.39	)	$	(1.24	)
Memo
Original Issue Discount Amortization Expense
Core original issue discount (Core OID) amortization expense(5)	$	8		$	8		$	7		$	7		$	7		$	0		$	2
Other OID		3			3			3			3			3			(0	)		(0	)
GAAP original issue discount amortization expense	$	11		$	11		$	11		$	10		$	10		$	0		$	1
Outstanding Original Issue Discount Balance
Core outstanding original issue discount balance (Core OID balance)(6)	$	(1,055	)	$	(1,063	)	$	(1,071	)	$	(1,078	)	$	(1,085	)	$	8		$	31
Other outstanding OID balance		(34	)		(37	)		(40	)		(44	)		(39	)		3			5
GAAP outstanding original issue discount balance	$	(1,089	)	$	(1,100	)	$	(1,111	)	$	(1,122	)	$	(1,125	)	$	11		$	36
Adjusted Other Revenue
GAAP Other Revenue	$	266		$	487		$	413		$	395		$	466		$	(221	)	$	(200	)
Change in the fair value of equity securities(2)		185			(29	)		11			(2	)		(70	)		214			255
Adjusted Other Revenue	$	451		$	458		$	424		$	393		$	396		$	(7	)	$	55
Net Financing Revenue (ex. Core OID)
GAAP net financing revenue	$	1,146		$	1,156		$	1,188		$	1,157		$	1,132		$	(10	)	$	14
Core OID		8			8			7			7			7			0			2
Net Financing Revenue (ex. Core OID)	$	1,154		$	1,164		$	1,195		$	1,164		$	1,139		$	(10	)	$	16

(1) Due to antidilutive effect of the net loss frompre-tax loss from continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to calculate diluted earnings per share.

(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Core net income attributable to common shareholders is anon-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax,tax-effected Core OID expense, significant discrete tax items andtax-effected changes in equity investments measured at fair value.

(4) Adjusted earnings per share (Adjusted EPS) is anon-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back thetax-effectednon-cash Core OID, (3) excludes equity fair value adjustments (net of tax) related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity that do not reflect the operating performance of the core businesses, and (4) excludes significant discrete tax items that do not relate to the operating performance of the core businesses.

(5) Core original issue discount (Core OID) amortization expense is anon-GAAP financial measure for OID, primarily related to bond exchange OID which excludes international operations and future issuances.

(6) Core outstanding original issue discount balance (Core OID balance) is anon-GAAP financial measure for outstanding OID, primarily related to bond exchange OID which excludes international operations and future issuances.

1Q 2020 Preliminary Results 21

ALLY FINANCIAL INC. ADJUSTED TANGIBLE BOOK VALUE PER SHARE RELATED INFORMATION

($ in billions, shares in thousands)

	QUARTERLY TRENDS															CHANGE VS.
Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Numerator
GAAP Common shareholder’s equity	$	13.5		$	14.4		$	14.5		$	14.3		$	13.7		$	(0.9	)	$	(0.2	)
Goodwill and identifiable intangibles, net of DTLs		(0.4	)		(0.5	)		(0.3	)		(0.3	)		(0.3	)		0.0			(0.2	)
Tangible common equity		13.1			14.0			14.2			14.0			13.4			(0.9	)		(0.3	)
Tax-effected Core OID balance(21% tax rate starting 4Q17)		(0.8	)		(0.8	)		(0.8	)		(0.9	)		(0.9	)		0.0			0.0
Adjusted tangible book value(1)	$	12.2		$	13.1		$	13.3		$	13.2		$	12.6		$	(0.9	)	$	(0.3	)
Denominator
Issued shares outstanding (period-end, thousands)		373,155			374,332			383,523			392,775			399,761			(1,177	)		(26,606	)
GAAP Common shareholder’s equity per share	$	36.2		$	38.5		$	37.7		$	36.4		$	34.3		$	(2.3	)	$	2.0
Goodwill and identifiable intangibles, net of DTLs per share		(1.2	)		(1.2	)		(0.7	)		(0.7	)		(0.7	)		0.0			(0.5	)
Tangible common equity per share		35.0			37.3			37.0			35.7			33.6			(2.3	)		1.5
Tax-effected Core OID(21% tax rate starting 4Q17)per share		(2.2	)		(2.2	)		(2.2	)		(2.2	)		(2.1	)		0.0			(0.1	)
Adjusted tangible book value per share(1)	$	32.8		$	35.1		$	34.7		$	33.6		$	31.4		$	(2.3	)	$	1.4

(1) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered.

1Q 2020 Preliminary Results 22

ALLY FINANCIAL INC. CORE ROTCE RELATED INFORMATION

($ in millions) unless noted otherwise

	QUARTERLY TRENDS															CHANGE VS.
Core Return on Tangible Common Equity (“Core ROTCE”)	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Numerator
GAAP net (loss) income attributable to common shareholders	$	(319	)	$	378		$	381		$	582		$	374		$	(697	)	$	(693	)
Discontinued operations, net of tax		-			3			-			2			1			(3	)		(1	)
Core OID		8			8			7			7			7			0			2
Change in the fair value of equity securities(1)		185			(29	)		11			(2	)		(70	)		214			255
Core OID & change in the fair value of equity securities tax(tax rate 21% starting 1Q18)(1)		(41	)		4			(4	)		(1	)		13			(45	)		(54	)
Significant discrete tax items		-			-			-			(201	)		-			-			-
Core net (loss) income attributable to common shareholders (2)	$	(166	)	$	364		$	396		$	387		$	325		$	(530	)	$	(491	)
Denominator(2-period average, $ billions)
GAAP shareholder’s equity	$	14.0		$	14.4		$	14.4		$	14.0		$	13.5		$	(0.5	)	$	0.5
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)		(0.4	)		(0.4	)		(0.3	)		(0.3	)		(0.3	)		(0.1	)		(0.2	)
Tangible common equity	$	13.5		$	14.1		$	14.1		$	13.7		$	13.2		$	(0.5	)	$	0.3
Core OID balance		(1.1	)		(1.1	)		(1.1	)		(1.1	)		(1.1	)		0.0			0.0
Net deferred tax asset (“DTA”)		(0.1	)		(0.0	)		(0.1	)		(0.1	)		(0.2	)		(0.1	)		0.1
Normalized common equity (3)	$	12.3		$	13.0		$	12.9		$	12.5		$	11.9		$	(0.6	)	$	0.5
Core Return on Tangible Common Equity(4)		-5.4%			11.2%			12.3%			12.4%			10.9%

(1) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(2) Core net income attributable to common shareholders is anon-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax,tax-effected Core OID expense, significant discrete tax items andtax-effected changes in equity investments measured at fair value.

(3) Normalized common equity is a non-GAAP measure calculated using 2 period average

(4) Core return on tangible common equity (Core ROTCE) is anon-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

1. In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax,tax-effected Core OID, fair value adjustments (net of tax) related to ASU2016-01, effective 1/1/2018, which requires change in the fair value of equity securities to be recognized in current period net income as compared to prior periods in which such adjustments were recognized through other comprehensive income, a component of equity, and significant discrete tax items that do not relate to the operating performance of the core businesses.

2. In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

1Q 2020 Preliminary Results 23

ALLY FINANCIAL INC. ADJUSTED EFFICIENCY RATIO RELATED INFORMATION

($ in millions)

	QUARTERLY TRENDS															CHANGE VS.
Adjusted Efficiency Ratio Calculation	1Q 20			4Q 19			3Q 19			2Q 19			1Q 19			4Q 19			1Q 19
Numerator
GAAP noninterest expense	$	920		$	880		$	838		$	881		$	830		$	40		$	90
Rep and warrant expense		-			-			(0	)		(0	)		-			-			-
Insurance expense		(256	)		(238	)		(247	)		(301	)		(227	)		(18	)		(29	)
Adjusted noninterest expense for the Adjusted Efficiency Ratio	$	664		$	642		$	591		$	580		$	603		$	22		$	61
Denominator
Total net revenue	$	1,412		$	1,643		$	1,601		$	1,552		$	1,598		$	(231	)	$	(186	)
Core OID		8			8			7			7			7			0			2
Insurance revenue		(151	)		(352	)		(303	)		(301	)		(372	)		201			221
Adjusted net revenue for the Adjusted Efficiency Ratio	$	1,269		$	1,299		$	1,305		$	1,258		$	1,233		$	(30	)	$	37
Adjusted Efficiency Ratio(1)		52.3%			49.4%			45.3%			46.1%			48.9%

(1) Adjusted efficiency ratio is anon-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense and Rep and warrant expense. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

1Q 2020 Preliminary Results 24