Ally Financial (ALLY) 8-K Ally Financial Reports First Quarter 2022 Financial Results

Exhibit 99.3

FIRST QUARTER 2022

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 Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 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 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 Form 10-K for the year ended December 31, 2021, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-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 identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-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 at lease-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. The term “partnerships” means business arrangements rather than partnerships as defined by law.

1Q 2022  Preliminary Results 2

ALLY FINANCIAL INC. TABLE OF CONTENTS     

	Page(s)
Consolidated Results
Consolidated Financial Highlights	4
Consolidated Income Statement	5
Consolidated Period-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 and Deposits	18
Net Interest Margin	19
Ally Bank Consumer Mortgage HFI Portfolios	20
Earnings Per Share Related Information	21
Adjusted Tangible Book Per Share Related Information	22
Core ROTCE Related Information	23
Adjusted Efficiency Ratio Related Information	24

1Q 2022  Preliminary Results 3

ALLY FINANCIAL INC. CONSOLIDATED FINANCIAL HIGHLIGHTS     

($ in millions, shares in thousands)	QUARTERLY TRENDS										CHANGE VS.
Selected Income Statement Data	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Net financing revenue (excluding Core OID) (1)	$	1,703	$	1,663	$	1,603	$	1,556	$	1,382	$	39	$	321
Core OID		(10)		(9)		(9)		(9)		(10)		—		—
Net financing revenue (as reported)		1,693		1,654		1,594		1,547		1,372		39		321
Other revenue (adjusted) (1)		508		533		507		588		548		(25)		(41)
Change in fair value of equity securities (2)		(66)		21		(65)		19		17		(87)		(82)
Repositioning (2)		0		(9)		(52)		(70)		—		9		0
Other revenue (as reported)		442		545		391		538		565		(103)		(123)
Provision for loan losses		167		210		76		(32)		(13)		(43)		180
Total noninterest expense (3)		1,122		1,090		1,002		1,075		943		32		179
Pre-tax income from continuing operations		846		899		907		1,042		1,007		(53)		(161)
Income tax expense		191		241		195		143		211		(50)		(20)
Income from discontinued operations, net of tax		—		(6)		—		1		—		6		—
Net Income		655		652		712		900		796		3		(141)
Preferred Dividends		28		28		29		—		—		0		28
Net income attributable to common shareholders	$	627	$	624	$	683	$	900	$	796	$	3	$	(169)
Core Pre-Provision Net Revenue (4)	$	1,088	$	1,107	$	1,108	$	1,070	$	987	$	(18)	$	102
Selected Balance Sheet Data (Period-End)
Total assets	$	184,297	$	182,350	$	179,184	$	180,470	$	181,879	$	1,947	$	2,418
Consumer loans		99,869		98,226		95,052		90,649		87,391		1,643		12,478
Commercial loans		25,496		24,042		19,419		21,568		25,685		1,454		(189)
Allowance for loan losses		(3,301)		(3,267)		(3,148)		(3,126)		(3,152)		(34)		(149)
Deposits		142,475		141,558		139,444		139,104		139,585		917		2,890
Total equity		15,413		17,050		17,289		17,530		14,625		(1,637)		788
Common Share Count
Weighted average basic		335,678		345,870		359,179		370,412		375,229		(10,193)		(39,551)
Weighted average diluted		337,812		348,666		361,855		373,029		377,529		(10,854)		(39,717)
Issued shares outstanding (period-end)		327,306		337,941		349,599		362,639		371,805		(10,634)		(44,498)
Per Common Share Data
Earnings per share (basic)	$	1.87	$	1.80	$	1.90	$	2.43	$	2.12	$	0.06	$	(0.25)
Earnings per share (diluted)		1.86		1.79		1.89		2.41		2.11		0.07		(0.25)
Adjusted earnings per share (1)		2.03		2.02		2.16		2.33		2.09		0.01		(0.06)
Book value per share		39.99		43.58		42.81		41.93		39.34		(3.59)		0.65
Tangible book value per share (5)		37.14		40.79		41.75		40.90		38.32		(3.65)		(1.17)
Adjusted tangible book value per share (5)		35.04		38.73		39.72		38.83		36.16		(3.69)		(1.12)
Select Financial Ratios
Net interest margin (as reported)		3.93%		3.80%		3.66%		3.55%		3.16%
Net interest margin (ex. Core OID) (1)		3.95%		3.82%		3.68%		3.57%		3.18%
Cost of funds		1.03%		1.06%		1.14%		1.27%		1.42%
Cost of funds (ex. Core OID) (1)		0.99%		1.03%		1.11%		1.23%		1.38%
Efficiency Ratio (6)		52.6%		49.6%		50.5%		51.6%		48.7%
Adjusted efficiency ratio (6)		45.6%		44.4%		41.7%		44.5%		44.4%
Return on average assets		1.4%		1.1%		1.6%		2.0%		1.7%
Return on average total equity		15.5%		14.5%		15.7%		22.4%		21.7%
Return on average tangible common equity		19.3%		17.6%		18.6%		24.8%		22.3%
Core ROTCE (7)		23.6%		22.1%		24.2%		26.7%		24.1%
Capital Ratios (8)
Common Equity Tier 1 (CET1) capital ratio		10.0%		10.3%		11.2%		11.3%		11.1%
Tier 1 capital ratio		11.5%		11.9%		12.8%		13.1%		12.8%
Total capital ratio		13.1%		13.5%		14.6%		14.8%		14.6%
Tier 1 leverage ratio		9.3%		9.7%		10.0%		10.0%		9.8%

(1) Represents a non-GAAP financial measure. For more details refer to page 21.

(2) See page 25 for methodology and detail.

(3) 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.

(4) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

(5) Represents a non-GAAP financial measure. For more details refer to page 22.

(6) Represents a non-GAAP financial measure. For more details refer to page 24.

(7) Represents a non-GAAP financial measure. For more details refer to page 23.

(8) For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 25.

1Q 2022  Preliminary Results 4

ALLY FINANCIAL INC. CONSOLIDATED INCOME STATEMENT     

	QUARTERLY TRENDS															CHANGE VS.
($ in millions)	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Financing revenue and other interest income
Interest and fees on finance receivables and loans	$	1,714		$	1,679		$	1,619		$	1,588		$	1,582		$	35		$	132
Interest on loans held-for-sale		4			4			5			4			5			—			(1	)
Total interest and dividends on investment securities		183			162			150			143			124			21			59
Interest-bearing cash		2			2			5			4			4			—			(2	)
Other earning assets		5			5			5			4			7			—			(2	)
Operating leases		403			403			393			384			370			—			33
Total financing revenue and other interest income		2,311			2,255			2,177			2,127			2,092			56			219
Interest expense
Interest on deposits		211			226			245			268			306			(15	)		(95	)
Interest on short-term borrowings		5			—			—			—			1			5			4
Interest on long-term debt		185			189			191			230			250			(4	)		(65	)
Interest on other		—			—			8			—			—			—			—
Total interest expense		401			415			444			498			557			(14	)		(156	)
Depreciation expense on operating lease assets		217			186			139			82			163			31			54
Net financing revenue (as reported)	$	1,693		$	1,654		$	1,594		$	1,547		$	1,372		$	39		$	321
Other revenue
Insurance premiums and service revenue earned		280			280			279			278			280			—			—
Gain on mortgage and automotive loans, net		14			14			18			19			36			—			(22	)
Loss on extinguishment of debt		0			(10	)		(52	)		(73	)		(1	)		10			1
Other gain/loss on investments, net		5			73			24			65			123			(68	)		(118	)
Other income, net of losses		143			188			122			249			127			(45	)		16
Total other revenue		442			545			391			538			565			(103	)		(123	)
Total net revenue		2,135			2,199			1,985			2,085			1,937			(64	)		198
Provision for loan losses		167			210			76			(32	)		(13	)		(43	)		180
Noninterest expense
Compensation and benefits expense		493			413			389			446			395			80			98
Insurance losses and loss adjustment expenses		58			55			69			74			63			3			(5	)
Other operating expenses		571			622			544			555			485			(51	)		86
Total noninterest expense		1,122			1,090			1,002			1,075			943			32			179
Pre-tax income from continuing operations	$	846		$	899		$	907		$	1,042		$	1,007		$	(53	)	$	(161	)
Income tax expense from continuing operations		191			241			195			143			211			(50	)		(20	)
Net income from continuing operations		655			658			712			899			796			(3	)		(141	)
Income / (Loss) from discontinued operations, net of tax		—			(6	)		—			1			—			6			—
Net income		655			652			712			900			796			3			(141	)
Preferred Dividends		28			28			29			—			—			—			28
Net Income Available to Common Shareholders	$	627		$	624		$	683		$	900		$	796		$	3		$	(169	)
Core Pre-Tax Income Walk
Net financing revenue (ex. OID) (1)	$	1,703		$	1,663		$	1,603		$	1,556		$	1,382		$	39		$	321
Adjusted other revenue (1)		508			533			507			588			548			(25	)		(41	)
Provision for credit losses		167			113			76			(32	)		(13	)		54			180
Adjusted noninterest expense (1)		1,122			1,090			1,002			1,075			943			32			179
Core pre-tax income (2)	$	921		$	994		$	1,032		$	1,102		$	1,000		$	(72	)	$	(78	)
Core OID		(10	)		(9	)		(9	)		(9	)		(10	)		—			—
Change in the fair value of equity securities (3)		(66	)		21			(65	)		19			17			(87	)		(82	)
Repositioning (3)		—			(107	)		(52	)		(70	)		—			107			—
Pre-tax income from continuing operations	$	846		$	899		$	907		$	1,042		$	1,007		$	(53	)	$	(161	)

(1) Represents a non-GAAP financial measure. For more details refer to page 21.

(2) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

(3) See page 25 for methodology and detail.

1Q 2022  Preliminary Results 5

ALLY FINANCIAL INC. CONSOLIDATED PERIOD-END BALANCE SHEET     

($ in millions)	QUARTERLY TRENDS															CHANGE VS.
Assets	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Cash and cash equivalents
Noninterest-bearing	$	470		$	502		$	636		$	653		$	747		$	(32	)	$	(277	)
Interest-bearing		3,462			4,560			10,279			13,011			15,031			(1,098	)		(11,569	)
Total cash and cash equivalents		3,932			5,062			10,915			13,664			15,778			(1,130	)		(11,846	)
Investment securities (1)		35,413			35,859			35,317			36,313			35,711			(446	)		(298	)
Loans held-for-sale, net		471			549			456			409			630			(78	)		(159	)
Finance receivables and loans, net		125,365			122,268			114,471			112,217			113,076			3,097			12,289
Allowance for loan losses		(3,301	)		(3,267	)		(3,148	)		(3,126	)		(3,152	)		(34	)		(149	)
Total finance receivables and loans, net		122,064			119,001			111,323			109,091			109,924			3,063			12,140
Investment in operating leases, net		10,730			10,862			10,969			10,715			9,944			(132	)		786
Premiums receivables and other insurance assets		2,730			2,724			2,752			2,773			2,725			6			5
Other assets		8,957			8,293			7,452			7,505			7,167			664			1,790
Total assets	$	184,297		$	182,350		$	179,184		$	180,470		$	181,879		$	1,947		$	2,418
Liabilities
Deposit liabilities
Noninterest-bearing	$	175		$	150		$	167		$	149		$	155		$	25		$	20
Interest-bearing		142,300			141,408			139,277			138,955			139,430			892			2,870
Total deposit liabilities		142,475			141,558			139,444			139,104			139,585			917			2,890
Short-term borrowings		3,950			—			—			—			—			3,950			3,950
Long-term debt		15,885			17,029			14,946			16,896			20,503			(1,144	)		(4,618	)
Interest payable		302			210			422			365			453			92			(151	)
Unearned insurance premiums and service revenue		3,500			3,514			3,537			3,536			3,487			(14	)		13
Accrued expense and other liabilities		2,772			2,989			3,546			3,039			3,226			(217	)		(454	)
Total liabilities	$	168,884		$	165,300		$	161,895		$	162,940		$	167,254		$	3,584		$	1,630
Equity
Common stock and paid-in capital (2)	$	15,956		$	16,483		$	17,050		$	17,716		$	18,153		$	(527	)	$	(2,197	)
Preferred stock		2,324			2,324			2,324			2,324			—			—			2,324
Accumulated deficit		(1,076	)		(1,599	)		(2,136	)		(2,726	)		(3,555	)		523			2,479
Accumulated other comprehensive income / (loss)		(1,791	)		(158	)		51			216			27			(1,633	)		(1,818	)
Total equity		15,413			17,050			17,289			17,530			14,625			(1,637	)		788
Total liabilities and equity	$	184,297		$	182,350		$	179,184		$	180,470		$	181,879		$	1,947		$	2,418

(1) Includes held-to-maturity securities.

(2) Includes Treasury stock.

1Q 2022  Preliminary Results 6

ALLY FINANCIAL INC. CONSOLIDATED AVERAGE BALANCE SHEET ⁽¹⁾     

($ in millions)	QUARTERLY TRENDS															CHANGE VS.
Assets	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Interest-bearing cash and cash equivalents	$	4,027		$	6,532		$	13,055		$	16,564		$	15,363		$	(2,505	)	$	(11,336	)
Investment securities and other earning assets		36,664			36,809			35,193			36,462			34,694			(145	)		1,970
Loans held-for-sale, net		570			461			464			454			570			109			—
Total finance receivables and loans, net (2)		122,772			118,135			112,907			110,961			115,665			4,637			7,107
Investment in operating leases, net		10,878			10,951			10,919			10,355			9,831			(73	)		1,047
Total interest earning assets		174,911			172,888			172,538			174,796			176,123			2,023			(1,212	)
Noninterest-bearing cash and cash equivalents		422			505			526			494			531			(83	)		(109	)
Other assets		9,825			9,568			9,328			8,978			8,502			257			1,323
Allowance for loan losses		(3,279	)		(3,168	)		(3,152	)		(3,172	)		(3,280	)		(111	)		1
Total assets	$	181,879		$	179,793		$	179,240		$	181,096		$	181,876		$	2,086		$	3
Liabilities
Interest-bearing deposit liabilities
Retail deposit liabilities	$	135,046		$	132,706		$	130,414		$	128,787		$	125,715		$	2,340		$	9,331
Other interest-bearing deposit liabilities (3)		6,340			7,172			8,670			10,446			11,851			(832	)		(5,511	)
Total Interest-bearing deposit liabilities		141,387			139,878			139,084			139,233			137,566			1,509			3,821
Short-term borrowings		980			—			—			—			814			980			166
Long-term debt (4)		16,410			15,493			15,487			18,411			21,173			917			(4,763	)
Total interest-bearing liabilities (4)		158,777			155,371			154,571			157,644			159,553			3,406			(776	)
Noninterest-bearing deposit liabilities		171			165			160			149			152			6			19
Other liabilities		6,772			6,731			6,852			6,802			7,038			41			(266	)
Total liabilities	$	165,720		$	162,267		$	161,583		$	164,595		$	166,743		$	3,453		$	(1,023	)
Equity
Total equity	$	16,159		$	17,526		$	17,657		$	16,501		$	15,133		$	(1,367	)	$	1,026
Total liabilities and equity	$	181,879		$	179,793		$	179,240		$	181,096		$	181,876		$	2,086		$	3

(1) Average balances are calculated using an average daily balance methodology.

(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 and other deposits (inclusive of sweep deposits and other deposits).

(4) Includes average Core OID balance of $878 million in 1Q 2022, $899 million in 4Q 2021, $905 million in 3Q 2021, $989 million in 2Q 2021, and 1,023 million in 1Q 2021.

1Q 2022  Preliminary Results 7

ALLY FINANCIAL INC. SEGMENT HIGHLIGHTS     

($ in millions)
	QUARTERLY TRENDS														CHANGE VS.
Pre-tax Income / (Loss)	1Q 22		4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Automotive Finance	$	725	$	839		$	825		$	917		$	803		$	(114	)	$	(78	)
Insurance		13		91			24			87			141			(78	)		(128	)
Dealer Financial Services		738		930			849			1,004			944			(192	)		(206	)
Corporate Finance		64		73			61			95			53			(9	)		11
Mortgage Finance		11		3			6			—			23			8			(12	)
Corporate and Other (1)		33		(107	)		(9	)		(57	)		(13	)		140			46
Pre-tax income from continuing operations	$	846	$	899		$	907		$	1,042		$	1,007		$	(53	)	$	(161	)
Core OID (2)		10		9			9			9			10			—			—
Change in the fair value of equity securities (3)		66		(21	)		65			(19	)		(17	)		87			82
Repositioning (4)		—		107			52			70			—			(107	)		—
Core pre-tax income (4)	$	921	$	994		$	1,032		$	1,102		$	1,000		$	(72	)	$	(78	)

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

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

(3) See page 25 for methodology and detail.

(4) Represents a non-GAAP measure. See page 25 for methodology and detail.

1Q 2022  Preliminary Results 8

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS     

($ in millions)
	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Net financing revenue
Consumer	$	1,302		$	1,339		$	1,320		$	1,288		$	1,251		$	(37	)	$	51
Commercial		129			116			112			125			161			13			(32	)
Operating leases		403			403			393			384			370			—			33
Total financing revenue and other interest income		1,834			1,858			1,825			1,797			1,782			(24	)		52
Interest expense		322			331			357			382			413			(9	)		(91	)
Depreciation expense on operating lease assets:
Depreciation expense on operating lease assets (ex. remarketing)		266			251			226			210			226			15			40
Remarketing gains		50			65			86			128			64			(15	)		(14	)
Total depreciation expense on operating lease assets		217			186			139			82			163			31			54
Net financing revenue		1,295			1,341			1,329			1,333			1,206			(46	)		89
Other revenue
Total other revenue		68			67			61			61			62			1			6
Total net revenue		1,363			1,408			1,390			1,394			1,268			(45	)		95
Provision for credit losses		104			45			53			(23	)		(22	)		59			126
Noninterest expense
Compensation and benefits		168			146			136			144			145			22			23
Other operating expenses		366			378			376			356			342			(12	)		24
Total noninterest expense		534			524			512			500			487			10			47
Pre-tax Income	$	725		$	839		$	825		$	917		$	803		$	(114	)	$	(78	)
Memo: Net lease revenue
Operating lease revenue	$	403		$	403		$	393		$	384		$	370		$	—		$	33
Depreciation expense on operating lease assets (ex. remarketing)		266			251			226			210			226			15			40
Remarketing gains, net of repo valuation		50			65			86			128			64			(15	)		(14	)
Total depreciation expense on operating lease assets		217			186			139			82			163			31			54
Net lease revenue	$	186		$	217		$	254		$	302		$	207		$	(31	)	$	(21	)
Balance Sheet (Period-End)
Cash, trading and investment securities	$	24		$	23		$	23		$	23		$	23		$	1		$	1
Consumer loans		79,262			78,289			77,683			75,827			73,826			973			5,436
Commercial loans		17,295			16,074			12,587			15,219			19,208			1,221			(1,913	)
Allowance for loan losses		(2,794	)		(2,802	)		(2,851	)		(2,848	)		(2,867	)		8			73
Total finance receivables and loans, net		93,763			91,561			87,419			88,198			90,167			2,202			3,596
Investment in operating leases, net		10,730			10,862			10,969			10,715			9,944			(132	)		786
Other assets		1,237			1,207			1,206			1,226			1,432			30			(195	)
Total assets	$	105,754		$	103,653		$	99,617		$	100,162		$	101,566		$	2,101		$	4,188

1Q 2022  Preliminary Results 9

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - KEY STATISTICS     

	QUARTERLY TRENDS										CHANGE VS.
	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21			1Q 21
U.S. Consumer Originations (1) ($ in billions)
Retail standard - new vehicle GM	$	0.9	$	0.8	$	0.9	$	1.2	$	1.0	$	0.1		$	(0.1	)
Retail standard - new vehicle Stellantis		1.0		1.0		1.1		1.2		1.0		(0.1	)		0.0
Retail standard - new vehicle Growth		1.0		1.0		1.2		1.5		1.1		(0.1	)		(0.2	)
Used vehicle		7.6		7.0		7.8		7.3		5.7		0.7			1.9
Lease		1.0		0.9		1.3		1.8		1.4		0.1			(0.4	)
Retail subvented		0.1		0.1		0.1		0.0		0.0		0.0			0.1
Total originations	$	11.6	$	10.9	$	12.3	$	12.9	$	10.2	$	0.7		$	1.4
U.S. Consumer Originations - FICO Score
Super Prime (740+)	$	2.4	$	2.2	$	2.6	$	2.8	$	2.2	$	0.2		$	0.2
Prime (660-739)		4.5		4.3		4.9		5.1		4.2		0.3			0.4
Prime/Near (620-659)		2.8		2.6		3.0		3.1		2.3		0.1			0.4
Non Prime (540-619)		0.9		1.0		1.0		1.0		0.8		(0.1	)		0.1
Sub Prime (0-539)		0.1		0.1		0.1		0.1		0.1		0.0			0.0
No FICO (Primarily CSG) 2		0.9		0.7		0.7		0.7		0.6		0.2			0.3
Total originations	$	11.6	$	10.9	$	12.3	$	12.9	$	10.2	$	0.7		$	1.4
U.S. Consumer Retail Originations - Average FICO
New vehicle		697		697		694		691		693		—			4
Used vehicle		682		679		679		678		681		4			2
Total retail originations		686		684		683		682		685		2			1
U.S. Market
New light vehicle sales (SAAR - units in millions)		14.1		12.9		13.3		16.9		16.8		1.2			(2.7	)
New light vehicle sales (quarterly - units in millions)		3.3		3.2		3.4		4.4		3.9		—			(0.6	)
Dealer Engagement
Total Active Dealers3		21,688		21,076		20,353		19,650		18,986		612			2,702
Total Application Volume (000s)		3,167		2,933		3,258		3,529		3,286		234			(119	)
Ally U.S. Commercial Outstandings EOP ($ in billions)
Floorplan outstandings	$	12.4	$	11.1	$	7.6	$	10.0	$	13.5	$	1.3		$	(1.1	)
Dealer loans and other		4.9		4.9		5.0		5.2		5.7		(0.1	)		(0.8	)
Total Commercial outstandings	$	17.3	$	16.1	$	12.6	$	15.2	$	19.2	$	1.2		$	(1.9	)
U.S. Off-Lease Remarketing
Off-lease vehicles terminated - on-balance sheet (# in units)		30,488		27,977		34,475		34,768		30,488		2,511			—
Average gain per vehicle	$	1,640	$	2,339	$	2,495	$	3,684	$	2,114	$	(699	)	$	(474	)
Total gain ($ in millions)	$	50	$	65	$	86	$	128	$	64	$	(15	)	$	(14	)

(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 of 35 - 40 bps on CSG loans from 2016 through 1Q22

(3) Active Dealers include those who utilize one or more of Ally’s products including consumer and commercial lending, SmartAuction or Commercial Services Group

1Q 2022  Preliminary Results 10

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

($ in millions)
	QUARTERLY TRENDS															CHANGE VS.
Income Statement (GAAP View)	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Net financing revenue
Total interest and fees on finance receivables and loans(1)	$	3		$	4		$	3		$	3		$	4		$	(1	)	$	(1	)
Interest and dividends on investment securities		26			26			25			26			25			—			1
Interest bearing cash		—			—			1			—			—			—			—
Total financing revenue and other interest revenue		29			30			29			29			29			(1	)		—
Interest expense		12			15			15			14			14			(3	)		(2	)
Net financing revenue		17			15			14			15			15			2			2
Other revenue
Insurance premiums and service revenue earned		280			280			279			278			280			—			—
Other gain / (loss) on investments, net		(14	)		56			1			61			98			(70	)		(112	)
Other income, net of losses		4			3			3			5			1			1			3
Total other revenue		270			339			283			344			379			(69	)		(109	)
Total net revenue		287			354			297			359			394			(67	)		(107	)
Noninterest expense
Compensation and benefits expense		28			23			23			24			22			5			6
Insurance losses and loss adjustment expenses		58			55			69			74			63			3			(5	)
Other operating expenses		188			185			181			174			168			3			20
Total noninterest expense		274			263			273			272			253			11			21
Pre-tax Income	$	13		$	91		$	24		$	87		$	141		$	(78	)	$	(128	)
Memo: Income Statement (Managerial View)
Insurance premiums and other income
Insurance premiums and service revenue earned	$	280		$	280		$	279		$	278		$	280		$	—		$	—
Investment income (adjusted) (2)		64			47			80			56			102			17			(38	)
Other income		4			3			3			5			1			1			3
Total insurance premiums and other income		348			330			362			339			383			18			(35	)
Expense
Insurance losses and loss adjustment expenses		58			55			69			74			63			3			(5	)
Acquisition and underwriting expenses
Compensation and benefit expense		28			23			23			24			22			5			6
Insurance commission expense		149			147			142			138			136			2			13
Other expense		39			38			39			36			32			1			7
Total acquistion and underwriting expense		216			208			204			198			190			8			26
Total expense		274			263			273			272			253			11			21
Core pre-tax income (2)		74			67			89			67			130			7			(56	)
Change in the fair value of equity securities (2)		(61	)		24			(65	)		20			11			(85	)		(72	)
Income before income tax expense	$	13		$	91		$	24		$	87		$	141		$	(78	)	$	(128	)
Balance Sheet (Period-End)
Cash and investment securities	$	5,651		$	5,530		$	5,503		$	5,738		$	5,706		$	121		$	(55	)
Intercompany loans(1)		572			923			898			697			591			(351	)		(19	)
Premiums receivable and other insurance assets		2,741			2,735			2,761			2,782			2,738			6			3
Other assets		256			193			192			177			186			63			70
Total assets	$	9,220		$	9,381		$	9,354		$	9,394		$	9,221		$	(161	)	$	(1	)
Key Statistics
Total written premiums and revenue (3)	$	265		$	268		$	295		$	301		$	333		$	(3	)	$	(68	)
Loss ratio (4)		20.5	%		19.5	%		24.4	%		26.3	%		22.4	%
Underwriting expense ratio (5)		76.0	%		73.4	%		72.0	%		70.4	%		67.1	%
Combined ratio		96.5	%		92.9	%		96.4	%		96.7	%		89.5	%

(1) Intercompany activity represents excess liquidity placed with corporate segment

(2) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

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

(4) 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.

(5) 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 2022  Preliminary Results 11

ALLY FINANCIAL INC. MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS     

($ in millions)
	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Net financing revenue
Total financing revenue and other interest income	$	130		$	119		$	106		$	89		$	93		$	11		$	37
Interest expense		77			77			70			66			70			—			7
Net financing revenue		53			42			36			23			23			11			30
Gain on mortgage loans, net		14			14			18			19			36			—			(22	)
Other income, net of losses		—			(1	)		1			3			4			1			(4	)
Total other revenue		14			13			19			22			40			1			(26	)
Total net revenue		67			55			55			45			63			12			4
Provision for loan losses		—			1			2			—			(4	)		(1	)		4
Noninterest expense
Compensation and benefits expense		6			6			5			5			6			—			—
Other operating expense		50			45			42			40			38			5			12
Total noninterest expense		56			51			47			45			44			5			12
Pre-tax Income	$	11		$	3		$	6		$	—		$	23		$	8		$	(12	)
Balance Sheet (Period-End)
Finance receivables and loans, net:
Consumer loans	$	18,372		$	17,644		$	16,059		$	13,629		$	12,445		$	728		$	5,927
Allowance for loan losses		(19	)		(19	)		(17	)		(15	)		(16	)		—			(3	)
Total finance receivables and loans, net		18,353			17,625			16,042			13,614			12,429			728			5,924
Other assets		243			222			286			251			494			21			(251	)
Total assets	$	18,596		$	17,847		$	16,328		$	13,865		$	12,923		$	749		$	5,673

1Q 2022  Preliminary Results 12

ALLY FINANCIAL INC. CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS     

($ in millions)
	QUARTERLY TRENDS										CHANGE VS.
Income Statement	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Net financing revenue
Total financing revenue and other interest income	$	95	$	93	$	86	$	86	$	80	$	2	$	15
Interest expense		12		10		9		9		9		2		3
Net financing revenue		83		83		77		77		71		—		12
Total other revenue		24		53		16		33		26		(29)		(2)
Total net revenue		107		136		93		110		97		(29)		10
Provision for loan losses		6		33		5		(13)		13		(27)		(7)
Noninterest expense
Compensation and benefits expense		23		18		15		17		20		5		3
Other operating expense		14		12		12		11		11		2		3
Total noninterest expense		37		30		27		28		31		7		6
Pre-tax Income	$	64	$	73	$	61	$	95	$	53	$	(9)	$	11
Change in the fair value of equity securities (1)		4		2		(1)		1		(5)		3		10
Core pre-tax income (2)	$	68	$	75	$	60	$	96	$	48	$	(6)	$	21
Balance Sheet (Period-End)
Equity securities	$	3	$	11	$	14	$	12	$	14	$	(8)	$	(11)
Loans held for sale		190		305		215		184		229		(115)		(39)
Commercial loans		8,021		7,770		6,609		6,157		6,285		251		1,736
Allowance for loan losses		(221)		(215)		(183)		(178)		(187)		(6)		(34)
Total finance receivables and loans, net		7,800		7,555		6,426		5,979		6,098		245		1,702
Other assets		93		79		74		71		80		14		13
Total assets	$	8,086	$	7,950	$	6,729	$	6,246	$	6,421	$	136	$	1,665

(1)  See page 25 for methodology and detail.

(2)  Represents a non-GAAP financial measure.See page 25 for methodology and detail.

1Q 2022  Preliminary Results 13

ALLY FINANCIAL INC. CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS     

($ in millions)	QUARTERLY TRENDS															CHANGE VS.
Income Statement	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Net financing revenue
Total financing revenue and other interest income		223			155			131			126			108			68			115
Interest expense		(22	)		(18	)		(7	)		27			51			(4	)		(73	)
Net financing revenue / (loss)		245			173			138			99			57			72			188
Other revenue
Loss on extinguishment of debt		0			(10	)		(52	)		(73	)		(1	)		10			1
Other gain on investments, net		18			17			22			5			20			1			(2	)
Other income, net of losses (1)		48			66			42			146			39			(18	)		9
Total other revenue		66			73			12			78			58			(7	)		8
Total net revenue		311			246			150			177			115			65			196
Provision for loan losses		57			131			16			4			—			(74	)		57
Noninterest expense
Compensation and benefits expense		268			220			210			256			202			48			66
Other operating expense (2)		(47	)		2			(67	)		(26	)		(74	)		(49	)		27
Total noninterest expense		221			222			143			230			128			(1	)		93
Pre-tax (loss) income	$	33		$	(107	)	$	(9	)	$	(57	)	$	(13	)	$	140		$	46
Change in the fair value of equity securities (3)		0			1			1			(1	)		—			(1	)		0
Core OID (4)		10			9			9			9			10			—			—
Repositioning (3)		—			107			52			70			—			(107	)		—
Core pre-tax income / (loss) (4)	$	43		$	10		$	52		$	21		$	(3	)	$	33		$	47
Balance Sheet (Period-End)
Cash, trading and investment securities	$	33,667		$	35,357		$	40,692		$	44,204		$	45,746		$	(1,690	)	$	(12,079	)
Loans held-for-sale		186			164			139			128			117			22			69
Consumer loans		2,235			2,293			1,310			1,193			1,120			(58	)		1,115
Commercial loans		180			198			223			192			192			(18	)		(12	)
Intercompany loans(5)		(572	)		(923	)		(898	)		(697	)		(591	)		351			19
Allowance for loan losses		(267	)		(231	)		(97	)		(85	)		(82	)		(36	)		(185	)
Total finance receivables and loans, net		1,576			1,337			538			603			639			239			937
Other assets		7,212			6,661			5,787			5,868			5,246			551			1,966
Total assets	$	42,641		$	43,519		$	47,156		$	50,803		$	51,748		$	(878	)	$	(9,107	)
Core OID Amortization Schedule (4)		2022			2023			2024			2025			2026 & After
Remaining Core OID amortization expense	$	32		$	49		$	57		$	66			Avg = $112/yr

(1) Includes the impact of centralized asset and liability management, 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 $311 million for 1Q22, $294 million for 4Q21, $290 million for 3Q21, $268 million for 2Q21, and $257 million for 1Q21. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3) See page 25 for methodology and detail.

(4) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

(5) Intercompany loan related to activity between Insurance and Corporate for liquidity purposes.

1Q 2022  Preliminary Results 14

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION     

$ in millions
	QUARTERLY TRENDS															CHANGE VS.
Asset Quality - Consolidated (1)	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
Ending loan balance	$	125,358		$	122,261		$	114,463		$	112,209		$	113,068		$	3,098		$	12,290
30+ Accruing DPD	$	1,684		$	1,793		$	1,591		$	1,291		$	1,122		$	(110	)	$	562
30+ Accruing DPD %		1.34	%		1.47	%		1.39	%		1.15	%		0.99	%
60+ Accruing DPD	$	380		$	401		$	308		$	247		$	244		$	(21	)	$	136
60+ Accruing DPD %		0.30	%		0.33	%		0.27	%		0.22	%		0.22	%
Non-performing loans (NPLs)	$	1,388		$	1,436		$	1,285		$	1,283		$	1,439		$	(48	)	$	(51	)
Net charge-offs (NCOs)	$	133		$	103		$	54		$	(6	)	$	118		$	30		$	14
Net charge-off rate (2)		0.43	%		0.35	%		0.19	%		(0.02	)%		0.41	%
Provision for loan losses	$	167		$	210		$	76		$	(32	)	$	(13	)	$	(43	)	$	180
Allowance for loan losses (ALLL)	$	3,301		$	3,267		$	3,148		$	3,126		$	3,152		$	34		$	149
ALLL as % of Loans (3) (4)		2.63	%		2.67	%		2.75	%		2.79	%		2.79	%
ALLL as % of NPLs (3)		238	%		227	%		245	%		244	%		219	%
ALLL as % of NCOs (3)		621	%		792	%		n/m			n/m			667	%
US Auto Delinquencies - HFI Retail Contract $‘s
30+ Delinquent contract $	$	1,594		$	1,677		$	1,427		$	1,218		$	1,059		$	(83	)	$	535
% of retail contract $ outstanding		2.02	%		2.14	%		1.83	%		1.60	%		1.43	%
60+ Delinquent contract $	$	362		$	378		$	298		$	241		$	233
% of retail contract $ outstanding		0.46	%		0.48	%		0.38	%		0.32	%		0.32	%
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s
Net charge-offs	$	113		$	94		$	51		$	(5	)	$	97		$	19		$	16
% of avg. HFI assets (2)		0.58	%		0.48	%		0.27	%		(0.03	)%		0.53	%
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s
Net charge-offs	$	(1	)	$	0		$	0		$	0		$	0		$	(1	)	$	(1	)
% of avg. HFI assets (2)		(0.01	)%		(0.01	)%		(0.01	)%		—	%		—	%

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

(2) Net charge-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 loans held-for-sale during the year for each loan category.

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

(4) Excludes ($350) million of fair value adjustment for loans in hedge accounting relationships in 1Q22, ($37) million in 4Q21, $78 million in 3Q21, $124 million in 2Q21 and $173 million in 1Q21.

1Q 2022  Preliminary Results 15

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION, CONTINUED     

($ in millions)
Automotive Finance (1)	QUARTERLY TRENDS										CHANGE VS.
Consumer	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Allowance for loan losses	$	2,763	$	2,769	$	2,810	$	2,802	$	2,809	$	(6)	$	(46)
Total consumer loans (2)	$	78,911	$	78,252	$	77,761	$	75,951	$	73,998	$	659	$	4,913
Coverage ratio (3)		3.49%		3.54%		3.62%		3.70%		3.80%
Commercial
Allowance for loan losses	$	31	$	33	$	41	$	46	$	58	$	(3)	$	(27)
Total commercial loans	$	17,295	$	16,074	$	12,587	$	15,219	$	19,208	$	1,221	$	(1,913)
Coverage ratio		0.18%		0.21%		0.32%		0.30%		0.30%
Mortgage (1)
Consumer
Mortgage Finance
Allowance for loan losses	$	19	$	19	$	17	$	15	$	16	$	—	$	3
Total consumer loans	$	18,372	$	17,644	$	16,059	$	13,629	$	12,445	$	728	$	5,927
Coverage ratio		0.10%		0.11%		0.11%		0.11%		0.13%
Mortgage - Legacy
Allowance for loan losses	$	7	$	8	$	8	$	9	$	10	$	(1)	$	(3)
Total consumer loans	$	341	$	368	$	396	$	429	$	458	$	(27)	$	(117)
Coverage ratio		2.03%		2.05%		2.04%		2.16%		2.19%
Total Mortgage
Allowance for loan losses	$	26	$	27	$	25	$	24	$	26	$	(1)	$	—
Total consumer loans	$	18,713	$	18,012	$	16,455	$	14,058	$	12,903	$	700	$	5,810
Coverage ratio		0.14%		0.15%		0.15%		0.18%		0.20%
Consumer Other - Ally Lending (1) (4)
Allowance for loan losses	$	124	$	102	$	86	$	72	$	69	$	22	$	55
Total consumer loans	$	1,202	$	1,002	$	828	$	632	$	482	$	200	$	719
Coverage ratio		10.32%		10.20%		10.34%		11.39%		14.33%
Consumer Other - Ally Credit Card (1) (5)
Allowance for loan losses	$	134	$	119		—		—		—	$	15	$	134
Total consumer loans	$	1,036	$	953		—		—		—	$	83	$	1,036
Coverage ratio		12.90%		12.44%		—		—		—
Corporate Finance (1)
Allowance for loan losses	$	221	$	215	$	183	$	178	$	187	$	7	$	34
Total commercial loans	$	8,021	$	7,770	$	6,609	$	6,157	$	6,285	$	251	$	1,736
Coverage ratio		2.76%		2.77%		2.78%		2.90%		2.98%
Corporate and Other (1)
Allowance for loan losses	$	2	$	2	$	3	$	4	$	3	$	—	$	(1)
Total commercial loans	$	180	$	198	$	223	$	192	$	192	$	(18)	$	(12)
Coverage ratio		1.36%		1.36%		1.36%		1.36%		1.36%

(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 ($350) million of fair value adjustment for loans in hedge accounting relationships in 1Q22, ($37) million in 4Q21, $78 million in 3Q21, $124 million in 2Q21 and $173 million in 1Q21.

(3) Excludes ($350) million of fair value adjustment for loans in hedge accounting relationships in 1Q22, ($37) million in 4Q21, $78 million in 3Q21, $124 million in 2Q21 and $173 million in 1Q21.

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

(5) Credit card lending portfolio.

1Q 2022  Preliminary Results 16

ALLY FINANCIAL INC. CAPITAL     

($ in billions)	QUARTERLY TRENDS										CHANGE VS.
Capital	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Risk-weighted assets	$	149.0	$	146.4	$	140.0	$	138.8	$	138.8	$	2.6	$	10.2
Common Equity Tier 1 (CET1) capital ratio		10.0%		10.3%		11.2%		11.3%		11.1%
Tier 1 capital ratio		11.5%		11.9%		12.8%		13.1%		12.8%
Total capital ratio		13.1%		13.5%		14.6%		14.8%		14.6%
Tangible common equity / Tangible assets (1)(2)		6.6%		7.6%		8.2%		8.2%		7.8%
Tangible common equity / Risk-weighted assets (1)		8.2%		9.4%		10.4%		10.7%		10.3%
Shareholders’ equity	$	15.4	$	17.1	$	17.3	$	17.5	$	14.6	$	(1.7)	$	0.8
add:   CECL phase-in adjustment		0.9		1.2		1.2		1.1		1.2		(0.3)		(0.3)
less:   Certain AOCI items and other adjustments		0.9		(0.8)		(0.5)		(0.6)		(0.4)		1.7		1.3
Preferred equity		(2.3)		(2.3)		(2.3)		(2.3)		—		—		(2.3)
Common Equity Tier 1 capital	$	14.8	$	15.1	$	15.7	$	15.7	$	15.4	$	(0.3)	$	(0.6)
Common Equity Tier 1 capital	$	14.8	$	15.1	$	15.7	$	15.7	$	15.4	$	(0.3)	$	(0.6)
add:   Preferred equity		2.3		2.3		2.3		2.3		—		—		2.3
Trust preferred securities		—		—		—		0.2		2.5		—		(2.5)
less:   Other adjustments		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)		—		—
Tier 1 capital	$	17.1	$	17.4	$	17.9	$	18.2	$	17.8	$	(0.3)	$	(0.7)
Tier 1 capital	$	17.1	$	17.4	$	17.9	$	18.2	$	17.8	$	(0.3)	$	(0.7)
add:   Qualifying subordinated debt		0.6		0.6		0.8		0.8		0.8		—		(0.2)
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments		1.8		1.7		1.6		1.6		1.6		0.1		0.2
Total capital	$	19.5	$	19.7	$	20.4	$	20.6	$	20.2	$	(0.2)	$	(0.7)
Total shareholders’ equity	$	15.4	$	17.1	$	17.3	$	17.5	$	14.6	$	(1.7)	$	0.8
less:   Preferred equity		(2.3)		(2.3)		(2.3)		(2.3)		—		—		(2.3)
Goodwill and intangible assets, net of deferred tax liabilities		(0.9)		(0.9)		(0.4)		(0.4)		(0.4)		—		(0.5)
Tangible common equity (1)	$	12.2	$	13.8	$	14.6	$	14.8	$	14.2	$	(1.6)	$	(2.0)
Total assets	$	184.3	$	182.1	$	179.2	$	180.5	$	181.9	$	2.2	$	2.4
less:   Goodwill and intangible assets, net of deferred tax liabilities		(0.9)		(0.9)		(0.4)		(0.4)		(0.4)		—		(0.5)
Tangible assets (2)	$	183.4	$	181.2	$	178.8	$	180.1	$	181.5	$	2.2	$	1.9

Note: Numbers may not foot due to rounding

(1) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

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

For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 25.

1Q 2022  Preliminary Results 17

ALLY FINANCIAL INC. LIQUIDITY AND DEPOSITS     

	QUARTERLY TRENDS										CHANGE VS.
Consolidated Available Liquidity ($ in billions)	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21			1Q 21
Liquid cash and cash equivalents (1)	$	3.6	$	4.4	$	10.1	$	13.0	$	15.2	$	(0.8	)	$	(11.6	)
Highly liquid securities (2)		25.9		26.8		26.7		28.4		28.0		(0.9	)		-2.1
Current committed unused capacity		—		—		0.1		0.2		0.4		—			(0.4	)
Total current available liquidity	$	29.5	$	31.2	$	36.9	$	41.6	$	43.6	$	(1.7	)	$	(14.1	)
Unsecured Long-Term Debt Maturity Profile	2022		2023		2024		2025		2026		2027 & After
Consolidated remaining maturities (3)	$	0.4	$	2.0	$	1.5	$	2.3	$	0.0	$	3.3
Ally Bank Deposits
Key Deposit Statistics
Average retail CD maturity (months)		20.5		20.3		20.2		20.1		20.0		0.2			0.5
Average retail deposit rate		0.59%		0.61%		0.64%		0.69%		0.81%
End of Period Deposit Levels ($ in millions)
Retail	$	135,978	$	134,672	$	131,590	$	129,222	$	128,370	$	1,306		$	7,608
Brokered & other		6,497		6,886		7,854		9,882		11,215		(389	)		(4,718	)
Total deposits	$	142,475	$	141,558	$	139,444	$	139,104	$	139,585	$	917		$	2,889
Deposit Mix
Retail CD		24%		26%		27%		28%		30%
MMA/OSA/Checking		72%		70%		67%		65%		62%
Brokered		4%		4%		6%		7%		8%

(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, Agency MBS, and highly liquid Corporates

(3) Excludes retail notes; as of 3/31/2022. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs.

1Q 2022  Preliminary Results 18

ALLY FINANCIAL INC. NET INTEREST MARGIN     

($ in millions)	QUARTERLY TRENDS										CHANGE VS.
Average Balance Details	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Retail Auto Loans	$	78,224	$	77,979	$	76,557	$	74,662	$	73,500	$	245	$	4,724
Auto Lease (net of dep)		10,878		10,951		10,919		10,355		9,831		(73)		1,047
Dealer Floorplan		11,594		9,539		8,849		10,825		15,612		2,055		(4,018)
Other Dealer Loans		4,810		4,829		5,038		5,507		5,729		(19)		(919)
Corporate Finance		8,045		7,147		6,735		6,383		6,338		898		1,707
Mortgage(1)		18,228		17,533		15,125		13,179		14,310		695		3,918
Consumer Other - Ally Lending(2)		1,100		923		728		537		444		177		656
Consumer Other - Ally Credit Card (3)		981		309		—		—		—		672		981
Cash and Cash Equivalents		4,027		6,532		13,055		16,564		15,363		(2,505)		(11,336)
Investment Securities and Other		37,025		37,146		35,532		36,784		34,996		(121)		2,029
Total Earning Assets	$	174,911	$	172,888	$	172,538	$	174,796	$	176,123	$	2,023	$	(1,212)
Interest Revenue		2,094		2,069		2,038		2,044		1,929		25		165
Unsecured Debt (ex. Core OID balance) (4)(7)	$	9,976	$	10,061	$	9,787	$	11,737	$	12,910	$	(85)	$	(2,934)
Secured Debt		1,089		1,331		1,675		2,618		3,793		(242)		(2,704)
Deposits (5)		141,557		140,043		139,244		139,382		137,718		1,514		3,839
Other Borrowings (6)		7,203		4,990		4,929		5,044		6,307		2,213		896
Total Funding Sources (ex. Core OID balance) (4)	$	159,826	$	156,425	$	155,635	$	158,781	$	160,728	$	3,401	$	(902)
Interest Expense (ex. Core OID) (4)		391		406		435		488		547		(15)		(156)
Net Financing Revenue (ex. Core OID) (4)	$	1,703	$	1,663	$	1,603	$	1,556	$	1,382	$	40	$	321
Net Interest Margin (yield details)
Retail Auto Loan		6.61%		6.61%		6.62%		6.70%		6.66%		—%		(0.05)%
Retail Auto Loan (excl. hedge impact)		6.75%		6.81%		6.84%		6.92%		6.90%		(0.06)%		(0.15)%
Auto Lease (net of dep)		6.96%		7.88%		9.21%		11.67%		8.57%		(0.92)%		(1.61)%
Dealer Floorplan		2.97%		2.98%		3.18%		3.31%		3.17%		(0.01)%		(0.20)%
Other Dealer Loans		4.17%		4.10%		4.16%		4.18%		4.36%		0.07%		(0.19)%
Corporate Finance		4.76%		5.15%		5.12%		5.37%		5.14%		(0.39)%		(0.38)%
Mortgage		2.94%		2.77%		2.83%		2.80%		2.74%		0.17%		0.20%
Consumer Other - Ally Lending(2)		12.62%		12.89%		13.86%		14.44%		14.95%		(0.27)%		(2.33)%
Consumer Other - Ally Credit Card (3)		18.75%		18.11%		—%		—%		—%		0.64%		18.75%
Cash and Cash Equivalents		0.15%		0.14%		0.14%		0.10%		0.10%		0.01%		0.05%
Investment Securities and Other		2.09%		1.81%		1.76%		1.63%		1.55%		0.28%		0.54%
Total Earning Assets		4.86%		4.75%		4.68%		4.69%		4.44%		0.11%		0.42%
Unsecured Debt (ex. Core OID & Core OID balance) (4)(7)		5.12%		5.02%		5.19%		5.33%		5.42%		0.10%		(0.30)%
Secured Debt		6.36%		5.91%		4.29%		4.44%		3.35%		0.45%		3.01%
Deposits (5)		0.61%		0.64%		0.70%		0.77%		0.90%		(0.03)%		(0.29)%
Other Borrowings(6)		2.11%		2.59%		3.42%		2.81%		2.47%		(0.48)%		(0.36)%
Total Funding Sources (ex. Core OID & Core OID balance) (4)		0.99%		1.03%		1.11%		1.23%		1.38%		(0.04)%		(0.39)%
NIM (as reported)		3.93%		3.80%		3.66%		3.55%		3.16%		0.13%		0.77%
NIM (ex. Core OID & Core OID balance) (4)		3.95%		3.82%		3.68%		3.57%		3.18%		0.13%		0.77%

(1) ‘Mortgage includes held-for-investment (HFI) loans from the Mortgage Finance segment and the HFI legacy mortgage portfolio in run-off at the Corporate and Other segment.

(2) Unsecured consumer lending from point-of-sale financing.

(3) Credit Card lending portfolio. 4Q’21 end of period balance was $953 million. 4Q’21 Average Balance reflects one month of active balances on-balance sheet (12/1/2021-12/31/2021) and $0 for prior months within period.

(4) Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.

(5) Includes retail, brokered, and other deposits. Other includes sweep deposits and other deposits.

(6) Includes Demand Notes (terminated on 3/1/21), FHLB Borrowings, Repurchase Agreements and other.

(7) Includes trust preferred securities.

1Q 2022  Preliminary Results 19

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

($ in billions)	QUARTERLY TRENDS
Mortgage Finance HFI Portfolio	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21
Loan Value
Gross carry value	$	18.4	$	17.6	$	16.1	$	13.6	$	12.4
Net carry value	$	18.4	$	17.6	$	16.0	$	13.6	$	12.4
Estimated Pool Characteristics
% Second lien		0.0%		0.0%		0.0%		0.0%		0.0%
% Interest only		0.0%		0.0%		0.0%		0.0%		0.0%
% 30+ Day delinquent(1)(2)		0.6%		0.8%		1.1%		0.8%		0.8%
% Low/No documentation		0.1%		0.1%		0.1%		0.1%		0.2%
% Non-primary residence		4.0%		3.9%		4.3%		4.9%		4.9%
Refreshed FICO(3)		776		776		776		776		775
Wtd. Avg. LTV/CLTV (4)		55.7%		56.9%		57.6%		58.8%		57.5%
Corporate Other Legacy Mortgage HFI Portfolio
Loan Value
Gross carry value	$	0.3	$	0.4	$	0.4	$	0.4	$	0.5
Net carry value	$	0.3	$	0.4	$	0.4	$	0.4	$	0.4
Estimated Pool Characteristics
% Second lien		14.7%		15.0%		15.6%		16.5%		18.0%
% Interest only		0.1%		0.1%		0.2%		0.1%		0.1%
% 30+ Day delinquent(1)(2)		7.1%		7.5%		8.1%		6.3%		7.0%
% Low/No documentation		23.7%		23.4%		23.3%		23.1%		22.5%
% Non-primary residence		3.5%		3.5%		3.6%		3.2%		3.7%
Refreshed FICO(3)		738		735		735		734		731
Wtd. Avg. LTV/CLTV (4)		52.2%		54.2%		56.0%		61.0%		62.2%

1) MBA Delinquency buckets were used for First Lien products and OTS Delinquency buckets were used for all others.

2) %30+Day Delinquency bucket excludes loans which are current but are in bankruptcy.

3) Refreshed FICO includes the entire Bank HFI portfolio, inclusive of SBO. Previously, SBO loans had been excluded from our reporting.

4) 1st lien only. Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices.

1Q 2022  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 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21			1Q 21
GAAP net income attributable to common shareholders		$	627		$	624		$	683		$	900		$	796		$	3		$	(169	)
Weighted-average common shares outstanding - basic			335,678			345,870			359,179			370,412			375,229			(10,193	)		(39,551	)
Weighted-average common shares outstanding - diluted			337,812			348,666			361,855			373,029			377,529			(10,854	)		(39,717	)
Issued shares outstanding (period-end)			327,306			337,941			349,599			362,639			371,805			(10,634	)		(44,498	)
Net income per share - basic		$	1.87		$	1.80		$	1.90		$	2.43		$	2.12		$	0.06		$	(0.25	)
Net income per share - diluted		$	1.86		$	1.79		$	1.89		$	2.41		$	2.11		$	0.07		$	(0.25	)
Adjusted Earnings per Share (“Adjusted EPS”)
Numerator
GAAP net income attributable to common shareholders		$	627		$	624		$	683		$	900		$	796		$	3		$	(169	)
Discontinued operations, net of tax			—			6			—			(1	)		—			(6	)		—
Core OID			10			9			9			9			10			—			—
Change in the fair value of equity securities			66			(21	)		65			(19	)		(17	)		87			82
Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)			(16	)		(20	)		(26	)		(13	)		1			4			(17	)
Repositioning			—			107			52			70			—			(107	)		—
Significant discrete tax items			—			—			—			(78	)		—			—			—
Core net income attributable to common shareholders (1)		$	687		$	705		$	782		$	868		$	790		$	(18	)	$	(103	)
Denominator
Weighted-average common shares outstanding - diluted			337,812			348,666			361,855			373,029			377,529			(10,854	)		(39,717	)
Adjusted EPS (2)		$	2.03		$	2.02		$	2.16		$	2.33		$	2.09		$	0.01		$	(0.06	)
Core original issue discount (Core OID) amortization expense (1)		$	10		$	9		$	9		$	9		$	10		$	—		$	—
Other OID			3			3			3			3			3			—			—
GAAP original issue discount amortization expense		$	13		$	12		$	12		$	12		$	12		$	—		$	1
Core outstanding original issue discount balance (Core OID balance) (1)		$	(873	)	$	(883	)	$	(900	)	$	(952	)	$	(1,018	)	$	10		$	145
Other outstanding OID balance			(37	)		(40	)		(29	)		(32	)		(34	)		3			(3	)
GAAP outstanding original issue discount balance		$	(911	)	$	(923	)	$	(929	)	$	(983	)	$	(1,052	)	$	13		$	142
GAAP net financing revenue	[A]	$	1,693		$	1,654		$	1,594		$	1,547		$	1,372		$	39		$	321
Core OID			10			9			9			9			10			—			—
Net Financing Revenue (ex. Core OID)	[B]	$	1,703		$	1,663		$	1,603		$	1,556		$	1,382		$	39		$	321
GAAP Other Revenue	[C]	$	442		$	545		$	391		$	538		$	565		$	(103	)	$	(123	)
Repositioning			—			9			52			70			—			(9	)		—
Change in the fair value of equity securities			66			(21	)		65			(19	)		(17	)		87			82
Adjusted Other Revenue	[D]	$	508		$	533		$	507		$	588		$	548		$	(25	)	$	(41	)
GAAP Provision Expense		$	167		$	210		$	76		$	(32	)	$	(13	)	$	(43	)	$	180
Repositioning			—			(97	)		—			—			—			97			—
Adjusted Provision (ex. Repositioning)		$	167		$	113		$	76		$	(32	)	$	(13	)	$	54		$	180
GAAP Noninterest expense	[E]	$	1,122		$	1,090		$	1,002		$	1,075		$	943		$	32		$	179
Adjusted Noninterest Expense	[F]	$	1,122		$	1,090		$	1,002		$	1,075		$	943		$	32		$	179
Pre-Provision Net Revenue (PPNR)	[A]+[C]+[E]	$	1,013		$	1,109		$	983		$	1,010		$	994		$	(96	)	$	19
Core Pre-Provision Net Revenue (PPNR) (1)	[B]+[D]+[F]	$	1,088		$	1,107		$	1,108		$	1,070		$	987		$	(18	)	$	102

(1) Represents a non-GAAP financial measure. See page 25 for definitions.

(2) Adjusted earnings per share (Adjusted EPS) is a non-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 the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods.(3) Repositioning and other includes a  $50 million Goodwill impairment at Ally Invest in 2Q20.

1Q 2022  Preliminary Results 21

ALLY FINANCIAL INC. ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION     

($ in millions, shares in thousands)	QUARTERLY TRENDS										CHANGE VS.
Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”)  Information	1Q 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Numerator
GAAP shareholder’s equity	$	15,413	$	17,050	$	17,289	$	17,530	$	14,625	$	(1,637)	$	788
Preferred equity		(2,324)		(2,324)		(2,324)		(2,324)		—		—		(2,324)
GAAP common shareholder’s equity	$	13,089	$	14,726	$	14,965	$	15,206	$	14,625	$	(1,637)	$	(1,536)
Goodwill and identifiable intangibles, net of DTLs		(932)		(941)		(369)		(374)		(378)		10		(553)
Tangible common equity (1)		12,157		13,785		14,596		14,832		14,247		(1,627)		(2,089)
Tax-effected Core OID balance (21% tax rate) (1)		(690)		(698)		(711)		(752)		(804)		8		114
Adjusted tangible book value (2)	$	11,468	$	13,087	$	13,885	$	14,081	$	13,443	$	(1,619)	$	(1,975)
Denominator
Issued shares outstanding (period-end, thousands)		327,306		337,941		349,599		362,639		371,805		(10,634)		(44,498)
GAAP shareholder’s equity per share	$	47.09	$	50.45	$	49.45	$	48.34	$	39.34	$	(3.36)	$	7.76
Preferred equity per share		(7.10)		(6.88)		(6.65)		(6.41)		—		(0.22)		(7.10)
GAAP common shareholder’s equity per share	$	39.99	$	43.58	$	42.81	$	41.93	$	39.34	$	(3.59)	$	0.65
Goodwill and identifiable intangibles, net of DTLs per share		(2.85)		(2.79)		(1.06)		(1.03)		(1.02)		(0.06)		(1.83)
Tangible common equity per share (1)		37.14		40.79		41.75		40.90		38.32		(3.65)		(1.17)
Tax-effected Core OID balance (21% tax rate) per share (1)		(2.11)		(2.06)		(2.03)		(2.07)		(2.16)		(0.04)		0.06
Adjusted tangible book value per share (2)	$	35.04	$	38.73	$	39.72	$	38.83	$	36.16	$	(3.69)	$	(1.12)

(1) Represents a non-GAAP financial measure. See page 25 for methodology and detail.

(2) 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 and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.

1Q 2022  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 22		4Q 21		3Q 21		2Q 21		1Q 21		4Q 21		1Q 21
Numerator
GAAP net income attributable to common shareholders	$	627	$	624	$	683	$	900	$	796	$	3	$	(169)
Discontinued operations, net of tax		—		6		—		(1)		—		(6)		—
Core OID		10		9		9		9		10		—		—
Change in the fair value of equity securities		66		(21)		65		(19)		(17)		87		82
Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)		(16)		(20)		(26)		(13)		1		4		(17)
Repositioning		—		107		52		70		—		(107)		—
Significant discrete tax items		—		—		—		(78)		—		—		—
Core net income attributable to common shareholders (1)	$	687	$	705	$	782	$	868	$	790	$	(18)	$	(103)
Denominator (average,  $ millions)
GAAP shareholder’s equity	$	16,232	$	17,170	$	17,410	$	16,078	$	14,664	$	(938)	$	1,568
Preferred equity		(2,324)		(2,324)		(2,324)		(1,162)		—		—		(2,324)
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)		(937)		(655)		(371)		(376)		(380)		(281)		(556)
Tangible common equity (1)	$	12,971	$	14,190	$	14,714	$	14,540	$	14,284	$	(1,219)	$	(1,313)
Core OID balance		(878)		(892)		(926)		(985)		(1,023)		14		145
Net deferred tax asset (“DTA”)		(437)		(551)		(866)		(571)		(136)		114		(301)
Normalized common equity	$	11,656	$	12,747	$	12,923	$	12,984	$	13,125	$	(1,091)	$	(1,469)
Core Return on Tangible Common Equity (2)		23.6%		22.1%		24.2%		26.7%		24.1%

(1) Represents a non-GAAP measure. See page 25 for methodology and detail.

(2) Core return on tangible common equity (Core ROTCE) is a non-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, repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant onetime items, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01, 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, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

      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 2022  Preliminary Results 23

ALLY FINANCIAL INC. ADJUSTED EFFICIENCY RATIO RELATED INFORMATION     

($ in millions)	QUARTERLY TREND															CHANGE VS.
Adjusted Efficiency Ratio Calculation	1Q 22			4Q 21			3Q 21			2Q 21			1Q 21			4Q 21		1Q 21
Numerator
GAAP Noninterest expense	$	1,122		$	1,090		$	1,002		$	1,075		$	943		$	32	$	179
Rep and warrant expense		—			—			—			—			—			—		—
Insurance expense		(274)			(263)			(273)			(272)			(253)			(11)		(21)
Adjusted noninterest expense for the efficiency ratio	$	848		$	827		$	729		$	803		$	690		$	21	$	158
Denominator
Total net revenue	$	2,135		$	2,199		$	1,985		$	2,085		$	1,937		$	(64)	$	198
Core OID		10			9			9			9			10			—		—
Insurance revenue		(287)			(354)			(297)			(359)			(394)			67		107
Repositioning		—			9			52			70			—			(9)		—
Adjusted net revenue for the efficiency ratio	$	1,858		$	1,864		$	1,749		$	1,805		$	1,553		$	(6)	$	305
Adjusted Efficiency Ratio (1)		45.6	%		44.4	%		41.7	%		44.5	%		44.4	%

(1) Adjusted efficiency ratio is a non-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, Rep and warrant expense, and repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. 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 2022  Preliminary Results 24

ALLY FINANCIAL INC.     

The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to, and not a substitute for, GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core pre tax income, Core net income attributable to common shareholders, Core return on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Adjusted other revenue, Adjusted noninterest expense, Core original issue discount (Core OID) amortization expense and Core outstanding original issue discount balance (Core OID balance), Net financing revenue (excluding Core OID), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. For calculation methodology, refer to the Reconciliation to GAAP later in this document.

1) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity (change in fair value of equity securities impacts the Insurance and Corporate Finance segments), and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods or businesses. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 5 for calculation methodology and details.

2) Core net income attributable to common shareholders is a non-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, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See page 21 calculation methodology and details.

3) Tangible Common Equity is a non-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 for Core OID balance and net deferred tax asset. See page 22 for more details.

4) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. See page 21 calculation methodology and details.

5) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. See page 21 for calculation methodology and details

6) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt.

7) Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - 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 the day-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 provided 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. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are 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 the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the 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 beginning January 1, 2022, are phasing in the regulatory capital impacts of CECL based on this five-year transition period.

8) Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity.

9) Repositioning is primarily related to the extinguishment of high-cost legacy debt, strategic activities and other one-time items.

10) Core pre-provision net revenue (Core PPNR) is a non-GAAP financial measure calculated by adjusting Core pre-tax income to add back provision for credit losses. Management believes that Core PPNR is a helpful financial metric because it enables the reader to assess the core businesses ability to generate earnings to cover credit losses and is utilized by the Federal Reserve’s approach to modeling within the Supervisory Stress Test Framework that generally follows U.S. generally accepted accounting principles (GAAP) and includes a calculation of PPNR as a component of projected pre-tax net income. See page 21 for calculation detail.

1Q 2022  Preliminary Results 25