Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																										Six Months ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				2Q'15 vs. 2Q'14						Jun 30, 2015				Jun 30, 2014				YTD'15 vs. YTD'14
EARNINGS
Net interest income	$	2,907			$	2,875			$	2,978			$	2,879			$	2,720			$	187		6.9	%		$	5,782			$	5,463			$	319		5.8	%
Retailer share arrangements	(621		)		(660		)		(698		)		(693		)		(590		)		(31		)	5.3	%		(1,281		)		(1,184		)		(97		)	8.2	%
Net interest income, after retailer share arrangements	2,286				2,215				2,280				2,186				2,130				156			7.3	%		4,501				4,279				222			5.2	%
Provision for loan losses	740				687				797				675				681				59			8.7	%		1,427				1,445				(18		)	(1.2	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,546				1,528				1,483				1,511				1,449				97			6.7	%		3,074				2,834				240			8.5	%
Other income	120				101				162				96				112				8			7.1	%		221				227				(6		)	(2.6	)%
Other expense	805				746				792				728				797				8			1.0	%		1,551				1,407				144			10.2	%
Earnings before provision for income taxes	861				883				853				879				764				97			12.7	%		1,744				1,654				90			5.4	%
Provision for income taxes	320				331				322				331				292				28			9.6	%		651				624				27			4.3	%
Net earnings	$	541			$	552			$	531			$	548			$	472			$	69		14.6	%		$	1,093			$	1,030			$	63		6.1	%
Net earnings attributable to common stockholders	$	541			$	552			$	531			$	548			$	472			$	69		14.6	%		$	1,093			$	1,030			$	63		6.1	%
COMMON SHARE STATISTICS
Basic EPS	$	0.65			$	0.66			$	0.64			$	0.70			$	0.67			$	(0.02	)	(3.0	)%		$	1.31			$	1.46			$	(0.15	)	(10.3	)%
Diluted EPS	$	0.65			$	0.66			$	0.64			$	0.70			$	0.67			$	(0.02	)	(3.0	)%		$	1.31			$	1.46			$	(0.15	)	(10.3	)%
Common stock price	$	32.93			$	30.35			$	29.75			$	24.55			n/a				$	32.93		n/a			$	32.93			n/a				$	32.93		n/a
Book value per share	$	13.89			$	13.24			$	12.57			$	11.92			$	9.06			$	4.83		53.3	%		$	13.89			$	9.06			$	4.83		53.3	%
Tangible book value per share(1)	$	12.06			$	11.43			$	10.81			$	10.25			$	7.06			$	5.00		70.8	%		$	12.06			$	7.06			$	5.00		70.8	%
Beginning common shares outstanding	833.8				833.8				833.8				705.3				705.3				128.5			18.2	%		833.8				705.3				128.5			18.2	%
Issuance of common shares through initial public offering	—				—				—				128.5				—				—			NM			—				—				—			NM
Shares repurchased	—				—				—				—				—				—			NM			—				—				—			NM
Ending common shares outstanding	833.8				833.8				833.8				833.8				705.3				128.5			18.2	%		833.8				705.3				128.5			18.2	%
Weighted average common shares outstanding	833.8				833.8				833.8				781.8				705.3				128.5			18.2	%		833.8				705.3				128.5			18.2	%
Weighted average common shares outstanding (fully diluted)	835.4				835.0				834.3				781.9				705.3				130.1			18.4	%		835.2				705.3				129.9			18.4	%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1

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SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions, except account data)
	Quarter Ended																										Six Months ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				2Q'15 vs. 2Q'14						Jun 30, 2015				Jun 30, 2014				YTD'15 vs. YTD'14
PERFORMANCE METRICS
Return on assets(1)	2.9		%		3.0		%		2.7		%		3.2		%		3.1		%					(0.2	)%		3.0		%		3.5		%					(0.5	)%
Return on equity(2)	19.2		%		20.8		%		20.2		%		26.8		%		29.9		%					(10.7	)%		20.0		%		32.4		%					(12.4	)%
Return on tangible common equity(3)	22.2		%		24.1		%		23.4		%		32.4		%		38.5		%					(16.3	)%		23.1		%		40.9		%					(17.8	)%
Net interest margin(4)	15.77		%		15.79		%		15.60		%		17.11		%		17.84		%					(2.07	)%		15.75		%		18.29		%					(2.54	)%
Efficiency ratio(5)	33.5		%		32.2		%		32.4		%		31.9		%		35.5		%					(2.0	)%		32.8		%		31.2		%					1.6	%
Other expense as a % of average loan receivables, including held for sale	5.37		%		5.06		%		5.16		%		5.09		%		5.77		%					(0.40	)%		5.20		%		5.13		%					0.07	%
Effective income tax rate	37.2		%		37.5		%		37.7		%		37.7		%		38.2		%					(1.0	)%		37.3		%		37.7		%					(0.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.63		%		4.53		%		4.32		%		4.05		%		4.88		%					(0.25	)%		4.56		%		4.85		%					(0.29	)%
30+ days past due as a % of period-end loan receivables	3.53		%		3.79		%		4.14		%		4.26		%		3.82		%					(0.29	)%		3.53		%		3.82		%					(0.29	)%
90+ days past due as a % of period-end loan receivables	1.52		%		1.81		%		1.90		%		1.85		%		1.65		%					(0.13	)%		1.52		%		1.65		%					(0.13	)%
Net charge-offs	$	693			$	668			$	663			$	579			$	673			$	20		3.0	%		$	1,361			$	1,331			$	30		2.3	%
Loan receivables delinquent over 30 days	$	2,171			$	2,209			$	2,536			$	2,416			$	2,097			$	74		3.5	%		$	2,171			$	2,097			$	74		3.5	%
Loan receivables delinquent over 90 days	$	933			$	1,056			$	1,162			$	1,051			$	908			$	25		2.8	%		$	933			$	908			$	25		2.8	%
Allowance for loan losses (period-end)	$	3,302			$	3,255			$	3,236			$	3,102			$	3,006			$	296		9.8	%		$	3,302			$	3,006			$	296		9.8	%
Allowance coverage ratio(6)	5.38		%		5.59		%		5.28		%		5.46		%		5.48		%					(0.10	)%		5.38		%		5.48		%					(0.10	)%
BUSINESS METRICS
Purchase volume(7)	$	28,810			$	23,139			$	30,081			$	26,004			$	25,978			$	2,832		10.9	%		$	51,949			$	47,064			$	4,885		10.4	%
Period-end loan receivables	$	61,431			$	58,248			$	61,286			$	56,767			$	54,873			$	6,558		12.0	%		$	61,431			$	54,873			$	6,558		12.0	%
Credit cards	$	58,827			$	55,866			$	58,880			$	54,263			$	52,406			$	6,421		12.3	%		$	58,827			$	52,406			$	6,421		12.3	%
Consumer installment loans	$	1,138			$	1,062			$	1,063			$	1,081			$	1,047			$	91		8.7	%		$	1,138			$	1,047			$	91		8.7	%
Commercial credit products	$	1,410			$	1,295			$	1,320			$	1,404			$	1,405			$	5		0.4	%		$	1,410			$	1,405			$	5		0.4	%
Other	$	56			$	25			$	23			$	19			$	15			$	41		NM			$	56			$	15			$	41		NM
Average loan receivables, including held for sale	$	60,094			$	59,775			$	59,547			$	57,391			$	55,363			$	4,731		8.5	%		$	60,124			$	55,593			$	4,531		8.2	%
Period-end active accounts (in thousands)(8)	61,718				59,761				64,286				60,489				59,248				2,470			4.2	%		61,718				59,248				2,470			4.2	%
Average active accounts (in thousands)(8)	60,923				61,604				61,667				59,907				58,386				2,537			4.3	%		61,478				59,080				2,398			4.1	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	10,621			$	11,218			$	11,828			$	14,808			$	6,782			$	3,839		56.6	%		$	10,621			$	6,782			$	3,839		56.6	%
Total liquid assets	$	13,660			$	13,813			$	12,942			$	14,077			$	6,119			$	7,541		123.2	%		$	13,660			$	6,119			$	7,541		123.2	%
Undrawn credit facilities
Undrawn committed securitization financings	$	6,125			$	6,600			$	6,100			$	5,650			$	5,650			$	475		8.4	%		$	6,125			$	5,650			$	475		8.4	%
Total liquid assets and undrawn credit facilities	$	19,785			$	20,413			$	19,042			$	19,727			$	11,769			$	8,016		68.1	%		$	19,785			$	11,769			$	8,016		68.1	%
Liquid assets % of total assets	18.03		%		18.99		%		17.09		%		19.16		%		9.69		%					8.34	%		18.03		%		9.69		%					8.34	%
Liquid assets including undrawn committed securitization financings % of total assets	26.12		%		28.07		%		25.15		%		26.85		%		18.63		%					7.49	%		26.12		%		18.63		%					7.49	%
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings as a percentage of average tangible common equity. Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(6) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(7) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(8) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

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SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended																										Six Months ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				2Q'15 vs. 2Q'14						Jun 30, 2015				Jun 30, 2014				YTD'15 vs. YTD'14
Interest income:
Interest and fees on loans	$	3,166			$	3,140			$	3,252			$	3,116			$	2,920			$	246		8.4	%		$	6,306			$	5,848			$	458		7.8	%
Interest on investment securities	11				10				8				7				6				5			83.3	%		21				11				10			90.9	%
Total interest income	3,177				3,150				3,260				3,123				2,926				251			8.6	%		6,327				5,859				468			8.0	%
Interest expense:
Interest on deposits	146				137				139				126				109				37			33.9	%		283				205				78			38.0	%
Interest on borrowings of consolidated securitization entities	53				52				57				57				54				(1		)	(1.9	)%		105				101				4			4.0	%
Interest on third-party debt	71				82				78				46				—				71			NM			153				—				153			NM
Interest on related party debt	—				4				8				15				43				(43		)	(100.0	)%		4				90				(86		)	(95.6	)%
Total interest expense	270				275				282				244				206				64			31.1	%		545				396				149			37.6	%
Net interest income	2,907				2,875				2,978				2,879				2,720				187			6.9	%		5,782				5,463				319			5.8	%
Retailer share arrangements	(621		)		(660		)		(698		)		(693		)		(590		)		(31		)	5.3	%		(1,281		)		(1,184		)		(97		)	8.2	%
Net interest income, after retailer share arrangements	2,286				2,215				2,280				2,186				2,130				156			7.3	%		4,501				4,279				222			5.2	%
Provision for loan losses	740				687				797				675				681				59			8.7	%		1,427				1,445				(18		)	(1.2	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,546				1,528				1,483				1,511				1,449				97			6.7	%		3,074				2,834				240			8.5	%
Other income:
Interchange revenue	123				100				120				101				92				31			33.7	%		223				168				55			32.7	%
Debt cancellation fees	61				65				67				68				70				(9		)	(12.9	)%		126				140				(14		)	(10.0	)%
Loyalty programs	(94		)		(78		)		(91		)		(84		)		(63		)		(31		)	49.2	%		(172		)		(106		)		(66		)	62.3	%
Other	30				14				66				11				13				17			130.8	%		44				25				19			76.0	%
Total other income	120				101				162				96				112				8			7.1	%		221				227				(6		)	(2.6	)%
Other expense:
Employee costs	250				239				227				239				207				43			20.8	%		489				400				89			22.3	%
Professional fees(1)	156				162				139				149				145				11			7.6	%		318				275				43			15.6	%
Marketing and business development	108				82				165				115				97				11			11.3	%		190				180				10			5.6	%
Information processing	74				63				60				47				53				21			39.6	%		137				105				32			30.5	%
Other(1)	217				200				201				178				295				(78		)	(26.4	)%		417				447				(30		)	(6.7	)%
Total other expense	805				746				792				728				797				8			1.0	%		1,551				1,407				144			10.2	%
Earnings before provision for income taxes	861				883				853				879				764				97			12.7	%		1,744				1,654				90			5.4	%
Provision for income taxes	320				331				322				331				292				28			9.6	%		651				624				27			4.3	%
Net earnings attributable to common shareholders	$	541			$	552			$	531			$	548			$	472			$	69		14.6	%		$	1,093			$	1,030			$	63		6.1	%
(1) We have reclassified certain amounts within Professional fees to Other for all periods in 2014 to conform to the current period classifications.

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SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				Jun 30, 2015 vs. Jun 30, 2014
Assets
Cash and equivalents	$	10,621			$	11,218			$	11,828			$	14,808			$	6,782			$	3,839		56.6	%
Investment securities	3,682				3,121				1,598				325				298				3,384			NM
Loan receivables:
Unsecuritized loans held for investment	36,019				33,424				34,335				30,474				28,280				7,739			27.4	%
Restricted loans of consolidated securitization entities	25,412				24,824				26,951				26,293				26,593				(1,181		)	(4.4	)%
Total loan receivables	61,431				58,248				61,286				56,767				54,873				6,558			12.0	%
Less: Allowance for loan losses	(3,302		)		(3,255		)		(3,236		)		(3,102		)		(3,006		)		(296		)	9.8	%
Loan receivables, net	58,129				54,993				58,050				53,665				51,867				6,262			12.1	%
Loan receivables held for sale	—				359				332				1,493				1,458				(1,458		)	(100.0	)%
Goodwill	949				949				949				949				949				—			—	%
Intangible assets, net	575				557				519				449				463				112			24.2	%
Other assets	1,794				1,524				2,431				1,780				1,358				436			32.1	%
Total assets	$	75,750			$	72,721			$	75,707			$	73,469			$	63,175			$	12,575		19.9	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	37,629			$	34,788			$	34,847			$	32,480			$	30,258			$	7,371		24.4	%
Non-interest-bearing deposit accounts	143				162				108				209				204				(61		)	(29.9	)%
Total deposits	37,772				34,950				34,955				32,689				30,462				7,310			24.0	%
Borrowings:
Borrowings of consolidated securitization entities	13,948				13,817				14,967				15,091				15,114				(1,166		)	(7.7	)%
Bank term loan	5,151				5,651				8,245				7,495				—				5,151			NM
Senior unsecured notes	4,593				4,592				3,593				3,593				—				4,593			NM
Related party debt	—				—				655				1,405				7,859				(7,859		)	(100.0	)%
Total borrowings	23,692				24,060				27,460				27,584				22,973				719			3.1	%
Accrued expenses and other liabilities	2,708				2,675				2,814				3,255				3,347				(639		)	(19.1	)%
Total liabilities	64,172				61,685				65,229				63,528				56,782				7,390			13.0	%
Equity:
Parent’s net investment	—				—				—				—				—				—			NM
Common stock	1				1				1				1				1				—			—	%
Additional paid-in capital	9,422				9,418				9,408				9,401				6,399				3,023			47.2	%
Retained earnings	2,172				1,631				1,079				548				—				2,172			NM
Accumulated other comprehensive income:	(17		)		(14		)		(10		)		(9		)		(7		)		(10		)	142.9	%
Total equity	11,578				11,036				10,478				9,941				6,393				5,185			81.1	%
Total liabilities and equity	$	75,750			$	72,721			$	75,707			$	73,469			$	63,175			$	12,575		19.9	%

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SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	June 30, 2015											March 31, 2015											December 31, 2014											September 30, 2014											June 30, 2014
					Interest				Average							Interest				Average							Interest				Average							Interest				Average							Interest				Average
	Average				Income/				Yield/			Average				Income/				Yield/			Average				Income/				Yield/			Average				Income/				Yield/			Average				Income/				Yield/
	Balance				Expense				Rate			Balance				Expense				Rate			Balance				Expense				Rate			Balance				Expense				Rate			Balance				Expense				Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	10,728			$	6			0.22	%		$	11,331			$	6			0.21	%		$	13,631			$	7			0.20	%		$	9,793			$	4			0.16	%		$	5,489			$	3			0.22	%
Securities available for sale	3,107				5				0.65	%		2,725				4				0.60	%		962				1				0.40	%		309				3				3.89	%		285				3				4.22	%
Loan receivables:
Credit cards, including held for sale	57,588				3,106				21.63	%		57,390				3,079				21.76	%		57,075				3,186				21.68	%		54,891				3,054				22.32	%		52,957				2,860				21.66	%
Consumer installment loans	1,101				26				9.47	%		1,057				25				9.59	%		1,072				27				9.78	%		1,070				25				9.37	%		1,004				24				9.59	%
Commercial credit products	1,372				34				9.94	%		1,305				36				11.19	%		1,379				38				10.70	%		1,412				37				10.51	%		1,387				36				10.41	%
Other	33				—				—	%		23				—				—	%		21				1				NM			18				—				—	%		15				—				—	%
Total loan receivables, including held for sale	60,094				3,166				21.13	%		59,775				3,140				21.30	%		59,547				3,252				21.21	%		57,391				3,116				21.78	%		55,363				2,920				21.16	%
Total interest-earning assets	73,929				3,177				17.24	%		73,831				3,150				17.30	%		74,140				3,260				17.07	%		67,493				3,123				18.56	%		61,137				2,926				19.20	%
Non-interest-earning assets:
Cash and due from banks	583											497											1,220											1,260											637
Allowance for loan losses	(3,285		)									(3,272		)									(3,160		)									(3,058		)									(3,005		)
Other assets	2,916											2,802											2,831											2,605											2,446
Total non-interest-earning assets	214											27											891											807											78
Total assets	$	74,143										$	73,858										$	75,031										$	68,300										$	61,215
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	35,908			$	146			1.63	%		$	34,981			$	137			1.59	%		$	33,980			$	139			1.59	%		$	31,459			$	126			1.61	%		$	28,568			$	109			1.53	%
Borrowings of consolidated securitization entities	14,026				53				1.52	%		14,101				52				1.50	%		14,766				57				1.50	%		15,102				57				1.51	%		14,727				54				1.47	%
Bank term loan(1)	5,401				32				2.38	%		6,531				47				2.92	%		8,057				46				2.22	%		3,747				28				3.00	%		—				—				—	%
Senior unsecured notes(1)	4,592				39				3.41	%		4,093				35				3.47	%		3,593				32				3.46	%		1,797				18				4.02	%		—				—				—	%
Related party debt(1)	—				—				—	%		407				4				3.99	%		843				8				3.68	%		4,582				15				1.31	%		7,959				43				2.17	%
Total interest-bearing liabilities	59,927				270				1.81	%		60,113				275				1.86	%		61,239				282				1.79	%		56,687				244				1.73	%		51,254				206				1.61	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	166											142											182											206											221
Other liabilities	2,750											2,854											3,382											3,208											3,412
Total non-interest-bearing liabilities	2,916											2,996											3,564											3,414											3,633
Total liabilities	62,843											63,109											64,803											60,101											54,887
Equity
Total equity	11,300											10,749											10,228											8,199											6,328
Total liabilities and equity	$	74,143										$	73,858										$	75,031										$	68,300										$	61,215
Net interest income					$	2,907										$	2,875										$	2,978										$	2,879										$	2,720
Interest rate spread(2)									15.43	%										15.44	%										15.28	%										16.83	%										17.59	%
Net interest margin(3)									15.77	%										15.79	%										15.60	%										17.11	%										17.84	%
(1) Interest on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the quarters ended June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, were 2.21%, 2.21%, 2.19% and 2.21%, respectively. The Bank term loan effective rate excludes the impact of charges incurred in connection with prepayments of the loan.
(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.

5

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SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Six Months Ended Jun 30, 2015											Six Months Ended Jun 30, 2014
					Interest				Average							Interest				Average
	Average				Income/				Yield/			Average				Income/				Yield/
	Balance				Expense				Rate			Balance				Expense				Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	11,006			$	12			0.22	%		$	4,710			$	5			0.22	%
Securities available for sale	2,887				9				0.63	%		268				6				4.54	%
Loan receivables:
Credit cards, including held for sale	57,670				6,185				21.63	%		53,238				5,727				21.81	%
Consumer installment loans	1,081				51				9.51	%		984				47				9.69	%
Commercial credit products	1,345				70				10.50	%		1,356				74				11.07	%
Other	28				—				—	%		15				—				—	%
Total loan receivables, including held for sale	60,124				6,306				21.15	%		55,593				5,848				21.33	%
Total interest-earning assets	74,017				6,327				17.24	%		60,571				5,859				19.61	%
Non-interest-earning assets:
Cash and due from banks	578											611
Allowance for loan losses	(3,282		)									(2,964		)
Other assets	2,870											2,253
Total non-interest-earning assets	166											(100		)
Total assets	$	74,183										$	60,471
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	35,538			$	283			1.61	%		$	27,488			$	205			1.51	%
Borrowings of consolidated securitization entities	14,099				105				1.50	%		14,799				101				1.38	%
Bank term loan(1)	6,011				79				2.65	%		—				—				—	%
Senior unsecured notes(1)	4,307				74				3.46	%		—				—				—	%
Related party debt(1)	232				4				3.48	%		8,131				90				2.24	%
Total interest-bearing liabilities	60,187				545				1.83	%		50,418				396				1.59	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	153											282
Other liabilities	2,820											3,319
Total non-interest-bearing liabilities	2,973											3,601
Total liabilities	63,160											54,019
Equity
Total equity	11,023											6,452
Total liabilities and equity	$	74,183										$	60,471
Net interest income					$	5,782										$	5,463
Interest rate spread(2)									15.41	%										18.02	%
Net interest margin(3)									15.75	%										18.29	%
(1) Interest on liabilities calculated above utilizes monthly average balances. The effective interest rate for the Bank term loan for the 6 months ended June 30, 2015 was 2.21%. The Bank term loan effective rate excludes the impact of charges incurred in connection with the prepayments of the loan.
(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.

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SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				Jun 30, 2015 vs. Jun 30, 2014
BALANCE SHEET STATISTICS
Total common equity	$	11,578			$	11,036			$	10,478			$	9,941			$	6,393			$	5,185		81.1	%
Total common equity as a % of total assets	15.28		%		15.18		%		13.84		%		13.53		%		10.12		%					5.16	%
Tangible assets	$	74,226			$	71,215			$	74,239			$	72,071			$	61,763			$	12,463		20.2	%
Tangible common equity(1)	$	10,054			$	9,530			$	9,010			$	8,543			$	4,981			$	5,073		101.8	%
Tangible common equity as a % of tangible assets(1)	13.55		%		13.38		%		12.14		%		11.85		%		8.06		%					5.49	%
Tangible common equity per share(1)	$	12.06			$	11.43			$	10.81			$	10.25			$	7.06			$	5.00		70.8	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Transition				Basel I
Total risk-based capital ratio(3)(8)	18.5		%		18.2		%		16.2		%		16.4		%
Tier 1 risk-based capital ratio(4)(8)	17.2		%		16.9		%		14.9		%		15.1		%
Tier 1 common ratio(5)(8)	n/a				16.9		%		14.9		%		15.1		%
Tier 1 leverage ratio(6)(8)	14.6		%		13.7		%		12.5		%		12.2		%
Common equity Tier 1 capital ratio(7)(8)	17.2		%		n/a				n/a				n/a
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio(7)	16.4		%		16.4		%		14.5		%		14.6		%
(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital metrics at June 30, 2015 are preliminary and therefore subject to change. As a new savings and loan holding company, the Company historically has not been required by regulators to disclose capital ratios, and therefore these ratios are non-GAAP measures. See Reconciliation of Non-GAAP Measures and Calculation of Regulatory Measures for components of capital ratio calculations.
(3) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(4) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(5) Tier 1 common ratio is the ratio of common equity Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio reported under Basel III transition rules is calculated based on Tier 1 capital divided by total average assets, after certain adjustments. Total assets, after certain adjustments is used as the denominator for prior periods calculated under Basel I rules.
(7) Common equity Tier 1 capital ratio is the ratio of common equity Tier 1 capital to total risk-weighted assets, each as calculated under Basel III rules. Common equity Tier 1 capital ratio (fully phased-in) is a preliminary estimate reflecting management’s interpretation of the final Basel III rules adopted in July 2013 by the Federal Reserve Board, which have not been fully implemented, and our estimate and interpretations are subject to, among other things, ongoing regulatory review and implementation guidance.
(8) Beginning June 30, 2015, regulatory capital ratios are calculated under Basel III rules subject to transition provisions. The Company reported under Basel I rules for periods prior to June 30, 2015.

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SYNCHRONY FINANCIAL
PLATFORM RESULTS AND RECONCILIATION OF NON-GAAP MEASURES
(unaudited, $ in millions)
	Quarter Ended																										Six Months Ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014				2Q'15 vs. 2Q'14						Jun 30, 2015				Jun 30, 2014				YTD'15 vs. YTD'14
RETAIL CARD
Purchase volume(1),(2)	$	23,452			$	18,410			$	24,855			$	20,991			$	21,032			$	2,420		11.5	%		$	41,862			$	37,745			$	4,117		10.9	%
Period-end loan receivables	$	42,315			$	39,685			$	42,308			$	38,466			$	37,238			$	5,077		13.6	%		$	42,315			$	37,238			$	5,077		13.6	%
Average loan receivables, including held for sale	$	41,303			$	40,986			$	40,929			$	39,411			$	38,047			$	3,256		8.6	%		$	41,302			$	38,273			$	3,029		7.9	%
Average active accounts (in thousands)(2),(3)	48,981				49,617				49,871				48,433				47,248				1,733			3.7	%		49,513				47,918				1,595			3.3	%
Interest and fees on loans(2)	$	2,335			$	2,337			$	2,405			$	2,299			$	2,158			$	177		8.2	%		$	4,672			$	4,336			$	336		7.7	%
Other income(2)	107				86				141				78				92				15			16.3	%		193				188				5			2.7	%
Platform revenue, excluding retailer share arrangements(2)	2,442				2,423				2,546				2,377				2,250				192			8.5	%		4,865				4,524				341			7.5	%
Retailer share arrangements(2)	(606		)		(651		)		(686		)		(683		)		(577		)		(29		)	5.0	%		(1,257		)		(1,161		)		(96		)	8.3	%
Platform revenue(2)	$	1,836			$	1,772			$	1,860			$	1,694			$	1,673			$	163		9.7	%		$	3,608			$	3,363			$	245		7.3	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	3,371			$	2,948			$	3,419			$	3,226			$	3,115			$	256		8.2	%		$	6,319			$	5,802			$	517		8.9	%
Period-end loan receivables	$	12,194			$	11,833			$	12,095			$	11,514			$	11,014			$	1,180		10.7	%		$	12,194			$	11,014			$	1,180		10.7	%
Average loan receivables	$	11,971			$	11,970			$	11,772			$	11,267			$	10,785			$	1,186		11.0	%		$	11,990			$	10,799			$	1,191		11.0	%
Average active accounts (in thousands)(3)	7,231				7,271				7,113				6,892				6,692				539			8.1	%		7,251				6,718				533			7.9	%
Interest and fees on loans	$	412			$	403			$	426			$	405			$	379			$	33		8.7	%		$	815			$	751			$	64		8.5	%
Other income	4				5				9				7				8				(4		)	(50.0	)%		9				16				(7		)	(43.8	)%
Platform revenue, excluding retailer share arrangements	416				408				435				412				387				29			7.5	%		824				767				57			7.4	%
Retailer share arrangements	(14		)		(8		)		(11		)		(9		)		(12		)		(2		)	16.7	%		(22		)		(21		)		(1		)	4.8	%
Platform revenue	$	402			$	400			$	424			$	403			$	375			$	27		7.2	%		$	802			$	746			$	56		7.5	%
CARECREDIT
Purchase volume(1)	$	1,987			$	1,781			$	1,807			$	1,787			$	1,831			$	156		8.5	%		$	3,768			$	3,517			$	251		7.1	%
Period-end loan receivables	$	6,922			$	6,730			$	6,883			$	6,787			$	6,621			$	301		4.5	%		$	6,922			$	6,621			$	301		4.5	%
Average loan receivables	$	6,820			$	6,819			$	6,846			$	6,713			$	6,531			$	289		4.4	%		$	6,832			$	6,521			$	311		4.8	%
Average active accounts (in thousands)(3)	4,711				4,716				4,683				4,582				4,446				265			6.0	%		4,714				4,444				270			6.1	%
Interest and fees on loans	$	419			$	400			$	421			$	412			$	383			$	36		9.4	%		$	819			$	761			$	58		7.6	%
Other income	9				10				12				11				12				(3		)	(25.0	)%		19				23				(4		)	(17.4	)%
Platform revenue, excluding retailer share arrangements	428				410				433				423				395				33			8.4	%		838				784				54			6.9	%
Retailer share arrangements	(1		)		(1		)		(1		)		(1		)		(1		)		—			—	%		(2		)		(2		)		—			—	%
Platform revenue	$	427			$	409			$	432			$	422			$	394			$	33		8.4	%		$	836			$	782			$	54		6.9	%
TOTAL SYF
Purchase volume(1),(2)	$	28,810			$	23,139			$	30,081			$	26,004			$	25,978			$	2,832		10.9	%		$	51,949			$	47,064			$	4,885		10.4	%
Period-end loan receivables	$	61,431			$	58,248			$	61,286			$	56,767			$	54,873			$	6,558		12.0	%		$	61,431			$	54,873			$	6,558		12.0	%
Average loan receivables, including held for sale	$	60,094			$	59,775			$	59,547			$	57,391			$	55,363			$	4,731		8.5	%		$	60,124			$	55,593			$	4,531		8.2	%
Average active accounts (in thousands)(2),(3)	60,923				61,604				61,667				59,907				58,386				2,537			4.3	%		61,478				59,080				2,398			4.1	%
Interest and fees on loans(2)	$	3,166			$	3,140			$	3,252			$	3,116			$	2,920			$	246		8.4	%		$	6,306			$	5,848			$	458		7.8	%
Other income(2)	120				101				162				96				112				8			7.1	%		221				227				(6		)	(2.6	)%
Platform revenue, excluding retailer share arrangements(2)	3,286				3,241				3,414				3,212				3,032				254			8.4	%		6,527				6,075				452			7.4	%
Retailer share arrangements(2)	(621		)		(660		)		(698		)		(693		)		(590		)		(31		)	5.3	%		(1,281		)		(1,184		)		(97		)	8.2	%
Platform revenue(2)	$	2,665			$	2,581			$	2,716			$	2,519			$	2,442			$	223		9.1	%		$	5,246			$	4,891			$	355		7.3	%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

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SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Sep 30, 2014				Jun 30, 2014
COMMON EQUITY MEASURES
GAAP Total common equity	$	11,578			$	11,036			$	10,478			$	9,941			$	6,393
Less: Goodwill	(949		)		(949		)		(949		)		(949		)		(949		)
Less: Intangible assets, net	(575		)		(557		)		(519		)		(449		)		(463		)
Tangible common equity	$	10,054			$	9,530			$	9,010			$	8,543			$	4,981
Adjustments for certain other intangible assets, deferred tax liabilities and certain items in accumulated comprehensive income (loss)					293				287				292
Basel I - Tier 1 capital and Tier 1 common equity					$	9,823			$	9,297			8,835
Adjustments for certain other intangible assets and deferred tax liabilities					(12		)		(20		)		(24		)
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	293
Basel III - Common equity Tier 1 (fully phased-in)	$	10,347			$	9,811			$	9,277			$	8,811
Adjustment related to capital components during transition	331
Basel III - Common equity Tier I (transition)	$	10,678
RISK-BASED CAPITAL
Tier 1 capital and Tier 1 common equity(1)	$	10,678			$	9,823			$	9,297			$	8,835
Add: Allowance for loan losses includible in risk-based capital	806				759				809				760
Risk-based capital(1)	$	11,484			$	10,582			$	10,106			$	9,595
ASSET MEASURES
Total assets(2)	$	74,143			$	72,721			$	75,707			$	73,469
Adjustments for:
Disallowed goodwill and other disallowed intangible assets, net of related deferred tax liabilities	(903		)		(1,213		)		(1,181		)		(1,110		)
Other	60				136				79				4
Total assets for leverage purposes(1)	$	73,300			$	71,644			$	74,605			$	72,363
Risk-weighted assets - Basel I	n/a				$	58,184			$	62,270			$	58,457
Risk-weighted assets - Basel III (fully phased-in)(3)	$	62,970			$	59,926			$	64,162			$	60,300
Risk-weighted assets - Basel III (transition)(3)	$	61,985			n/a				n/a				n/a
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	13.89			$	13.24			$	12.57			$	11.92			$	9.06
Less: Goodwill	(1.14		)		(1.14		)		(1.14		)		(1.14		)		(1.34		)
Less: Intangible assets, net	(0.69		)		(0.67		)		(0.62		)		(0.53		)		(0.66		)
Tangible common equity per share	$	12.06			$	11.43			$	10.81			$	10.25			$	7.06
(1) Beginning June 30, 2015, regulatory capital amounts are calculated under Basel III rules subject to transition provisions. The company reported under Basel I rules for periods prior to June 30, 2015.
(2) Represents total average assets at June 30, 2015 and total assets for all other periods presented.
(3) Key differences between Basel III transitional rules and fully phased-in Basel III rules in the calculation of risk-weighted assets include, but not limited to, risk weighting of deferred tax assets and adjustments for certain intangible assets.

9