Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																										Twelve Months Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				4Q'15 vs. 4Q'14						Dec 31, 2015				Dec 31, 2014				YTD'15 vs. YTD'14
EARNINGS
Net interest income	$	3,208			$	3,103			$	2,907			$	2,875			$	2,978			$	230		7.7	%		$	12,093			$	11,320			$	773		6.8	%
Retailer share arrangements	(734		)		(723		)		(621		)		(660		)		(698		)		(36		)	5.2	%		(2,738		)		(2,575		)		(163		)	6.3	%
Net interest income, after retailer share arrangements	2,474				2,380				2,286				2,215				2,280				194			8.5	%		9,355				8,745				610			7.0	%
Provision for loan losses	823				702				740				687				797				26			3.3	%		2,952				2,917				35			1.2	%
Net interest income, after retailer share arrangements and provision for loan losses	1,651				1,678				1,546				1,528				1,483				168			11.3	%		6,403				5,828				575			9.9	%
Other income	87				84				120				101				162				(75		)	(46.3	)%		392				485				(93		)	(19.2	)%
Other expense	870				843				805				746				792				78			9.8	%		3,264				2,927				337			11.5	%
Earnings before provision for income taxes	868				919				861				883				853				15			1.8	%		3,531				3,386				145			4.3	%
Provision for income taxes	321				345				320				331				322				(1		)	(0.3	)%		1,317				1,277				40			3.1	%
Net earnings	$	547			$	574			$	541			$	552			$	531			$	16		3.0	%		$	2,214			$	2,109			$	105		5.0	%
Net earnings attributable to common stockholders	$	547			$	574			$	541			$	552			$	531			$	16		3.0	%		$	2,214			$	2,109			$	105		5.0	%
COMMON SHARE STATISTICS
Basic EPS	$	0.66			$	0.69			$	0.65			$	0.66			$	0.64			$	0.02		3.1	%		$	2.66			$	2.78			$	(0.12	)	(4.3	)%
Diluted EPS	$	0.65			$	0.69			$	0.65			$	0.66			$	0.64			$	0.01		1.6	%		$	2.65			$	2.78			$	(0.13	)	(4.7	)%
Common stock price	$	30.41			$	31.30			$	32.93			$	30.35			$	29.75			$	0.66		2.2	%		$	30.41			$	29.75			$	0.66		2.2	%
Book value per share	$	15.12			$	14.58			$	13.89			$	13.24			$	12.57			$	2.55		20.3	%		$	15.12			$	12.57			$	2.55		20.3	%
Tangible book value per share(1)	$	13.14			$	12.67			$	12.06			$	11.43			$	10.81			$	2.33		21.6	%		$	13.14			$	10.81			$	2.33		21.6	%
Beginning common shares outstanding	833.8				833.8				833.8				833.8				833.8				—			—	%		833.8				705.3				128.5			18.2	%
Issuance of common shares through initial public offering	—				—				—				—				—				—			—	%		—				128.5				(128.5		)	(100.0	)%
Shares repurchased	—				—				—				—				—				—			—	%		—				—				—			—	%
Ending common shares outstanding	833.8				833.8				833.8				833.8				833.8				—			—	%		833.8				833.8				—			—	%
Weighted average common shares outstanding	833.8				833.8				833.8				833.8				833.8				—			—	%		833.8				757.4				76.4			10.1	%
Weighted average common shares outstanding (fully diluted)	835.8				835.8				835.4				835.0				834.3				1.5			0.2	%		835.5				757.6				77.9			10.3	%
(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																										Twelve Months Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				4Q'15 vs. 4Q'14						Dec 31, 2015				Dec 31, 2014				YTD'15 vs. YTD'14
PERFORMANCE METRICS
Return on assets(1)	2.6		%		2.9		%		2.9		%		3.0		%		2.7		%					(0.1	)%		2.9		%		3.2		%					(0.3	)%
Return on equity(2)	17.5		%		19.2		%		19.2		%		20.8		%		20.2		%					(2.7	)%		19.1		%		26.7		%					(7.6	)%
Return on tangible common equity(3)	20.1		%		22.0		%		22.2		%		24.1		%		23.4		%					(3.3	)%		22.0		%		32.4		%					(10.4	)%
Net interest margin(4)	15.73		%		15.97		%		15.77		%		15.79		%		15.60		%					0.13	%		15.77		%		17.20		%					(1.43	)%
Efficiency ratio(5)	34.0		%		34.2		%		33.5		%		32.2		%		32.4		%					1.6	%		33.5		%		31.7		%					1.8	%
Other expense as a % of average loan receivables, including held for sale	5.28		%		5.35		%		5.37		%		5.06		%		5.16		%					0.12	%		5.25		%		5.13		%					0.12	%
Effective income tax rate	37.0		%		37.5		%		37.2		%		37.5		%		37.7		%					(0.7	)%		37.3		%		37.7		%					(0.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.23		%		4.02		%		4.63		%		4.53		%		4.32		%					(0.09	)%		4.33		%		4.51		%					(0.18	)%
30+ days past due as a % of period-end loan receivables(6)	4.06		%		4.02		%		3.53		%		3.79		%		4.14		%					(0.08	)%		4.06		%		4.14		%					(0.08	)%
90+ days past due as a % of period-end loan receivables(6)	1.86		%		1.73		%		1.52		%		1.81		%		1.90		%					(0.04	)%		1.86		%		1.90		%					(0.04	)%
Net charge-offs	$	697			$	633			$	693			$	668			$	663			$	34		5.1	%		$	2,691			$	2,573			$	118		4.6	%
Loan receivables delinquent over 30 days(6)	$	2,772			$	2,553			$	2,171			$	2,209			$	2,536			$	236		9.3	%		$	2,772			$	2,536			$	236		9.3	%
Loan receivables delinquent over 90 days(6)	$	1,273			$	1,102			$	933			$	1,056			$	1,162			$	111		9.6	%		$	1,273			$	1,162			$	111		9.6	%
Allowance for loan losses (period-end)	$	3,497			$	3,371			$	3,302			$	3,255			$	3,236			$	261		8.1	%		$	3,497			$	3,236			$	261		8.1	%
Allowance coverage ratio(7)	5.12		%		5.31		%		5.38		%		5.59		%		5.28		%					(0.16	)%		5.12		%		5.28		%					(0.16	)%
BUSINESS METRICS
Purchase volume(8)	$	32,460			$	29,206			$	28,810			$	23,139			$	30,081			$	2,379		7.9	%		$	113,615			$	103,149			$	10,466		10.1	%
Period-end loan receivables	$	68,290			$	63,520			$	61,431			$	58,248			$	61,286			$	7,004		11.4	%		$	68,290			$	61,286			$	7,004		11.4	%
Credit cards	$	65,773			$	60,920			$	58,827			$	55,866			$	58,880			$	6,893		11.7	%		$	65,773			$	58,880			$	6,893		11.7	%
Consumer installment loans	$	1,154			$	1,171			$	1,138			$	1,062			$	1,063			$	91		8.6	%		$	1,154			$	1,063			$	91		8.6	%
Commercial credit products	$	1,323			$	1,380			$	1,410			$	1,295			$	1,320			$	3		0.2	%		$	1,323			$	1,320			$	3		0.2	%
Other	$	40			$	49			$	56			$	25			$	23			$	17		73.9	%		$	40			$	23			$	17		73.9	%
Average loan receivables, including held for sale	$	65,406			$	62,504			$	60,094			$	59,775			$	59,547			$	5,859		9.8	%		$	62,120			$	57,101			$	5,019		8.8	%
Period-end active accounts (in thousands)(9)	68,314				62,831				61,718				59,761				64,286				4,028			6.3	%		68,314				64,286				4,028			6.3	%
Average active accounts (in thousands)(9)	64,892				62,247				60,923				61,604				61,667				3,225			5.2	%		62,643				60,009				2,634			4.4	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	12,325			$	12,271			$	10,621			$	11,218			$	11,828			$	497		4.2	%		$	12,325			$	11,828			$	497		4.2	%
Total liquid assets	$	14,836			$	15,305			$	13,660			$	13,813			$	12,942			$	1,894		14.6	%		$	14,836			$	12,942			$	1,894		14.6	%
Undrawn credit facilities
Undrawn committed securitization financings	$	6,075			$	6,550			$	6,125			$	6,600			$	6,100			$	(25	)	(0.4	)%		$	6,075			$	6,100			$	(25	)	(0.4	)%
Total liquid assets and undrawn credit facilities	$	20,911			$	21,855			$	19,785			$	20,413			$	19,042			$	1,869		9.8	%		$	20,911			$	19,042			$	1,869		9.8	%
Liquid assets % of total assets	17.63		%		19.27		%		18.03		%		18.99		%		17.09		%					0.54	%		17.63		%		17.09		%					0.54	%
Liquid assets including undrawn committed securitization financings % of total assets	24.85		%		27.51		%		26.12		%		28.07		%		25.15		%					(0.30	)%		24.85		%		25.15		%					(0.30	)%
(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) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(8) 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.
(9) 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																										Twelve Months Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				4Q'15 vs. 4Q'14						Dec 31, 2015				Dec 31, 2014				YTD'15 vs. YTD'14
Interest income:
Interest and fees on loans	$	3,494			$	3,379			$	3,166			$	3,140			$	3,252			$	242		7.4	%		$	13,179			$	12,216			$	963		7.9	%
Interest on investment securities	15				13				11				10				8				7			87.5	%		49				26				23			88.5	%
Total interest income	3,509				3,392				3,177				3,150				3,260				249			7.6	%		13,228				12,242				986			8.1	%
Interest expense:
Interest on deposits	165				159				146				137				139				26			18.7	%		607				470				137			29.1	%
Interest on borrowings of consolidated securitization entities	56				54				53				52				57				(1		)	(1.8	)%		215				215				—			—	%
Interest on third-party debt	80				76				71				82				78				2			2.6	%		309				124				185			149.2	%
Interest on related party debt	—				—				—				4				8				(8		)	(100.0	)%		4				113				(109		)	(96.5	)%
Total interest expense	301				289				270				275				282				19			6.7	%		1,135				922				213			23.1	%
Net interest income	3,208				3,103				2,907				2,875				2,978				230			7.7	%		12,093				11,320				773			6.8	%
Retailer share arrangements	(734		)		(723		)		(621		)		(660		)		(698		)		(36		)	5.2	%		(2,738		)		(2,575		)		(163		)	6.3	%
Net interest income, after retailer share arrangements	2,474				2,380				2,286				2,215				2,280				194			8.5	%		9,355				8,745				610			7.0	%
Provision for loan losses	823				702				740				687				797				26			3.3	%		2,952				2,917				35			1.2	%
Net interest income, after retailer share arrangements and provision for loan losses	1,651				1,678				1,546				1,528				1,483				168			11.3	%		6,403				5,828				575			9.9	%
Other income:
Interchange revenue	147				135				123				100				120				27			22.5	%		505				389				116			29.8	%
Debt cancellation fees	62				61				61				65				67				(5		)	(7.5	)%		249				275				(26		)	(9.5	)%
Loyalty programs	(125		)		(122		)		(94		)		(78		)		(91		)		(34		)	37.4	%		(419		)		(281		)		(138		)	49.1	%
Other	3				10				30				14				66				(63		)	(95.5	)%		57				102				(45		)	(44.1	)%
Total other income	87				84				120				101				162				(75		)	(46.3	)%		392				485				(93		)	(19.2	)%
Other expense:
Employee costs	285				268				250				239				227				58			25.6	%		1,042				866				176			20.3	%
Professional fees(1)	165				162				156				162				139				26			18.7	%		645				563				82			14.6	%
Marketing and business development	128				115				108				82				165				(37		)	(22.4	)%		433				460				(27		)	(5.9	)%
Information processing	83				77				74				63				60				23			38.3	%		297				212				85			40.1	%
Other(1)	209				221				217				200				201				8			4.0	%		847				826				21			2.5	%
Total other expense	870				843				805				746				792				78			9.8	%		3,264				2,927				337			11.5	%
Earnings before provision for income taxes	868				919				861				883				853				15			1.8	%		3,531				3,386				145			4.3	%
Provision for income taxes	321				345				320				331				322				(1		)	(0.3	)%		1,317				1,277				40			3.1	%
Net earnings attributable to common shareholders	$	547			$	574			$	541			$	552			$	531			$	16		3.0	%		$	2,214			$	2,109			$	105		5.0	%
(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
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Dec 31, 2015 vs. Dec 31, 2014
Assets
Cash and equivalents	$	12,325			$	12,271			$	10,621			$	11,218			$	11,828			$	497		4.2	%
Investment securities	3,142				3,596				3,682				3,121				1,598				1,544			96.6	%
Loan receivables:
Unsecuritized loans held for investment	42,826				38,325				36,019				33,424				34,335				8,491			24.7	%
Restricted loans of consolidated securitization entities	25,464				25,195				25,412				24,824				26,951				(1,487		)	(5.5	)%
Total loan receivables	68,290				63,520				61,431				58,248				61,286				7,004			11.4	%
Less: Allowance for loan losses	(3,497		)		(3,371		)		(3,302		)		(3,255		)		(3,236		)		(261		)	8.1	%
Loan receivables, net	64,793				60,149				58,129				54,993				58,050				6,743			11.6	%
Loan receivables held for sale	—				—				—				359				332				(332		)	(100.0	)%
Goodwill	949				949				949				949				949				—			—	%
Intangible assets, net	701				646				575				557				519				182			35.1	%
Other assets	2,225				1,831				1,794				1,524				2,431				(206		)	(8.5	)%
Total assets	$	84,135			$	79,442			$	75,750			$	72,721			$	75,707			$	8,428		11.1	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	43,295			$	40,408			$	37,629			$	34,788			$	34,847			$	8,448		24.2	%
Non-interest-bearing deposit accounts	152				140				143				162				108				44			40.7	%
Total deposits	43,447				40,548				37,772				34,950				34,955				8,492			24.3	%
Borrowings:
Borrowings of consolidated securitization entities	13,603				13,640				13,948				13,817				14,967				(1,364		)	(9.1	)%
Bank term loan	4,151				4,651				5,151				5,651				8,245				(4,094		)	(49.7	)%
Senior unsecured notes	6,590				5,590				4,593				4,592				3,593				2,997			83.4	%
Related party debt	—				—				—				—				655				(655		)	(100.0	)%
Total borrowings	24,344				23,881				23,692				24,060				27,460				(3,116		)	(11.3	)%
Accrued expenses and other liabilities	3,740				2,855				2,708				2,675				2,814				926			32.9	%
Total liabilities	71,531				67,284				64,172				61,685				65,229				6,302			9.7	%
Equity:
Common stock	1				1				1				1				1				—			—	%
Additional paid-in capital	9,351				9,431				9,422				9,418				9,408				(57		)	(0.6	)%
Retained earnings	3,293				2,746				2,172				1,631				1,079				2,214			NM
Accumulated other comprehensive income:	(41		)		(20		)		(17		)		(14		)		(10		)		(31		)	NM
Total equity	12,604				12,158				11,578				11,036				10,478				2,126			20.3	%
Total liabilities and equity	$	84,135			$	79,442			$	75,750			$	72,721			$	75,707			$	8,428		11.1	%

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SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2015											Sep 30, 2015											Jun 30, 2015											Mar 31, 2015											Dec 31, 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	$	12,070			$	9			0.30	%		$	11,059			$	7			0.25	%		$	10,728			$	6			0.22	%		$	11,331			$	6			0.21	%		$	13,631			$	7			0.20	%
Securities available for sale	3,445				6				0.69	%		3,534				6				0.67	%		3,107				5				0.65	%		2,725				4				0.60	%		962				1				0.40	%
Loan receivables:
Credit cards, including held for sale	62,834				3,432				21.67	%		59,890				3,315				21.96	%		57,588				3,106				21.63	%		57,390				3,079				21.76	%		57,075				3,186				21.68	%
Consumer installment loans	1,163				26				8.87	%		1,160				27				9.23	%		1,101				26				9.47	%		1,057				25				9.59	%		1,072				27				9.78	%
Commercial credit products	1,361				36				10.49	%		1,400				36				10.20	%		1,372				34				9.94	%		1,305				36				11.19	%		1,379				38				10.70	%
Other	48				—				—	%		54				1				NM			33				—				—	%		23				—				—	%		21				1				NM
Total loan receivables, including held for sale	65,406				3,494				21.19	%		62,504				3,379				21.45	%		60,094				3,166				21.13	%		59,775				3,140				21.30	%		59,547				3,252				21.21	%
Total interest-earning assets	80,921				3,509				17.20	%		77,097				3,392				17.46	%		73,929				3,177				17.24	%		73,831				3,150				17.30	%		74,140				3,260				17.07	%
Non-interest-earning assets:
Cash and due from banks	1,268											1,216											583											497											1,220
Allowance for loan losses	(3,440		)									(3,341		)									(3,285		)									(3,272		)									(3,160		)
Other assets	3,280											3,023											2,916											2,802											2,831
Total non-interest-earning assets	1,108											898											214											27											891
Total assets	$	82,029										$	77,995										$	74,143										$	73,858										$	75,031
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	42,162			$	165			1.55	%		$	39,136			$	159			1.61	%		$	35,908			$	146			1.63	%		$	34,981			$	137			1.59	%		$	33,980			$	139			1.59	%
Borrowings of consolidated securitization entities	13,565				56				1.64	%		13,730				54				1.56	%		14,026				53				1.52	%		14,101				52				1.50	%		14,766				57				1.50	%
Bank term loan(1)	4,526				28				2.45	%		4,901				29				2.35	%		5,401				32				2.38	%		6,531				47				2.92	%		8,057				46				2.22	%
Senior unsecured notes	5,840				52				3.53	%		5,340				47				3.49	%		4,592				39				3.41	%		4,093				35				3.47	%		3,593				32				3.46	%
Related party debt	—				—				—	%		—				—				—	%		—				—				—	%		407				4				3.99	%		843				8				3.68	%
Total interest-bearing liabilities	66,093				301				1.81	%		63,107				289				1.82	%		59,927				270				1.81	%		60,113				275				1.86	%		61,239				282				1.79	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	147											149											166											142											182
Other liabilities	3,396											2,859											2,750											2,854											3,382
Total non-interest-bearing liabilities	3,543											3,008											2,916											2,996											3,564
Total liabilities	69,636											66,115											62,843											63,109											64,803
Equity
Total equity	12,393											11,880											11,300											10,749											10,228
Total liabilities and equity	$	82,029										$	77,995										$	74,143										$	73,858										$	75,031
Net interest income					$	3,208										$	3,103										$	2,907										$	2,875										$	2,978
Interest rate spread(2)									15.39	%										15.64	%										15.43	%										15.44	%										15.28	%
Net interest margin(3)									15.73	%										15.97	%										15.77	%										15.79	%										15.60	%
(1) Average interest rate on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the quarters ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014 were 2.26%, 2.23%, 2.21%, 2.21%, and 2.19%, 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)
	Twelve Months Ended Dec 31, 2015											Twelve Months Ended Dec 31, 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	$	11,406			$	28			0.25	%		$	8,230			$	16			0.19	%
Securities available for sale	3,142				21				0.67	%		487				10				2.05	%
Loan receivables:
Credit cards, including held for sale	59,603				12,932				21.70	%		54,686				11,967				21.88	%
Consumer installment loans	1,119				104				9.29	%		1,025				99				9.66	%
Commercial credit products	1,359				142				10.45	%		1,373				149				10.85	%
Other	39				1				2.56	%		17				1				5.88	%
Total loan receivables, including held for sale	62,120				13,179				21.22	%		57,101				12,216				21.39	%
Total interest-earning assets	76,668				13,228				17.25	%		65,818				12,242				18.60	%
Non-interest-earning assets:
Cash and due from banks	904											881
Allowance for loan losses	(3,340		)									(3,039		)
Other assets	3,013											2,492
Total non-interest-earning assets	577											334
Total assets	$	77,245										$	66,152
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	38,148			$	607			1.59	%		$	30,110			$	470			1.56	%
Borrowings of consolidated securitization entities	13,868				215				1.55	%		14,835				215				1.45	%
Bank term loan(1)	5,383				136				2.53	%		3,056				74				2.42	%
Senior unsecured notes	4,976				173				3.48	%		1,382				50				3.62	%
Related party debt	125				4				3.20	%		5,335				113				2.12	%
Total interest-bearing liabilities	62,500				1,135				1.82	%		54,718				922				1.69	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	152											240
Other liabilities	3,015											3,306
Total non-interest-bearing liabilities	3,167											3,546
Total liabilities	65,667											58,264
Equity
Total equity	11,578											7,888
Total liabilities and equity	$	77,245										$	66,152
Net interest income					$	12,093										$	11,320
Interest rate spread(2)									15.43	%										16.91	%
Net interest margin(3)									15.77	%										17.20	%
(1) Average interest rate on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the 12 months ended December 31, 2015 and December 31, 2014 were 2.23% and 2.20%, 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.

6

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SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				Dec 31, 2015 vs. Dec 31, 2014
BALANCE SHEET STATISTICS
Total common equity	$	12,604			$	12,158			$	11,578			$	11,036			$	10,478			$	2,126		20.3	%
Total common equity as a % of total assets	14.98		%		15.30		%		15.28		%		15.18		%		13.84		%					1.14	%
Tangible assets	$	82,485			$	77,847			$	74,226			$	71,215			$	74,239			$	8,246		11.1	%
Tangible common equity(1)	$	10,954			$	10,563			$	10,054			$	9,530			$	9,010			$	1,944		21.6	%
Tangible common equity as a % of tangible assets(1)	13.28		%		13.57		%		13.55		%		13.38		%		12.14		%					1.14	%
Tangible common equity per share(1)	$	13.14			$	12.67			$	12.06			$	11.43			$	10.81			$	2.33		21.6	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Transition												Basel I
Total risk-based capital ratio(3)(8)	18.1		%		18.8		%		18.5		%		18.2		%		16.2		%
Tier 1 risk-based capital ratio(4)(8)	16.8		%		17.5		%		17.2		%		16.9		%		14.9		%
Tier 1 common ratio(5)(8)	n/a				n/a				n/a				16.9		%		14.9		%
Tier 1 leverage ratio(6)(8)	14.3		%		14.6		%		14.6		%		13.7		%		12.5		%
Common equity Tier 1 capital ratio(7)(8)	16.8		%		17.5		%		17.2		%		n/a				n/a
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio(7)	15.9		%		16.6		%		16.4		%		16.4		%		14.5		%
(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 December 31, 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 prior to December 31, 2015, 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.

7

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SYNCHRONY FINANCIAL
PLATFORM RESULTS AND RECONCILIATION OF NON-GAAP MEASURES
(unaudited, $ in millions)
	Quarter Ended																										Twelve Months Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014				4Q'15 vs. 4Q'14						Dec 31, 2015				Dec 31, 2014				YTD'15 vs. YTD'14
RETAIL CARD
Purchase volume(1)(2)	$	26,768			$	23,560			$	23,452			$	18,410			$	24,855			$	1,913		7.7	%		$	92,190			$	83,591			$	8,599		10.3	%
Period-end loan receivables	$	47,412			$	43,432			$	42,315			$	39,685			$	42,308			$	5,104		12.1	%		$	47,412			$	42,308			$	5,104		12.1	%
Average loan receivables, including held for sale	$	44,958			$	42,933			$	41,303			$	40,986			$	40,929			$	4,029		9.8	%		$	42,687			$	39,278			$	3,409		8.7	%
Average active accounts (in thousands)(2)(3)	52,038				49,953				48,981				49,617				49,871				2,167			4.3	%		50,358				48,599				1,759			3.6	%
Interest and fees on loans(2)	$	2,594			$	2,508			$	2,335			$	2,337			$	2,405			$	189		7.9	%		$	9,774			$	9,040			$	734		8.1	%
Other income(2)	76				70				107				86				141				(65		)	(46.1	)%		339				407				(68		)	(16.7	)%
Platform revenue, excluding retailer share arrangements(2)	2,670				2,578				2,442				2,423				2,546				124			4.9	%		10,113				9,447				666			7.0	%
Retailer share arrangements(2)	(723		)		(708		)		(606		)		(651		)		(686		)		(37		)	5.4	%		(2,688		)		(2,530		)		(158		)	6.2	%
Platform revenue(2)	$	1,947			$	1,870			$	1,836			$	1,772			$	1,860			$	87		4.7	%		$	7,425			$	6,917			$	508		7.3	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	3,714			$	3,635			$	3,371			$	2,948			$	3,419			$	295		8.6	%		$	13,668			$	12,447			$	1,221		9.8	%
Period-end loan receivables	$	13,543			$	12,933			$	12,194			$	11,833			$	12,095			$	1,448		12.0	%		$	13,543			$	12,095			$	1,448		12.0	%
Average loan receivables	$	13,192			$	12,523			$	11,971			$	11,970			$	11,772			$	1,420		12.1	%		$	12,436			$	11,171			$	1,265		11.3	%
Average active accounts (in thousands)(3)	7,896				7,468				7,231				7,271				7,113				783			11.0	%		7,478				6,869				609			8.9	%
Interest and fees on loans	$	462			$	442			$	412			$	403			$	426			$	36		8.5	%		$	1,719			$	1,582			$	137		8.7	%
Other income	3				5				4				5				9				(6		)	(66.7	)%		17				32				(15		)	(46.9	)%
Platform revenue, excluding retailer share arrangements	465				447				416				408				435				30			6.9	%		1,736				1,614				122			7.6	%
Retailer share arrangements	(10		)		(13		)		(14		)		(8		)		(11		)		1			(9.1	)%		(45		)		(41		)		(4		)	9.8	%
Platform revenue	$	455			$	434			$	402			$	400			$	424			$	31		7.3	%		$	1,691			$	1,573			$	118		7.5	%
CARECREDIT
Purchase volume(1)	$	1,978			$	2,011			$	1,987			$	1,781			$	1,807			$	171		9.5	%		$	7,757			$	7,111			$	646		9.1	%
Period-end loan receivables	$	7,335			$	7,155			$	6,922			$	6,730			$	6,883			$	452		6.6	%		$	7,335			$	6,883			$	452		6.6	%
Average loan receivables	$	7,256			$	7,048			$	6,820			$	6,819			$	6,846			$	410		6.0	%		$	6,997			$	6,652			$	345		5.2	%
Average active accounts (in thousands)(3)	4,958				4,826				4,711				4,716				4,683				275			5.9	%		4,807				4,541				266			5.9	%
Interest and fees on loans	$	438			$	429			$	419			$	400			$	421			$	17		4.0	%		$	1,686			$	1,594			$	92		5.8	%
Other income	8				9				9				10				12				(4		)	(33.3	)%		36				46				(10		)	(21.7	)%
Platform revenue, excluding retailer share arrangements	446				438				428				410				433				13			3.0	%		1,722				1,640				82			5.0	%
Retailer share arrangements	(1		)		(2		)		(1		)		(1		)		(1		)		—			—	%		(5		)		(4		)		(1		)	25.0	%
Platform revenue	$	445			$	436			$	427			$	409			$	432			$	13		3.0	%		$	1,717			$	1,636			$	81		5.0	%
TOTAL SYF
Purchase volume(1)(2)	$	32,460			$	29,206			$	28,810			$	23,139			$	30,081			$	2,379		7.9	%		$	113,615			$	103,149			$	10,466		10.1	%
Period-end loan receivables	$	68,290			$	63,520			$	61,431			$	58,248			$	61,286			$	7,004		11.4	%		$	68,290			$	61,286			$	7,004		11.4	%
Average loan receivables, including held for sale	$	65,406			$	62,504			$	60,094			$	59,775			$	59,547			$	5,859		9.8	%		$	62,120			$	57,101			$	5,019		8.8	%
Average active accounts (in thousands)(2)(3)	64,892				62,247				60,923				61,604				61,667				3,225			5.2	%		62,643				60,009				2,634			4.4	%
Interest and fees on loans(2)	$	3,494			$	3,379			$	3,166			$	3,140			$	3,252			$	242		7.4	%		$	13,179			$	12,216			$	963		7.9	%
Other income(2)	87				84				120				101				162				(75		)	(46.3	)%		392				485				(93		)	(19.2	)%
Platform revenue, excluding retailer share arrangements(2)	3,581				3,463				3,286				3,241				3,414				167			4.9	%		13,571				12,701				870			6.8	%
Retailer share arrangements(2)	(734		)		(723		)		(621		)		(660		)		(698		)		(36		)	5.2	%		(2,738		)		(2,575		)		(163		)	6.3	%
Platform revenue(2)	$	2,847			$	2,740			$	2,665			$	2,581			$	2,716			$	131		4.8	%		$	10,833			$	10,126			$	707		7.0	%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

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SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2015				Sep 30, 2015				Jun 30, 2015				Mar 31, 2015				Dec 31, 2014
COMMON EQUITY MEASURES
GAAP Total common equity	$	12,604			$	12,158			$	11,578			$	11,036			$	10,478
Less: Goodwill	(949		)		(949		)		(949		)		(949		)		(949		)
Less: Intangible assets, net	(701		)		(646		)		(575		)		(557		)		(519		)
Tangible common equity	$	10,954			$	10,563			$	10,054			$	9,530			$	9,010
Adjustments for certain other intangible assets, deferred tax liabilities and certain items in accumulated comprehensive income (loss)													293				287
Basel I - Tier 1 capital and Tier 1 common equity													$	9,823			$	9,297
Adjustments for certain other intangible assets and deferred tax liabilities													(12		)		(20		)
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	280				291				293
Basel III - Common equity Tier 1 (fully phased-in)	$	11,234			$	10,854			$	10,347			$	9,811			$	9,277
Adjustment related to capital components during transition	399				375				331
Basel III - Common equity Tier I (transition)	$	11,633			$	11,229			$	10,678
RISK-BASED CAPITAL
Tier 1 capital and Tier 1 common equity(2)	$	11,633			$	11,229			$	10,678			$	9,823			$	9,297
Add: Allowance for loan losses includible in risk-based capital	900				835				806				759				809
Risk-based capital(2)	$	12,533			$	12,064			$	11,484			$	10,582			$	10,106
ASSET MEASURES
Total assets(3)	$	82,029			$	77,995			$	74,143			$	72,721			$	75,707
Adjustments for:
Disallowed goodwill and other disallowed intangible assets, net of related deferred tax liabilities	(992		)		(931		)		(903		)		(1,213		)		(1,181		)
Other	92				104				60				136				79
Total assets for leverage purposes(2)	$	81,129			$	77,168			$	73,300			$	71,644			$	74,605
Risk-weighted assets - Basel I	n/a				n/a				n/a				$	58,184			$	62,270
Risk-weighted assets - Basel III (fully phased-in)(4)	$	70,654			$	65,278			$	62,970			$	59,926			$	64,162
Risk-weighted assets - Basel III (transition)(4)	$	69,386			$	64,244			$	61,985			n/a				n/a
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	15.12			$	14.58			$	13.89			$	13.24			$	12.57
Less: Goodwill	(1.14		)		(1.14		)		(1.14		)		(1.14		)		(1.14		)
Less: Intangible assets, net	(0.84		)		(0.77		)		(0.69		)		(0.67		)		(0.62		)
Tangible common equity per share	$	13.14			$	12.67			$	12.06			$	11.43			$	10.81
(1) Regulatory capital metrics at December 31, 2015 are preliminary and therefore subject to change.
(2) 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.
(3) Represents total average assets beginning June 30, 2015 and total assets for all periods prior to June 30, 2015.
(4) 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.

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