Exhibit



SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			1Q'17 vs. 1Q'16
EARNINGS
Net interest income	$	3,587		$	3,628		$	3,481		$	3,212		$	3,209		$	378		11.8	%
Retailer share arrangements	(684		)	(811		)	(757		)	(664		)	(670		)	(14		)	2.1	%
Net interest income, after retailer share arrangements	2,903			2,817			2,724			2,548			2,539			364			14.3	%
Provision for loan losses	1,306			1,076			986			1,021			903			403			44.6	%
Net interest income, after retailer share arrangements and provision for loan losses	1,597			1,741			1,738			1,527			1,636			(39		)	(2.4	)%
Other income	93			85			84			83			92			1			1.1	%
Other expense	908			918			859			839			800			108			13.5	%
Earnings before provision for income taxes	782			908			963			771			928			(146		)	(15.7	)%
Provision for income taxes	283			332			359			282			346			(63		)	(18.2	)%
Net earnings	$	499		$	576		$	604		$	489		$	582		$	(83	)	(14.3	)%
Net earnings attributable to common stockholders	$	499		$	576		$	604		$	489		$	582		$	(83	)	(14.3	)%

COMMON SHARE STATISTICS
Basic EPS	$	0.61		$	0.70		$	0.73		$	0.59		$	0.70		$	(0.09	)	(12.9	)%
Diluted EPS	$	0.61		$	0.70		$	0.73		$	0.58		$	0.70		$	(0.09	)	(12.9	)%
Dividend declared per share	$	0.13		$	0.13		$	0.13		$	—		$	—		$	0.13		NM
Common stock price	$	34.30		$	36.27		$	28.00		$	25.28		$	28.66		$	5.64		19.7	%
Book value per share	$	17.71		$	17.37		$	16.94		$	16.45		$	15.84		$	1.87		11.8	%
Tangible common equity per share⁽¹⁾	$	15.47		$	15.34		$	14.90		$	14.46		$	13.86		$	1.61		11.6	%

Beginning common shares outstanding	817.4			825.5			833.9			833.8			833.8			(16.4		)	(2.0	)%
Issuance of common shares	—			—			—			—			—			—			—	%
Stock-based compensation	—			—			0.1			0.1			—			—			—	%
Shares repurchased	(6.6		)	(8.1		)	(8.5		)	—			—			(6.6		)	NM
Ending common shares outstanding	810.8			817.4			825.5			833.9			833.8			(23.0		)	(2.8	)%

Weighted average common shares outstanding	813.1			820.5			828.4			833.9			833.8			(20.7		)	(2.5	)%
Weighted average common shares outstanding (fully diluted)	817.1			823.8			830.6			836.2			835.5			(18.4		)	(2.2	)%

(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.



SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions, except account data)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			1Q'17 vs. 1Q'16
PERFORMANCE METRICS
Return on assets⁽¹⁾	2.3		%	2.6		%	2.8		%	2.4		%	2.8		%				(0.5	)%
Return on equity⁽²⁾	14.1		%	16.2		%	17.3		%	14.5		%	18.1		%				(4.0	)%
Return on tangible common equity⁽³⁾	16.1		%	18.4		%	19.6		%	16.5		%	20.7		%				(4.6	)%
Net interest margin⁽⁴⁾	16.18		%	16.26		%	16.34		%	15.94		%	15.84		%				0.34	%
Efficiency ratio⁽⁵⁾	30.3		%	31.6		%	30.6		%	31.9		%	30.4		%				(0.1	)%
Other expense as a % of average loan receivables, including held for sale	4.97		%	5.04		%	4.93		%	5.07		%	4.86		%				0.11	%
Effective income tax rate	36.2		%	36.6		%	37.3		%	36.6		%	37.3		%				(1.1	)%

CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.33		%	4.65		%	4.39		%	4.51		%	4.74		%				0.59	%
30+ days past due as a % of period-end loan receivables⁽⁶⁾	4.25		%	4.32		%	4.26		%	3.79		%	3.85		%				0.40	%
90+ days past due as a % of period-end loan receivables⁽⁶⁾	2.06		%	2.03		%	1.89		%	1.67		%	1.84		%				0.22	%
Net charge-offs	$	974		$	847		$	765		$	747		$	780		$	194		24.9	%
Loan receivables delinquent over 30 days⁽⁶⁾	$	3,120		$	3,295		$	3,008		$	2,585		$	2,538		$	582		22.9	%
Loan receivables delinquent over 90 days⁽⁶⁾	$	1,508		$	1,546		$	1,334		$	1,143		$	1,212		$	296		24.4	%

Allowance for loan losses (period-end)	$	4,676		$	4,344		$	4,115		$	3,894		$	3,620		$	1,056		29.2	%
Allowance coverage ratio⁽⁷⁾	6.37		%	5.69		%	5.82		%	5.70		%	5.50		%				0.87	%

BUSINESS METRICS
Purchase volume⁽⁸⁾	$	28,880		$	35,369		$	31,615		$	31,507		$	26,977		$	1,903		7.1	%
Period-end loan receivables	$	73,350		$	76,337		$	70,644		$	68,282		$	65,849		$	7,501		11.4	%
Credit cards	$	70,587		$	73,580		$	67,858		$	65,511		$	63,309		$	7,278		11.5	%
Consumer installment loans	$	1,411		$	1,384		$	1,361		$	1,293		$	1,184		$	227		19.2	%
Commercial credit products	$	1,311		$	1,333		$	1,385		$	1,389		$	1,318		$	(7	)	(0.5	)%
Other	$	41		$	40		$	40		$	89		$	38		$	3		7.9	%
Average loan receivables, including held for sale	$	74,132		$	72,476		$	69,316		$	66,561		$	66,194		$	7,938		12.0	%
Period-end active accounts (in thousands)⁽⁹⁾	67,905			71,890			66,781			66,491			64,689			3,216			5.0	%
Average active accounts (in thousands)⁽⁹⁾	69,629			68,701			66,639			65,531			66,134			3,495			5.3	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	11,392		$	9,321		$	13,588		$	11,787		$	12,500		$	(1,108	)	(8.9	)%
Total liquid assets	$	16,158		$	13,612		$	16,362		$	13,956		$	14,915		$	1,243		8.3	%
Undrawn credit facilities
Undrawn credit facilities	$	5,600		$	6,700		$	7,150		$	7,025		$	7,325		$	(1,725	)	(23.5	)%
Total liquid assets and undrawn credit facilities	$	21,758		$	20,312		$	23,512		$	20,981		$	22,240		$	(482	)	(2.2	)%
Liquid assets % of total assets	18.14		%	15.09		%	18.77		%	16.94		%	18.27		%				(0.13	)%
Liquid assets including undrawn credit facilities % of total assets	24.43		%	22.52		%	26.98		%	25.47		%	27.24		%				(2.81	)%


(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.



SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			1Q'17 vs. 1Q'16
Interest income:
Interest and fees on loans	$	3,877		$	3,919		$	3,771		$	3,494		$	3,498		$	379		10.8	%
Interest on investment securities	36			28			25			21			22			14			63.6	%
Total interest income	3,913			3,947			3,796			3,515			3,520			393			11.2	%

Interest expense:
Interest on deposits	194			188			188			179			172			22			12.8	%
Interest on borrowings of consolidated securitization entities	65			64			63			59			58			7			12.1	%
Interest on third-party debt	67			67			64			65			81			(14		)	(17.3	)%
Total interest expense	326			319			315			303			311			15			4.8	%

Net interest income	3,587			3,628			3,481			3,212			3,209			378			11.8	%

Retailer share arrangements	(684		)	(811		)	(757		)	(664		)	(670		)	(14		)	2.1	%
Net interest income, after retailer share arrangements	2,903			2,817			2,724			2,548			2,539			364			14.3	%

Provision for loan losses	1,306			1,076			986			1,021			903			403			44.6	%
Net interest income, after retailer share arrangements and provision for loan losses	1,597			1,741			1,738			1,527			1,636			(39		)	(2.4	)%

Other income:
Interchange revenue	145			167			154			151			130			15			11.5	%
Debt cancellation fees	68			68			67			63			64			4			6.3	%
Loyalty programs	(137		)	(157		)	(145		)	(135		)	(110		)	(27		)	24.5	%
Other	17			7			8			4			8			9			112.5	%
Total other income	93			85			84			83			92			1			1.1	%

Other expense:
Employee costs	325			315			311			301			280			45			16.1	%
Professional fees	151			164			174			154			146			5			3.4	%
Marketing and business development	94			130			92			107			94			—			—	%
Information processing	90			88			87			81			82			8			9.8	%
Other	248			221			195			196			198			50			25.3	%
Total other expense	908			918			859			839			800			108			13.5	%

Earnings before provision for income taxes	782			908			963			771			928			(146		)	(15.7	)%
Provision for income taxes	283			332			359			282			346			(63		)	(18.2	)%
Net earnings attributable to common shareholders	$	499		$	576		$	604		$	489		$	582		$	(83	)	(14.3	)%



SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Mar 31, 2017 vs. Mar 31, 2016
Assets
Cash and equivalents	$	11,392		$	9,321		$	13,588		$	11,787		$	12,500		$	(1,108	)	(8.9	)%
Investment securities	5,328			5,110			3,356			2,723			2,949			2,379			80.7	%
Loan receivables:
Unsecuritized loans held for investment	50,398			52,332			47,517			44,854			41,730			8,668			20.8	%
Restricted loans of consolidated securitization entities	22,952			24,005			23,127			23,428			24,119			(1,167		)	(4.8	)%
Total loan receivables	73,350			76,337			70,644			68,282			65,849			7,501			11.4	%
Less: Allowance for loan losses	(4,676		)	(4,344		)	(4,115		)	(3,894		)	(3,620		)	(1,056		)	29.2	%
Loan receivables, net	68,674			71,993			66,529			64,388			62,229			6,445			10.4	%
Goodwill	992			949			949			949			949			43			4.5	%
Intangible assets, net	826			712			733			704			702			124			17.7	%
Other assets	1,838			2,122			2,004			1,833			2,327			(489		)	(21.0	)%
Total assets	$	89,050		$	90,207		$	87,159		$	82,384		$	81,656		$	7,394		9.1	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	51,359		$	51,896		$	49,611		$	46,220		$	44,721		$	6,638		14.8	%
Non-interest-bearing deposit accounts	246			159			204			207			256			(10		)	(3.9	)%
Total deposits	51,605			52,055			49,815			46,427			44,977			6,628			14.7	%
Borrowings:
Borrowings of consolidated securitization entities	12,433			12,388			12,411			12,236			12,423			10			0.1	%
Bank term loan	—			—			—			—			1,494			(1,494		)	NM
Senior unsecured notes	7,761			7,759			7,756			7,059			6,559			1,202			18.3	%
Total borrowings	20,194			20,147			20,167			19,295			20,476			(282		)	(1.4	)%
Accrued expenses and other liabilities	2,888			3,809			3,196			2,947			2,999			(111		)	(3.7	)%
Total liabilities	74,687			76,011			73,178			68,669			68,452			6,235			9.1	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,405			9,393			9,381			9,370			9,359			46			0.5	%
Retained earnings	5,724			5,330			4,861			4,364			3,875			1,849			47.7	%
Accumulated other comprehensive income:	(55		)	(53		)	(24		)	(20		)	(31		)	(24		)	77.4	%
Treasury Stock	(712		)	(475		)	(238		)	—			—			(712		)	NM
Total equity	14,363			14,196			13,981			13,715			13,204			1,159			8.8	%
Total liabilities and equity	$	89,050		$	90,207		$	87,159		$	82,384		$	81,656		$	7,394		9.1	%



SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Quarter Ended
	March 31, 2017							December 31, 2016							September 30, 2016							June 30, 2016							March 31, 2016
				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	$	10,552		$	21	0.81	%	$	12,210		$	17	0.55	%	$	12,480		$	16	0.51	%	$	11,623		$	14	0.48	%	$	12,291		$	16	0.52	%
Securities available for sale	5,213			15		1.17	%	4,076			11		1.07	%	2,960			9		1.21	%	2,858			7		0.99	%	2,977			6		0.81	%

Loan receivables:
Credit cards, including held for sale	71,365			3,811		21.66	%	69,660			3,851		21.99	%	66,519			3,705		22.16	%	63,876			3,432		21.61	%	63,688			3,436		21.70	%
Consumer installment loans	1,389			32		9.34	%	1,373			31		8.98	%	1,333			31		9.25	%	1,233			28		9.13	%	1,154			27		9.41	%
Commercial credit products	1,317			34		10.47	%	1,386			36		10.33	%	1,401			35		9.94	%	1,388			33		9.56	%	1,313			35		10.72	%
Other	61			—		—	%	57			1		NM		63			—		—	%	64			1		NM		39			—		—	%
Total loan receivables, including held for sale	74,132			3,877		21.21	%	72,476			3,919		21.51	%	69,316			3,771		21.64	%	66,561			3,494		21.11	%	66,194			3,498		21.25	%
Total interest-earning assets	89,897			3,913		17.65	%	88,762			3,947		17.69	%	84,756			3,796		17.82	%	81,042			3,515		17.44	%	81,462			3,520		17.38	%

Non-interest-earning assets:
Cash and due from banks	802							739							862							895							1,367
Allowance for loan losses	(4,408		)					(4,228		)					(3,933		)					(3,732		)					(3,590		)
Other assets	3,177							3,479							3,189							3,208							3,271
Total non-interest-earning assets	(429		)					(10		)					118							371							1,048

Total assets	$	89,468						$	88,752						$	84,874						$	81,413						$	82,510

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	51,829		$	194	1.52	%	$	51,006		$	188	1.47	%	$	47,895		$	188	1.56	%	$	45,523		$	179	1.58	%	$	44,304		$	172	1.56	%
Borrowings of consolidated securitization entities	12,321			65		2.14	%	12,389			64		2.06	%	12,254			63		2.05	%	12,211			59		1.94	%	12,860			58		1.81	%
Bank term loan⁽¹⁾	—			—		—	%	—			—		—	%	—			—		—	%	65			7		NM		2,170			24		4.45	%
Senior unsecured notes	7,760			67		3.50	%	7,757			67		3.44	%	7,448			64		3.42	%	6,861			58		3.40	%	6,557			57		3.50	%

Total interest-bearing liabilities	71,910			326		1.84	%	71,152			319		1.78	%	67,597			315		1.85	%	64,660			303		1.88	%	65,891			311		1.90	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	240							176							204							208							235
Other liabilities	2,995							3,321							3,175							3,002							3,455
Total non-interest-bearing liabilities	3,235							3,497							3,379							3,210							3,690

Total liabilities	75,145							74,649							70,976							67,870							69,581

Equity
Total equity	14,323							14,103							13,898							13,543							12,929

Total liabilities and equity	$	89,468						$	88,752						$	84,874						$	81,413						$	82,510
Net interest income				$	3,587						$	3,628						$	3,481						$	3,212						$	3,209

Interest rate spread⁽²⁾						15.81	%						15.91	%						15.97	%						15.56	%						15.48	%
Net interest margin⁽³⁾						16.18	%						16.26	%						16.34	%						15.94	%						15.84	%


(1) The effective interest rates for the Bank term loan for the quarters ended June 30, 2016, March 31, 2016 were 2.51% and 2.47% 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.



SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)

	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Mar 31, 2017 vs. Mar 31, 2016
BALANCE SHEET STATISTICS
Total common equity	$	14,363		$	14,196		$	13,981		$	13,715		$	13,204		$	1,159	8.8	%
Total common equity as a % of total assets	16.13		%	15.74		%	16.04		%	16.65		%	16.17		%			(0.04	)%

Tangible assets	$	87,232		$	88,546		$	85,477		$	80,731		$	80,005		$	7,227	9.0	%
Tangible common equity⁽¹⁾	$	12,545		$	12,535		$	12,299		$	12,062		$	11,553		$	992	8.6	%
Tangible common equity as a % of tangible assets⁽¹⁾	14.38		%	14.16		%	14.39		%	14.94		%	14.44		%			(0.06	)%
Tangible common equity per share⁽¹⁾	$	15.47		$	15.34		$	14.90		$	14.46		$	13.86		$	1.61	11.6	%

REGULATORY CAPITAL RATIOS⁽²⁾
	Basel III Transition
Total risk-based capital ratio⁽³⁾	19.3		%	18.5		%	19.5		%	19.8		%	19.4		%
Tier 1 risk-based capital ratio⁽⁴⁾	18.0		%	17.2		%	18.2		%	18.5		%	18.1		%
Tier 1 leverage ratio⁽⁵⁾	14.8		%	15.0		%	15.4		%	15.7		%	14.9		%
Common equity Tier 1 capital ratio⁽⁶⁾	18.0		%	17.2		%	18.2		%	18.5		%	18.1		%

	Basel III Fully Phased-in
Common equity Tier 1 capital ratio⁽⁶⁾	17.7		%	17.0		%	17.9		%	18.0		%	17.5		%


(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 March 31, 2017 are preliminary and therefore subject to change.
(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 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.
(6) 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.



SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			1Q'17 vs. 1Q'16
RETAIL CARD
Purchase volume⁽¹⁾⁽²⁾	$	22,952		$	28,996		$	25,285		$	25,411		$	21,550		$	1,402		6.5	%
Period-end loan receivables	$	49,905		$	52,701		$	48,010		$	46,705		$	45,113		$	4,792		10.6	%
Average loan receivables, including held for sale	$	50,644		$	49,476		$	47,274		$	45,593		$	45,479		$	5,165		11.4	%
Average active accounts (in thousands)⁽²⁾⁽³⁾	55,049			54,489			52,959			52,314			52,969			2,080			3.9	%

Interest and fees on loans⁽²⁾	$	2,888		$	2,909		$	2,790		$	2,585		$	2,614		$	274		10.5	%
Other income⁽²⁾	$	77		$	70		$	70		$	69		$	79		$	(2	)	(2.5	)%
Retailer share arrangements⁽²⁾	$	(681	)	$	(801	)	$	(752	)	$	(656	)	$	(661	)	$	(20	)	3.0	%

PAYMENT SOLUTIONS
Purchase volume⁽¹⁾	$	3,686		$	4,194		$	4,152		$	3,903		$	3,392		$	294		8.7	%
Period-end loan receivables	$	15,320		$	15,567		$	14,798		$	13,997		$	13,420		$	1,900		14.2	%
Average loan receivables	$	15,424		$	15,076		$	14,367		$	13,554		$	13,430		$	1,994		14.8	%
Average active accounts (in thousands)⁽³⁾	9,090			8,844			8,461			8,153			8,134			956			11.8	%

Interest and fees on loans	$	515		$	523		$	505		$	467		$	457		$	58		12.7	%
Other income	$	4		$	3		$	3		$	3		$	4		$	—		—	%
Retailer share arrangements	$	(1	)	$	(9	)	$	(3	)	$	(7	)	$	(7	)	$	6		(85.7	)%

CARECREDIT
Purchase volume⁽¹⁾	$	2,242		$	2,179		$	2,178		$	2,193		$	2,035		$	207		10.2	%
Period-end loan receivables	$	8,125		$	8,069		$	7,836		$	7,580		$	7,316		$	809		11.1	%
Average loan receivables	$	8,064		$	7,924		$	7,675		$	7,414		$	7,285		$	779		10.7	%
Average active accounts (in thousands)⁽³⁾	5,490			5,368			5,219			5,064			5,031			459			9.1	%

Interest and fees on loans	$	474		$	487		$	476		$	442		$	427		$	47		11.0	%
Other income	$	12		$	12		$	11		$	11		$	9		$	3		33.3	%
Retailer share arrangements	$	(2	)	$	(1	)	$	(2	)	$	(1	)	$	(2	)	$	—		—	%

TOTAL SYF
Purchase volume⁽¹⁾⁽²⁾	$	28,880		$	35,369		$	31,615		$	31,507		$	26,977		$	1,903		7.1	%
Period-end loan receivables	$	73,350		$	76,337		$	70,644		$	68,282		$	65,849		$	7,501		11.4	%
Average loan receivables, including held for sale	$	74,132		$	72,476		$	69,316		$	66,561		$	66,194		$	7,938		12.0	%
Average active accounts (in thousands)⁽²⁾⁽³⁾	69,629			68,701			66,639			65,531			66,134			3,495			5.3	%

Interest and fees on loans⁽²⁾	$	3,877		$	3,919		$	3,771		$	3,494		$	3,498		$	379		10.8	%
Other income⁽²⁾	$	93		$	85		$	84		$	83		$	92		$	1		1.1	%
Retailer share arrangements⁽²⁾	$	(684	)	$	(811	)	$	(757	)	$	(664	)	$	(670	)	$	(14	)	2.1	%

(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.



SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES⁽¹⁾
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016
COMMON EQUITY MEASURES
GAAP Total common equity	$	14,363		$	14,196		$	13,981		$	13,715		$	13,204
Less: Goodwill	(992		)	(949		)	(949		)	(949		)	(949		)
Less: Intangible assets, net	(826		)	(712		)	(733		)	(704		)	(702		)
Tangible common equity	$	12,545		$	12,535		$	12,299		$	12,062		$	11,553

Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	340			337			299			282			281
Basel III - Common equity Tier 1 (fully phased-in)	$	12,885		$	12,872		$	12,598		$	12,344		$	11,834
Adjustment related to capital components during transition	154			263			273			266			265
Basel III - Common equity Tier I (transition)	$	13,039		$	13,135		$	12,871		$	12,610		$	12,099

RISK-BASED CAPITAL
Common equity Tier 1	$	13,039		$	13,135		$	12,871		$	12,610		$	12,099
Add: Allowance for loan losses includible in risk-based capital	954			994			923			890			869
Risk-based capital	$	13,993		$	14,129		$	13,794		$	13,500		$	12,968

ASSET MEASURES
Total average assets⁽²⁾	$	89,468		$	88,752		$	84,874		$	81,413		$	82,510
Adjustments for:
Disallowed goodwill, other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,358		)	(1,059		)	(1,117		)	(1,113		)	(1,117		)
Total assets for leverage purposes	$	88,110		$	87,693		$	83,757		$	80,300		$	81,393

Risk-weighted assets - Basel III (fully phased-in)⁽³⁾	$	72,596		$	75,941		$	70,448		$	68,462		$	67,697
Risk-weighted assets - Basel III (transition)⁽³⁾	$	72,627		$	76,179		$	70,660		$	68,188		$	66,689

TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	17.71		$	17.37		$	16.94		$	16.45		$	15.84
Less: Goodwill	(1.22		)	(1.16		)	(1.14		)	(1.14		)	(1.14		)
Less: Intangible assets, net	(1.02		)	(0.87		)	(0.90		)	(0.85		)	(0.84		)
Tangible common equity per share	$	15.47		$	15.34		$	14.90		$	14.46		$	13.86


(1) Regulatory measures at March 31, 2017 are presented on an estimated basis.
(2) Total average assets are presented based upon the use of daily averages.
(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.