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2017 Annual Report Our Business: a Leader in Digital 2017 Financial Highlights: Financial Services

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2017 Annual Report Our Business: a Leader in Digital 2017 Financial Highlights: Financial Services 2017 ANNUAL REPORT OUR BUSINESS: A LEADER IN DIGITAL 2017 FINANCIAL HIGHLIGHTS: FINANCIAL SERVICES Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with assets of $167.1 billion as of December 31, 2017. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on “Doing it Right” and being a trusted financial partner total assets for its consumer, commercial, and corporate customers. Ally’s award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. Ally remains one of the largest full-service total deposit growth auto finance operations in the country with a complementary auto-focused insurance business, which together serve more than 18,000 dealer customers and millions of auto consumers. Ally’s robust corporate finance business offers capital for equity sponsors and middle-market companies. OUR VISION: BE A RELENTLESS ALLY FOR Total NET revenue YOUR FINANCIAL WELL-BEING Our commitment to our customers has been at the core of who we are for nearly 100 years. We’re committed to constantly creating and reinventing with the singular purpose of making a real difference for our customers. That’s why we offer award-winning online banking, rewarding credit and lending Adj. EPS* experiences, unmatched auto financing products and services and a growing wealth management and brokerage platform. 2017 ACCOLADES: Ally Bank Named “Best Best Bank to 2017 Kantar TNS Gold Stevie® Award for Best Internet Bank” by Kiplinger’s Work for by Choice Award for Use of Technology in Personal Finance American Banker Direct Banking Customer Service – Banking * The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for U.S. GAAP measures: Adjusted Earnings per Share (Adj. EPS), Core Return on Tangible Common Equity (Core ROTCE), Adjusted Tangible Book Value (Adj. Tangible Book Value), and Adjusted Efficiency Ratio (Adj. Efficiency Ratio). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the 2017 Financial Tables later in this document for a Reconciliation to GAAP. From Kiplinger's Personal Finance, July 1, 2017 © 2017 The Kiplinger Washington Editors. All rights reserved. Used under License. FROM THE CEO DEAR SHAREHOLDERS, In 2017, Ally made extraordinary progress building a leading process of normalizing our regulatory framework, allowing us digital financial services company. In addition to expanding to optimize our capital and funding structure on a level playing and enhancing the products we offer our customers, we field with other U.S. banks. posted solid financial results, and had positive regulatory developments, all of which helped to produce very strong total Financially, 2017 was a tremendous year for the company returns for our shareholders. as we continued to execute our strategy, including the retirement of $4.4 billion of high cost bonds without issuing In May 2017, we launched Ally Invest, our brokerage and new institutional unsecured debt. We leveraged our growing wealth management platform. This complemented the customer base and strong brand awareness to increase total launch in 2016 of the Ally CashBack Credit Card1 and our deposits by more than $14 billion in 2017, allowing us to direct-to-consumer mortgage product, called Ally Home. substantially reduce our wholesale funding footprint. At the While establishing a full suite of banking products has been a end of 2017, we had more than $93 billion of total deposits, tremendous undertaking, I’m proud to have delivered what our placing us among the top 15 banks based on domestic customers have been asking for, and excited about the future interest bearing deposits. Our adjusted tangible book value prospects for our new businesses in 2018 and beyond. (Adj. Tangible Book Value)2 has increased more than $6 per share since we went public in 2014, as we generated strong Our auto finance business had another strong year, earnings and reduced share count through accretive stock delivering improving risk-adjusted returns while maintaining buybacks. Adjusted earnings per share (Adj. EPS)2 was credit discipline. We continue to serve over 18,000 dealer $2.39 in 2017, the highest since our IPO, and is expected to relationships and millions of auto customers. We are also accelerate in the coming years. mindful of rapidly evolving trends in the auto ecosystem and enhanced our direct-to-consumer capabilities through the In addition to our financial and operational accomplishments, rollout of Clearlane while also forming relationships with new I remain very encouraged by the external tailwinds that market participants, which enable us to offer consumer and I believe will be incrementally positive for Ally in 2018, commercial financing in more of the places where consumers including a lower corporate tax rate, the potential for a more are purchasing vehicles. constructive regulatory backdrop for financial institutions, and strong macroeconomic conditions. These developments We achieved another significant provide me with increased confidence to invest in our people, regulatory milestone in 2017 when the our businesses, and our communities, while also allowing for Federal Reserve released Ally Bank increased returns to shareholders. from certain legacy capital and liquidity requirements, including Our vision of Ally – a customer-centric digital bank offering the commitment to maintain a a range of innovative and competitive products through Tier 1 leverage ratio of at least 15%. an exceptional customer experience, is a simple yet powerful Ally has meaningfully transformed proposition. During 2017, we laid the groundwork for what both its operations and balance such a digitally-oriented and diversified bank should look like. sheet since becoming a In 2018, this foundation, along with our unique brand and our public company and relentless commitment to “Do it Right” by our customers, this development positions us favorably to continue on our financial path and completes the drive attractive returns for our owners. 1 The Ally CashBack Credit Card is issued by TD Bank N.A. 2 Represents a non-GAAP financial measure. These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the 2017 Financial Tables later in this document for a Reconciliation to GAAP. 2017 FINANCIAL RESULTS ALLY DELIVERED STRONG FINANCIAL RESULTS IN 2017, INCLUDING THE HIGHEST NET REVENUE AND ADJUSTED EPS* SINCE BECOMING A PUBLIC COMPANY. Net interest margin expanded by 8 basis points to 2.71% as declines in lease revenue were more than offset by higher retail and commercial auto loan yields. The increase in yields, along with asset growth and higher deposit funding, resulted in full year net financing revenue of $4.2 billion, up $314 million compared to the prior year. Ally’s earning RETAIL deposit growth assets expanded over $5 billion, while keeping risk-weighted assets flat, demonstrating both strong loan growth and efficient capital allocation. We saw continued progress across our key financial metrics ADJUSTED EPS* in 2017, notably an 11% increase in Adj. EPS* from $2.16 per share to $2.39 per share. Adj. Tangible Book Value* increased nearly $2 per share from $26.15 at the end of 2015 $2.00 2016 to $28.07 at the end of 2017, driven primarily by strong earnings and a 6.4% reduction in our outstanding share 2016 $2.16 count. Our Adj. Efficiency Ratio* of 45.8% in 2017 continues to trend favorably versus other banks as we leverage our 2017 $2.39 digital platform, with higher revenue largely offsetting the investments made in new product expansion and IT infrastructure. These factors are critical to growing a sticky customer base and maintaining our leading position in an TOTAL NET REVENUE increasingly competitive digital financial services landscape. 2015 $4.9B Ally’s funding optimization efforts, focused on increasing deposits and minimizing wholesale markets funding, made tremendous strides during 2017. Total deposit growth for 2016 $5.4B the year was $14.2 billion while retail deposits increased $11.3 billion. The performance of our deposit franchise was 2017 $5.8B impressive, and we will continue to leverage our strong position in online banking to drive efficient deposit growth in the future. * Represents a non-GAAP financial measure. These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the 2017 Financial Tables later in this document for a Reconciliation to GAAP. 2 ALLY 2017 ANNUAL REPORT AUTOMOTIVE FINANCE Ally’s auto finance business successfully navigated shifting industry dynamics to deliver solid financial results in 2017, while laying the groundwork for earnings growth in 2018 and beyond. The auto business saw strong growth in net financing revenue driven by the expansion of earning asset yields. Estimated retail auto originated yield* increased 42 basis points in 2017 to 6.24% while commercial auto asset yields improved 46 basis points year-over-year. Importantly, we’ve expanded retail and commercial loan margins without making any meaningful changes to our risk profile, with the weighted average FICO score on new retail originations increasing slightly in 2017. Over the past two years, as the lease portfolio and residual risk have declined, we’ve deliberately and methodically transitioned to a full credit spectrum retail auto finance portfolio mix that prioritizes risk-adjusted returns over volume. This transition is now largely complete, and we expect less year-over-year variability in provision for loan losses while retail auto portfolio yields continue to migrate higher.
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