2015 10-K Annual Report

Relentlessly focused on… Customers, Innovation, Value Creation. From the CEO

Dear Shareholders, 2015 marked another successful step in Ally’s journey. We delivered strong financial performance, exceeded our operational targets, maintained a leading position in digital financial services and began planting seeds for the future. “Ally’s spirit of innovation has The past year presented opportunities to demonstrate the strength and agility of our auto been a connective finance franchise as we continued to expand our active dealer network to over 17,500 relationships thread that drives the adaptability and and to establish new financing partnerships with marketplace success of our franchises.” automakers and online auto retailers.

Ally’s direct banking subsidiary, Ally Bank, crossed Jeff Brown, CEO over $55 billion in retail deposits from more than 1.1 million primary customers. We drove greater efficiency in gathering those deposits and continued to achieve high marks from our customers on service and product offerings.

Ally’s operational and financial foundation is stronger than ever, and when combined with our innovative and customer-centric culture, we believe we have built an attractive business model that has and continues to deliver results for our shareholders.

2015 Financial Results* Last year’s performance reflected the fundamental strength of our operations, the momentum underway and the successful execution of the multi-year plan to improve profitability.

Ally reported full year net income of $1.3 billion for 2015, increasing 12 percent from the prior year. Core pretax income, excluding repositioning items, also improved 11 percent compared to 2014 and totaled $1.8 billion. We reported full year adjusted 2015 Financial Highlights earnings per share of $2.00, an increase of 19 percent from the prior year. Adjusted tangible book value continued to increase, as well – up nearly $2.00 per share from Net income: $1.3 billion 2014 and more than $4.50 per share in the past two years. Adjusted earnings We also achieved sustainable returns and improved efficiency and made notable per share: $2.00 progress on the normalization of our capital structure.

In 2015, we redeemed all of the Series G preferred securities. In addition to helping Auto: $41 billion normalize Ally’s capital structure, their redemption will drive improved financial in originations performance in the future and supports Ally’s objective of initiating a common stock dividend and share repurchase program in 2016. Deposits: $7.5 billion in retail deposit growth

* Certain metrics presented are non-GAAP financial measures, including core pre-tax income, adjusted tangible book value, adjusted EPS, and Core ROTCE. Refer to page 4 for reconciliations to GAAP. I We also achieved a return on tangible pride in the pristine composition of key objectives we set forth two years common equity (ROTCE) of more than our balance sheet, the diversified ago during our initial public offering 9 percent, improving more than 150 nature of our funding profile and and kept the promises made to our basis points year-over-year. Likewise, adaptability of our operations to pursue shareholders. we achieved our stated efficiency thoughtful opportunities as shifts in the target of the mid-40 percent range for marketplace occur. Customers 2015, which drove positive operating At the core of our strength as a leverage. Contributing in part to Retail deposits also continued to grow, company is the relentless focus we this improvement was the removal driving greater funding efficiency put on our customers – delivering of approximately $300 million in and stability, and our expanding base competitive products, offering a high controllable expenses over the past of loyal customers presents future level of service and working to be their two years. opportunities to broaden and deepen ally. This customer-centric philosophy our relationships. is a cornerstone of our success and has Operationally, Ally’s results in 2015 led to a consistently growing base of were nothing short of exceptional, Our corporate finance business also customers. with the company exceeding targets made strides, growing its average for retail deposit growth and auto portfolio balances by 30 percent Since 2010, we have posted a originations. Our auto finance business during the year and expanding into the compounded annual customer posted $41 billion in originations and technology sector. growth rate of 7 percent, and in 2015, is more diversified than ever, with the As I step back and look at these we reached in excess of 5.5 million shift of capital from the incentivized accomplishments in total – solid customers. This base of customers and lease business toward retail auto profitability, achievement of offers significant potential for the contracts becoming a significant sustainable returns, removal of legacy future, as currently there is little contributor toward consistent earnings. capital instruments, and exceptional product overlap between our deposit and auto customers. We believe there is Ally is building a successful business operational results – I am proud to say potential to deepen these relationships for the long term. We take great that we have successfully achieved the and introduce these consumers to broader Ally offerings to meet their financial needs. Building a Better Financial Services Company Ally is also attracting a growing number Customers of millennial customers with 47 percent • Expanded active dealer network by 750+ to of our new deposit customers falling 17,500 dealers into this demographic group and • Built Ally Bank’s loyal deposit customer base to comprising 24 percent of our overall 1.1 million customer base. This is an important population in financial services, as their • Ranked Best Online Bank by MONEY® Magazine for fifth year personal finance needs increase and generational wealth transfers occur. As a leader in digital financial services, Innovation Ally is well positioned with millennial • Working with online auto retailers and dealers to offer customers, particularly as their need digital auto financing options for both credit and deposit products • Launched mobile virtual assistant, Ally Assist, for increases. deposit customers From an auto dealer perspective, Ally • Sold more than 5 million vehicles on SmartAuction has grown its base of active dealers internet auction since inception by 5 percent over the last year to • Introduced Ally Premier Protection, our industry- leading vehicle protection plan about 17,500 dealers, and nearly 25 percent of these dealers currently use more than four of our products. Our Culture & Community approximately 11,000 Growth Channel • Driving a distinctive culture of innovation, adaptability, dealers represent a substantial part of creativity and inclusion our overall active dealer network and • Provided free financial education to 80,000+ reflect a broad range of nameplates. consumers via Ally Wallet Wise program • In 2015, Ally employees volunteered approximately 7,400 hours with nonprofits across the U.S. II Looking to the FuFuturere

Approximately one-third of Ally’s total originations in 2015 were from the Growth Channel and each year our Capitalize on the shift EnsureEnsure ouourr busbusinessesinesses areare ParticipateParticipate in thouthoughtfulghtful number of relationships, as well as towardtddiitlfiil digital financial adaptabledtblt to new market kt customerti expansion contracts per month from this group, services dynamics and consumer opportunities in 2016 trends have increased. Our high-tech and high-touch business model is key to building, retaining and expanding these relationships over time, and that model applies to brick-and- a bid. The wholesale version of the In addition to the operational mortar dealerships, as well as online SmartAuction platform crossed over opportunities ahead, we also have marketplaces. We are paying careful 5 million sales in 2015, and we believe financial opportunities that will drive attention to customer behaviors and this digital platform has even greater results. Ally will have lower preferred changes in preferences to not only potential in the broader marketplace. dividends going forward as a result shop, but also finance a vehicle online. of the capital actions in 2015, and we As we evaluated opportunities for will continue to benefit from increased Innovation additional consumer financing levels of bank funding. We also aim to Ally’s spirit of innovation has been products, we started first by listening initiate a dividend and share buyback a connective thread that drives the to our customers. Among the most program in 2016, pending regulatory adaptability and marketplace success requested new products by Ally approval. of our franchises. We were the original customers are a credit card and disrupter in online banking, and the mortgage. On the regulatory front, Ally Bank was breadth and depth of our approach to recently approved to become a state In 2016, we will launch both of these the indirect auto finance business has member bank, thereby simplifying offerings with the same customer- been unmatched and a defining force in the company’s regulatory structure friendly approach that consumers the industry. by having a single federal regulator expect from Ally. The credit card is for both the parent and the banking As digitization continues to transform expected mid-year, and the mortgage subsidiary. This is a key step that the financial services marketplace, offering will follow later in the year and will enable Ally to have a regulatory Ally is uniquely positioned. We have a offer asset diversification and some environment more in line with leading marketplace standing in digital earnings growth. We will not retain the institutions of our size and scope. financial services, a brand and business mortgage servicing rights and will have model that support the trend in limited rep and warrant risk. We are committed to continuing to consumer preferences, and the safety raise the bar and drive strong results Our auto business will still be at the and soundness of a bank. along a number of dimensions and build heart of what we do, and we continue to this company to be successful through As we look ahead, we will be making evaluate additional product and service a variety of economic and market incremental investments in products opportunities. Our approach to product cycles. While we are pleased with our and technology that continue to evolve diversification is to deliver offerings results in 2015, we are energized by the business and drive shareholder that deepen and expand our customer the opportunities that are ahead for returns over time. This includes relationships, while also being good 2016 and beyond. I am honored to lead building our capabilities to support stewards of capital and taking steps this great company and know we have the move toward digital interfaces in that drive shareholder returns over planted the seeds to ensure a bright the auto buying process, both from a time. future for our customers, employees dealer and consumer perspective. and shareholders. Value Creation Thank you for your continued support Over the past year, Ally has forged As we focus on making Ally a great off AAlly.lly. relationships with online auto retailers company, we know part of that is also Beepi and Carvana, as well as began making it a great investment. Our goal to explore a pilot of a consumer-to- for 2016 is to deliver earnings per share business adaptation of our leading growth of approximately 15 percent digital auto auction. This platform and a core ROTCE of between 10 and Jeffrey Brown would enable consumers to post and 12 percent. Chief Executive Officer sell their vehicle to dealers who placed

III 2015 Financial Highlights

The following information includes reconciliations of non-GAAP financial measures presented in the CEO letter and certain other financial highlights. NOTE: Numbers may not foot due to rounding.

Core Pre-Tax Income Adjusted Earnings Per Share

($ millions) FY 2015 FY 2014 ($ per share) FY 2015 FY 2014

Core pre-tax income, GAAP EPS (diluted) $ (2.66) $ 1.83 ex. repositioning items1 $ 1,801 $ 1,619 Capital actions (Series A and G) 4.90 – Repositioning items2 (349) (187) Discontinued operations, net of tax (0.81) (0.47) Core pre-tax income $ 1,452 $ 1,432 OID expense, net of tax 0.08 0.25 OID amortization expense3 59 186 Repositioning/other1 0.48 0.07 Income tax expense 496 321 Adjusted EPS $ 2.00 $ 1.68 Income from discontinued operations, (1) Repositioning items are primarily related to the extinguishment of high- net of tax 392 225 cost legacy debt and a discrete tax item in 2014 GAAP net income $ 1,289 $ 1,150

(1) Core pre-tax income as presented excludes the impact of repositioning items, OID amortization expense, income tax expense and discontinued operations Core Return on Tangible Common Equity (ROTCE) (2) Repositioning items are primarily related to the extinguishment of high- cost legacy debt ($ millions) FY 2015 FY 2014 (3) Includes accelerated OID expense of $14 million in 2015 and $14 million Pre-tax income from continuing in 2014 operations $ 1,393 $ 1,246

Core OID expense 59 186

Repositioning items 349 187 Adjusted Tangible Book Value per Share Core pre-tax income (ex. repositioning) $ 1,801 $ 1,619

($ per share) FY 2015 FY 2014 FY 2013 Normalized income tax expense at 34% 612 550

GAAP shareholder’s equity $ 27.9 $ 32.1 $ 29.6 Core net income 1,189 1,069

Preferred equity & goodwill (1.5) (2.7) (2.7) Preferred dividends (Series A & G) 200 268

Tangible common equity 26.4 29.4 26.9 Operating net income available to common shareholders $ 990 $ 800 Tax-effect bond OID 1 (tax rate of 34%) (1.8) (1.9) (2.1) Tangible common equity $ 13,416 $ 13,522

Series G discount – (4.9) (4.9) Unamortized core OID (1,327) (1,441)

Adjusted tangible Net deferred tax asset (1,583) (1,923) book value per share $ 24.6 $ 22.7 $ 20.0 Normalized common equity2 $ 10,506 $ 10,157

Core ROTCE1 9.4% 7.9%

(1) Includes GAAP common equity less preferred stock and goodwill (2) Normalized common equity calculated using 2 period average Diversified Origination Channels($ billions)

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Board of Directors

Franklin (Fritz) W. Hobbs, Jeffrey Brown Marjorie Magner Chairman Chief Executive Officer Partner Advisor Ally Financial Brysam Global Partners One Equity Partners LLC Mayree C. Clark John J. Stack Kenneth J. Bacon Founding Partner Chairman and Director Co-Founder and Partner Eachwin Capital Ceska Sporitelna, a.s. RailField Realty Partners Stephen A. Feinberg Michael F. Steib Robert T. Blakely Co-founder Chief Executive Officer Former Chief Financial Officer Cerberus Capital Management, L.P. XO Group Several NYSE publicly-traded companies Kim S. Fennebresque Former Chairman, President and CEO Maureen A. Breakiron-Evans Cowen Group, Inc. Chief Executive Officer Strategic Force

Management Company Information Jeffrey Brown Jason Schugel Chief Executive Officer General Auditor Headquarters Michael Baresich David Shevsky Ally Financial Inc. Chief Information Officer Chief Risk Officer P.O. Box 200 Detroit, MI 48265-2000 David DeBrunner William B. Solomon, Jr. www.ally.com Controller and General Counsel Chief Accounting Officer Dan Soto Corporate Centers: James Duffy Chief Compliance Officer Charlotte, NC Chief Human Resources Officer New York, NY Alison Summerville William Hall, Jr. Business Administration Executive President and CEO Investor Relations Ally Corporate Finance Douglas Timmerman 1-866-710-4623 President, Insurance [email protected] Christopher A. Halmy ally.com/about/investor Chief Financial Officer

Michele E. Lieber Stock Transfer Agent Chief Public Policy Officer Other Financial Leaders Computershare P.O. Box 30170 Diane Morais Bradley Brown College Station, TX 77842-3170 CEO and President Treasurer Ally Bank Media Relations Michael Brown media.ally.com Gina Proia Executive Director, Investor Relations Twitter: @ally Chief Communications Officer

Tim Russi President, Auto Finance