EX-99.3 4 d36351dex993.htm EX-99.3

EX-99.3

Exhibit 99.3

FOURTH QUARTER 2020

FINANCIAL SUPPLEMENT

ALLY FINANCIAL INC. FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.

This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about future effects of COVID-19, the outlook for financial and operating metrics, and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This document and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.

4Q 2020 Preliminary Results 2

ALLY FINANCIAL INC. TABLE OF CONTENTS

		Page(s)
Consolidated Results
Consolidated Financial Highlights			4
Consolidated Income Statement			5
Consolidated Period-End Balance Sheet			6
Consolidated Average Balance Sheet			7
Segment Detail
Segment Highlights			8
Automotive Finance			9-10
Insurance			11
Mortgage Finance			12
Corporate Finance			13
Corporate and Other			14
Credit Related Information			15-16
Supplemental Detail
Capital			17
Liquidity			18
Net Interest Margin and Deposits			19
Ally Bank Consumer Mortgage HFI Portfolios			20
Earnings Per Share Related Information			21
Adjusted Tangible Book Per Share Related Information			22
Core ROTCE Related Information			23
Adjusted Efficiency Ratio Related Information			24

4Q 2020 Preliminary Results 3

ALLY FINANCIAL INC. CONSOLIDATED FINANCIAL HIGHLIGHTS

($ in millions, shares in thousands)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Selected Income Statement Data		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue (excluding Core OID) (1)		$	1,312			$	1,209			$	1,063			$	1,154			$	1,164			$	103			$	149			$	4,739			$	4,662			$	76
Core OID			(9	)			(9	)			(9	)			(8	)			(8	)			0				(2	)			(36	)			(29	)			(6	)
Net financing revenue (as reported)			1,303				1,200				1,054				1,146				1,156				103				147				4,703				4,633				70
Other revenue (excluding change in fair value of equity securities) (2)			567				471				465				451				458				96				108				1,954				1,672				282
Change in fair value of equity securities (3)			111				13				90				(185	)			29				98				83				29				89				(60	)
Other revenue (as reported)			678				484				555				266				487				194				191				1,983				1,761				222
Provision for loan losses			102				147				287				903				276				(45	)			(174	)			1,439				998				441
Total noninterest expense (4)			1,023				905				985				920				880				118				143				3,833				3,429				404
Pre-tax income (loss) from continuing operations			856				632				337				(411	)			487				224				369				1,414				1,967				(553	)
Income tax expense / (benefit)			169				156				95				(92	)			106				13				63				328				246				82
(Loss) / income from discontinued operations, net of tax			-				-				(1	)			-				(3	)			-				3				(1	)			(6	)			5
Net income / (loss) attributable to common shareholders		$	687			$	476			$	241			$	(319	)		$	378			$	211			$	309			$	1,085			$	1,715			$	(630	)
Selected Balance Sheet Data (Period-End)
Total assets		$	182,165			$	185,270			$	184,061			$	182,527			$	180,644			$	(3,105	)		$	1,521
Consumer loans			89,202				90,160				90,365				90,066				89,924				(958	)			(722	)
Commercial loans			29,332				27,868				27,869				38,073				38,307				1,464				(8,975	)
Allowance for loan losses			(3,283	)			(3,379	)			(3,354	)			(3,245	)			(1,263	)			96				(2,020	)
Deposits			137,036				134,938				131,036				122,324				120,752				2,098				16,284
Total equity			14,703				14,126				13,826				13,519				14,416				577				287
Common Share Count
Weighted average basic (5)			376,081				375,658				375,051				375,723				380,793				423				(4,712	)			375,629				393,234				(17,605	)
Weighted average diluted (5)			378,424				377,011				375,762				375,723				383,391				1,412				(4,968	)			377,101				395,395				(18,294	)
Issued shares outstanding (period-end)			374,674				373,857				373,837				373,155				374,332				817				342
Per Common Share Data
Earnings per share (basic) (5)		$	1.83			$	1.27			$	0.64			$	(0.85	)		$	0.99			$	0.56			$	0.83			$	2.89			$	4.36			$	(1.47	)
Earnings per share (diluted) (5)			1.82				1.26				0.64				(0.85	)			0.99				0.55				0.83				2.88				4.34				(1.46	)
Adjusted earnings per share (6)			1.60				1.25				0.61				(0.44	)			0.95				0.35				0.65				3.03				3.72				(0.70	)
Book value per share			39.2				37.8				37.0				36.2				38.5				1.5				0.7
Tangible book value per share (7)			38.2				36.7				35.9				35.0				37.3				1.5				0.9
Adjusted tangible book value per share (7)			36.1				34.6				33.7				32.8				35.1				1.5				1.0
Select Financial Ratios
Net interest margin (as reported)			2.90%				2.65%				2.40%				2.66%				2.64%												2.65%				2.67%
Net interest margin (ex. Core OID) (8)			2.92%				2.67%				2.42%				2.68%				2.66%												2.67%				2.68%
Cost of funds			1.58%				1.86%				2.16%				2.43%				2.55%												2.00%				2.66%
Cost of funds (ex. Core OID) (8)			1.55%				1.82%				2.13%				2.39%				2.51%												1.97%				2.62%
Efficiency Ratio (9)			51.6%				53.7%				61.2%				65.2%				53.6%												57.3%				53.6%
Adjusted efficiency ratio (8)(9)			49.8%				47.3%				52.5%				52.3%				49.4%												50.3%				47.4%
Return on average assets (10)			1.5%				1.0%				0.5%				(0.7)%				0.8%												0.6%				1.0%
Return on average total equity (10)			19.1%				13.6%				7.1%				(9.1)%				10.5%												7.7%				12.4%
Return on average tangible common equity (10)			19.6%				14.0%				7.3%				(9.4)%				10.7%												7.9%				12.7%
Core ROTCE (11)			18.7%				15.2%				7.6%				(5.4)%				11.2%												9.1%				12.0%
Capital Ratios (12)
Common Equity Tier 1 (CET1) capital ratio			10.6%				10.4%				10.1%				9.3%				9.5%
Tier 1 capital ratio			12.4%				12.1%				11.9%				10.9%				11.2%
Total capital ratio			14.1%				14.1%				13.8%				12.8%				12.8%
Tier 1 leverage ratio			9.4%				9.0%				8.9%				8.9%				9.1%

(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 21.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.

(5) Due to antidilutive effect of the net loss from pre-tax loss from continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to calculate diluted earnings per share.

(6) Represents a non-GAAP financial measure. For more details refer to page 21.

(7) Represents a non-GAAP financial measure. For more details refer to page 22.

(8) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(9) Represents a non-GAAP financial measure. For more details refer to page 24.

(10) Return metrics are annualized.

(11) Return metrics are annualized. Represents a non-GAAP financial measure. For more details refer to page 23.

(12) For more details on final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, see page 17.

4Q 2020 Preliminary Results 4

ALLY FINANCIAL INC. CONSOLIDATED INCOME STATEMENT

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Financing revenue and other interest income
Interest and fees on finance receivables and loans		$	1,607			$	1,602			$	1,630			$	1,742			$	1,811			$	5			$	(204	)		$	6,581			$	7,337			$	(756	)
Interest on loans held-for-sale			6				5				4				2				4				1				2				17				17				-
Total interest and dividends on investment securities			130				162				187				213				217				(32	)			(87	)			692				887				(195	)
Interest-bearing cash			5				5				4				14				15				-				(10	)			28				78				(50	)
Other earning assets			10				11				10				13				17				(1	)			(7	)			44				68				(24	)
Operating leases			365				360				343				367				378				5				(13	)			1,435				1,470				(35	)
Total financing revenue and other interest income			2,123				2,145				2,178				2,351				2,442				(22	)			(319	)			8,797				9,857				(1,060	)
Interest expense
Interest on deposits			367				452				541				592				637				(85	)			(270	)			1,952				2,538				(586	)
Interest on short-term borrowings			3				9				13				17				21				(6	)			(18	)			42				135				(93	)
Interest on long-term debt			274				309				318				348				366				(35	)			(92	)			1,249				1,570				(321	)
Total interest expense			644				770				872				957				1,024				(126	)			(380	)			3,243				4,243				(1,000	)
Depreciation expense on operating lease assets			176				175				252				248				262				1				(86	)			851				981				(130	)
Net financing revenue (as reported)		$	1,303			$	1,200			$	1,054			$	1,146			$	1,156			$	103			$	147			$	4,703			$	4,633			$	70
Other revenue
Servicing fees			2				2				3				3				3				(1	)			(1	)			9				18				(8	)
Insurance premiums and service revenue earned			287				276				263				277				285				11				2				1,103				1,087				16
Gain on mortgage and automotive loans, net			75				33				14				(12	)			6				42				69				110				28				82
Loss on extinguishment of debt			(52	)			(49	)			(1	)			-				-				(3	)			(52	)			(102	)			(2	)			(100	)
Other gain/loss on investments, net			134				64				188				(79	)			69				70				65				307				243				64
Other income, net of losses			233				157				89				77				125				76				108				555				386				169
Total other revenue			678				484				555				266				487				194				191				1,983				1,761				222
Total net revenue			1,981				1,684				1,609				1,412				1,643				297				338				6,686				6,394				292
Provision for loan losses			102				147				287				903				276				(45	)			(174	)			1,439				998				441
Noninterest expense
Compensation and benefits expense			340				342				334				360				312				(2	)			28				1,376				1,222				154
Insurance losses and loss adjustment expenses			62				85				142				74				61				(23	)			1				363				321				42
Goodwill impairment			-				-				50				-				-				-				-				50				-				50
Other operating expenses			621				478				459				486				507				143				114				2,044				1,886				158
Total noninterest expense			1,023				905				985				920				880				118				143				3,833				3,429				404
Pre-tax income (loss) from continuing operations		$	856			$	632			$	337			$	(411	)		$	487			$	224			$	369			$	1,414			$	1,967			$	(553	)
Income tax expense / (benefit) from continuing operations			169				156				95				(92	)			106				13				63				328				246				82
Net income (loss) from continuing operations			687				476				242				(319	)			381				211				306				1,086				1,721				(635	)
Income / (Loss) from discontinued operations, net of tax			-				-				(1	)			-				(3	)			-				3				(1	)			(6	)			5
Net income (loss)		$	687			$	476			$	241			$	(319	)		$	378			$	211			$	309			$	1,085			$	1,715			$	(630	)
Core Pre-Tax Income Walk
Net financing revenue (ex. OID) (1)		$	1,312			$	1,209			$	1,063			$	1,154			$	1,164			$	103			$	149			$	4,739			$	4,662			$	76
Adjusted other revenue (2)			567				471				465				451				458				96				108				1,954				1,672				282
Provision for credit losses			102				147				287				903				276				(45	)			(174	)			1,439				998				441
Adjusted noninterest expense (3)			1,023				905				935				920				880				118				143				3,783				3,429				354
Core pre-tax income (loss) (4)		$	754			$	628			$	306			$	(217	)		$	466			$	126			$	288			$	1,470			$	1,907			$	(437	)
Core OID			(9	)			(9	)			(9	)			(8	)			(8	)			0				(2	)			(36	)			(29	)			(6	)
Change in the fair value of equity securities (5)			111				13				90				(185	)			29				98				83				29				89				(60	)
Repositioning and other (6)			-				-				(50	)			-				-				-				-				(50	)			-				(50	)
Pre-tax income (loss) from continuing operations		$	856			$	632			$	337			$	(411	)		$	487			$	224			$	369			$	1,414			$	1,967			$	(553	)

(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.

(2) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For more details refer to page 21.

(3) Represents a non-GAAP financial measure. Excludes Goodwill impairment at Ally Invest in 2Q 20. For more details refer to page 21.

(4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity and (3) repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

(5) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(6) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20

4Q 2020 Preliminary Results 5

ALLY FINANCIAL INC. CONSOLIDATED PERIOD-END BALANCE SHEET

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.
		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19
Assets
Cash and cash equivalents
Noninterest-bearing		$	724			$	719			$	609			$	453			$	619			$	5			$	105
Interest-bearing			14,897				19,220				18,522				5,708				2,936				(4,323	)			11,961
Total cash and cash equivalents			15,621				19,939				19,131				6,161				3,555				(4,318	)			12,066
Investment securities (1)			32,154				31,871				31,228				31,619				32,468				283				(314	)
Loans held-for-sale, net			406				441				404				235				158				(35	)			248
Finance receivables and loans, net			118,534				118,028				118,234				128,139				128,231				506				(9,697	)
Allowance for loan losses			(3,283	)			(3,379	)			(3,354	)			(3,245	)			(1,263	)			96				(2,020	)
Total finance receivables and loans, net			115,251				114,649				114,880				124,894				126,968				602				(11,717	)
Investment in operating leases, net			9,639				9,454				9,088				9,064				8,864				185				775
Premiums receivables and other insurance assets			2,679				2,662				2,609				2,576				2,558				17				121
Other assets			6,415				6,254				6,721				7,978				6,073				161				342
Total assets		$	182,165			$	185,270			$	184,061			$	182,527			$	180,644			$	(3,105	)		$	1,521
Liabilities
Deposit liabilities
Noninterest-bearing		$	128			$	159			$	134			$	139			$	119			$	(31	)		$	9
Interest-bearing			136,908				134,779				130,902				122,185				120,633				2,129				16,275
Total deposit liabilities			137,036				134,938				131,036				122,324				120,752				2,098				16,284
Short-term borrowings			2,136				3,032				3,689				9,493				5,531				(896	)			(3,395	)
Long-term debt			22,006				25,704				29,176				31,066				34,027				(3,698	)			(12,021	)
Interest payable			412				748				697				710				641				(336	)			(229	)
Unearned insurance premiums and service revenue			3,438				3,401				3,338				3,305				3,305				37				133
Accrued expense and other liabilities			2,434				3,321				2,299				2,110				1,972				(887	)			462
Total liabilities		$	167,462			$	171,144			$	170,235			$	169,008			$	166,228			$	(3,682	)		$	1,234
Equity
Common stock and paid-in capital (2)		$	18,350			$	18,324			$	18,307			$	18,278			$	18,350			$	26			$	-
Accumulated deficit			(4,278	)			(4,893	)			(5,296	)			(5,465	)			(4,057	)			615				(221	)
Accumulated other comprehensive income / (loss)			631				695				815				706				123				(64	)			508
Total equity			14,703				14,126				13,826				13,519				14,416				577				287
Total liabilities and equity		$	182,165			$	185,270			$	184,061			$	182,527			$	180,644			$	(3,105	)		$	1,521

(1) Includes held-to-maturity securities.

(2) Includes Treasury stock.

4Q 2020 Preliminary Results 6

ALLY FINANCIAL INC. CONSOLIDATED AVERAGE BALANCE SHEET ⁽¹⁾

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Assets
Interest-bearing cash and cash equivalents		$	17,758			$	20,719			$	12,496			$	4,853			$	3,811			$	(2,961	)		$	13,947			$	13,985			$	3,837			$	10,148
Investment securities and other earning assets			33,107				32,059				32,201				32,694				33,680				1,048				(573	)			32,516				32,357				159
Loans held-for-sale, net			635				472				337				150				405				163				230				399				375				24
Total finance receivables and loans, net (2)			117,422				117,546				122,428				126,646				127,184				(124	)			(9,762	)			120,991				128,654				(7,663	)
Investment in operating leases, net			9,587				9,317				9,068				9,078				8,749				270				838				9,264				8,509				755
Total interest earning assets			178,509				180,113				176,530				173,420				173,829				(1,604	)			4,680				177,155				173,732				3,423
Noninterest-bearing cash and cash equivalents			505				536				432				418				297				(31	)			208				473				418				55
Other assets			8,112				8,137				8,250				7,583				7,232				(25	)			880				8,021				6,864				1,157
Allowance for loan losses			(3,363	)			(3,371	)			(3,227	)			(2,629	)			(1,277	)			8				(2,086	)			(3,149	)			(1,274	)			(1,875	)
Total assets		$	183,763			$	185,415			$	181,985			$	178,792			$	180,081			$	(1,652	)		$	3,682			$	182,500			$	179,740			$	2,760
Liabilities
Interest-bearing deposit liabilities
Retail deposit liabilities		$	122,166			$	118,307			$	111,152			$	104,483			$	102,362			$	3,859			$	19,804			$	114,062			$	97,777			$	16,285
Other interest-bearing deposit liabilities (3)			13,327				14,500				15,726				16,593				17,553				(1,173	)			(4,227	)			15,030				17,467				(2,436	)
Total Interest-bearing deposit liabilities			135,493				132,807				126,878				121,076				119,915				2,686				15,578				129,092				115,244				13,848
Short-term borrowings			2,350				3,343				4,712				4,496				4,283				(993	)			(1,933	)			3,721				5,686				(1,965	)
Long-term debt (4)			24,103				28,512				30,554				33,122				34,954				(4,409	)			(10,851	)			29,058				38,466				(9,408	)
Total interest-bearing liabilities (4)			161,946				164,662				162,144				158,694				159,152				(2,716	)			2,794				161,871				159,396				2,475
Noninterest-bearing deposit liabilities			149				157				136				141				142				(8	)			7				146				141				5
Other liabilities			6,819				6,472				5,343				6,137				6,352				347				467				6,195				6,215				(20	)
Total liabilities		$	168,914			$	171,291			$	167,623			$	164,972			$	165,646			$	(2,377	)		$	3,268			$	168,212			$	165,752			$	2,460
Equity
Total equity		$	14,849			$	14,124			$	14,362			$	13,820			$	14,435			$	725			$	414			$	14,288			$	13,988			$	300
Total liabilities and equity		$	183,763			$	185,415			$	181,985			$	178,792			$	180,081			$	(1,652	)		$	3,682			$	182,500			$	179,740			$	2,760

(1) Average balances are calculated using a combination of monthly and daily average methodologies.

(2) Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(3) Includes brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow, and other deposits).

(4) Includes average Core OID balance of $1,032 million in 4Q 20, $1,041 million in 3Q 20, $1,050 million in 2Q 20, $1,059 million in 1Q 20, and $1,067 million in 4Q 19. The average balance was $1,046 for full year 2020 and $1,078 for full year 2019.

4Q 2020 Preliminary Results 7

ALLY FINANCIAL INC. SEGMENT HIGHLIGHTS

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Pre-tax Income / (Loss)
Automotive Finance		$	563			$	566			$	329			$	(173	)		$	401			$	(3	)		$	162			$	1,285			$	1,618			$	(333	)
Insurance			183				78				128				(105	)			114				105				69				284				315				(31	)
Dealer Financial Services			746				644				457				(278	)			515				102				231				1,569				1,933				(364	)
Corporate Finance			64				60				32				(68	)			50				4				14				88				153				(65	)
Mortgage Finance			7				26				8				12				2				(19	)			5				53				40				13
Corporate and Other (1)			39				(98	)			(160	)			(77	)			(80	)			137				119				(296	)			(159	)			(137	)
Pre-tax income from continuing operations		$	856			$	632			$	337			$	(411	)		$	487			$	224			$	369			$	1,414			$	1,967			$	(553	)
Core OID (2)			9				9				9				8				8				0				2				36				29				6
Change in the fair value of equity securities (3)			(111	)			(13	)			(90	)			185				(29	)			(98	)			(83	)			(29	)			(89	)			60
Repositioning and other (4)			-				-				50				-				-				-				-				50				-				50
Core pre-tax income (loss) (5)		$	754			$	628			$	306			$	(217	)		$	466			$	126			$	288			$	1,470			$	1,907			$	(437	)

(1) Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.

(2) Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.

(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(4) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20

(5) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity and (3) repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

4Q 2020 Preliminary Results 8

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)
		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Income Statement		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue
Consumer		$	1,261			$	1,253			$	1,215			$	1,202			$	1,234			$	8			$	27			$	4,931			$	4,775			$	156
Commercial			163				153				210				307				342				10				(179	)			833				1,561				(728	)
Loans held-for-sale			-				-				-				-				(1	)			-				1				-				-				-
Operating leases			365				360				343				367				378				5				(13	)			1,435				1,470				(35	)
Other interest income			1				1				2				1				1				-				-				5				8				(3	)
Total financing revenue and other interest income			1,790				1,767				1,770				1,877				1,954				23				(164	)			7,204				7,814				(610	)
Interest expense			461				490				529				589				631				(29	)			(170	)			2,069				2,692				(623	)
Depreciation expense on operating lease assets:
Depreciation expense on operating lease assets (ex. remarketing)			242				245				240				251				265				(4	)			(24	)			978				1,050				(72	)
Remarketing gains / (losses)			66				70				(11	)			2				3				(5	)			63				127				69				58
Total depreciation expense on operating lease assets			176				175				252				248				262				1				(86	)			851				981				(130	)
Net financing revenue			1,153				1,102				989				1,040				1,061				51				92				4,284				4,141				143
Other revenue
Servicing fees			(1	)			2				2				1				2				(3	)			(3	)			4				13				(10	)
Other income			58				58				39				46				58				-				(1	)			200				228				(27	)
Total other revenue			56				61				40				47				61				(5	)			(5	)			204				249				(45	)
Total net revenue			1,209				1,163				1,029				1,087				1,122				46				87				4,488				4,390				98
Provision for credit losses			86				128				256				766				255				(42	)			(169	)			1,236				962				274
Noninterest expense
Compensation and benefits			134				134				133				148				133				-				1				549				524				25
Other operating expenses			426				335				311				346				333				91				93				1,418				1,286				132
Total noninterest expense			560				469				444				494				466				91				94				1,967				1,810				157
Pre-tax Income / (loss)		$	563			$	566			$	329			$	(173	)		$	401			$	(3	)		$	162			$	1,285			$	1,618			$	(333	)
Memo: Net lease revenue
Operating lease revenue		$	365			$	360			$	343			$	367			$	378			$	5			$	(13	)		$	1,435			$	1,470			$	(35	)
Depreciation expense on operating lease assets (ex. remarketing)			242				245				240				251				265				(4	)			(24	)			978				1,050				(72	)
Remarketing gains (losses), net of repo valuation			66				70				(11	)			2				3				(5	)			63				127				69				58
Total depreciation expense on operating lease assets			176				175				252				248				262				1				(86	)			851				981				(130	)
Net lease revenue		$	189			$	185			$	91			$	119			$	116			$	4			$	73			$	584			$	489			$	95
Balance Sheet (Period-End)
Cash, trading and investment securities		$	23			$	23			$	23			$	23			$	23			$	-			$	-
Consumer loans			73,443				73,484				72,378				72,463				72,254				(41	)			1,189
Commercial loans			23,141				21,854				21,708				31,390				32,490				1,287				(9,349	)
Allowance for loan losses			(2,986	)			(3,092	)			(3,084	)			(2,968	)			(1,130	)			106				(1,856	)
Total finance receivables and loans, net			93,598				92,246				91,002				100,885				103,614				1,352				(10,016	)
Investment in operating leases, net			9,639				9,454				9,088				9,064				8,864				185				775
Other assets			1,534				1,643				1,903				1,582				1,362				(109	)			172
Total assets		$	104,794			$	103,366			$	102,016			$	111,554			$	113,863			$	1,428			$	(9,069	)

4Q 2020 Preliminary Results 9

ALLY FINANCIAL INC. AUTOMOTIVE FINANCE - KEY STATISTICS

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
U.S. Consumer Originations (1) ($ in billions)
Retail standard - new vehicle GM		$	1.1			$	1.0			$	0.7			$	1.0			$	1.2			$	0.1			$	(0.1	)		$	3.8			$	4.7			$	(0.9	)
Retail standard - new vehicle Chrysler			1.0				1.0				0.7				0.8				0.8				0.0				0.2				3.4				3.3				0.1
Retail standard - new vehicle Growth			1.1				1.0				0.6				1.1				1.0				0.1				0.1				3.9				4.8				(0.9	)
Used vehicle			4.7				5.4				4.3				5.0				3.9				(0.8	)			0.7				19.3				19.0				0.3
Lease			1.2				1.4				0.9				1.2				1.2				(0.2	)			0.0				4.6				4.4				0.2
Retail subvented			0.0				0.0				0.0				0.0				0.0				0.0				(0.0	)			0.1				0.2				(0.1	)
Total originations		$	9.1			$	9.8			$	7.2			$	9.1			$	8.1			$	(0.7	)		$	0.9			$	35.1			$	36.3			$	(1.2	)
U.S. Consumer Originations - FICO Score
Super Prime (740+)		$	2.1			$	2.3			$	1.6			$	2.1			$	2.1			$	(0.2	)		$	0.0			$	8.1			$	8.7			$	(0.5	)
Prime (660-739)			3.7				3.9				2.9				3.4				2.9				(0.2	)			0.8				13.8				13.3				0.5
Prime/Near (620-659)			2.0				2.0				1.6				1.9				1.6				(0.1	)			0.4				7.5				7.7				(0.2	)
Non Prime (540-619)			0.6				0.8				0.6				0.9				0.8				(0.2	)			(0.2	)			3.0				3.5				(0.5	)
Sub Prime (0-539)			0.1				0.2				0.1				0.1				0.1				(0.1	)			0.0				0.5				0.4				0.1
Commercial Services Group (2)			0.6				0.5				0.4				0.6				0.7				0.1				0.0				2.2				2.7				(0.5	)
Total originations		$	9.1			$	9.8			$	7.2			$	9.1			$	8.1			$	(0.7	)		$	0.9			$	35.1			$	36.3			$	(1.2	)
U.S. Market
Light vehicle sales (SAAR - units in millions)			16.6				15.8				11.6				15.4				17.2				0.8				(0.6	)			14.8				17.1				(2.2	)
Light vehicle sales (quarterly - units in millions)			4.2				3.9				3.0				3.5				4.3				0.3				(0.1	)			14.5				17.0				(2.5	)
GM market share			18.3%				16.9%				16.5%				17.7%				17.3%												17.4%				17.0%				0.5%
Chrysler market share			11.9%				13.0%				12.4%				12.8%				12.7%												12.5%				13.0%				(0.4%	)
Ally U.S. Consumer Penetration
GM			4.5%				4.4%				4.0%				6.2%				5.6%												4.5%				5.6%
Chrysler			12.4%				12.8%				10.4%				13.2%				12.5%												12.4%				12.5%
Ally U.S. Commercial Outstandings EOP ($ in billions)
Floorplan outstandings		$	17.3			$	16.0			$	15.8			$	26.1			$	27.0			$	1.3			$	(9.7	)
Dealer loans and other			5.9				5.8				5.9				5.3				5.5				0.1				0.4
Total Commercial outstandings		$	23.1			$	21.9			$	21.7			$	31.4			$	32.5			$	1.3			$	(9.3	)
U.S. Off-Lease Remarketing
Off-lease vehicles terminated - on-balance sheet (# in units)			30,480				28,917				26,785				20,419				27,832				1,563				2,648				106,601				113,114				(6,513	)
Average gain / (loss) per vehicle		$	2,150			$	2,437			$	(421	)		$	121			$	99			$	(287	)		$	2,051			$	1,193			$	607			$	586
Total gain / (loss) ($ in millions)		$	66			$	70			$	(11	)		$	2			$	3			$	(5	)		$	63			$	127			$	69			$	58

(1) Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.

(2) Commercial Services Group (CSG) are business customers. Average annualized credit losses of 40-45 bps on CSG loans from 2016 through 2020

4Q 2020 Preliminary Results 10

ALLY FINANCIAL INC. INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS

($ in millions)
		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Income Statement (GAAP View)		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue
Total interest and fees on finance receivables and loans(1)		$	1			$	-			$	-			$	-			$	-			$	1			$	1			$	1			$	-			$	1
Interest and dividends on investment securities			26				25				27				29				29				1				(3	)			107				113				(6	)
Interest bearing cash			1				4				4				5				5				(3	)			(4	)			14				20				(6	)
Total financing revenue and other interest revenue			28				29				31				34				34				(1	)			(6	)			122				133				(11	)
Interest expense			20				21				19				20				21				(1	)			(1	)			80				79				1
Net financing revenue			8				8				12				14				13				-				(5	)			42				54				(12	)
Other revenue
Insurance premiums and service revenue earned			287				276				263				277				285				11				2				1,103				1,087				16
Other gain / (loss) on investments, net			131				59				172				(142	)			51				72				80				220				175				45
Other income, net of losses			3				3				3				2				3				-				-				11				12				(1	)
Total other revenue			421				338				438				137				339				83				82				1,334				1,274				60
Total net revenue			429				346				450				151				352				83				77				1,376				1,328				48
Noninterest expense
Compensation and benefits expense			20				21				20				21				20				(1	)			-				82				80				2
Insurance losses and loss adjustment expenses			62				85				142				74				61				(23	)			1				363				321				42
Other operating expenses			164				162				160				161				157				2				7				647				612				35
Total noninterest expense			246				268				322				256				238				(22	)			8				1,092				1,013				79
Pre-tax Income / (Loss)		$	183			$	78			$	128			$	(105	)		$	114			$	105			$	69			$	284			$	315			$	(31	)
Memo: Income Statement (Managerial View)
Insurance premiums and service revenue earned		$	287			$	276			$	263			$	277			$	285			$	11			$	2			$	1,103			$	1,087			$	16
Investment income (adjusted) (1)			28				54				95				54				36				(26	)			(7	)			231				141				90
Other income			3				3				3				2				3				-				-				11				12				(1	)
Total insurance premiums and other income			318				333				361				333				324				(15	)			(5	)			1,345				1,240				105
Expense
Insurance losses and loss adjustment expenses			62				85				142				74				61				(23	)			1				363				321				42
Acquisition and underwriting expenses
Compensation and benefit expense			20				21				20				21				20				(1	)			-				82				80				2
Insurance commission expense			133				130				127				126				123				3				10				516				475				41
Other expense			31				32				33				35				34				(1	)			(3	)			131				137				(6	)
Total acquistion and underwriting expense			184				183				180				182				177				1				7				729				692				37
Total expense			246				268				322				256				238				(22	)			8				1,092				1,013				79
Core pre-tax income / (loss) (2)			72				65				39				77				86				7				(13	)			253				227				26
Change in the fair value of equity securities (2)			111				13				89				(182	)			28				98				82				31				88				(57	)
Income / (Loss) before income tax expense		$	183			$	78			$	128			$	(105	)		$	114			$	105			$	69			$	284			$	315			$	(31	)
Balance Sheet (Period-End)
Cash, trading and investment securities		$	5,421			$	6,006			$	5,920			$	5,193			$	5,742			$	(585	)		$	(321	)
Intercompany loans(1)			830				-				-				-				-				830				830
Premiums receivable and other insurance assets			2,693				2,674				2,621				2,594				2,576				19				117
Other assets			193				264				199				633				229				(71	)			(36	)
Total assets		$	9,137			$	8,944			$	8,740			$	8,420			$	8,547			$	193			$	590
Key Statistics
Total written premiums and revenue (3)		$	312			$	333			$	267			$	317			$	335			$	(21	)		$	(23	)		$	1,229			$	1,310			$	(81	)
Loss ratio (4)			21.6%				30.3%				53.4%				26.5%				21.2%												32.6%				29.2%
Underwriting expense ratio (5)			63.5%				65.8%				67.4%				65.1%				61.5%												65.4%				63.0%
Combined ratio			85.1%				96.1%				120.9%				91.6%				82.7%												98.0%				92.2%

(1) Intercompany activity represents excess liquidity placed with corporate segment

(2)Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Written premiums are net of ceded premium for reinsurance.

(4) Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

(5) Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

4Q 2020 Preliminary Results 11

ALLY FINANCIAL INC. MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Income Statement		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue
Total financing revenue and other interest income		$	101			$	121			$	127			$	138			$	137			$	(20	)		$	(36	)		$	487			$	577			$	(90	)
Interest expense			81				91				97				100				101				(10	)			(20	)			369				406				(37	)
Net financing revenue			20				30				30				38				36				(10	)			(16	)			118				171				(53	)
Gain on mortgage loans, net			33				34				17				9				6				(1	)			27				93				20				73
Other income, net of losses			4				2				2				1				-				2				4				9				2				7
Total other revenue			37				36				19				10				6				1				31				102				22				80
Total net revenue			57				66				49				48				42				(9	)			15				220				193				27
Provision for loan losses			3				-				3				1				3				3				-				7				5				2
Noninterest expense
Compensation and benefits expense			5				6				5				6				7				(1	)			(2	)			22				31				(9	)
Other operating expense			42				34				33				29				30				8				12				138				117				21
Total noninterest expense			47				40				38				35				37				7				10				160				148				12
Pre-tax Income		$	7			$	26			$	8			$	12			$	2			$	(19	)		$	5			$	53			$	40			$	13
Balance Sheet (Period-End)
Finance receivables and loans, net:
Consumer loans		$	14,632			$	15,168			$	16,429			$	15,949			$	16,181			$	(536	)		$	(1,549	)
Allowance for loan losses			(21	)			(20	)			(21	)			(18	)			(19	)			(1	)			(2	)
Total finance receivables and loans, net			14,611				15,148				16,408				15,931				16,162				(537	)			(1,551	)
Other assets			278				355				261				204				117				(77	)			161
Total assets		$	14,889			$	15,503			$	16,669			$	16,135			$	16,279			$	(614	)		$	(1,390	)

4Q 2020 Preliminary Results 12

ALLY FINANCIAL INC. CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Income Statement		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue
Total financing revenue and other interest income		$	89			$	84			$	92			$	95			$	93			$	5			$	(4	)		$	360			$	373			$	(13	)
Interest expense			10				9				15				27				29				1				(19	)			61				134				(73	)
Net financing revenue			79				75				77				68				64				4				15				299				239				60
Total other revenue (adjusted) (1)			16				8				5				17				15				8				2				46				43				3
Total net revenue			95				83				82				85				79				12				17				345				282				63
Provision for loan losses			9				1				25				114				7				8				2				149				36				113
Noninterest expense
Compensation and benefits expense			14				13				14				21				13				1				1				62				58				4
Other operating expense			9				10				12				14				9				(1	)			-				45				37				8
Total noninterest expense			23				23				26				35				22				-				1				107				95				12
Core pre-tax income (1)			63				59				31				(64	)			50				4				14				89				151				(62	)
Change in the fair value of equity securities (2)			1				1				1				(4	)			-				(0	)			0				(1	)			2				(3	)
Pre-tax Income / (loss)		$	64			$	60			$	32			$	(68	)		$	50			$	4			$	14			$	88			$	153			$	(65	)
Balance Sheet (Period-End)
Equity securities		$	7			$	6			$	5			$	4			$	8			$	1			$	(1	)
Loans held for sale			205				207				265				133				100				(2	)			105
Commercial loans			6,006				5,883				6,031				6,549				5,688				123				318
Allowance for loan losses			(189	)			(180	)			(178	)			(191	)			(77	)			(9	)			(112	)
Total finance receivables and loans, net			5,817				5,703				5,853				6,358				5,611				114				206
Other assets			79				79				83				77				68				-				11
Total assets		$	6,108			$	5,995			$	6,206			$	6,572			$	5,787			$	113			$	321

(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 21 for more details.

(2) Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

4Q 2020 Preliminary Results 13

ALLY FINANCIAL INC. CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Income Statement		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Net financing revenue
Total financing revenue and other interest income		$	115			$	144			$	158			$	207			$	224			$	(29	)		$		(109)		$	624			$	960			$	(336	)
Interest expense
Core original issue discount amortization			9				9				9				8				8				0				2				36				29				6
Other interest expense			63				150				203				213				234				(87	)			(172	)			628				903				(274	)
Total interest expense			72				159				212				221				242				(87	)			(170	)			664				932				(268	)
Net financing (loss) / revenue			43				(15	)			(54	)			(14	)			(18	)			58				61				(40	)			28				(68	)
Other revenue
Loss on extinguishment of debt			(52	)			(49	)			(1	)			-				-				(3	)			(52	)			(102	)			(2	)			(100	)
Other gain on investments, net			1				5				15				67				18				(4	)			(17	)			88				63				25
Gain/(loss) on mortgage and automotive loans, net			42				(1	)			(3	)			(21	)			-				43				42				17				-				17
Other income, net of losses (1)			156				85				41				13				48				71				108				295				110				185
Total other revenue			147				40				52				59				66				107				81				298				171				127
Total net revenue			190				25				(2	)			45				48				165				142				258				199				59
Provision for loan losses			4				18				3				22				11				(14	)			(7	)			47				(5	)			52
Noninterest expense
Compensation and benefits expense			167				168				162				164				139				(1	)			28				661				529				132
Goodwill impairment			-				-				50				-				-				-				-				50				-				50
Other operating expense (2)			(20	)			(63	)			(57	)			(64	)			(22	)			43				2				(204	)			(166	)			(38	)
Total noninterest expense			147				105				155				100				117				42				30				507				363				144
Pre-tax (loss) income		$	39			$	(98	)		$		(160)		$	(77	)		$	(80	)		$	137			$	119			$	(296	)		$	(159	)		$	(137	)
Balance Sheet (Period-End)
Cash, trading and investment securities		$	42,324			$	45,775			$	44,411			$	32,560			$	30,250			$	(3,451	)		$	12,074
Loans held-for-sale			110				78				48				34				30				32				80
Consumer loans			1,127				1,508				1,558				1,654				1,489				(381	)			(362	)
Commercial loans			185				131				130				134				129				54				56
Intercompany loans (3)			(830	)			-				--				-				-				(830	)			(830	)
Allowance for loan losses			(87	)			(87	)			(71	)			(68	)			(37	)			-				(50	)
Total finance receivables and loans, net			395				1,552				1,617				1,720				1,581				(1,157	)			(1,186	)
Other assets			4,408				4,057				4,354				5,532				4,307				351				101
Total assets		$	47,237			$	51,462			$	50,430			$	39,846			$	36,168			$	(4,225	)		$	11,069
Core OID Amortization Schedule (4)		2021				2022				2023				2024				2025 & After
Remaining Core OID amortization expense		$	41			$	47			$	54			$	62				Avg = $51/yr

(1) Includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.

(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $254 million for 4Q20, $234 million for 3Q20, $242 million for 2Q20, $256 million for 1Q20 and $225 million for 4Q19. Full year amounts were $986 million in 2020 and $899 million in 2019. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3) Intercompany loan related to activity between Insurance and Corporate for liquidity purposes.

(4) Represents a non-GAAP financial measure. For more details refer to page 21.

4Q 2020 Preliminary Results 14

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION

($ in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Asset Quality - Consolidated (1)		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Ending loan balance		$	118,526			$	118,020			$	118,226			$	128,129			$	128,220			$	506			$	(9,694	)
30+ Accruing DPD		$	1,914			$	1,840			$	1,695			$	2,416			$	2,709			$	74			$	(795	)
30+ Accruing DPD %			1.61%				1.56%				1.43%				1.89%				2.11%
60+ Accruing DPD		$	438			$	366			$	349			$	489			$	553			$	72			$	(115	)
60+ Accruing DPD %			0.37%				0.31%				0.30%				0.38%				0.43%
Non-performing loans (NPLs)		$	1,522			$	1,493			$	1,532			$	1,396			$	1,036			$	29			$	486
Net charge-offs (NCOs)		$	198			$	122			$	178			$	266			$	290			$	76			$	(92	)		$	764			$	976			$	(212	)
Net charge-off rate (2)			0.67%				0.41%				0.58%				0.84%				0.91%												0.63%				0.76%
Provision for loan losses		$	102			$	147			$	287			$	903			$	276			$	(45	)		$	(174	)		$	1,439			$	998			$	441
Allowance for loan losses (ALLL)		$	3,283			$	3,379			$	3,354			$	3,245			$	1,263			$	(96	)		$	2,020
ALLL as % of Loans (3)(4)			2.78%				2.87%				2.85%				2.54%				0.99%
ALLL as % of NPLs (3)			216%				226%				219%				232%				122%
ALLL as % of NCOs (3)			414%				691%				471%				305%				109%
US Auto Delinquencies - HFI Retail Contract $‘s
30+ Delinquent contract $		$	1,834			$	1,658			$	1,599			$	2,322			$	2,616			$	176			$	(782	)
% of retail contract $ outstanding			2.49%				2.25%				2.20%				3.19%				3.61%
60+ Delinquent contract $		$	428			$	350			$	341			$	478			$	540			$	78			$	(112	)
% of retail contract $ outstanding			0.58%				0.47%				0.47%				0.66%				0.75%
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s
Net charge-offs		$	186			$	117			$	137			$	262			$	271			$	69			$	(85	)		$	702			$	930			$	(228	)
% of avg. HFI assets (2)			1.01%				0.64%				0.76%				1.44%				1.49%												0.96%				1.29%
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s
Net charge-offs		$	7			$	4			$	1			$	2			$	10			$	3			$	(3	)		$	14			$	12			$	2
% of avg. HFI assets (2)			0.12%				0.07%				0.02%				0.03%				0.12%												0.05%				0.04%

(1) Loans within this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.

(2) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.

(3) ALLL coverage ratios are based on the allowance for loan losses related to loans held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts. (4) Excludes $225 million of fair value adjustment for loans in hedge accounting relationships in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.

4Q 2020 Preliminary Results 15

ALLY FINANCIAL INC. CREDIT RELATED INFORMATION, CONTINUED

($ in millions)

Automotive Finance (1)		QUARTERLY TRENDS																				CHANGE VS.
Consumer		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19
Allowance for loan losses		$	2,902			$	2,982			$	2,963			$	2,833			$	1,075			$	(80	)		$	1,827
Total consumer loans (2)		$	73,668			$	73,761			$	72,712			$	72,832			$	72,390			$	(93	)		$	1,278
Coverage ratio (3)			3.95%				4.06%				4.09%				3.91%				1.49%
Commercial
Allowance for loan losses		$	84			$	110			$	121			$	135			$	55			$	(26	)		$	29
Total commercial loans		$	23,141			$	21,854			$	21,708			$	31,390			$	32,490			$	1,287			$	(9,349	)
Coverage ratio			0.36%				0.51%				0.56%				0.43%				0.17%
Mortgage (1)
Consumer
Mortgage Finance
Allowance for loan losses		$	21			$	20			$	21			$	18			$	19			$	1			$	2
Total consumer loans		$	14,632			$	15,168			$	16,429			$	15,949			$	16,181			$	(536	)		$	(1,549)
Coverage ratio			0.15%				0.13%				0.13%				0.11%				0.12%
Mortgage-Legacy
Allowance for loan losses		$	12			$	19			$	21			$	21			$	27			$	(7)			$	(15)
Total consumer loans		$	495			$	904			$	984			$	1,061			$	1,141			$	(409)			$	(646)
Coverage ratio			2.40%				2.09%				2.08%				1.99%				2.35%
Total Mortgage
Allowance for loan losses		$	33			$	39			$	42			$	39			$	46			$	(6	)		$	(13	)
Total consumer loans		$	15,127			$	16,072			$	17,413			$	17,010			$	17,322			$	(945	)		$	(2,195	)
Coverage ratio			0.22%				0.24%				0.24%				0.23%				0.27%
Consumer Other (1)(4)
Allowance for loan losses		$	73			$	67			$	49			$	45			$	9			$	6			$	64
Total consumer loans		$	399			$	319			$	232			$	214			$	201			$	80			$	197
Coverage ratio			18.38%				20.93%				21.06%				21.23%				4.65%
Corporate Finance (1)
Allowance for loan losses		$	189			$	180			$	178			$	191			$	77			$	9			$	112
Total commercial loans		$	6,006			$	5,883			$	6,031			$	6,549			$	5,688			$	123			$	318
Coverage ratio			3.14%				3.05%				2.95%				2.92%				1.35%
Corporate and Other (1)
Allowance for loan losses		$	2			$	1			$	1			$	2			$	1			$	1			$	1
Total commercial loans		$	185			$	131			$	130			$	134			$	129			$	54			$	56
Coverage ratio			1.36%				1.13%				1.13%				1.36%				0.69%

(1) ALLL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.

(2) Includes $225 million of fair value adjustment for loans in hedge accounting relationships in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.

(3) Excludes $225 million of fair value adjustment for loans in hedge accounting relationships in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.

(4) Represents Health Credit Services (HCS) which Ally acquired in 4Q19 (now Ally Lending).

4Q 2020 Preliminary Results 16

ALLY FINANCIAL INC. CAPITAL

($ in billions)

		QUARTERLY TRENDS																				CHANGE VS.
Capital		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19
Risk-weighted assets		$	139.8			$	137.6			$	137.0			$	146.1			$	145.1			$	2.2			$	(5.3	)
Common Equity Tier 1 (CET1) capital ratio			10.6%				10.4%				10.1%				9.3%				9.5%
Tier 1 capital ratio			12.4%				12.1%				11.9%				10.9%				11.2%
Total capital ratio			14.1%				14.1%				13.8%				12.8%				12.8%
Tangible common equity / Tangible assets (1)(2)			7.9%				7.4%				7.3%				7.2%				7.8%
Tangible common equity / Risk-weighted assets (1)			10.2%				10.0%				9.8%				9.0%				9.6%
Shareholders’ equity		$	14.7			$	14.1			$	13.8			$	13.5			$	14.4			$	0.6			$	0.3
add: CECL phase-in adjustment			1.2				1.2			$	1.2				1.2				-				0.0				-
less:   Certain AOCI items and other adjustments			(1.0	)			(1.1	)			(1.2	)			(1.2	)			(0.6	)			0.1				(0.4	)
Common Equity Tier 1 capital		$	14.9			$	14.3			$	13.8			$	13.5			$	13.8			$	0.6			$	1.1
Common Equity Tier 1 capital		$	14.9			$	14.3			$	13.8			$	13.5			$	13.8			$	0.6			$	1.1
add: Trust preferred securities			2.5				2.5				2.5				2.5				2.5				0.0				0.0
less:   Other adjustments			(0.1	)			(0.1	)			(0.1	)			(0.1	)			(0.1	)			0.0				0.0
Tier 1 capital		$	17.3			$	16.7			$	16.2			$	16.0			$	16.3			$	0.6			$	1.0
Tier 1 capital		$	17.3			$	16.7			$	16.2			$	16.0			$	16.3			$	0.6			$	1.0
add: Qualifying subordinated debt			0.8				1.0				1.0				1.0				1.0				(0.2	)			(0.2	)
add: Allowance for loan and lease losses includible in Tier 2 capital and other adjustments			1.7				1.6				1.6				1.7				1.2				0.1				0.5
Total capital		$	19.8			$	19.3			$	18.9			$	18.6			$	18.5			$	0.5			$	1.3
Total shareholders’ equity		$	14.7			$	14.1			$	13.8			$	13.5			$	14.4			$	0.6			$	0.3
Goodwill and intangible assets, net of deferred tax liabilities			(0.4	)			(0.4	)			(0.4	)			(0.4	)			(0.5	)			0.0				0.1
Tangible common equity (1)		$	14.3			$	13.7			$	13.4			$	13.1			$	14.0			$	0.6			$	0.3
Total assets		$	182.2			$	185.3			$	184.1			$	182.5			$	180.6			$	(3.1	)		$	1.6
less:   Goodwill and intangible assets, net of deferred tax liabilities			(0.4	)			(0.4	)			(0.4	)			(0.4	)			(0.5	)			0.0				0.1
Tangible assets (2)		$	181.8			$	184.9			$	183.7			$	182.1			$	180.2			$	(3.1	)		$	1.6

Note: Numbers may not foot due to rounding

(1) Represents a non-GAAP financial measure. Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for tax-effected Core OID balance and net deferred tax asset.

(2) Represents a non-GAAP financial measure. Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.

In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020, and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim funal rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and plan to phase in the regulatory capital impacts of CECL based on this five-year transition period.

4Q 2020 Preliminary Results 17

ALLY FINANCIAL INC. LIQUIDITY

($ in billions)

		QUARTERLY TRENDS																				CHANGE VS.
Consolidated Available Liquidity		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19
Liquid cash and cash equivalents (1)		$	14.9			$	19.3			$	18.6			$	5.7			$	3.1			$	(4.4	)		$	11.8
Highly liquid securities (2)			24.8				23.5				23.4				24.0				24.7				1.3				0.1
Current committed unused capacity			0.6				1.4				1.6				0.4				2.1				(0.8	)			(1.5	)
Total current available liquidity		$	40.3			$	44.2			$	43.5			$	30.1			$	29.9			$	(3.9	)		$	10.4
Unsecured Long-Term Debt Maturity Profile		2021				2022				2023				2024				2025				2026 & After
Consolidated remaining maturities (3)		$	0.6			$	1.1			$	2.0			$	1.5			$	2.3			$	2.5

(1) May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date

(2) Includes unencumbered UST, Agency debt and Agency MBS

(3) Excludes retail notes, demand notes and trust preferred securities; as of 12/31/2020. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs.

4Q 2020 Preliminary Results 18

ALLY FINANCIAL INC. NET INTEREST MARGIN AND DEPOSITS

($in millions)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Average Balance Details		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Retail Auto Loans		$	73,401			$	72,999			$	72,262			$	72,550			$	72,626			$	402			$	775			$	72,805			$	72,268			$	537
Auto Lease (net of dep)			9,587				9,317				9,068				9,078				8,749				270				838				9,264				8,509				755
Commercial Auto			22,418				21,265				26,106				30,472				31,921				1,153				(9,503)				25,048				33,886				(8,838)
Commercial Finance			6,203				6,188				6,580				6,088				5,526				15				677				6,265				5,162				1,103
Mortgage			15,445				17,096				17,422				17,296				17,140				(1,651)				(1,695)				16,812				17,473				(661)
Cash and Cash Equivalents			17,758				20,719				12,496				4,853				3,811				(2,961)				13,947				13,985				3,837				10,148
Investment Securities and Other(1)			33,697				32,529				32,596				33,083				34,056				1,168				(359)				32,976				32,597				379
Total Earning Assets		$	178,509			$	180,113			$	176,530			$	173,420			$	173,829			$	(1,604)			$	4,680			$	177,155			$	173,732			$	3,423
Interest Revenue			1,947				1,970				1,926				2,103				2,180				(23)				(233)				7,946				8,876				(930)
Unsecured Debt (ex. Core OID balance) (2)(5)		$	12,735			$	12,315			$	11,627			$	12,182			$	12,741			$	420			$	(6)			$	12,216			$	12,831			$	(614)
Secured Debt			5,289				6,154				8,122				9,193				9,563				(866)				(4,275)				7,181				12,302				(5,121)
Deposits (3)			135,642				132,964				127,014				121,217				120,057				2,679				15,585				129,238				115,385				13,853
Other Borrowings (4)			9,462				14,427				16,567				17,302				18,000				(4,966)				(8,538)				14,426				20,097				(5,671)
Total Funding Sources (ex. Core OID balance) (2)		$	163,128			$	165,860			$	163,330			$	159,894			$	160,361			$	(2,732)			$	2,767			$	163,061			$	160,615			$	2,446
Interest Expense (ex. Core OID) (2)			635				761				863				949				1,016				(126)				(381)				3,207				4,215				(1,008)
Net Financing Revenue (ex. Core OID) (2)		$	1,312			$	1,209			$	1,063			$	1,154			$	1,164			$	103			$	148			$	4,739			$	4,661			$	78
Net Interest Margin (yield details)
Retail Auto Loan			6.57%				6.56%				6.48%				6.54%				6.68%				0.01%				(0.10)%				6.54%				6.60%				(0.06)%
Retail Auto Loan (excl. hedge impact)			6.83%				6.83%				6.77%				6.66%				6.74%				—%				0.09%				6.77%				6.61%				0.17%
Auto Lease (net of dep)			7.82%				7.89%				4.10%				5.22%				5.19%				(0.07)%				2.64%				6.30%				5.74%				0.56%
Commercial Auto			3.34%				3.30%				3.55%				4.11%				4.25%				0.04%				(0.92)%				3.62%				4.61%				(0.99)%
Corporate Finance			5.69%				5.40%				5.64%				6.27%				6.65%				0.30%				(0.96)%				5.74%				7.23%				(1.49)%
Mortgage			2.74%				3.00%				3.15%				3.45%				3.46%				(0.26)%				(0.72)%				3.09%				3.63%				(0.54)%
Cash and Cash Equivalents			0.10%				0.11%				0.12%				1.16%				1.61%				(0.01)%				(1.52)%				0.20%				2.02%				(1.83)%
Investment Securities and Other(1)			1.86%				2.28%				2.55%				2.85%				2.83%				(0.42)%				(0.97)%				2.38%				2.98%				(0.59)%
Total Earning Assets			4.34%				4.35%				4.39%				4.88%				4.97%				(0.01)%				(0.63)%				4.49%				5.11%				(0.62)%
Unsecured Debt (ex. Core OID & Core OID balance) (2)(5)			5.45%				5.74%				6.11%				6.32%				6.20%				(0.28)%				(0.75)%				5.89%				6.26%				(0.37)%
Secured Debt			3.07%				2.94%				2.64%				2.82%				2.92%				0.11%				0.14%				2.84%				3.07%				(0.23)%
Deposits (3)			1.08%				1.35%				1.72%				1.97%				2.11%				(0.29)%				(1.03)%				1.51%				2.20%				(0.69)%
Other Borrowings(4)			2.18%				2.36%				2.25%				2.34%				2.42%				(0.18)%				(0.24)%				2.29%				2.47%				(0.18)%
Total Funding Sources (ex. Core OID & Core OID balance) (2)			1.55%				1.82%				2.13%				2.39%				2.51%				(0.28)%				(0.96)%				1.97%				2.62%				(0.65)%
NIM (as reported)			2.90%				2.65%				2.40%				2.66%				2.64%				0.25%				0.26%				2.65%				2.67%				(0.02)%
NIM (ex. Core OID & Core OID balance) (2)			2.92%				2.67%				2.42%				2.68%				2.66%				0.25%				0.26%				2.67%				2.68%				(0.01)%
Ally Bank Deposits
Key Deposit Statistics
Average retail CD maturity (months)			19.7				19.6				19.6				19.9				20.1				0.1				(0.4)
Average retail deposit rate			0.97%				1.26%				1.64%				1.88%				2.02%
End of Period Deposit Levels
Retail		$	124,357			$	120,789			$	115,813			$	106,068			$	103,734			$	3,568			$	20,623
Brokered & other			12,680				14,149				15,223				16,256				17,018				(1,469)				(4,338)
Total deposits		$	137,036			$	134,938			$	131,036			$	122,324			$	120,752			$	2,098			$	16,284
Deposit Mix
Retail CD			33%				34%				36%				38%				37%
MMA/OSA/Checking			58%				56%				53%				49%				49%
Brokered			9%				10%				11%				13%				14%

(1) ‘Other’ includes held-for-investment consumer loans associated with Health Credit Services (HCS), now Ally Lending.

(2) Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.

(3) Includes retail, brokered, and other deposits. Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.

(4) Includes Demand Notes, FHLB Borrowings and Repurchase Agreements.

(5) Includes trust preferred securities.

4Q 2020 Preliminary Results 19

ALLY FINANCIAL INC. ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS (PERIOD-END)

($ in billions)

		QUARTERLY TRENDS
Mortgage Finance HFI Portfolio		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19
Loan Value
Gross carry value		$	14.6			$	15.2			$	16.4			$	15.9			$	16.2
Net carry value		$	14.6			$	15.1			$	16.4			$	15.9			$	16.2
Estimated Pool Characteristics
% Second lien			0.0%				0.0%				0.0%				0.0%				0.0%
% Interest only			0.0%				0.0%				0.0%				0.0%				0.0%
% 30+ Day delinquent(1)(2)			0.8%				1.3%				0.6%				0.5%				0.5%
% Low/No documentation			0.2%				0.2%				0.2%				0.2%				0.1%
% Non-primary residence			4.8%				4.7%				4.6%				4.5%				4.5%
Refreshed FICO(3)			776				776				774				772				774
Wtd. Avg. LTV/CLTV (4)			60.1%				60.3%				60.4%				60.0%				60.3%
Corporate Other Legacy Mortgage HFI Portfolio
Loan Value
Gross carry value		$	0.5			$	0.9			$	1.0			$	1.1			$	1.1
Net carry value		$	0.5			$	0.9			$	1.0			$	1.0			$	1.1
Estimated Pool Characteristics
% Second lien			19.8%				12.6%				13.2%				13.6%				13.9%
% Interest only			0.1%				0.1%				0.1%				0.1%				0.1%
% 30+ Day delinquent(1)(2)			7.1%				4.7%				4.0%				5.1%				5.4%
% Low/No documentation			22.2%				24.0%				23.4%				23.1%				23.5%
% Non-primary residence			3.6%				7.1%				6.9%				7.1%				7.2%
Refreshed FICO(3)			733				733				730				730				730
Wtd. Avg. LTV/CLTV (4)			62.8%				59.2%				62.1%				63.0%				63.8%

1) MBA Delinquency buckets were used for First Lien products and OTS Delinquency buckets were used for all others

2) %30+ Day Delinquency bucket excludes loans which are current but are in bankruptcy

3) Refreshed FICO includes the entire Bank HFI portfolio, inclusive of SBO. Previously, SBO loans had been excluded from our reporting

4) 1st lien only. Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices

4Q 2020 Preliminary Results 20

ALLY FINANCIAL INC. EARNINGS PER SHARE RELATED INFORMATION

($ in millions, shares in thousands)

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Earnings Per Share Data		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
GAAP net income (loss) attributable to common shareholders		$	687			$	476			$	241			$	(319	)		$	378			$	211			$	309			$	1,085			$	1,715			$	(630	)
Weighted-average common shares outstanding - basic (1)			376,081				375,658				375,051				375,723				380,793				423				(4,712	)			375,629				393,234				(17,605	)
Weighted-average common shares outstanding - diluted (1)			378,424				377,011				375,762				375,723				383,391				1,412				(4,968	)			377,101				395,395				(18,294	)
Issued shares outstanding (period-end)			374,674				373,857				373,837				373,155				374,332				817				342				374,674				374,332				342
Net income (loss) per share - basic (1)		$	1.83			$	1.27			$	0.64			$	(0.85	)		$	0.99			$	0.56			$	0.83			$	2.89			$	4.36			$	(1.47	)
Net income (loss) per share - diluted (1)		$	1.82			$	1.26			$	0.64			$	(0.85	)		$	0.99			$	0.55			$	0.83			$	2.88			$	4.34			$	(1.46	)
Adjusted Earnings per Share (“Adjusted EPS”)
Numerator
GAAP net income (loss) attributable to common shareholders		$	687			$	476			$	241			$	(319	)		$	378			$	211			$	309			$	1,085			$	1,715			$	(630	)
Discontinued operations, net of tax			-				-				1				-				3				0				(3	)			1				6				(5	)
Core OID			9				9				9				8				8				0				2				36				29				6
Change in the fair value of equity securities (2)			(111	)			(13	)			(90	)			185				(29	)			(98	)			(83	)			(29	)			(89	)			60
Core OID & change in the fair value of equity securities tax (tax rate 21%)			21				1				17				(41	)			4				21				17				(1	)			13				(14	)
Repositioning and other (3)			-				-				50				-				-				-				-				50				-				50
Significant discrete tax items			-				-				-				-				-				-				-				-				(201	)			201
Core net income attributable to common shareholders (4)		$	606			$	473			$	228			$	(166	)		$	364			$	134			$	242			$	1,141			$	1,472			$	(331	)
Denominator
Weighted-average common shares outstanding - diluted (1)			378,424				377,011				375,762				375,723				383,391				1,412				(4,968	)			377,101				395,395				(18,294	)
Adjusted EPS (5)		$	1.60			$	1.25			$	0.61			$	(0.44	)		$	0.95			$	0.35			$	0.65			$	3.03			$	3.72			$	(0.70	)
Memo
Original Issue Discount Amortization Expense
Core original issue discount (Core OID) amortization expense (6)		$	9			$	9			$	9			$	8			$	8			$	0			$	2			$	36			$	29			$	6
Other OID			3				3				4				3				3				0				0				12				13				(1	)
GAAP original issue discount amortization expense		$	13			$	12			$	12			$	11			$	11			$	0			$	2			$	48			$	42			$	6
Outstanding Original Issue Discount Balance
Core outstanding original issue discount balance (Core OID balance) (7)		$	(1,027	)		$	(1,037	)		$	(1,046	)		$	(1,055	)		$	(1,063	)		$	9			$	36			$	(1,027	)		$	(1,063	)		$	36
Other outstanding OID balance			(37	)			(48	)			(46	)			(34	)			(37	)			11				0				(37	)			(37	)			0
GAAP outstanding original issue discount balance		$	(1,064	)		$	(1,084	)		$	(1,092	)		$	(1,089	)		$	(1,100	)		$	20			$	36			$	(1,064	)		$	(1,100	)		$	36
Adjusted Other Revenue
GAAP Other Revenue		$	678			$	484			$	555			$	266			$	487			$	194			$	191			$	1,983			$	1,761			$	222
Change in the fair value of equity securities (2)			(111	)			(13	)			(90	)			185				(29	)			(98	)			(83	)			(29	)			(89	)			60
Adjusted Other Revenue		$	567			$	471			$	465			$	451			$	458			$	96			$	108			$	1,954			$	1,672			$	282
Net Financing Revenue (ex. Core OID)
GAAP net financing revenue		$	1,303			$	1,200			$	1,054			$	1,146			$	1,156			$	103			$	147			$	4,703			$	4,633			$	70
Core OID			9				9				9				8				8				0				2				36				29				6
Net Financing Revenue (ex. Core OID)		$	1,312			$	1,209			$	1,063			$	1,154			$	1,164			$	103			$	149			$	4,739			$	4,662			$	76
Adjusted Noninterest Expense
GAAP Noninterest expense		$	1,023			$	905			$	985			$	920			$	880			$	118			$	143			$	3,833			$	3,429			$	404
Repositioning and other (3)			-				-				(50	)			-				-				-				-				(50	)			-				(50	)
Adjusted Noninterest Expense		$	1,023			$	905			$	935			$	920			$	880			$	118			$	143			$	3,783			$	3,429			$	354

(1) Due to antidilutive effect of the net loss from pre-tax loss from continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to calculate diluted earnings per share

(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20

(4) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods..

(5) Adjusted earnings per share (Adjusted EPS) ) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods.

(6) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances.

(7) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID, and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances.

4Q 2020 Preliminary Results 21

ALLY FINANCIAL INC. ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION

($ in billions, shares in thousands)

		QUARTERLY TRENDS																				CHANGE VS.
Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19
Numerator
GAAP common shareholder’s equity		$	14.7			$	14.1			$	13.8			$	13.5			$	14.4			$	0.6			$	0.3
Goodwill and identifiable intangibles, net of DTLs			(0.4	)			(0.4	)			(0.4	)			(0.4	)			(0.5	)			0.0				0.1
Tangible common equity			14.3				13.7				13.4				13.1				14.0				0.6				0.4
Tax-effected Core OID balance (21% tax rate)			(0.8	)			(0.8	)			(0.8	)			(0.8	)			(0.8	)			0.0				0.0
Adjusted tangible book value (1)		$	13.5			$	12.9			$	12.6			$	12.2			$	13.1			$	0.6			$	0.4
Denominator
Issued shares outstanding (period-end, thousands)			374,674				373,857				373,837				373,155				374,332				817				342
GAAP common shareholder’s equity per share		$	39.2			$	37.8			$	37.0			$	36.2			$	38.5			$	1.5			$	0.7
Goodwill and identifiable intangibles, net of DTLs per share			(1.0	)			(1.0	)			(1.0	)			(1.2	)			(1.2	)			0.0				0.2
Tangible common equity per share			38.2				36.7				35.9				35.0				37.3				1.5				0.9
Tax-effected Core OID balance (21% tax rate) per share			(2.2	)			(2.2	)			(2.2	)			(2.2	)			(2.2	)			0.0				0.1
Adjusted tangible book value per share (1)		$	36.1			$	34.6			$	33.7			$	32.8			$	35.1			$	1.5			$	1.0

(1) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.

Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.

4Q 2020 Preliminary Results 22

ALLY FINANCIAL INC. CORE ROTCE RELATED INFORMATION

($ in millions) unless noted otherwise

		QUARTERLY TRENDS																				CHANGE VS.								FULL YEAR
Core Return on Tangible Common Equity (“Core ROTCE”)		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Numerator
GAAP net income attributable to common shareholders		$	687			$	476			$	241			$	(319	)		$	378			$	211			$	309			$	1,085			$	1,715			$	(630	)
Discontinued operations, net of tax			-				-				1				-				3				-				(3	)			1				6				(5	)
Core OID			9				9				9				8				8				-				2				36				29				6
Change in the fair value of equity securities (1)			(111	)			(13	)			(90	)			185				(29	)			(98	)			(83	)			(29	)			(89	)			60
Core OID & change in the fair value of equity securities tax (tax rate 21%) (1)			21				1				17				(41	)			4				21				17				(1	)			13				(14	)
Repositioning and other (2)			-				-				50				-				-				-				-				50				-				50
Significant discrete tax items			-				-				-				-				-				-				-				-				(201	)			201
Core net income attributable to common shareholders (3)		$	606			$	473			$	228			$	(166	)		$	364			$	134			$	242			$	1,141			$	1,472			$	(331	)
Denominator (average, $ billions)
GAAP shareholder’s equity		$	14.4			$	14.0			$	13.7			$	14.0			$	14.4			$	0.4			$	0.0			$	14.1			$	13.8			$	0.3
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)			(0.4	)			(0.4	)			(0.4	)			(0.4	)			(0.4	)			0.0				0.0				(0.4	)			(0.4	)			0.0
Tangible common equity		$	14.0			$	13.6			$	13.3			$	13.5			$	14.1			$	0.4			$	(0.1	)		$	13.7			$	13.5			$	0.2
Core OID balance			(1.0	)			(1.0	)			(1.1	)			(1.1	)			(1.1	)			0.0				0.1				(1.0	)			(1.1	)			0.0
Net deferred tax asset (“DTA”)			(0.1	)			(0.1	)			(0.2	)			(0.1	)			(0.0	)			0.0				(0.1	)			(0.1	)			(0.2	)			0.1
Normalized common equity (4)		$	12.9			$	12.4			$	12.0			$	12.3			$	13.0			$	0.5			$	(0.1	)		$	12.6			$	12.2			$	0.3
Core Return on Tangible Common Equity (5)			18.7%				15.2%				7.6%				(5.4)%				11.2%												9.1%				12.0%

(1) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(2) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20

(3) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods.

(4) Normalized common equity is a non - GAAP measure

(5) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

1. In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant onetime items, tax-effected Core OID, fair value adjustments (net of tax) related to ASU 2016-01, effective 1/1/2018, which requires change in the fair value of equity securities to be recognized in current period net income as compared to prior periods in which such adjustments were recognized through other comprehensive income, a component of equity, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods

2. In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

4Q 2020 Preliminary Results 23

ALLY FINANCIAL INC. ADJUSTED EFFICIENCY RATIO RELATED INFORMATION

($ in millions)

		QUARTERLY TREND																				CHANGE VS.								FULL YEAR
Adjusted Efficiency Ratio Calculation		4Q 20				3Q 20				2Q 20				1Q 20				4Q 19				3Q 20				4Q 19				FY 2020				FY 2019				CHANGE
Numerator
GAAP Noninterest expense		$	1,023			$	905			$	985			$	920			$	880			$	118			$	143			$	3,833			$	3,429			$	404
Rep and warrant expense			(0	)			-				-				-				-				(0	)			(0	)			(0	)			(0	)			0
Insurance expense			(246	)			(268	)			(322	)			(256	)			(238	)			22				(8	)			(1,092	)			(1,013	)			(79	)
Repositioning			-				-				(50	)			-				-				-				-				(50	)			-				(50	)
Adjusted noninterest expense for the efficiency ratio		$	777			$	637			$	613			$	664			$	642			$	140			$	135			$	2,691			$	2,416			$	275
Denominator
Total net revenue		$	1,981			$	1,684			$	1,609			$	1,412			$	1,643			$	297			$	338			$	6,686			$	6,394			$	292
Core OID			9				9				9				8				8				0				2				36				29				6
Insurance revenue			(429	)			(346	)			(450	)			(151	)			(352	)			(83	)			(77	)			(1,376	)			(1,328	)			(48	)
Adjusted net revenue for the efficiency ratio		$	1,561			$	1,347			$	1,168			$	1,269			$	1,299			$	214			$	263			$	5,346			$	5,095			$	250
Adjusted Efficiency Ratio (2)			49.8%				47.3%				52.5%				52.3%				49.4%												50.3%				47.4%

1) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20

(2) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense, Rep and warrant expense, and repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

4Q 2020 Preliminary Results 24