Fixed Income Investor Presentation September 2016

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Important Information and GAAP/Non‐GAAP Information

1

This document contains forward-looking statements within the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense;

the rate of growth in the economy and employment levels, as well as general business and economic conditions; our ability to implement our strategic plan, including the cost savings and efficiency components, and achieve our indicative performance targets; our ability to remedy regulatory deficiencies and meet supervisory requirements and expectations; liabilities and business restrictions resulting from litigation and regulatory investigations; our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms; the effect of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in

the primary and secondary markets; the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation

relating to bank products and services; a failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber attacks; and management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or share repurchases will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries), and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common stock, or as to the amount of any such dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the United States Securities and Exchange Commission on February 26, 2016. Note: Percentage changes, per share amounts, and ratios presented in this document are calculated using whole dollars. Non‐GAAP Financial Measures This document contains non-GAAP financial measures. The Appendix presents reconciliations of certain non-GAAP measures. These reconciliations exclude restructuring charges and/or special items, which are included, where applicable, in the financial results presented in accordance with GAAP. Restructuring charges and special items include expenses related to our efforts to improve processes and enhance efficiencies, as well as rebranding, separation from RBS and regulatory expenses. The non-GAAP measures include "noninterest income", "noninterest income adjusted for card reward accounting change", "total revenue", "total revenue adjusted for card reward accounting change", "noninterest expense", "noninterest expense adjusted for card reward accounting change", "net income", "net income available to common stockholders", "core average deposits" and "core annualized net charge-off rate". In addition, we present computations for "return on average tangible common equity", "return on average total assets", "efficiency ratio", "operating leverage" and "pro forma Basel III fully phased-in common equity tier 1 capital" as part of our non-GAAP measures. We believe these non-GAAP measures provide useful information to investors because these are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe restructuring charges and special items in any period do not reflect the operational performance of the business in that period and, accordingly, it is useful to consider these line items with and without restructuring charges and special items. We believe this presentation also increases comparability of period-to-period results. We also consider pro forma capital ratios defined by banking regulators but not effective at each period end to be non-GAAP financial measures. Since analysts and banking regulators may assess our capital adequacy using these pro forma ratios, we believe they are useful to provide investors the ability to assess our capital adequacy on the same basis. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP.

Review: Corporate Reporting and Legal

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Overview

2

Company overview and strategy

Improving financial performance

Capital/funding and liquidity

Risk management

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Company overview and strategy

3

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13th largest U.S. retail bank holding company with attractive demographics in core markets

Attractive business mix with growing and profitable commercial business complementing strong consumer business

Client-centric model focused on deepening customer relationships

Attractive, client-centric franchise

with scale

Intense focus on strategic priorities driving attractive growth with improving asset mix and returns

Committed to driving enhanced efficiency and effectiveness

Prudently optimizing capital structure and risk profile to help drive improved risk-adjusted returns

Peer-leading capital ratios

Stable, low-cost deposit base

Solid asset quality through credit cycles

Strong, clean balance sheet

supports growth plans

Expected path to improved

profitability

Key investment highlights

4

Review: Strategy, Legal

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Average industry experience of 28 years

Leadership Team Member Title

Bruce Van Saun Chairman and Chief Executive Officer

Eric Aboaf Chief Financial Officer

Mary Ellen Baker EVP and Head of Business Services

Brad Conner Vice Chairman and Head of Consumer Banking

Stephen Gannon EVP, General Counsel and Chief Legal Officer

Malcolm Griggs EVP and Chief Risk Officer

Beth Johnson EVP, Chief Marketing Officer and Head of Consumer Strategy

Susan LaMonica EVP and Chief Human Resource Officer

Don McCree Vice Chairman and Head of Commercial Banking

Robert Nelson EVP and Chief Compliance Officer

Brian O’Connell EVP and Regional Director Technology Services

Board Member Committees

Bruce Van Saun Chairman and Chief Executive Officer

Arthur F. Ryan

Lead Director; Chair of Compensation and

Human Resources Committee; Member of

Nominating and Corporate Governance

Committee

Mark Casady Member of Risk Committee

Christine Cumming Member of Risk Committee

Anthony Di Iorio Member of Audit Committee; Nominating and

Corporate Governance Committee

William P. Hankowsky Member of Audit Committee; Compensation

and Human Resources Committee

Howard W. Hanna III Member of Audit Committee; Nominating and

Corporate Governance Committee

Lee Higdon Member of Audit Committee; Compensation

and Human Resources Committee

Charles J. (“Bud”) Koch Chair of Risk Committee; Member of Audit

Committee

Shivan S. Subramaniam

Chair of Nominating and Corporate

Governance Committee; Member of Risk

Committee

Wendy A. Watson

Chair of Audit Committee;

Member of Risk Committee; Compensation

and Human Resources Committee

Marita Zuraitis Member of Risk Committee

5

We are led by a strong and experienced board & leadership team

Green highlighting denotes new additions since January 2015.

Since January 2015, have attracted or promoted from within more than 28% of our Executive Leadership Group (top 137)

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Dimension Rank(2)

Assets: $145.2 billion #13

Loans: $103.6 billion #11

Deposits: $106.3 billion #12

Branches: 1,200 #12

ATM network: 3,200 #8

Lead/joint lead bookrunner

#9(3)

Mortgage: $13.9 billion #15

nationally(6)

Student: $5.5 billion Top 4 rank

nationally(4)

Deposits: $106.3 billion Top 5 rank: 9/10 markets(1)

HELOC: $14.7 billion Top 5 rank: 9/9 markets(5)

Source: SNL Financial. Data as of 6/30/2016, unless otherwise noted. 1) Updated annually, as of 6/30/2015, excludes non-retail branches, and banks with limited retail operations. 2) Ranking based on 6/30/2016 data, unless otherwise noted; excludes non-retail depository institutions, includes U.S. subsidiaries of foreign banks. 3) Thomson Reuters LPC, loan syndications 2Q16 ranking based on number of deals for Overall Middle Market (defined as Borrower Revenues < $500MM and Deal Size < $500MM). 4) CFG estimate, based on published company reports, where available, private student loan origination data as of 3/31/2016. 5) According to Equifax; origination volume as of 2Q16. 6) According to IMF Retail Originators Bank Only ranking; reflects CFG organic origination volume as of 2Q16.

Leading deposit market share of 10.7% in top 10 MSAs(1)

– #2 deposit market share in New England

Relatively diverse economies/affluent demographics

Serve 5 million+ individuals, institutions and companies

~17,800 colleagues

Retail presence in 11 states

Top 5 deposit market share in 9 of 10 largest MSAs(1)

Buffalo, NY: #5 Albany, NY: #2

Pittsburgh, PA: #2 Cleveland, OH: #3

Manchester, NH: #1

Boston, MA: #2

Rochester, NY: #4

Philadelphia, PA: #4

Detroit, MI: #8

Providence, RI: #1

Solid franchise with leading positions in attractive markets

6

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54%

46%

Commercial

Consumer

Corporate Banking Commercial Real Estate Franchise Finance Asset Finance PE/Sponsor Finance Healthcare/Technology/

Oil & Gas/Not-for-Profit verticals

Capital Markets Global Markets Treasury Solutions Commercial Deposit Services

Retail Deposit Services Mobile/Online Banking Credit/Debit Card Wealth Management Home Equity loans/lines Mortgage Auto

Education Finance Business Banking

Consumer Commercial

Deep client relationships

+ Extensive product set

Robust product offerings and balanced business mix

64%

36% Commercial

Consumer

Targeting

50/50 Mix

Period-end loans and leases(1)

$101 billion 2Q16 $74 billion 2009

Drive cross sell and wallet share

1) Reflects loans and leases and loans and leases held for sale in our operating segments (Consumer and Commercial Banking). Excludes loans held in Other/Non-core loans. Non-core assets are primarily loans inconsistent with our strategic goals, generally as a result of geographic location, industry, product type or risk level. 7

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85% 84%

CFG PeerAverage

Well capitalized with a common equity tier 1 capital ratio of 11.5%(1) on a fully phased-in Basel III basis

Strong asset quality performance with core net charge-offs of 20 bps(1,2) in 2Q16

Robust deposit franchise with $86.5 billion of core deposits(3), or 83%(1) of average total deposits, and total 2Q16 deposit costs of 24 bps with strong liquidity and fully compliant liquidity coverage ratio

Source: SNL Financial and Company filings. Peers include CMA, BBT, FITB, KEY, PNC, RF, STI and USB. Due to recent acquisitions, BBT excluded from 1Q16-2Q16 and MTB excluded from 4Q15-2Q16 peer average. 1) Non-GAAP item. See Appendix for a reconciliation of non-GAAP items. 2) Net charge-off percentages are quarter-to-date on an annualized basis. 3) Excludes term and brokered deposits.

2Q16 CET1 ratio

(Basel III transitional basis common equity tier 1 ratio)

2Q16 total deposits/ total liabilities

11.5% 10.4%

CFG PeerAverage

Strong, clean balance sheet funded with low-cost deposits

8

2Q16 net charge-offs/ average loans and leases(2)

Core Non-Core

0.20%

0.35%

0.25%

CFG PeerAverage

(1)

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11.5% 11.0% 9.9% 10.6% 10.0% 11.0% 11.1% 10.4% 9.5% 10.5% 9.8%

14.9% 14.7% 14.7% 14.3% 13.9% 13.9% 13.6% 13.6% 13.4% 12.7% 12.7%

CFG MTB FITB PNC BBT RF KEY Peeravg

USB CMA STI

Publicly stated CET1 targets(3)

0.2% 1.3% 1.1% 1.3% 1.7% 0.8% 0.3% 0.8% 1.6% 0.0% 0.7%

3.2% 2.4% 3.6% 2.4% 2.2% 2.2% 2.2% 2.4% 2.2% 2.3% 2.1%

9

Plans to adjust capital structure but remain above peers

Common equity tier 1 Preferred equity Additional tier 1 Tier 2

Total additional tier 1 ratio

Tier 2 ratio

(4)

(5)

Relatively high CET1 ratio of 11.5% versus 10.4% for peers, providing an additional capital cushion

─ Though moving toward a more efficient capital structure, CFG targets (~11% CET1) remain well above peers

Tier 2 capital of 3.2% is ~80 bps above peer average

CFG ~11%

BBT 9.0-10.0%

FITB 9.0-9.5%

KEY <9.5%

MTB <10.0%

PNC 8.0-9.0%

RF ~9.5%

STI 8.0-9.0%

USB 8.0%

Peer Avg ~9.1%

Source: SNL Financial 1) Based on regulatory data. CFG Basel III transitional basis, Basel III ratios assume that certain definitions impacting qualifying Basel III capital will phase in through 2019.

Ratios reflect the required U.S. Standardized methodology for calculating RWAs, effective January 1, 2015. 2) Due to recent acquisitions, BBT and MTB excluded from 2Q16 peer average. 3) Capital targets from company earnings calls, company disclosures and CFG estimates. As of 6/30/16. 4) Total additional tier 1 capital includes preferred stock and qualifying minority interests and excludes tier 1 common equity. 5) Additional tier 1 capital in select peer instances comprises instruments other than preferred stock.

2Q16 total capital(1)

(2)

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Improving financial performance

10

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On track to deliver $95-$100 million of pre-tax benefit from TOP II program by end of 2016

TOP III program targeting $90-$110 million pre-tax benefit by end of 2017

Continue prudent and high- return technology investment

Continued CCAR progress

Regulatory issue remediation

Improved corporate governance

Enhanced risk framework

New vision, Credo & strategy

Investing in leadership and colleague development

Continue to uptier talent with improved acquisition strategies

Reenergize Household growth

Reposition Auto

Grow Education Finance/ Installment loans

Expand Business Banking

Expand Mortgage

Expand Wealth

Build out Mid-corporate & Specialty verticals

Continued development of Capital & Global Markets

Build out Treasury Solutions

Grow Franchise Finance

Grow core Commercial Banking - e.g. CRE, Middle Market

Target 6-8% average loan growth

Target Basel III common equity tier 1 ratio of 11.2-11.5% by years-end 2016

Improved Consumer Bank

Continued Commercial Banking Momentum

Balance Sheet Growth/Optimization

Capital-Mix Normalization

Enhanced Efficiency & Infrastructure

Embedded Robust Risk/Regulatory Framework

High-Performing, Customer-Centric Culture

11

We have developed specific initiatives to support our strategy

(1)

(1)

1) “Tapping our Potential” Phase II revenue and efficiency initiatives launched mid 2015 and Phase III launched mid 2016.

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Initiative 2Q16 Status

Commentary

Reenergize household growth Retail checking HHs up QoQ and YoY with new checking; HH first-year attrition improvements. Deposits up 3% and services charges up 5% YoY.

Expand mortgage sales force Application and origination volumes up 20% and 42% QoQ with improved throughput as operational issues have been addressed. Achieved highest pipeline roll rate since TRID / platform implementation. LOs up 16 QoQ to 451.

Grow Auto Selectively raising price to moderate origination volumes; organic originations yields up 33 bps YoY.

Grow Student/Installment Sustained momentum in Student with total loan balances up 91% from 2Q15. Continued steady growth in iPhone upgrade program (iUp).

Expand Business Banking Increasing focus on deposits, cash management and other fee income streams driving deposits up 4% and deposit fees up 7% compared to 2Q15.

Expand Wealth sales force Financial consultants up 10% YoY to 339. Enhancing and expanding product set and transitioning to more balanced fee-based model.

Build out Mid-corp & verticals Loan growth of more than 20% YoY; improving capital markets cross sell with particular strength in fixed income.

Continue development of Capital and Global Markets activities

Fee income up 15% YoY driven by improved deal volume and bond market conditions. Mid-May commencement of broker dealer provided incremental fee opportunities. Enhanced FX and interest rate platform.

Build out Treasury Solutions Fees up 16% vs. 2Q15 led by strength in core cash management services, TOP II pricing initiative and commercial card.

Grow Franchise Finance Strong growth with balances up 19% YoY. Continue expansion in well-established brands of quick-service and fast-casual franchises.

Expand Middle Market Portfolio relatively stable compared to 1Q16. Deposits up ~$750 million, or 12% and fee income up 16% versus prior-year quarter.

Grow CRE Continued to deepen client penetration with top developers in core geographies. CRE loans up 6% QoQ and 20% YoY to $9.2 billion, but moderating growth in a number of select areas such as multi-family in D.C. metro.

Reposition Asset Finance Driving increased penetration with Middle Market customer base, helping to offset reductions in RBS referral business. Initiatives targeting transportation, construction and renewable sectors driving higher margins.

Balance Sheet Optimization Continued execution of balance sheet strategies, including loan pricing and mix. Cost of deposits remained flat from 1Q16 at 24 bps. $310 million TDR transaction executed in July.

TOP II TOP II program is well underway and remains on track to deliver $95-$100 million of P&L benefit in 2016.

TOP III TOP III program has been launched with heavier emphasis on efficiency initiatives. Targeting 2017 run-rate benefit of $90-$110 million.

Summary of progress on strategic initiatives C

on

sum

er

Co

mm

erci

al

CFG

12

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Taking shape – emphasis on expenses Targeted run-rate benefit of

$90-110 million by end of 2017

Have developed continuous improvement mindset: TOP Programs

13

TOP I TOP II TOP III

Expenses

Salaries and benefits: Market alignment of benefits, organizational redesign and reduction in FTEs

Occupancy: Branch optimization, surplus office exit

Other: Expand technology outsourcing model, vendor consolidation, IT application consolidation, strengthened sourcing, travel and A/V and enhance loss collection

Revenue

Revenue enhancements:

─ Consumer distribution channel effectiveness

─ Commercial and Consumer cross sell

Pricing: Improve customer pricing methodology to better align with competitive landscape

Expense

Efficiency: Operations transformation and vendor management

Launched first half 2014 Achieved $200 million annual cost

saves by end of 2015

Launched mid 2015 On track to deliver $95-100 million

annual pre-tax benefit by end of 2016

Tapping Our Potential (TOP) programs driving revenue growth and expense efficiencies

~$120 million

~$20 million

~$60 million

$20-25 million

$30-40 million

$40-50 million

Revenue

Revenue enhancements:

─ Consumer unsecured lending product

─ Commercial attrition management

Expense

Efficiency:

─ Consumer non-revenue staff reduction

─ Commercial loan process streamlining

─ Further simplify back office areas

Tax

Initiatives to align tax rate to peer levels

$51-60 million

$22-30 million

$17-20 million

*Pre-tax equivalent benefit.

*

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9.9%

4.1%

6.5%

2.4%

6.8%

3.2%

A scaled platform well-positioned to drive value

Continuing to drive balance sheet and revenue momentum in 2016

Growing revenues faster (Revenue growth(1,2))

14

2Q16 vs. 2Q15

475 bps above peers

Source: SNL Financial and Company filings. Peers include CMA, FITB, KEY, PNC, RF, STI and USB. Due to recent acquisitions, BBT and MTB excluded from the peer average. 1) Peer results adjusted for unusual or special revenue, expense and acquisition items. 2) Non-GAAP item. Card reward accounting change impact adjusts 2Q15 noninterest income and noninterest expense results by $7 million. 3) Peer data as of 2Q16 10-Q filing. Peer estimates based on public disclosures and utilizes 200 basis point gradual increase above 12-month forward curve except PNC,

which is based on a 100 basis point gradual increase and STI, which is based on 200 basis point shock. PNC and STI excluded from peer median.

7.1%

Fee income growth (Noninterest income growth(1,2))

51 bps above peers

CFG results Peer average

CFG excluding the impact of the card reward accounting change (2)

(1) Peer median

Asset-sensitive balance sheet (200 bps gradual increase over forward curve(3))

Peer data as of most recent 10-Q filing

Higher NIM expansion (Net interest margin change)

12 bps 12 bps

above peers

Strong loan growth (Average total loan growth)

Robust NII growth (Net interest income growth)

573 bps above peers

7.4%

4.1%

CFG Peer average

Flat

0.6% 0.1%

-1.4%

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13.0%

1.6%

Well-controlled expenses (Adjusted noninterest expense(1,2) change)

With continued focus on expense control and improving returns 2Q16 vs. 2Q15

15

232 bps higher than

peers

4.2%

CFG Adjusted results Peer average

CFG excluding the impact of the card reward accounting change (2)

Efficiency improvement (Adjusted efficiency ratio(1,3) change)

Strong operating leverage (YoY Adjusted Operating Leverage(1,3))

278 bps better than

peers

325 bps

47 bps

(34) bps

165 bps better than

peers

Improving ROA as assets grow (Adjusted return on average total assets(1) change)

Return on equity (Adjusted return on average

tangible common equity(1) change)

63 bps

Accelerating profitability (Adjusted net income available to common stockholders(1) change)

5 bps

1,140 bps above peers

(3) bps

8 bps above peers

(55) bps

118 bps above peers

(199) bps

3.2% 1.9%

CFG Peer average

(1)

Source: SNL Financial and Company filings. Peers include CMA, FITB, KEY, PNC, RF, STI and USB. Due to recent acquisitions, BBT and MTB excluded from the peer average. 1) Non-GAAP item. 2Q15 Adjusted results exclude $40 million pre-tax net restructuring charges and special items associated with efficiency and effectiveness programs and separation from RBS.

See important information on use of non-GAAP items in the Appendix. Peer results adjusted for similar unusual or special revenue, expense and acquisition items. 2) Non-GAAP item. Card reward accounting change impact adjusts 2Q15 noninterest income and noninterest expense results by $7 million. 3) If adjusted for the card reward accounting change, operating leverage is 297 basis points; the efficiency ratio is (184) basis points.

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CFG net interest margin improved in 2H15, sustain in 2016

16

CFG Peer average

Source: SNL Financial and Company filings. Peers include CMA, FITB, KEY, PNC, RF, STI and USB. Due to recent acquisitions, BBT and MTB excluded from 2Q15-2Q16 peer average.

2 bps better than peers

10 bps better than peers

Focusing on optimizing asset growth and minimizing cost of deposits

12 bps better than peers

0.24% 0.25% 0.24% 0.24% 0.24%

0.14% 0.14% 0.14% 0.15% 0.16%

2Q15 3Q15 4Q15 1Q16 2Q16

Opportunity to minimize deposit costs (Total deposit-costs change)

Improving trend

2.72% 2.76% 2.77% 2.86% 2.84%

2.88% 2.86% 2.87% 2.94% 2.88%

2Q15 3Q15 4Q15 1Q16 2Q16

Lower net interest margin compression

Improving trend

3.08% 3.13% 3.15% 3.23% 3.22%

3.19% 3.18% 3.18%

3.28% 3.23%

2Q15 3Q15 4Q15 1Q16 2Q16

Lower yield compression (Earning-asset yield)

Improving trend

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Loan yield and deposit-cost initiatives

17

Evaluating and refining targeted growth opportunities to drive risk-adjusted returns

Deposit-gathering strategies Loan portfolio mix strategies

Investing to drive growth in higher-return categories such as student, other retail including iPhone upgrade loans and core home equity

Reducing capital allocation to lower-return categories such as auto, where we slowed growth in 2H15

Continuing momentum in mortgage and credit card

Improving advertising strategies through analytics with a shift to higher-return direct mail

Shifted incentives to emphasize checking account growth

Refined balance minimums for highest-value checking product

Launched Mass Affluent relationship-checking product

Increasing use of pricing analytics and rate-sensitive segmentation strategies

Co

nsu

mer

Ban

kin

g C

om

mer

cial

Ban

kin

g

Targeting select deposit opportunities

─ Key vendors, low share-of-wallet clients

─ Deposit-rich industries, including Healthcare, Technology, and Professional Services

Reducing attrition by increasing focus on ‘at-risk’ clients

Expanding/improving penetration with key products, including card services, evergreen and escrow

Leveraging business development team to drive focused calling efforts on specific deposit-growth initiative areas

Improving/leveraging lead-bank status in higher-return areas such as Middle Market, Industry Verticals, Franchise Finance

Continuing to drive benefit from loan pricing initiatives

TOP II

Capital Allocation Committee

Pricing Calculator

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11.0%

8.5%

6.9% 6.8% 6.2%

3.2% 3.1% 2.9% 2.2% 2.1%

CMA MTB RF CFG PNC BBT FITB USB KEY STI

6.8% 7.1% 6.1%

6.9% 6.8%

2.8% 2.7% 2.7% 2.8% 3.2%

2Q15 3Q15 4Q15 1Q16 2Q16

CFG Peer median

We remain positioned for rising rates…

18

Net interest income poised to benefit from rising rates

─ ~65-70% of asset sensitivity is centered around the short end of the yield curve

─ ~85% of the commercial loan portfolio and ~47% of home lending portfolio is floating rate

─ Fixed-rate assets amortize more quickly than the various sources of fixed-rate funding

─ Assume interest-bearing deposit betas in the high 50% range through a tightening cycle

─ ~5 percentage points higher than the industry experience in prior rate cycle

…but also see plenty of opportunity to further enhance performance by executing well on our initiatives

Interest rate sensitivity trend

Note: Peer data from SNL as of 2Q16. Peer banks include BBT, CMA, FITB, KEY, MTB, PNC, RF, STI and USB. Peer estimates based on the public disclosures as of the most recent quarter available and utilizes a 200 basis point gradual increase above 12-month forward curve except PNC, which is based on a 100 basis point gradual increase and STI, which is based on a 200 basis point shock. PNC and STI excluded from peer median.

Interest rate sensitivity ranking (200 bps gradual increase)

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Capital/funding and liquidity

19

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11.8% 11.8% 11.7% 11.6% 11.5%

10.2% 10.2% 10.3% 10.3% 10.4%

2Q15 3Q15 4Q15 1Q16 2Q16

CFG Peer average

15.3% 15.4% 15.3% 15.1% 14.9%

13.6% 13.6% 13.6% 13.5% 13.6%

2Q15 3Q15 4Q15 1Q16 2Q16

CFG Peer average

Stronger capital than peers

20

Increased quarterly dividends in 2Q16 by 20%

In 2015, paid $221 million in dividends and repurchased $500 million in common stock

─ Dividend payout ratio of 26%

─ Total common payout ratio of 85%

2016 CCAR plan reflects continued commitment toward prudent return of capital with up to $690 million in share repurchases; ability to increase dividend an additional 17% in 2017

Tactical priorities

─ Payout-composition objectives

Target 25-30% dividend payout

Buyback attractive given low

price-to-tangible book multiple

─ Limit preferred issuance until ROTCE* improves

─ Executed planned repurchase of $125 million of sub debt in March 2016 and $500 million of sub debt from RBS in July 2016; issued $350 million in senior unsecured notes in July 2016

Common equity tier 1 ratio

Total capital ratio

116 bps above peers

130 bps above peers

*ROTCE is a non-GAAP item. Source: SNL Financial and Regulatory data. Capital targets based on peer-bank earnings calls and disclosures. Peers include BBT, CMA, BBT, FITB, KEY, PNC, RF, STI and USB; due to recent acquisitions, BBT excluded from 1Q16-2Q16 and MTB excluded from 4Q15-2Q16 peer average.

Should we round?

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

2016 DFAST minimum stressed capital levels substantially above peers

21 Source: Dodd-Frank Act Stress Test 2016: Supervisory Stress Test Methodology and Results 1) Peers include BBT, CMA, FITB, KEY, PNC, RF, STI and USB; due to recent acquisitions, MTB excluded from 4Q15 peer average.

Severely Adverse Scenario

4Q15 Common equity tier 1 ratio

4Q15 Tier 1 capital ratio 4Q15 Tier 1 leverage ratio

151 bps above peers

4Q15 Total capital ratio

projected minimum

projected minimum

projected minimum

86 bps above peers

195 bps above peers

68 bps above peers

(1) (1)

(1) (1)

15.3%

13.6%

CFG Peer Average

projected minimum

7.3%

8.8%

10.5% 10.0%

CFG Peer Average

7.1% 7.8%

12.0% 11.3%

CFG Peer Average

8.1% 9.0%

11.7%

10.3%

CFG Peer Average

12.3%

10.4%

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

7%

31%

10%14%

11%

7%

20%

49%

38%

13%

2Q16 change from

$s in billions 2Q16 1Q16 2Q15 1Q16 2Q15

$ % $ %

Investments and interest bearing

deposits 26.0$ 25.5$ 27.1$ 0.5$ 2 % (1.1)$ (4) %

Total commercial loans 49.1 47.0 44.7 2.1 4 4.4 10

Total retail loans 53.5 53.2 50.9 0.3 1 2.6 5

Total loans and leases 102.7 100.3 95.6 2.4 2 7.1 7

Loans held for sale 0.8 0.4 0.5 0.5 128 0.4 78

Total interest-earning assets 129.5 126.2 123.2 3.3 3 6.3 5

Total noninterest-earning assets 12.7 12.6 12.3 0.1 1 0.4 3

Total assets 142.2$ 138.8$ 135.5$ 3.4$ 2 6.7$ 5

Low-cost core deposits(1) 55.2 53.6 51.1 1.7 3 4.2 8

Money market deposits 36.2 36.2 34.9 — — 1.3 4

Term deposits 12.6 12.2 12.6 0.4 3 — —

Total deposits 104.0$ 102.0$ 98.5$ 2.0$ 2 5.4$ 6

Total borrowed funds 15.0 13.9 14.8 1.2 8 0.3 2

Total liabilities 122.2$ 119.0$ 115.9$ 3.2$ 3 6.3$ 5

Total stockholders' equity 20.0 19.8 19.6 0.2 1 0.4 2

Total liabilities and equity 142.2$ 138.8$ 135.5$ 3.4$ 2 % 6.7$ 5 %

Consolidated average balance sheet

Linked quarter:

Total earning assets up $3.3 billion, or 3%, with loan growth of $2.4 billion, or 2%

─ Commercial loans up $2.1 billion, driven by strong growth in Mid-corporate and Industry Verticals, Commercial Real Estate, Corporate Finance and Franchise Finance

─ Retail loans up $324 million, driven by Education Finance

Total deposits increased $2.0 billion on strength in low-cost core deposits

Prior-year quarter:

Total earning assets up $6.3 billion, or 5%

─ Commercial loans up 10% driven by strength in CRE, Mid-corporate and Industry Verticals, Corporate Finance and Franchise Finance

─ Retail loans up 5%, driven by growth in Education Finance, Home Mortgage and Auto Finance

Total deposits up $5.4 billion, or 6%, reflecting strength in low-cost core deposits

Borrowed funds increased $266 million

─ Reflects growth in long-term senior debt and long-term FHLB borrowings, which replaced short-term FHLB borrowings and repos, as we continue to align our funding structure with peers

22

Highlights

1) Low-cost core deposits include demand, checking with interest and regular savings.

$129.5 billion Interest-earning assets

$119.0 billion Deposits/borrowed funds

Total Retail 42%

Total Commercial

38%

CRE Other

Commercial

Residential mortgage Total home

equity

Automobile

Other Retail

Investments and interest-bearing

deposits

Retail / Personal

Commercial/ Municipal/ Wholesale

Borrowed funds

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

5% 4% 2%

45% 44%

$11.2 $10.6

$6.6 $7.0

$0.6 $0.5

$4.3 $3.9

$1.3 $1.1 $0.9

$0.9

$25.0 $24.0

2Q15 2Q16

90% U.S. Agency MBS

4% AAA-rated non-agency

18% of total earning assets, in line with peers

Primary goal is to provide a source of high-quality liquid assets

─ 47% are Level 1 High-Quality Liquid Assets

qualifying

─ 46% are Level 2A High-Quality Liquid

Assets qualifying

Secondary objective is to optimize for yield

Average effective duration of the fixed income securities portfolio is 2.4 years

Average life of fixed income securities portfolio is 3.7 years, with minimal credit risk

High-quality investment portfolio $s in billions

23

Highlights Yield Yield

2.63%

Total AFS

Total HTM

U.S. Government Guaranteed

Non-Investment Grade

Non-Agency AAA FHLB, Federal Reserve Stock

“GSE” Fannie Mae and

Freddie Mac

Investment portfolio

4.29% 3.83% 2.46% 5.03%

2.33%

2.47%

2.33% 5.39% 2.18%

5.16%

1.87%

2.31%

2.20%

Investment portfolio ratings distribution

Fed agency and other stock Private label HTM GNMA securities HTM Private label AFS US government guaranteed AFS US agency AFS

Note: Data based on book value as of 2Q16.

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

26%

18%39%

10%

7%18%

16%

35%

30%

1%

1) Core excludes term and wholesale deposits. Non-GAAP item. See Appendix for a reconciliation of non-GAAP items.

Term

Savings & Money Market

Checking with Interest

Demand Term

Savings & Money Market

Checking with Interest

Demand

Cost of deposits: 1.32% Cost of deposits: 0.24%

$98.8 billion 2009 average deposits $104.0 billion 2Q16 average deposits

Deposit mix has improved significantly with core deposits(1) of 83% in 2Q16

Period-end loan-to-deposit ratio of 98% at 2Q16

– Excluding wholesale deposits, average deposits increased $1.3 billion in 2Q16 from 1Q16

24

Solid deposit base provides attractive, low-cost funding

Wholesale Wholesale

68% Core(1) 83% Core(1)

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

17.9% 16.7%

14.7% 14.7% 13.8%

13.0% 12.8%

10.7% 10.3% 9.9% 8.5%

PNC FITB USB KEY BBT Peer Avg CFG STI MTB CMA RF

FHLB advances Repurchase agreements soldFed funds purchased Trading liabilitiesCommercial paper Subordinated notes and debenturesSenior debt/other

1) Source: SNL Financial, based on regulatory data as of 6/30/2016. 2) Based on the September 2014 release of the U.S. version of the Liquidity Coverage Ratio (LCR). Note that as a modified LCR company, CFG’s minimal LCR requirement

of 90% began January 2016.

Total Borrowings/Total Liabilities

25

Targeting a more peer-like funding structure

(1)

Continue to broaden funding base with a goal of further enhancing stability and resiliency

Fully compliant with LCR requirement(2)

Holding Company market transactions include: $250 million preferred stock offering in April 2015; $250 million in ten-year

subordinated notes in July 2015; $750 million in ten-year subordinated notes in December 2015; $350 million in five-year

senior notes in July 2016; $1.4 billion of subordinated notes repurchases from RBS since December 2015

Bank market transactions include: $1.5 billion senior note offering in December 2014, with $750 million in three-year notes

and $750 million in five-year notes; $750 million in three-year senior notes in December 2015; $750 million in three-year

notes in March 2016; and $1 billion in five-year notes in May 2016

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

Risk management

26

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

31%

25%

26%

3% 10%

2% 3%

64%

22%

8% 6%

0.3%

0.5% 0.6% 0.6%

1.0% 1.0%

0.3% 0.3% 0.3%

0.8% 0.7%

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

0.5% 0.5%

0.6% 0.5% 0.4%

0.5% 0.5%

0.6% 0.6% 0.5%

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

1.6% 1.5% 1.5% 1.5% 1.4%

1.3% 1.3% 1.2% 1.3% 1.2%

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

$54.0 billion 2Q16 retail portfolio

1) Source: Company data. Portfolio balances loan category, NCO and NPL data as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of May 31, 2016, as applicable.

2) Footprint defined as 11-state branch footprint (CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI & VT) and contiguous states where CFG maintains offices (IL, IN, KY, MD & ME). 3) Source: SNL Financial. Product view - regulatory reporting basis. Peer banks include CMA, BBT, FITB, KEY, MTB, PNC, RF, STI and USB. Due to recent acquisitions, BBT

excluded from 1Q16-2Q16 and MTB excluded from 4Q15-2Q16 peer average. NPL% equals nonaccrual loans plus 90+ days past due and still‐accruing loans (excluding FDIC “covered” loans and loans guaranteed by the U.S. government) as a % of total.

$49.6 billion 2Q16 commercial portfolio

Mid-Atlantic

Midwest

New England

Leases

C&I

CRE Mid-Atlantic

Midwest

New England

27

Diversified and granular loan mix

Weighted-average FICO score of 757

85% collateralized

70% of the consumer real estate portfolio is secured by a 1st lien

Highly granular and diversified portfolio in terms of geography, industry, asset class and rating

Home Equity

Indirect Auto

Residential Mortgage

Education Finance

Credit Cards

Other Non-Core

Business Banking

Retail NCO% Retail NPL% Commercial NPL% Commercial NCO%

33%

12%

31%

24%

Out of footprint(1,2) 25%

15%

33%

27%

CFG Peers

CFG vs. Peers(3)

Out of footprint

0.1% 0.3% 0.2% 0.3% 0.3%

0.0% 0.0% 0.0% 0.1% 0.1% 2

Q1

5

3Q

15

4Q

15

1Q

16

2Q

16

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

$2.4

$1.8 $1.9

$1.4 $1.1 $1.1 $1.0

2010 2011 2012 2013 2014 2015 2Q16

Strong credit quality

Source: SNL Financial for peers including BBT, CMA, FITB, KEY, MTB, PNC, RF, STI and USB. BBT and MTB excluded from 2Q16 peer average due to recent acquisitions. 1) Non-GAAP item. See Appendix for a reconciliation of non-GAAP items. 2) NPL% equals Nonaccrual plus 90+ days past due and still accruing loans (excluding covered loans and loans guaranteed by the U.S. government) as a % of total. Beginning

in 2016 CFG NPL% equals Nonaccrual (excluding covered loans and loans guaranteed by the U.S. government) as a % of total.

Overall portfolio credit metrics have generally trended in line with regional banking peers

Core portfolio credit trends are favorable; Non-core portfolio has been a drag, but continues to run off

Core Non-Core

Non-performing loans/Loans Net charge-offs/Average loans

Net charge-offs $s in millions

Non-performing loans $s in billions

28

$1,849

$1,165

$875

$501 $323 $284

$148

2010 2011 2012 2013 2014 2015 1H16

2012 2013 2014 2015 2Q16

Total 1.01% 0.59% 0.36% 0.30% 0.25%

Core(1) 0.60% 0.38% 0.30% 0.26% 0.20%

Non-Core(1) 5.68% 4.12% 1.99% 1.68% 3.11%

Peers 0.86% 0.52% 0.38% 0.29% 0.35%

(2)

2012 2013 2014 2015 2Q16

Total 2.14% 1.65% 1.18% 1.07% 1.01%

Core(1) 1.82% 1.44% 1.02% 0.93% 0.89%

Non-Core(1) 6.80% 6.24% 6.04% 6.75% 6.96%

Peers 1.57% 1.17% 0.97% 0.81% 1.03%

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

$181

$363

29

Credit expected to remain favorable

Source: SNL Financial and Company filings. Peer banks include BBT, CMA, FITB, KEY, PNC, RF, STI and USB; due to recent acquisitions, BBT excluded from 1Q16-2Q16 and MTB excluded from 4Q15-2Q16 peer average.

Credit costs gradually normalizing with modest reserve build to fund continued loan growth

1H16 Provision expense

1H16 Annualized provision expense

Shows credit costs largely

baked-in

Provision outlook

2016 Outlook Largely reflects

reserves to fund loan

growth

1.24% 1.23% 1.23% 1.21% 1.20%

1.10 x 1.12 x 1.10 x 1.09 x 1.14 x

2Q15 3Q15 4Q15 1Q16 2Q16

Allowance/Total loans Allowance/NPAs

0.33% 0.31% 0.31%

0.33% 0.25% 0.26% 0.29% 0.31%

0.36% 0.35%

2Q15 3Q15 4Q15 1Q16 2Q16

CFG Peer average

$1,088 $1,073 $1,106 $1,127 $1,092

1.13% 1.10% 1.12% 1.12% 1.05%

2Q15 3Q15 4Q15 1Q16 2Q16

NPA$s NPAs/Total loans

$375-$425 Sold $310 million TDR assets on July 19th and recorded a 3Q16 ~$70 million gain on sale through other income

Plan to utilize roughly 30-40% of the TDR Transaction gain to fund costs associated with efficiency initiatives and other balance sheet optimization costs in 3Q16

Nonperforming assets stable $s in millions

TDR transaction

Allowance metrics stable NCOs stable, comparable to peer average (Net charge-off ratio)

Aligned exclusions; excluded BBT from 1 and 2Q16; excluded MTB from 4Q15 – 2Q16;

$239

$71

$310

TDRs sold

TDRs Sold ($s in millions)

Performing

Non-performing

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

3% 5%

10%

20%

29%

33%

Core retail portfolio

Highlights

Weighted-average core FICO score of 759

62% of the retail portfolio has a FICO score

of > 750

Core Mortgage – average portfolio FICO of

772 and LTV of 63%

2Q16 originations of $2.0 billion with

weighted-average FICO of 768 and yield

of 3.20%

Auto Finance – Largely purchase only, no

leasing, average portfolio FICO of 735

64% new-car loans

2Q16 originations of $1.8 billion with

weighted-average FICO of 745 and

weighted-average yield of 3.75%

Student Lending

95% of InSchool loans co-signed with

average portfolio FICO of 775

2Q16 InSchool originations of $20 million

with average FICO of 763 and 83%

co-sign rate

2Q16 refi product originations of $338

million with weighted-average FICO of 782

by Product type by Geography

2Q16 $52.1 billion core retail portfolio

30

Out of Footprint New England

Mid-Atlantic

Midwest

Home Equity

Mortgage

Auto

Cards

Education Finance Other

800+

750-799

700-749

650-699

600-649 <600

by FICO

Note: excludes $1.8 billion of non-core loans, including $1.3 billion of home equity, $310 million of student and $266 million of residential mortgage. 1) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of

May 31, 2016, as applicable.

(1)

(1)

32%

26%

27%

3%

10%2%

27%

34%

14%

25%

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

64%

22%

10% 3%1%

6%8%

17%

27%

42%

8%

9%

13%

17%18%

35%

51%49%

32%

68%

WA FICO 744

WA FICO 769

Core home equity portfolio(1)

1) As of June 30, 2016. Excludes serviced by other portfolio. 2) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of

May 31, 2016, as applicable.

by Loan-to-value

by FICO

by Lien position by Lien position

by FICO

≤649 650-699

700-749

750-799

800+

<70%

90-100%

600-649

650-699

700-749 750-799

800+

<600

100%+ 80-89%

71-79%

<70%

2nd

1st 2nd

1st

70-79%

80-89%

52% of the portfolio is secured by 1st lien

Weighted-average FICO of 766

86% has an LTV of less than 80%

2Q16 HELOC originations of $1.1 billion

─ Weighted-average FICO score of 789 and a weighted-average CLTV of 64.1%

─ 57% of originations are first-lien

Highlights

100%+ 90-100%

Total home equity portfolio

31

86% with LTV <80% 88% with LTV <80%

(2)

(2)

(2)

(2)

(2)

(2)

2Q16 $14.4 billion HELOC 2Q16 $2.2 billion HELOAN

80%

8%

6% 3%3%

$s in billions 2013 2014 2015 1Q16 2Q16

EOP balance $20.1 $18.7 $17.1 $16.7 $16.5

Avg. balance $20.7 $19.4 $17.2 $17.0 $16.6 30-Day past due % of EOP loans

2.53% 2.71% 2.76% 2.61% 2.57%

NPLs % of EOP loans

2.93% 2.41% 2.35% 2.13% 2.14%

NCOs % of Avg. loans

0.66% 0.47% 0.34% 0.26% 0.20%

by Loan-to-value

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

32

Highlights

In no single year is the maturing population balance greater than $1.7 billion

Between 2016 and 2018, $3.4 billion ($3.3 billion core and $92 million non-core) is remaining to mature, including $36 million in balloons, or 23%, of the total drawn HELOC balances and $3.2 billion in undrawn exposure

─ 90% of the payment shock population has a FICO score greater than 740 or an LTV of 80% or lower

Proactive mitigation efforts

Maturing vintages as of June 30, 2016

Initiated comprehensive mitigation plan to manage exposure and assist customers through reset by offering alternative financing/forbearance options

─ Begin reaching out two years in advance of maturity dates

─ Policies, procedures and monitoring requirements; guidance on TDR/collateral dependency recognition

─ Enhanced product to maximize customer options – new 30-year, high-LTV HE loan product

─ Proactive assessment of unused lines before maturity to manage higher-risk customers

HELOC payment shock management

Charged-off

2013 – $668 million 2014 – $899 million

30+ Delinquent

Loan modification

Current without changes

Off-us refinance

CFG refinance

2015 – $1.26 billion

2016-2018 Maturing Population:

34% Sr. Lien; 72% <80% CLTV; 68% >740 FICO

90% <80% CLTV or >740 FICO

Maturity schedule 2016 - 2018 As of June 30, 2016

$s in billions

1) Includes serviced by other portfolio.

(1)

14%

51%

24%

5% 2% 4%

28%

32%

28%

6% 3% 3%

46%

25%

20%

3% 4% 2%

$14.7

$11.3

($0.4) ($1.4) ($1.6)

Total O/S 2016 2017 2018 2019+

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

2% 3%

6%

17%

34%

38%

Core mortgage portfolio overview

Highlights

Jumbo mortgages originated primarily within the Bank’s lending footprint

Predominately in-footprint with a weighted-average refreshed portfolio FICO score of 772 and CLTV of 63%

2Q16 originations of $2.0 billion with

weighted-average FICO of 768 and yield

of 3.19%

OREO portfolio of 149 units at $17.4 million

2Q16 $13.6 billion core mortgage portfolio

by Refreshed CLTV by Refreshed FICO

$s in billions 2013 2014 2015 1Q16 2Q16

EOP balance $9.0 $11.5 $12.6 $13.1 $13.6

Avg. balance $8.6 $10.3 $12.0 $13.2 $13.2 30-Day past due % of EOP loans

4.68% 3.44% 2.58% 2.33% 2.45%

NPLs % of EOP loans 3.66% 2.64% 2.30% 1.23% 1.17%

NCOs % of Avg. loans 0.38% 0.16% 0.07% 0.10% 0.07%

33

600-649

650-699

700-749

<600 90-100%

71-79%

80-89%

100%+

Origination detail $s in millions

Credit trends

Note: Excludes $266 million of non-core mortgage loans as of 6/30/16. 1) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of

May 31, 2016, as applicable.

(1) (1)

$1,523 $1,561 $1,426 $1,386

$1,964

760 759765

774768

2Q15 3Q15 4Q15 1Q16 2Q16

Origination volume WA FICO

62%

26%

8%3%1%

750-799

<70%

800+

72% 73% 73% 72% 74%

WA LTV

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

26%

8%

36%

30%

2% 6%

14%

27%

17%

35%

700-739

Core education finance portfolio overview

Highlights

by Refreshed FICO

Credit trends

Note: YoY delinquency and NPL improvement driven by sale of FFELP loans in 3Q 2014. Previous origination data was based on amounts disbursed to students per quarter and represented balance sheet loan growth. Current data represents full amounts originated per quarter that have been committed to borrowers. 1) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of

May 31, 2016, as applicable.

Core education finance portfolio average FICO score of 774 and

co-sign rate of 52%

95% of InSchool loans co-signed with average portfolio FICO of

775

2Q16 InSchool originations of $20 million with average FICO

of 763 and 83% co-sign rate; reflects seasonally elevated

levels of higher-income earning borrowers

Total organic refinance portfolio of $1.8 billion

2Q16 refi product originations of $338 million with

weighted-average FICO of 782

SoFi purchased portfolio balance of $1.3 billion with average

FICO of 773

34

<650

740-779

650-699

780-799

800-850

by Segment

InSchool

Legacy run off

Refinance loan

Acquired portfolios

(1)

$s in billions 2013 2014 2015 1Q16 2Q16

EOP balance $1.8 $1.9 $4.0 $4.7 $5.2 Avg. balance $1.5 $1.7 $3.0 $4.9 $5.1 30-Day past due % of EOP loans

3.77% 1.13% 0.72% 0.55% 0.48%

NPLs % of EOP loans

1.80% 0.53% 0.45% 0.30% 0.25%

NCOs % of Avg. loans

0.53% 0.37% 0.41% 0.35% 0.40%

2Q16 $5.2 billion core education finance portfolio

Origination Detail

$s in millions

(1)

$389

$544

$267

$345 $321

780 777 777 773 776

2Q15 3Q15 4Q15 1Q16 2Q16InSchool ERL WA Origination FICO

86% 96% 95% 93% 83%

38% 39% 38% 39% 36%

In School origination co-sign rate ERL origination co-sign rate

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

1% 2%

14% 2% 2%

35% 24%

21%

15%

15%

20% 22%

16%

12% 5% 8%

17%

24%

24%

22%

Auto portfolio credit metrics

35

$s in billions

Auto Finance portfolio – purchase only, no

leasing, weighted-average FICO score

of 735

2Q16 originations of $1.8 billion with

weighted-average FICO score of 745 and

weighted-average yield of 3.75%

70% of the portfolio has a FICO score of

greater than 700, 56% < 72 months and

64% are new-car loans

76- to 84-month term originations have a

weighted-average FICO score of 768

Highlights

601-649

650-699

700-749

750-799

≥ 800

by FICO score

by Term ≤ 36 37-48

49-60 76-84

61-63

64-66

67-72

73-75

by LTV

80-89%

90-99% 100-109%

110-119%

≥ 120 ≤ 80 ≤ 600

1) Assumes that for loans where refreshed FICO score information not available, the balance stratification is consistent with the remainder of the portfolio. 2) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications

as of May 31, 2016, as applicable. LTV calculated utilizing actual invoice amount or Kelley Blue Book value.

(1)

(1,2)

Auto + SCUSA Originations

(2)

(2)

(2)

(2)

2Q16 $14.1 billion Auto portfolio

$2.0

$1.7 $1.5 $1.5

$1.8

98% 98% 99% 99% 99%

742 745 748 742 745

2Q15 3Q15 4Q15 1Q16 2Q16

Total WA LTV WA FICO(2)

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

20%

7%

7%

6%

5% 5% 5%

5% 4%

4%

4%

3% 3%

3% 3% 2%

2% 2%

14%

Commercial portfolio overview

Asset quality relatively stable and has reached pre-crisis levels

Overall credit risk is moderate and compares well with peers

– $21.6 billion shared national credit portfolio as of 2Q16

– $9.5 billion Commercial Real Estate business portfolio as of 2Q16

Quality of new originations compares favorably to overall portfolio

Highlights 2Q16 $49.6 billion commercial portfolio

Real Estate All Other(3)

Food & Beverage

Healthcare

Business Services

Machinery & Equipment

Transportation

Technology

Banking & Financial Services

36

Restaurants

by Industry Sector

1) By industry SIC code. 2) Comprises exposure to companies at risk from impact of declining oil prices. 3) All Other stratifies over an additional 15 industry classifications with the largest portion representing no more than 1.49% of the total portfolio. 4) Includes non oil-price sensitive industries such as Water Supply, Sewer Systems, Refuse Systems, and Sanitary Systems. 5) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of

May 31, 2016 as applicable.

(1)

Oil & Gas(2)

Rating agency-equivalent risk rating

Entertainment

Education services

Chemicals

Metals & Mining

Healthcare products

Lessors

Automotive

All other energy(4)

(5)

2% 2% 3% 3% 3% 10% 9% 9% 10% 9%

56% 57% 57% 58% 58%

26% 26% 26% 26% 27% 6% 6% 5% 3% 3% $45.1B $45.3B $46.2B $48.0B $49.6B

2Q15 3Q15 4Q15 1Q16 2Q16

A- to AAA

BBB- to BBB+

BB- to BB+

B to B+

B- and Lower

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

32%

22% 7% 6%

6%

4% 2% 1% 1%

18%

54%

2%

23%

2%

17%

1%

Commercial Real Estate line of business overview

37

Strategy to uptier portfolio to larger, more well-capitalized institutional and upper middle-market borrowers – Investment Grade-Equivalent Risk-Rated

portfolio up ~$122 million since 2Q15

– REIT portfolio up $46 million since 2Q15

73% of the portfolio is Project-Secured lending, 54% represented by income-producing projects, and 23% Real Estate Investment Trusts, with a particular focus on mid-caps

Approximately 1% land financing

2Q16 $9.5 billion Commercial Real Estate Line of Business

by Facility Type

Rating agency-equivalent risk rating

Income producing

REIT Corporate

facilities

Construction

Unsecured (excl. REITs)

Other

Land

by Property Type

Office

Multi-family

Retail

Non-CRE collateral

Healthcare

Hospitality

Land

Other CRE collateral

Industrial

Unsecured

Highlights

By Geography

(1)

1) Portfolio balances as of June 30, 2016. FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of May 31, 2016 as applicable.

28%

11%

23%

38%

New England

Midwest

Mid-Atlantic

Other

1% 2% 2% 2% 2% 9% 10% 9% 12% 12%

58% 56% 58% 57% 56%

31% 31% 30% 28% 29% 1% 1% 1% 1%

1% $8.0B

$8.4B $8.7B $9.0B $9.5B

2Q15 3Q15 4Q15 1Q16 2Q16

A- to AAA

BBB- to BBB+

BB- to BB+

B to B+

B- and Lower

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

B- and lower

24%

20%

16% 7%

8%

25%

1.8%

98.2%

23%

28% 20%

29%

$s in mi l l ions

Total

O/S

Uti l i zed

%

Criticized

%

Nonaccrual

s tatus

Less price-sens itive tota l 731$ 64% 2% 0$

Upstream 295 66%

Oi l field Services 355 73%

Reserve-based lending (RBL) 425 65%

More price-sens itive tota l 1,075 68% 57% 195

Tota l Oi l & Gas 1,806$ 66% 35% 195$

Total Oil & Gas ex. Aircraft 1,471$ 62% 43% 195$

Oil & Gas portfolio overview

Well-diversified portfolio with ~100 clients

Includes $335 million of corporate aircraft leases arising from Asset Finance

Nonperforming loans down $15 million largely due to pay downs on RBL portfolio

Existing RBL commitments declined by 17% due to 2Q16 borrowing base redeterminations and restructuring activity; a new credit extension of ~$50 million partially offset these reductions

Oil and gas portfolio loan loss reserves of $80 million as of 6/30/16

─ Reserves to total loans of more price-sensitive portfolios now at 8.5%(3), up from 6.3% in 1Q16

38

Highlights

Total loans outstanding(2)

Oil & Gas

All other loans

1) Includes Downstream, Integrated, and Midstream sub-categories. 2) Portfolio balances, risk rating and industry sector stratifications as of June 30, 2016. 3) Reserves/(More price-sensitive Oil & Gas portfolio outstandings - leases secured by aircraft ($133 million)).

BBB+ to BBB-

BB+ to BB- B+ to

B

23% investment grade

~$1.1 billion more sensitive

to declining oil prices

Midstream

Integrated

Downstream

Reserve-based lending (RBL)

Upstream, Non-RBL

Oil Field Services

Oil & Gas portfolio by Sub-sector(2)

Oil & Gas portfolio by Investment grade-equivalent risk rating(2)

(1)

2Q16 Oil & Gas outstandings

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

Non-core portfolio overview

Non-core assets as of 2Q16

Non-core assets

Home equity serviced by others (SBO) $1.1

Consumer real-estate secured 0.4

Student 0.3

Commercial real estate 0.1

Commercial 0.1

Non-core CFG $2.0

Drivers of non-core asset reduction

$20.5 billion of assets identified as Non-core in June 2009; only $2.0 billion remain

─ Down 65% from end of 2012

─ Represents ~2% of total loan portfolio

SBO portfolio 76% home equity loans and 24% HELOC as of 2Q16

─ Refreshed WA CLTV improved to 89.1% due to Case Shiller forecast improvement; now 91% < 100% LTV

─ Accounted for < 1.1% of total loans but contributed 13% of charge-offs in 2Q16

Highlights

39

$s in billions

$20.5

$2.0

($10.5)

($1.3) ($2.8)

($3.9)

Jun-09 Runoff Sales Transfersto Core

NetCharge-

offs

2Q16

$20.5

$17.3

$13.4

$8.4

$5.7 $3.8 $3.1 $2.3 $2.0

June2009

2009 2010 2011 2012 2013 2014 2015 2Q16

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

Appendix

40

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

Non-GAAP reconciliation table

41

(Excluding restructuring charges and special items)

$s in millions

1) Basel III ratios assume certain definitions impacting qualifying Basel III capital, which otherwise will phase in through 2019, are fully phased-in. Ratios also reflect the required US

Standardized methodology for calculating RWAs, effective January 1, 2015.

FOR THE QUARTER FOR THE QUARTER

ENDED JUNE 30, ENDED JUNE 30,

2016 Change

2016 2015 from 2015

Noninterest income, excluding special items:

Noninterest income (GAAP) $355 $360

Less: Special items — —

Noninterest income, excluding special items (non-GAAP) $355 $360 (1.4)%

Less: Card reward accounting change — 7

Noninterest income, adjusted for card reward accounting change and excluding special items (non-GAAP) $355 $353 0.6 %

Total revenue, excluding special items:

Total revenue (GAAP) A $1,278 $1,200

Less: Special items - -

Total revenues, excluding special items (non-GAAP) B $1,278 $1,200 6.5 %

Less: Card reward accounting change - 7

Total revenues, adjusted for card reward accounting change and excluding special items (non-GAAP) $1,278 $1,193 7.1 %

Noninterest expense, excluding restructuring charges and special items:

Noninterest expense (GAAP) C $827 $841

Less: Restructuring charges and special items — 40

Noninterest expense, excluding restructuring charges and special items (non-GAAP) D $827 $801 3.2 %

Less: Card reward accounting change - 7

Noninterest expense, adjusted for card reward accounting change and excluding restructuring charges and special items (non-GAAP) $827 $7944.2 %

Efficiency ratio:

Efficiency ratio (non-GAAP) C/A 65 % 70 %

Efficiency ratio, excluding restructuring charges and special items (non-GAAP) D/B 65 % 67 % (199) bps

Operating leverage:

Total revenue (GAAP) $1,278 $1,200 6.5%

Noninterest expense (GAAP) $827 $841 (1.7)%

Operating leverage (non-GAAP) 816 bps

Operating leverage, excluding restructuring charges and special items:

Total revenue, excluding restructuring charges and special items (non-GAAP) $1,278 $1,200 6.5%

Less: Noninterest expense, excluding restructuring charges and special items (non-GAAP) $827 $801 3.2%

Operating leverage, excluding restructuring charges and special items: (non-GAAP) 325 bps

Net income, excluding restructuring charges and special items:

Net income (GAAP) E $243 $190

Add: Restructuring charges and special items, net of income tax expense — 25

Net income, excluding restructuring charges and special items (non-GAAP) F $243 $215 13.0 %

Net income available to common stockholders, excluding restructuring charges and special items:

Net income available to common stockholders (GAAP) G $243 $190

Add: Restructuring charges and special items, net of income tax expense - 25

Net income available to common stockholders, excluding restructuring charges and special items (non-GAAP) H $243 $215 13.0 %

Return on average tangible common equity and return on average tangible common equity, excluding restructuring charges and special items:

Average common equity (GAAP) $19,768 $19,391

Less: Average goodwill (GAAP) 6,876 6,876

Less: Average other intangibles (GAAP) 2 5

Add: Average deferred tax liabilities related to goodwill (GAAP) 496 437

Average tangible common equity (non-GAAP) I $13,386 $12,947

Return on average tangible common equity (non-GAAP) G/I 7.30 % 5.90 %

Return on average tangible common equity, excluding restructuring charges and special items (non-GAAP) H/I 7.30 % 6.67 % 63 bps

Return on average total assets, excluding restructuring charges and special items:

Average total assets (GAAP) J $142,179 $135,521

Return on average total assets, excluding restructuring charges and special items (non-GAAP) F/J 0.69 % 0.64 % 5 bps

Pro forma Basel III fully phased-in common equity tier 1 capital ratio1:

Common equity tier 1 (regulatory) $13,768

Less: Change in DTA and other threshold deductions (GAAP) 1

Pro forma Basel III fully phased-in common equity tier 1 (non-GAAP) K $13,767

Risk-weighted assets (regulatory general risk weight approach) $119,492

Add: Net change in credit and other risk-weighted assets (regulatory) 228

Basel III standardized approach risk-weighted assets (non-GAAP) L $119,720

Pro forma Basel III fully phased-in common equity tier 1 capital ratio (non-GAAP)1K/L 11.5%

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

Non-GAAP reconciliation table

42

(Excluding restructuring charges and special items)

$s in millions

FOR THE QUARTER FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR

ENDED JUNE 30, ENDED JUNE 30, ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31,

2016 2016 2015 2014 2013 2012 2011 2010

Core annualized net charge-offs:

Net charge-offs (GAAP) O $65 $148 $284 $323 $501 $875 $1,165 $1,849

Non core net charge-offs (non-GAAP) P 16 26 44 67 195 393 652 1,123

Core net charge-offs (non-GAAP) Q $49 $122 $240 $256 $306 $482 $513 $726

Average total loans and leases (GAAP) R 102,677 96,150 89,042 85,405 86,974

Non-core average total loans and leases (non-GAAP) S 2,049 2,653 3,381 4,726 6,922

Core average total loans and leases (non-GAAP) T $100,628 $93,497 $85,661 $80,679 $80,052

Annualized net charge-off rate (GAAP) O/R 0.25% 0.30% 0.36% 0.59% 1.01%

Core annualized net charge-off rate (non-GAAP) Q/T 0.20% 0.26% 0.30% 0.38% 0.60%

Non core annualized net charge-off rate (non-GAAP) P/S 3.11% 1.68% 1.99% 4.12% 5.68%

Core non-performing loans

Non-performing loans (GAAP) U $1,044 1,060 1,101 1,416 1,869 1,784 2,355

Non core non-performing loans (non-GAAP) V 137 156 183 235 382

Core non-performing loans (non-GAAP) W $907 $904 $918 $1,181 $1,487

Total loans and leases (GAAP) X 103,551 99,042 93,410 85,859 87,248

Non core total loans and leases (non-GAAP) Y 1,981 2,312 3,035 3,761 5,609

Core total loans and leases (non-GAAP) Z $101,570 $96,730 $90,375 $82,098 $81,639

Non-performing loans/total loans (GAAP) U/X 1.01% 1.07% 1.18% 1.65% 2.14%

Core non-performing loans/total core loans (non-GAAP) W/Z 0.89% 0.93% 1.02% 1.44% 1.82%

Non core non-performing loans/total non core loans (non-GAAP) V/Y 6.96% 6.75% 6.04% 6.24% 6.80%

198,217,241 55,96,146 127, 127, 127 0,157, 120 91,137,193 189,221,209 192,192,192 255,201,47

43