8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 21, 2015

CITIZENS FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36636	05-0412693
(State or other jurisdiction of incorporation )	(Commission File No.)	(IRS Employer Identification No.)
One Citizens Plaza Providence, RI		02903
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (401) 456-7000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2015, Citizens Financial Group, Inc. issued a press release reporting second quarter 2015 earnings and posted on its website the press release, an earnings release presentation, and a financial supplement. Copies of the press release, earnings release presentation, and financial supplement are being furnished as Exhibits 99.1, 99.2 and 99.3, respectively.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated July 21, 2015
	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued July 21, 2015
	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for second quarter 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS FINANCIAL GROUP, INC.
By:	/s/ Eric Aboaf
	Eric Aboaf
	Chief Financial Officer

Date: July 21, 2015

EXHIBIT INDEX

Exhibit Number	Description
99.1	Citizens Financial Group, Inc. press release dated July 21, 2015
99.2	Citizens Financial Group, Inc. earnings release presentation issued July 21, 2015
99.3	Citizens Financial Group, Inc. financial supplement for second quarter 2015

EX-99.1

Exhibit 99.1

Citizens Financial Group, Inc. Reports Second Quarter Net Income of $190 Million;

Diluted EPS of $0.35

Second quarter 2015 Adjusted Net Income,* excluding net restructuring charges and special items,

of $215 million; or $0.40 diluted EPS, up 8% from second quarter 2014

Progress on growth initiatives continues; Adjusted efficiency ratio* improves with positive operating leverage

PROVIDENCE, RI (July 21, 2015) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reports second quarter net income of $190 million, or $0.35 per diluted common share, compared with second quarter 2014 net income of $313 million, or $0.56 per diluted common share. The second quarter of 2014 included the benefit of a $180 million after-tax gain related to the Chicago Divestiture. Second quarter 2015 net income was down $19 million from first quarter 2015 net income of $209 million, and diluted EPS was down $0.03 from $0.38 in first quarter 2015. Second quarter 2015 results were reduced by $25 million after-tax, or $0.05 per diluted common share, related to net restructuring charges and special items, versus $6 million after-tax, or $0.01, in first quarter 2015, and a net $0.19 benefit in the second quarter 2014, as detailed in the Discussion of Results portion of this release. Second quarter 2015 Adjusted diluted EPS* of $0.40 compares with $0.39 in first quarter 2015 and $0.37 in second quarter 2014 given the impact of revenue growth initiatives, strong expense control, and continued favorable credit trends.

Bruce Van Saun, Chairman & CEO commented, “We are pleased with our ability to continue to execute well against the key initiatives in our turnaround plan. During the quarter we demonstrated strong loan and deposit growth and good expense discipline, which combined for solid operating leverage, on an adjusted basis. We have launched a series of further initiatives which should continue to help the trajectory of our financial performance.” Van Saun added, “We are on the right track. I feel good about the continued progress we are making.”

Return on Average Tangible Common Equity (“ROTCE”)* was 5.9% in second quarter 2015 compared to 6.5% in first quarter 2015 and 9.6% in second quarter 2014. Adjusted ROTCE* for second quarter 2015 was 6.7% compared to 6.7% for first quarter 2015 and 6.3% for second quarter 2014.

Citizens also announced that its board of directors declared a quarterly cash dividend of $0.10 per common share. The dividend is payable on August 17, 2015 to shareholders of record at the close of business on August 3, 2015.

* These are non-GAAP financial measures. Please see Non-GAAP Reconciliation Tables at the end of this release for an explanation of our use of non-GAAP financial measures and their reconciliation to GAAP. Where there is a reference to an “Adjusted” result in a paragraph, all measures which follow that “Adjusted” result are also “Adjusted” and exclude restructuring charges and special items as applicable.

Citizens Financial Group, Inc.

Key Highlights

• Second quarter highlights, as compared with first quarter 2015, include 1.4% revenue growth led by a solid increase in noninterest income. Strong expense discipline kept expenses broadly flat, on an Adjusted basis.* This positive operating leverage helped to mitigate impacts from the prolonged low-rate environment, and a more normal level of credit provision.

• Year-over-year Adjusted results* also reflect strong positive operating leverage, with 1% total revenue growth and a 4% decrease in noninterest expense. Year-over-year revenue and expense trends were both impacted by the late second quarter 2014 Chicago Divestiture.

Second Quarter 2015 vs. First Quarter 2015

Results

• Total revenues were up 1%, driven by a slight increase in net interest income and strong growth in noninterest income.

• Net interest income of $840 million was up, reflecting the benefit of 2% loan growth and an additional day in the quarter, offset by a reduction in the net interest margin.

• Net interest margin of 2.72% contracted five basis points from first quarter 2015, driven by three basis points related to loan yields, a one basis point impact related to increased securities portfolio prepayment speeds and the related premium amortization, and one basis point related to deposit funding costs.

• Noninterest income of $360 million increased $13 million, driven by improvement across most categories, while other income and mortgage banking fees decreased from unusually high levels in first quarter 2015.

• Noninterest expense was up $31 million, driven by a $30 million increase in restructuring charges and special items. Adjusted noninterest expense* of $801 million remained stable, as the benefit of seasonally lower salary and benefits expense was offset by the effect of more normalized outside services costs and higher advertising and equipment expense.

• Efficiency ratio of 70% was up as expense growth, driven by a $30 million increase in restructuring charges and special items, more than offset revenue growth. Adjusted efficiency ratio* of 67% improved 95 basis points compared to 68% in first quarter 2015.

• Provision for credit losses of $77 million increased $19 million, reflecting a return to more normalized net charge-off levels from the prior quarter, which benefited from a large commercial real estate loan recovery.

Balance Sheet

• Average interest earning assets of $123.2 billion increased $1.9 billion, or 2%, driven by strength in commercial, auto, student and commercial real estate loans.

• Average deposits increased $2.9 billion, or 3%, driven by broad-based growth across both consumer and commercial in every category. Nonperforming loans and leases (“NPLs”) declined by $86 million, or 8%, from first quarter 2015, and decreased from 1.20% in first quarter 2015 to 1.09%. Allowance coverage of NPLs increased to 114% as compared to 106% in first quarter 2015.

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Citizens Financial Group, Inc.

• Capital strength remained robust with a common equity Tier 1 (“CET1”) capital ratio of 11.8%.

Second Quarter 2015 vs. Second Quarter 2014

• Total revenue of $1.2 billion decreased $273 million from the prior year quarter, driven by the impact from the Chicago Divestiture which benefited second quarter 2014 revenues by an estimated $313 million.

• Net interest income of $840 million increased $7 million despite an estimated $13 million decrease related to the Chicago Divestiture.

• Noninterest income was down $280 million, driven by an estimated $300 million impact from the Chicago Divestiture. Adjusted noninterest income* increased $8 million despite an estimated $12 million decrease related to the Chicago Divestiture, driven by strength in mortgage banking and higher securities gains.

• Noninterest expense was down $107 million, driven by a decrease in restructuring charges and special items. Adjusted noninterest expense* of $801 million decreased $32 million driven by the estimated $21 million impact of the Chicago Divestiture and the benefit of our efficiency initiatives, which more than offset continued investments to drive growth.

• Provision for credit losses of $77 million increased $28 million, as the benefit of underlying improvement in credit quality was more than offset by increases related to overall loan growth.

• Adjusted net income* of $215 million increased $10 million, or 5%.

• Adjusted ROTCE* of 6.7% compares with 6.3% in the year ago quarter.

• Total assets increased 5%, driven by loan and lease growth of 9%.

Update on Plan Execution

• Continued progress on initiatives to drive growth and enhance efficiency:

• Consumer Banking – Continued loan growth, household growth along with improved cross-sell rates, strong momentum in student loan and credit card rollouts, and steady but more moderate sales force expansion in mortgage and wealth.

• Commercial Banking – Growth in targeted business areas supported by continued additions in relationship managers, enhancements in sales tools and processes and continued build-out of Capital Markets.

• Expense initiatives - Remain on track to reach our savings target of $200 million by end 2016.

• Launched new strategic initiatives to support performance trajectory and partially mitigate some of the impact of the persistent low-rate environment, slower build in fee-based business and lower net interest margin. These initiatives include further steps to improve efficiency, as well as opportunities to drive revenue growth through more focused and effective customer cross-sell and retention strategies.

• In early April completed $250 million preferred stock issuance and 10.5 million common stock share repurchase.

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Citizens Financial Group, Inc.

Earnings highlights										2Q15 change from
($s in millions, except per share data)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Earnings
Net interest income	$	840		$	836		$	833		$	4			—	%	$	7			1	%
Noninterest income		360			347			640			13			4			(280	)		(44	)
Total revenue		1,200			1,183			1,473			17			1			(273	)		(19	)
Noninterest expense		841			810			948			31			4			(107	)		(11	)
Pre-provision profit		359			373			525			(14	)		(4	)		(166	)		(32	)
Provision for credit losses		77			58			49			19			33			28			57
Net income	$	190		$	209		$	313		$	(19	)		(9	)%	$	(123	)		(39	)%
After-tax restructuring charges and special items		25			6			(108	)		19			317			133			123
Net income, excluding restructuring charges and special items*	$	215		$	215		$	205		$	—			—	%	$	10			5	%
Average common shares outstanding
Basic (in millions)		537.7			546.3			560.0			(9	)		(2	)%		(22	)		(4	)%
Diluted (in millions)		539.9			549.8			560.0			(10	)		(2	)%		(20	)		(4	)%
Diluted earnings per share	$	0.35		$	0.38		$	0.56		$	(0.03	)		(8	)%	$	(0.21	)		(38	)%
Diluted earnings per share, excluding restructuring charges and special items*	$	0.40		$	0.39		$	0.37		$	0.01			3	%	$	0.03			8	%
Financial ratios
Net interest margin		2.72	%		2.77	%		2.87	%		(5	) bps					(15	) bps
Noninterest income as a % of total revenue		30.0			29.3			43.4			6	7 bps					NM
Effective income tax rate		32.7			33.7			34.3			(99	) bps					(158	) bps
Efficiency ratio*		70			68			64			15	3 bps					56	9 bps
Efficiency ratio, excluding restructuring charges and special items*		67			68			70			(95	) bps					(353	) bps
Return on average tangible common equity*		5.9			6.5			9.6			(63	) bps					(369	) bps
Return on average tangible common equity excluding restructuring charges and special items*		6.7			6.7			6.3			(6	) bps					3	9 bps
Return on average common equity		3.9			4.4			6.4			(42	) bps					(247	) bps
Return on average total assets		0.6			0.6			1.0			(7	) bps					(43	) bps
Return on average total tangible assets*		0.6	%		0.7	%		1.0	%		(8	) bps					(45	) bps
Capital adequacy(1)(2)
Common equity tier 1 capital ratio(3)		11.8	%		12.2	%		13.3	%
Total capital ratio		15.3			15.5			16.2
Tier 1 leverage ratio		10.4	%		10.5	%		11.1	%
Asset quality(2)
Total nonperforming loans and leases as a % of total loans and leases		1.09	%		1.20	%		1.35	%		(11	) bps					(26	) bps
Allowance for loan and lease losses as a % of loans and leases		1.24			1.27			1.36			(3	) bps					(12	) bps
Allowance for loan and lease losses as a % of nonperforming loans and leases		114			106			101			86	2 bps					NM
Net charge-offs as a % of average loans and leases		0.33	%		0.23	%		0.31	%		1	0 bps						2 bps

* These are non-GAAP financial measures. Please see Non-GAAP Reconciliation Tables at the end of this release for an explanation of our use of non-GAAP financial measures and reconciliation of those non-GAAP financial measures to GAAP. All references to Adjusted results exclude restructuring charges and special items.

¹  Current reporting period regulatory capital ratios are preliminary.

²  Capital adequacy and asset quality ratios calculated on a period-end basis, except net charge-offs.

³  CET1 capital under Basel III replaced Tier 1 common capital under Basel I effective January 1, 2015.

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Citizens Financial Group, Inc.

Discussion of Results:

Second quarter 2015 pre-provision profit of $359 million and net income of $190 million were reduced by a net $40 million pre-tax, or $25 million after-tax, of restructuring charges and special items, largely related to efforts to improve processes and enhance efficiencies, as well as rebranding and separation from RBS. First quarter 2015 pre-provision profit and net income were reduced by a net $10 million pre-tax, or $6 million after-tax, of restructuring charges and special items, and second quarter 2014 pre-provision profit and net income benefited from a net $173 million, or $108 million after-tax, of restructuring charges and special items largely associated with the Chicago Divestiture. All references to Adjusted results* exclude restructuring charges and special items.

In addition to the restructuring charges and special items associated with the Chicago Divestiture that have been excluded from Adjusted results*, as compared to the second quarter of 2014, the Chicago Divestiture also reduced quarterly results by the following estimated amounts: $13 million in net interest income, $12 million in noninterest income and $21 million in noninterest expense.

Restructuring charges and special items									2Q15 change from
($s in millions, except per share data)	2Q15			1Q15			2Q14		1Q15			2Q14
Pre-tax net gain on Chicago Divestiture	$	—		$	—		$	288	$	—		$	(288	)
After-tax net gain on Chicago Divestiture	$	—		$	—		$	180	$	—			(180	)
Pre-tax total noninterest expense restructuring charges and special items		40			10			115		30			(75	)
After-tax total noninterest expense restructuring charges and special items		25			6			72		19			(47	)
Pre-tax restructuring charges and special items		(40	)		(10	)		173		(30	)		(213	)
After-tax restructuring charges and special items		(25	)		(6	)		108		(19	)		(133	)
Diluted EPS impact	$	(0.05	)	$	(0.01	)	$	0.19	$	(0.04	)	$	(0.24	)

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Citizens Financial Group, Inc.

Adjusted results							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Net interest income	$	840	$	836	$	833	$	4			—	%	$	7			1	%
Adjusted noninterest income*		360		347		352		13			4			8			2
Adjusted total revenue*		1,200		1,183		1,185		17			1			15			1
Adjusted noninterest expense*		801		800		833		1			—			(32	)		(4	)
Adjusted pre-provision profit*		399		383		352		16			4			47			13
Provision for credit losses		77		58		49		19			33			28			57
Adjusted pretax income*		322		325		303		(3	)		(1	)		19			6
Adjusted income tax expense*		107		110		98		(3	)		(3	)		9			9
Adjusted net income*	$	215	$	215	$	205	$	—			—	%	$	10			5	%

Adjusted pre-provision profit* of $399 million increased $16 million from first quarter 2015 reflecting a $17 million increase in total revenue and relatively flat noninterest expense. Second quarter 2015 Adjusted net income* of $215 million remained stable with first quarter 2015, as higher total revenue was more than offset by an expected increase in provision expense from unusually low first quarter 2015 levels.

Adjusted pre-provision profit* increased $47 million from second quarter 2014, driven by total revenue growth and improved noninterest expense. Compared to the second quarter 2014, Adjusted net income* increased $10 million, or 5%, from $205 million reflecting a $15 million increase in total revenue and a $32 million decrease in noninterest expense, partially offset by increased provision expense.

Net interest income										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	796		$	782		$	762		$	14			2	%	$	34			4	%
Investment securities		155			159			154			(4	)		(3	)		1			1
Interest-bearing deposits in banks		1			1			1			—			—			—			—
Total interest income	$	952		$	942		$	917		$	10			1	%	$	35			4	%
Interest expense:
Deposits and deposits held for sale	$	60		$	52		$	36		$	8			15	%	$	24			67	%
Federal funds purchased and securities sold under agreements to repurchase		2			7			1			(5	)		(71	)		1			100
Other short-term borrowed funds		19			15			30			4			27			(11	)		(37	)
Long-term borrowed funds		31			32			17			(1	)		(3	)		14			82
Total interest expense	$	112		$	106		$	84		$	6			6	%	$	28			33	%
Net interest income	$	840		$	836		$	833		$	4			—	%	$	7			1	%
Net interest margin		2.72	%		2.77	%		2.87	%		(5	) bps					(15	) bps

Net interest income of $840 million in second quarter 2015 increased $4 million from first quarter 2015 reflecting the benefits of a $1.7 billion increase in average loans and leases and one additional day in the quarter, which were partially offset by a decrease in investment portfolio and loan yields and a slight increase in deposit funding costs. Net interest margin was 2.72% in second quarter 2015, down five basis points from 2.77% in first quarter 2015. This was driven by three basis points related to loan yields, a one basis point impact related to increased securities portfolio prepayment speeds and the related premium amortization, and one basis point related to deposit funding costs. Compared to second quarter 2014, net interest income

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Citizens Financial Group, Inc.

increased $7 million as the benefit of earning asset growth and a reduction in pay-fixed swap costs was partially offset by continued pressure from the persistent low-rate environment on loan yields and mix, the estimated $13 million effect of the Chicago Divestiture, and higher borrowing costs related to the issuance of subordinated debt and senior notes. Net interest margin decreased 15 basis points given the factors mentioned above.

Adjusted noninterest Income							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Service charges and fees	$	139	$	135	$	147	$	4			3	%	$	(8	)		(5	)%
Card fees		60		52		61		8			15			(1	)		(2	)
Trust and investment services fees		41		36		42		5			14			(1	)		(2	)
Mortgage banking fees		30		33		14		(3	)		(9	)		16			114
Capital markets fees		30		22		26		8			36			4			15
Foreign exchange and trade finance fees		22		23		22		(1	)		(4	)		—			—
Securities gains, net		9		8		—		1			13			9			—
Adjusted other income1,2		29		38		40		(9	)		(24	)		(11	)		(28	)
Adjusted noninterest income2	$	360	$	347	$	352	$	13			4	%	$	8			2	%
Chicago Divestiture net gain						288								(288	)		(100	)
Noninterest income	$	360	$	347	$	640	$	13			4	%	$	(280	)		(44	)%

¹ Other income includes bank owned life insurance and other income.

² Non-GAAP item. Adjusted results exclude the effect of net gain associated with Chicago Divestiture. See important information on use of Non-GAAP items in the Appendix.

Noninterest income of $360 million in the second quarter 2015 increased $13 million from first quarter 2015, as strength in capital markets, card fees, service charges and fees, and trust and investment service fees was partially offset by lower mortgage banking fees and other income. Service charges and fees increased $4 million reflecting seasonality and overall industry trends. Card fees increased $8 million, or 15%, reflecting both seasonality as well as improved volumes. Trust and investment services fees increased $5 million driven by higher investment product sales. Mortgage banking fees decreased $3 million as the benefit of a mortgage servicing rights impairment recapture and increased origination volumes was offset by a $10 million decrease related to a first quarter 2015 portfolio sale gain and a modest reduction in gain on sale spreads. Other income decreased $9 million driven by a reduction in leasing income.

Compared to second quarter 2014, noninterest income decreased $280 million driven by an estimated $300 million reduction related to the second quarter 2014 Chicago Divestiture. Adjusted noninterest income* increased $8 million, or 2%, despite an estimated $12 million decrease related to the Chicago Divestiture. Excluding this estimated impact, Adjusted noninterest income* increased $20 million, driven by higher mortgage banking fees, security gains and capital markets fees, partially offset by a reduction in other income from second quarter 2014 levels which included a $9 million gain on the sale of a student loan portfolio. Service charges and fees decreased $8 million driven by a $6 million estimated decrease related to the Chicago Divestiture as well as lower commercial loan prepayment penalty fees. Card fees and trust and investment services fees remained relatively stable as underlying growth was more than offset by an estimated $5 million decrease related to the Chicago Divestiture. Mortgage banking fees increased $16 million driven by an 84% increase in secondary origination volumes and improved gain on sale spreads, as well as a mortgage servicing rights impairment recapture. Securities gains increased $9 million reflecting our efforts to modestly reposition the investment portfolio to maintain duration given the prolonged low-rate environment. Capital markets fees increased $4 million reflecting underlying business momentum.

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Citizens Financial Group, Inc.

Noninterest expense							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Salaries and employee benefits	$	411	$	419	$	467	$	(8	)		(2	)%	$	(56	)		(12	)%
Outside services		99		79		125		20			25			(26	)		(21	)
Occupancy		90		80		87		10			13			3			3
Equipment expense		65		63		65		2			3			—			—
Amortization of software		37		36		33		1			3			4			12
Other operating expense		139		133		171		6			5			(32	)		(19	)
Total noninterest expense	$	841	$	810	$	948	$	31			4	%	$	(107	)		(11	)%
Restructuring charges and special items		40		10		115		30			300	%		(75	)		(65	)%
Total noninterest expense, excluding restructuring charges and special items*	$	801	$	800	$	833	$	1			—	%	$	(32	)		(4	)%

Noninterest expense of $841 million in second quarter 2015 increased $31 million from first quarter 2015, driven by a $30 million increase in restructuring charges and special items.

Adjusted noninterest expense* of $801 million remained stable with first quarter 2015, as an $18 million reduction in salary and employee benefits and occupancy, was offset by a $12 million increase in outside services from unusually low first quarter levels as well as higher advertising and equipment expense. Our efficiency initiatives continue to help fund investments in the businesses to drive future revenue growth.

Compared with second quarter 2014, noninterest expense declined $107 million, driven by a $75 million decrease in restructuring charges and special items and an estimated $21 million decrease related to the Chicago Divestiture.

Adjusted noninterest expense* decreased $32 million compared to second quarter 2014, largely driven by an estimated $21 million decrease related to the Chicago Divestiture and lower regulatory costs. Adjusted results before the impact of the Chicago Divestiture* also reflect a decrease in salaries and employee benefits, occupancy, and outside services, partially offset by higher equipment and amortization of software expense.

The effective tax rate decreased to 32.7% in second quarter 2015 compared with 33.7% in first quarter 2015, largely reflecting the impact of a true up of certain deferred tax items. The tax rate decreased approximately 160 basis points from 34.3% in second quarter 2014, which included the impact of the gain on the Chicago Divestiture.

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Citizens Financial Group, Inc.

Consumer Banking Segment										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Net interest income	$	544		$	533		$	546		$	11			2	%	$	(2	)		—	%
Noninterest income		230			219			236			11			5			(6	)		(3	)
Total revenue		774			752			782			22			3			(8	)		(1	)
Noninterest expense		613			596			655			17			3			(42	)		(6	)
Pre-provision profit		161			156			127			5			3			34			27
Provision for credit losses		60			63			59			(3	)		(5	)		1			2
Income before income tax expense		101			93			68			8			9			33			49
Income tax expense		35			32			24			3			9			11			46
Net income	$	66		$	61		$	44		$	5			8	%	$	22			50	%
Average balances
Total loans and leases(1)	$	51,024		$	50,260		$	47,368		$	764			2	%	$	3,656			8	%
Total deposits (1)		69,963			67,518			70,181			2,445			4	%		(218	)		—	%
Key metrics
ROTCE(2)*		5.7	%		5.3	%		3.9	%		36	bps					179	bps
Efficiency ratio*		79	%		79	%		84	%		—	bps					(436)	bps

¹ Includes held for sale.

² Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. We approximate that regulatory capital is equivalent to a sustainable target level of common equity Tier 1 and then allocate that approximation to the segments based on economic capital.

Consumer Banking net income of $66 million for second quarter 2015 increased $5 million, or 8%, compared to first quarter 2015, as the benefit of revenue growth and a reduction in provision expense was partially offset by expense growth tied to investment initiatives and higher revenue. Net interest income increased $11 million, or 2%, from first quarter 2015, driven by the benefit of loan growth, with particular strength in auto, student and mortgage loans, as well as an additional day in the quarter, partially offset by the impact of lower loan yields as well as higher deposit costs. Noninterest income increased $11 million, or 5%, from first quarter 2015, reflecting an increase in service charges and other fees, card fees and trust and investment services fees which included some seasonal benefits, partially offset by lower mortgage banking fees as underlying growth was masked by the impact of a $10 million portfolio sale gain in first quarter 2015. Noninterest expense of $613 million increased $17 million from first quarter 2015, largely reflecting growth in outside services, salaries and employee benefits, advertising, and equipment expense, partially offset by lower insurance and payroll taxes, and occupancy expense. Provision for credit losses of $60 million decreased $3 million, or 5%, from first quarter 2015.

Compared with second quarter 2014, net income increased $22 million, as a reduction in noninterest expense was somewhat offset by lower revenues. Second quarter 2014 results included an estimated $31 million in revenue and $20 million in expense associated with the Chicago Divestiture. Consumer Banking total revenue before the effect of the Chicago Divestiture increased $23 million, driven by a $19 million increase in net interest income and a $4 million increase in noninterest income. Net interest income results reflected the benefit of solid loan growth, particularly in auto, mortgage, and student, partially offset by the effect of the relatively persistent low-rate environment. Noninterest income results before the impact of the Chicago Divestiture were driven by strength in mortgage banking and service charges and fees, partially offset by a $9 million reduction in other income from second quarter 2014 that included a $9 million gain on the sale of a student loan portfolio. Noninterest expense before the estimated impact of the Chicago Divestiture decreased $22 million, largely reflecting our focus on

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Citizens Financial Group, Inc.

improving efficiency which more than offset continued investment in the business to drive further growth. Provision for credit losses of $60 million increased $1 million, or 2%, from second quarter 2014, largely reflecting continued improvement in credit quality modestly offset by the impact of loan growth.

Commercial Banking Segment										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Net interest income	$	286		$	276		$	264		$	10			4	%	$	22			8	%
Noninterest income		108			100			107			8			8			1			1
Total revenue		394			376			371			18			5			23			6
Noninterest expense		181			173			157			8			5			24			15
Pre-provision profit		213			203			214			10			5			(1	)		—
Provision for credit losses		7			(21	)		(2	)		28			133			9			450
Income before income tax expense		206			224			216			(18	)		(8	)		(10	)		(5	)
Income tax expense		71			77			75			(6	)		(8	)		(4	)		(5	)
Net income	$	135		$	147		$	141		$	(12	)		(8	)%	$	(6	)		(4	)%
Average balances
Total loans and leases(1)	$	41,467		$	40,241		$	37,389		$	1,226			3	%	$	4,078			11	%
Total deposits (1)		22,717			21,932			18,358			785			4	%		4,359			24	%
Key metrics
ROTCE(2)*		11.7	%		13.2	%		13.8	%		(146	) bps					(209	) bps
Efficiency ratio*		46	%		46	%		42	%		6	bps					371	bps

¹ Includes held for sale.

² Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. We approximate that regulatory capital is equivalent to a sustainable target level for common equity Tier 1 and then allocate that approximation to the segments based on economic capital.

Commercial Banking net income of $135 million in second quarter 2015 decreased $12 million, or 8%, from first quarter 2015, as an increase in total revenue was more than offset by higher provision and noninterest expense. Net interest income of $286 million increased $10 million, or 4%, from first quarter 2015, driven by a $1.2 billion increase in average loans, led by Commercial Real Estate, Middle Market, Corporate Finance and Franchise Finance lines of business, partially offset by yield compression. Noninterest income increased $8 million, or 8%, from first quarter 2015, largely as an increase in capital markets and interest rate products fees was partially offset by a reduction in leasing income. Noninterest expense increased $8 million, or 5%, from first quarter 2015, largely reflecting increased outside services, regulatory costs, equipment and advertising expense, which were partially offset by lower salaries and benefits and insurance and tax expense. Provision for credit losses of $7 million increased $28 million, reflecting a return to more normalized levels from first quarter 2015, which included $21 million in net recoveries.

Compared to second quarter 2014, net income decreased $6 million, or 4%, as the benefit of a $23 million increase in total revenue was more than offset by a $24 million increase in noninterest expense and a $9 million increase in provision for credit losses. Net interest income increased $22 million, or 8%, from second quarter 2014, reflecting the benefit of a $4.1 billion increase in average loans and leases, driven by strength in Commercial Real Estate, Industry Verticals, Mid-Corporate, Franchise Finance, and Corporate Finance, as well as deposit growth. This was partially offset by yield compression. Noninterest income was relatively stable as compared to second quarter 2014, as strength in capital markets and interest rate products fee income was offset by a decline in leasing income, as well as lower service charges and fees. Noninterest expense increased $24 million,

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Citizens Financial Group, Inc.

or 15%, from second quarter 2014 reflecting increased salaries and employee benefits tied to growth initiatives, higher insurance, equipment and outside services expense, as well as higher regulatory costs. Provision for credit losses increased $9 million from second quarter 2014, reflecting higher net-charge-offs compared with recoveries in the prior year.

Other(1)										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Net interest income (expense)	$	10		$	27		$	23		$	(17	)		(63	)%	$	(13	)		(57	)%
Noninterest income		22			28			297			(6	)		(21	)		(275	)		(93	)
Total revenue		32			55			320			(23	)		(42	)		(288	)		(90	)
Noninterest expense		47			41			136			6			15			(89	)		(65	)
Pre-provision profit (loss)		(15	)		14			184			(29	)		(207	)		(199	)		(108	)
Provision for credit losses		10			16			(8	)		(6	)		(38	)		18			225
Income (loss) before income tax expense (benefit)		(25	)		(2	)		192			(23	)		NM			(217	)		(113	)
Income tax expense (benefit)		(14	)		(3	)		64			(11	)		(367	)		(78	)		(122	)
Net income (loss)	$	(11	)	$	1		$	128		$	(12	)		NM		$	(139	)		(109	)%
Average balances
Total loans and leases(2)	$	3,569		$	3,784		$	4,434		$	(215	)		(6	)%	$	(865	)		(20	)%
Total deposits		5,853			6,195			3,627			(342	)		(6	)%		2,226			61	%

¹ Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to our Consumer Banking or Commercial Banking segments.

² Includes held for sale.

Other recorded a net loss of $11 million in second quarter 2015, compared with net income of $1 million in first quarter 2015, reflecting lower total revenue and increased noninterest expense, partially offset by a decrease in provision. Net interest income of $10 million decreased $17 million from the prior quarter and included higher premium amortization costs in the securities portfolio. Noninterest income of $22 million decreased $6 million from first quarter 2015, reflecting lower other income. Noninterest expense increased $6 million, driven by higher restructuring charges and special items, partially offset by lower incentives expense and insurance expense. Provision for credit losses of $10 million in second quarter 2015 included a $1 million reserve release, compared with $16 million of provision for credit losses in first quarter 2015, which included a $4 million reserve build.

Compared with the second quarter of 2014, net income decreased $139 million, reflecting the $288 million gain related to the Chicago Divestiture in second quarter 2014. Net interest income decreased $13 million, driven by an increase in wholesale funding costs, and lower non-core loans, partially offset by a reduction in swap costs. Noninterest income decreased $275 million, reflecting the $288 million gain related to the Chicago Divestiture in second quarter 2014. Noninterest expense decreased $89 million, driven by lower restructuring charges and special items, and lower incentives. Provision for credit losses increased $18 million from the second quarter 2014, which included a reserve release of $19 million.

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Citizens Financial Group, Inc.

Consolidated balance sheet review(1)										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Total assets	$	137,251		$	136,535		$	130,279		$	716			1	%	$	6,972			5	%
Loans and leases and loans held for sale		97,235			94,870			89,091			2,365			2			8,144			9
Deposits and deposits held for sale		100,615			98,990			91,656			1,625			2			8,959			10
Average interest-earning assets (quarterly)		123,205			121,342			115,992			1,863			2			7,213			6
Stockholders’ equity	$	19,586		$	19,564		$	19,597			22			—			(11	)		—
Stockholders’ common equity	$	19,339		$	19,564		$	19,597			(225	)		(1	)		(258	)		(1	)
Tangible common equity*	$	12,909		$	13,117		$	13,098		$	(208	)		(2	)%	$	(189	)		(1	)%
Loan-to-deposit ratio (period-end)(2)		96.6	%		95.8	%		97.2	%		80	bps					(56	) bps
Common equity tier 1 capital ratio(3)		11.8			12.2			13.3
Total capital ratio(3)		15.3	%		15.5	%		16.2	%
all balances period-end except as otherwise noted

¹  Represents period-end unless otherwise noted.

² Includes loans held for sale and deposits held for sale.

³  Current reporting period regulatory capital ratios are preliminary. Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume that certain definitions impacting qualifying Basel III capital, will phase in through 2018. Ratios also reflect the required US Standardized methodology for calculating RWAs, effective January 1, 2015.

Total assets of $137.3 billion increased $716 million, or 1%, from March 31, 2015 largely as a $1.6 billion decrease in cash and interest-bearing deposits and due from broker positions was more than offset by a $2.4 billion increase in loans and leases and loans held for sale. Total assets increased $7.0 billion, or 5%, from June 30, 2014 reflecting a $7.7 billion, or 9%, increase in loans and leases, partially offset by a $2.3 billion decrease in cash, investments and interest-bearing deposits.

Average interest-earning assets of $123.2 billion in second quarter 2015 increased $1.9 billion, or 2%, from the prior quarter, driven by a $1.2 billion increase in commercial loans and leases and a $464 million increase in retail loans. Commercial loan growth was driven by strength in Commercial Real Estate, Middle Market, Franchise Finance, and Private Equity businesses. Retail loan growth was driven by higher auto, student and mortgage loans which were partially offset by lower home equity balances and a reduction in the non-core portfolio. Average interest-earning assets increased $7.2 billion, or 6%, from second quarter 2014 as a $4.2 billion increase in commercial loans and leases, $3.4 billion increase in retail loans driven by growth in auto, mortgage, and student loan balances were partially offset by lower home equity outstandings and a reduction in the non-core loan portfolio.

Deposits and deposits held for sale of $100.6 billion increased $1.6 billion, or 2%, from March 31, 2015 reflecting growth in every category and particular strength in money market and checking with interest. Compared with June 30, 2014, deposits and deposits held for sale increased $9.0 billion, or 10%, reflecting growth across every category and with particular strength in commercial deposits. The loan-to-deposit ratio of 96.6% as of June 30, 2015 compared with 95.8% as of March 31, 2015 and 97.2% as of June 30, 2014.

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Citizens Financial Group, Inc.

Interest-earning assets							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Period-end interest-earning assets
Investments and interest-bearing deposits	$	27,189	$	29,751	$	29,450	$	(2,562	)		(9	)%	$	(2,261	)		(8	)%
Loans and leases
Commercial loans and leases		45,068		43,982		40,974		1,086			2			4,094			10
Retail loans		51,470		50,512		47,855		958			2			3,615			8
Total loans and leases		96,538		94,494		88,829		2,044			2			7,709			9
Loans held for sale		397		322		173		75			23			224			129
Other loans held for sale		300		54		89		246			456			211			237
Total loans and leases and loans held for sale		97,235		94,870		89,091		2,365			2			8,144			9
Total period-end interest-earning assets	$	124,424	$	124,621	$	118,541	$	(197	)		—		$	5,883			5	%
Average interest-earning assets
Investments and interest-bearing deposits	$	27,145	$	27,057	$	26,801	$	88			—		$	344			1
Loans and leases
Commercial loans and leases		44,696		43,506		40,472		1,190			3			4,224			10
Retail loans		50,910		50,446		47,547		464			1			3,363			7
Total loans and leases		95,606		93,952		88,019		1,654			2			7,587			9
Loans held for sale		308		242		138		66			27			170			123
Other loans held for sale		146		91		1,034		55			60			(888	)		(86	)
Total loans and leases and loans held for sale		96,060		94,285		89,191		1,775			2			6,869			8
Total average interest-earning assets	$	123,205	$	121,342	$	115,992	$	1,863			2	%	$	7,213			6	%

Investments and interest-bearing deposits of $27.2 billion as of June 30, 2015 decreased $2.6 billion from March 31, 2015, largely reflecting a reduction in excess cash. Compared with June 30, 2014, investments and interest-bearing deposits decreased $2.3 billion, or 8%. As of June 30, 2015, the average effective duration of the securities portfolio was 3.7 years, compared with 3.1 years at March 31, 2015, and 4.0 years at June 30, 2014. The increase in the second quarter reflects the impact of higher long rates as well as modest extension of the securities portfolio, which also generated $9 million of securities gains.

Period-end loans and leases of $96.5 billion at June 30, 2015 increased $2.0 billion from $94.5 billion at March 31, 2015, and increased $7.7 billion from $88.8 billion at June 30, 2014. The linked quarter increase was driven by a $1.1 billion increase in commercial loans and leases and a $958 million increase in retail loans. Commercial loan and lease growth was driven by growth in our Commercial Real Estate, Corporate Finance, and Middle Market businesses. Retail loan growth was driven by a $548 million increase in auto loans, a $503 million increase in student loans and a $445 million increase in mortgage loans, partially offset by a $516 million decrease in home equity outstandings, including continued runoff in the non-core portfolio. During the quarter we purchased $416 million of auto loans and $202 million of student loans, and sold $114 million of commercial leases.

Compared with June 30, 2014, period-end loans and leases increased $7.7 billion, reflecting a $4.1 billion increase in commercial loans and leases and a $3.6 billion increase in retail loans. Commercial loan growth was driven by growth in our Commercial Real Estate, Industry Verticals, Franchise Finance, and Corporate Finance businesses. Retail loan growth was driven by a $2.8 billion increase in auto loans, $1.6 billion increase in residential mortgage loans, and $1.4 billion increase in student loans partially offset by a $1.9 billion decrease in home equity outstandings, including continued runoff in the non-core portfolio.

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Citizens Financial Group, Inc.

Average loans and leases of $95.6 billion increased $1.7 billion from first quarter 2015, driven by higher commercial, auto, student and residential mortgage balances. Results also reflect a $187 million decrease in the non-core loan portfolio. Compared with second quarter 2014, average loans and leases increased $7.6 billion, driven by growth in commercial and commercial real estate, and an increase in auto, student and residential mortgage balances, partially offset by a decrease in home equity outstandings and a $725 million reduction in the non-core loan portfolio.

Deposits							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Period-end deposits
Demand deposits	$	26,678	$	26,670	$	26,670	$	8			—	%	$	8			—	%
Checking with interest		17,114		16,738		15,171		376			2			1,943			13
Savings		8,080		8,398		7,829		(318	)		(4	)		251			3
Money market accounts		35,735		34,543		31,687		1,192			3			4,048			13
Term deposits		13,008		12,641		10,299		367			3			2,709			26
Total deposits		100,615		98,990		91,656		1,625			2			8,959			10
Total deposits and deposits held for sale	$	100,615	$	98,990	$	91,656	$	1,625			2	%	$	8,959			10	%
Average deposits
Total average deposits	$	98,533	$	95,645	$	87,623	$	2,888			3	%	$	10,910			12	%
Deposits held for sale		—		—		4,543		—			NM			(4,543	)		(100	)
Total average deposits and deposits held for sale	$	98,533	$	95,645	$	92,166	$	2,888			3	%	$	6,367			7	%

Second quarter 2015 average deposits of $98.5 billion increased $2.9 billion, or 3%, from first quarter 2015, and $10.9 billion, or 12%, from second quarter 2014, reflecting growth in every category and particular strength in interest-bearing deposits. Period-end total deposits at June 30, 2015 of $100.6 billion increased $1.6 billion, or 2%, from March 31, 2015, with particular strength in money market, checking with interest and term deposits. Compared with June 30, 2014, period-end total deposits increased $9.0 billion, or 10%, driven by growth in money market, term deposits and checking with interest.

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Citizens Financial Group, Inc.

Borrowed funds							2Q15 change from
($s in millions)	2Q15		1Q15		2Q14		1Q15						2Q14
							$			%			$			%
Period-end borrowed funds
Federal funds purchased and securities sold under agreements to repurchase	$	3,784	$	4,421	$	6,807	$	(637	)		(14	)%	$	(3,023	)		(44	)%
Other short-term borrowed funds		6,762		7,004		7,702		(242	)		(3	)		(940	)		(12	)
Long-term borrowed funds		3,890		3,904		1,732		(14	)		—			2,158			125
Total borrowed funds	$	14,436	$	15,329	$	16,241	$	(893	)		(6	)	$	(1,805	)		(11	)
Average borrowed funds	$	14,772	$	15,506	$	13,155	$	(734	)		(5	)%	$	1,617			12	%

Total borrowed funds of $14.4 billion at June 30, 2015 decreased $893 million from March 31, 2015, largely due to strength in deposit growth which facilitated a decrease in securities sold under agreement to repurchase. Compared with June 30, 2014, total borrowed funds decreased $1.8 billion given strong deposit growth. Average borrowed funds of $14.8 billion decreased $734 million from first quarter 2015 as we grew deposits and reduced our reliance on short-term borrowings. Average borrowed funds increased $1.6 billion from second quarter 2014 reflecting our issuance of subordinated and senior debt.

Capital(1)										2Q15 change from
($s and shares in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Period-end capital
Stockholders’ equity	$	19,586		$	19,564		$	19,597		$	22			—	%	$	(11	)		—	%
Stockholders’ common equity	$	19,339		$	19,564		$	19,597			(225	)		(1	)		(258	)		(1	)
Tangible common equity*	$	12,909		$	13,117		$	13,098			(208	)		(2	)		(189	)		(1	)
Tangible common equity per share*	$	24.03		$	23.96		$	23.39			0.07			—			.64			3
Common shares - at end of period		537			547			560			(10	)		(2	)		(23	)		(4	)
Common shares - average (diluted)		540			550			560			(10	)		(2	)%		(20	)		(4	)%
Common equity tier 1 capital ratio(1)(2)		11.8	%		12.2	%		13.3	%
Total capital ratio(1)(2)		15.3			15.5			16.2
Tier 1 leverage ratio(1)(2)		10.4	%		10.5	%		11.1	%

¹  Current reporting period regulatory capital ratios are preliminary.

²  Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume that certain definitions impacting qualifying Basel III capital, will phase in through 2018. Ratios also reflect the required US Standardized transitional methodology for calculating RWAs, effective January 1, 2015.

On January 1, 2015, we adopted the Basel III capital framework and standardized approach for calculating risk-weighted assets. The Basel III capital rules replace tier 1 common equity and the associated tier 1 common equity ratio with common equity tier 1 capital (“CET1”) and the CET1 capital ratio. At June 30, 2015, our Basel III Capital ratios on a transitional basis remained well in excess of applicable regulatory requirements, with a total capital ratio of 15.3%, and a CET1 capital ratio of 11.8% compared with CET1 capital ratio of 12.2% at March 31, 2015, and pro forma Basel III CET1 on a fully phased-in basis of 13.0% at June 30, 2014. Our capital ratios continue to reflect progress against our objective of realigning our capital profile to be more consistent with that of peer regional banks, while maintaining a strong capital base to support our growth aspirations, strategy, and risk appetite. In early April we completed a $250 million preferred stock issuance and 10.5 million common stock share repurchase, further reducing The Royal Bank of Scotland’s plc’s (“RBS”) ownership interest to 40.8%.

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Citizens Financial Group, Inc.

Credit quality review										2Q15 change from
($s in millions)	2Q15			1Q15			2Q14			1Q15						2Q14
										$			%			$			%
Nonperforming loans and leases	$	1,050		$	1,136		$	1,200		$	(86	)		(8)	%	$	(150	)		(13	)%
Accruing loans past due 90 days or more		8			9			12			(1	)		(11	)		(4	)		(33	)
Net charge-offs		(78	)		(54	)		(68	)		(24	)		44			(10	)		15
Provision for credit losses		77			58			49			19			33			28			57
Allowance for loan and lease losses	$	1,201		$	1,202		$	1,210		$	(1	)		—	%	$	(9	)		1	%
Total nonperforming loans and leases as a % of total loans and leases		1.09	%		1.20	%		1.35	%		(11)	bps					(26	) bps
Net charge-offs as % of total loans and leases		0.33			0.23			0.31			10	bps						2 bps
Allowance for loan and lease losses as a % of nonperforming loans and leases		114.37	%		105.75	%		100.84	%		862	bps					1,353	bps

Credit quality during the quarter remained strong, with relatively low levels of charge-offs and nonperforming loans and leases. Nonperforming loans and leases of $1.1 billion at June 30, 2015 decreased $86 million, or 8%, from March 31, 2015, reflecting a $53 million decrease in retail products driven by a reduction in consumer real-estate secured and a $33 million decrease in commercial products. Nonperforming loans and leases to total loans and leases of 1.09% at June 30, 2015 decreased 11 basis points from 1.20% at March 31, 2015, and decreased 26 basis points from 1.35% at June 30, 2014. Nonperforming loans and leases decreased $150 million, or 13%, from second quarter 2014, largely driven by improvement in commercial real estate and secured consumer real estate, partially offset by increases in student and auto loans given expected seasoning and enhancements to our non-accrual designation processes.

Nonperforming non-core loans totaled $163 million in second quarter 2015, compared with $171 million in first quarter 2015, and $197 million in second quarter 2014. Nonperforming non-core loans to total non-core loans of 6.1% at June 30, 2015, compared with 6.0% at March 31, 2015, and 5.8% at June 30, 2014. This slight increase was due to a 6.4% reduction in non-core balances during the quarter, which outpaced the reduction in nonperforming non-core loans. Troubled debt restructured loans (“TDRs”) of $1.3 billion, were down slightly from $1.4 billion at March 31, 2015, and included $1.2 billion of retail loans and $125 million of commercial loans. Performing TDRs represented 66% of total TDRs as of June 30, 2015, compared with 66% as of March 31, 2015, and 67% as of June 30, 2014.

Net charge-offs of $78 million, or 33 basis points of total loans and leases increased $24 million in second quarter 2015 from $54 million, or 23 basis points, in first quarter 2015. Retail product net charge-offs of $71 million decreased $5 million from first quarter 2015 levels. Commercial net charge-offs were $7 million in second quarter 2015, which compares with commercial net recoveries of $22 million in first quarter 2015. Overall results included non-core net charge-offs of $12 million in second quarter 2015, compared with $11 million in first quarter 2015, and $10 million in second quarter 2014. Annualized non-core net charge-offs to total average non-core loans and leases was 1.70% in second quarter 2015, compared with 1.42% in first quarter 2015, and 1.13% in second quarter 2014. This increase in the non-core charge-off rate largely reflects the continued reduction in the portfolio.

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Citizens Financial Group, Inc.

Provision for credit losses of $77 million in second quarter 2015 increased $19 million from first quarter 2015, as the benefit of continued improvement in asset quality and a reduction in underlying consumer net charge-offs was offset by a return to more normalized levels of commercial net charge-offs, and an increase in non-core net charge-offs. Second quarter 2015 provision for credit losses increased $28 million from second quarter 2014, as the benefit of continued improvement in overall credit quality was more than offset by the impact of loan growth and a $10 million increase in net charge-offs, driven by lower commercial recoveries. The total provision for credit losses includes the provision for loan and lease losses as well as the provision for unfunded commitments.

The allowance for loan and lease losses of $1.2 billion remained relatively stable compared to first quarter 2015, and decreased $9 million, or 1%, from second quarter 2014, reflecting continued improvement in overall credit quality. Allowance for loan and lease losses to total loans and leases was 1.24% as of June 30, 2015, compared with 1.27% as of March 31, 2015, and 1.36% as of June 30, 2014. Allowance for loan and lease losses to non-performing loans and leases ratio was 114% as of June 30, 2015, compared with 106% as of March 31, 2015, and 101% as of June 30, 2014.

17

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media: Jim Hughes - 781.751.5404

Investors: Ellen A. Taylor – 203.900.6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time:	8:00 am ET
Dial-in:	Individuals may call in by dialing (800) 230-1074, conference ID 359262
Webcast/Presentation:	The live webcast will be available at http://investor.citizensbank.com, under Events
Replay Information:	A replay of the conference call will be available beginning at 10:30 am ET on July 21 through August 21. Please dial (800) 475-6701 and enter access code 359262. The webcast replay will be available at http://investor.citizensbank.com.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $137.3 billion in assets as of June 30, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.

18

Citizens Financial Group, Inc.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures. The table below presents reconciliations of certain non-GAAP measures. These reconciliations exclude restructuring charges and/or special items, which are usually 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 set forth below include “total revenue”, “noninterest income”, “ noninterest expense”, “pre-provision profit”, “income before income tax expense (benefit)”, “income tax expense (benefit)”, “net income (loss)”, “salaries and employee benefits”, “outside services”, “occupancy”, “equipment expense”, “amortization of software”, “other operating expense”, “net income (loss) per average common share”, “return of average common equity” and “return on average total assets”. In addition, we present computations for “tangible book value per common share”, “return on average tangible common equity”, “return on average total tangible assets” and “efficiency ratio” as part of our non-GAAP measures. Additionally, “pro forma Basel III fully phased-in common equity tier 1 capital” computations for periods prior to first quarter 2015 are presented 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.

19

Citizens Financial Group, Inc.

Non-GAAP Reconciliation

(Excluding restructuring charges and special items)

$s in millions, except per share data

		QUARTERLY TRENDS															FOR THE SIX MONTHS ENDED JUNE 30
		2Q15			1Q15			4Q14			3Q14			2Q14			2015			2014
Noninterest income, excluding special items:
Noninterest income (GAAP)	A	$	360		$	347		$	339		$	341		$	640		$	707		$	998
Less: Special items - Chicago gain			—			—			—			—			288			—			288
Noninterest income, excluding special items (non-GAAP)	B	$	360		$	347		$	339		$	341		$	352		$	707		$	710
Total revenue, excluding special items:
Total revenue (GAAP)	C	$	1,200		$	1,183		$	1,179		$	1,161		$	1,473		$	2,383		$	2,639
Less: Special items - Chicago gain			—			—			—			—			288			—			288
Total revenue, excluding special items (non-GAAP)	D	$	1,200		$	1,183		$	1,179		$	1,161		$	1,185		$	2,383		$	2,351
Noninterest expense, excluding restructuring charges and special items:
Noninterest expense (GAAP)	E	$	841		$	810		$	824		$	810		$	948		$	1,651		$	1,758
Less: Restructuring charges and special items	NN		40			10			33			21			115			50			115
Noninterest expense, excluding restructuring charges and special items (non-GAAP)	F	$	801		$	800		$	791		$	789		$	833		$	1,601		$	1,643
Net income, excluding restructuring charges and special items:
Net income (GAAP)	G	$	190		$	209		$	197		$	189		$	313		$	399		$	479
Add: Restructuring charges and special items, net of income tax expense (benefit)			25			6			20			13			(108	)		31			(108	)
Net income, excluding restructuring charges and special items (non-GAAP)	H	$	215		$	215		$	217		$	202		$	205		$	430		$	371
Return on average common equity, excluding restructuring charges and special items:
Average common equity (GAAP)	I	$	19,391		$	19,407		$	19,209		$	19,411		$	19,607		$	19,399		$	19,489
Return on average common equity, excluding restructuring charges and special items (non-GAAP)	H/I		4.45	%		4.49	%		4.48	%		4.14	%		4.19	%		4.47	%		3.84	%
Return on average tangible common equity and return on average tangible common equity, excluding restructuring charges and special items:
Average common equity (GAAP)	I	$	19,391		$	19,407		$	19,209		$	19,411		$	19,607		$	19,399		$	19,489
Less: Average goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			6,876			6,876
Less: Average other intangibles (GAAP)			5			5			6			6			7			5			7
Add: Average deferred tax liabilities related to goodwill (GAAP)			437			422			403			384			369			430			360
Average tangible common equity (non-GAAP)	J	$	12,947		$	12,948		$	12,730		$	12,913		$	13,093		$	12,948		$	12,966
Return on average tangible common equity (non-GAAP)	G/J		5.90	%		6.53	%		6.12	%		5.81	%		9.59	%		6.21	%		7.45	%
Return on average tangible common equity, excluding restructuring charges and special items (non-GAAP)	H/J		6.67	%		6.73	%		6.76	%		6.22	%		6.28	%		6.70	%		5.77	%
Return on average total assets, excluding restructuring charges and special items:
Average total assets (GAAP)	K	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	134,429		$	125,535
Return on average total assets, excluding restructuring charges and special items (non-GAAP)	H/K		0.64	%		0.65	%		0.66	%		0.62	%		0.65	%		0.65	%		0.60	%
Return on average total tangible assets and return on average total tangible assets, excluding restructuring charges and special items:
Average total assets (GAAP)	K	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	134,429		$	125,535
Less: Average goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			6,876			6,876
Less: Average other intangibles (GAAP)			5			5			6			6			7			5			7
Add: Average deferred tax liabilities related to goodwill (GAAP)			437			422			403			384			369			430			360
Average tangible assets (non-GAAP)	L	$	129,077		$	126,866		$	124,192		$	122,193		$	120,634		$	127,978		$	119,012
Return on average total tangible assets (non-GAAP)	G/L		0.59	%		0.67	%		0.63	%		0.61	%		1.04	%		0.63	%		0.81	%
Return on average total tangible assets, excluding restructuring charges and special items (non-GAAP)	H/L		0.67	%		0.69	%		0.69	%		0.66	%		0.68	%		0.68	%		0.63	%

20

Citizens Financial Group, Inc.

Non-GAAP Reconciliation

(Excluding restructuring charges and special items)

$s in millions, except per share data

		QUARTERLY TRENDS															FOR THE SIX MONTHS ENDED JUNE 30
		2Q15			1Q15			4Q14			3Q14			2Q14			2015			2014
Efficiency ratio and efficiency ratio, excluding restructuring charges and special items:
Net interest income (GAAP)		$	840		$	836		$	840		$	820		$	833		$	1,676		$	1,641
Add: Noninterest income (GAAP)			360			347			339			341			640			707			998
Total revenue (GAAP)	C	$	1,200		$	1,183		$	1,179		$	1,161		$	1,473		$	2,383		$	2,639
Efficiency ratio (non-GAAP)	E/C		70.02	%		68.49	%		69.88	%		69.84	%		64.33	%		69.27	%		66.58	%
Efficiency ratio, excluding restructuring charges and special items (non-GAAP)	F/D		66.7	%		67.65	%		67.11	%		68.02	%		70.23	%		67.17	%		69.83	%
Tangible book value per common share:
Common shares - at end of period (GAAP)	M		537,149,717			547,490,812			545,884,519			559,998,324			559,998,324			537,149,717			559,998,324
Stockholders’ equity (GAAP)		$	19,339		$	19,564		$	19,268		$	19,383		$	19,597		$	19,339		$	19,597
Less: Goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			6,876			6,876
Less: Other intangible assets (GAAP)			4			5			6			6			7			4			7
Add: Deferred tax liabilities related to goodwill (GAAP)			450			434			420			399			384			450			384
Tangible common equity (non-GAAP)	N	$	12,909		$	13,117		$	12,806		$	12,900		$	13,098		$	12,909		$	13,098
Tangible book value per common share (non-GAAP)	N/M	$	24.03		$	23.96		$	23.46		$	23.04		$	23.39		$	24.03		$	23.39
Net income per average common share - basic and diluted, excluding restructuring charges and special items:
Average common shares outstanding - basic (GAAP)	O		537,729,248			546,291,363			546,810,009			559,998,324			559,998,324			541,986,653			559,998,324
Average common shares outstanding - diluted (GAAP)	P		539,909,366			549,798,717			550,676,298			560,243,747			559,998,324			544,804,268			559,998,324
Net income applicable to common stockholders (GAAP)	Q	$	190		$	209		$	197		$	189		$	313		$	399		$	479
Net income per average common share - basic (GAAP)	Q/O		0.35			0.38			0.36			0.34			0.56			0.74			0.86
Net income per average common share - diluted (GAAP)	Q/P		0.35			0.38			0.36			0.34			0.56			0.73			0.86
Net income applicable to common stockholders, excluding restructuring charges and special items (non -GAAP)	R		215			215			217			202			205			430			371
Net income per average common share - basic, excluding restructuring charges and special items (non-GAAP)	R/O		0.40			0.39			0.40			0.36			0.37			0.79			0.66
Net income per average common share - diluted, excluding restructuring charges and special items (non-GAAP)	R/P		0.40			0.39			0.39			0.36			0.37			0.79			0.66
Pro forma Basel III fully phased-in common equity tier 1 capital ratio1:
Common equity tier 1 (regulatory)		$	13,270		$	13,360		$	13,173		$	13,330		$	13,448
Less: Change in DTA and other threshold deductions (GAAP)			3			3			(6	)		(5	)		(7	)
Pro forma Basel III fully phased-in common equity tier 1 (non-GAAP)	S	$	13,267		$	13,357		$	13,179		$	13,335		$	13,455
Risk-weighted assets (regulatory general risk weight approach)		$	112,131		$	109,786		$	105,964		$	103,207		$	101,397
Add: Net change in credit and other risk-weighted assets (regulatory)			247			242			2,882			3,207			2,383
Basel III standardized approach risk-weighted assets (non-GAAP)	T	$	112,378		$	110,028		$	108,846		$	106,414		$	103,780
Pro forma Basel III fully phased-in common equity tier 1 capital ratio (non-GAAP)1	S/T		11.8	%		12.1	%		12.1	%		12.5	%		13.0	%
Other Income, excluding restructuring charges and special items:
Bank-owned life insurance income		$	14		$	12								$	12
Other income			15			26									316
Total other income (GAAP)	U	$	29		$	38								$	328
Less: Restructuring charges and special items			—			—									288
Other Income, excluding restructuring charges and special items (non-GAAP)	V	$	29		$	38								$	40
Salaries and employee benefits, excluding restructuring charges and special items:
Salaries and employee benefits (GAAP)	W	$	411		$	419		$	397		$	409		$	467		$	830		$	872
Less: Restructuring charges and special items			6			(1	)		1			—			43			5			43
Salaries and employee benefits, excluding restructuring charges and special items (non-GAAP)	X	$	405		$	420		$	396		$	409		$	424		$	825		$	829

¹  Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume certain definitions impacting qualifying Basel III capital, which otherwise will phase in through 2018, are fully phased-in. Ratios also reflect the required US Standardized methodology for calculating RWAs, effective January 1, 2015.

21

Citizens Financial Group, Inc.

Non-GAAP Reconciliation

(Excluding restructuring charges and special items)

$s in millions, except per share data

		QUARTERLY TRENDS														FOR THE SIX MONTHS ENDED JUNE 30
		2Q15			1Q15			4Q14			3Q14			2Q14		2015			2014
Outside services, excluding restructuring charges and special items:
Outside services (GAAP)	Y	$	99		$	79		$	106		$	106		$	125	$	178		$	208
Less: Restructuring charges and special items			16			8			18			19			41		24			41
Outside services, excluding restructuring charges and special items (non-GAAP)	Z	$	83		$	71		$	88		$	87		$	84	$	154		$	167
Occupancy, excluding restructuring charges and special items:
Occupancy (GAAP)	AA	$	90		$	80		$	81		$	77		$	87	$	170		$	168
Less: Restructuring charges and special items			15			2			5			2			9		17			9
Occupancy, excluding restructuring charges and special items (non-GAAP)	BB	$	75		$	78		$	76		$	75		$	78	$	153		$	159
Equipment expense, excluding restructuring charges and special items:
Equipment expense (GAAP)	CC	$	65		$	63		$	63		$	58		$	65	$	128		$	129
Less: Restructuring charges and special items			—			1			1			—			3		1			3
Equipment expense, excluding restructuring charges and special items (non-GAAP)	DD	$	65		$	62		$	62		$	58		$	62	$	127		$	126
Amortization of software, excluding restructuring charges and special items:
Amortization of software	EE	$	37		$	36		$	43		$	38		$	33	$	73		$	64
Less: Restructuring charges and special items			—			—			6			—			—		—			—
Amortization of software, excluding restructuring charges and special items (non-GAAP)	FF	$	37		$	36		$	37		$	38		$	33	$	73		$	64
Other operating expense, excluding restructuring charges and special items:
Other operating expense (GAAP)	GG	$	139		$	133		$	134		$	122		$	171	$	272		$	317
Less: Restructuring charges and special items			3			—			2			—			19		3			19
Other operating expense, excluding restructuring charges and special items (non-GAAP)	HH	$	136		$	133		$	132		$	122		$	152	$	269		$	298
Pre-provision profit, excluding restructuring charges and special items:
Total revenue, excluding restructuring charges and special items (non-GAAP)	D	$	1,200		$	1,183		$	1,179		$	1,161		$	1,185	$	2,383		$	2,351
Less: Noninterest expense, excluding restructuring charges and special items (non-GAAP)	F		801			800			791			789			833		1,601			1,643
Pre-provision profit, excluding restructuring charges and special items (non-GAAP)	II	$	399		$	383		$	388		$	372		$	352	$	782		$	708
Income before income tax expense (benefit), excluding restructuring charges and special items:
Income before income tax expense (GAAP)	JJ	$	282		$	315		$	283		$	274		$	476	$	597		$	711
Less: Income before income tax expense (benefit) related to restructuring charges and special items (GAAP)			(40	)		(10	)		(33	)		(21	)		173		(50	)		173
Income before income tax expense, excluding restructuring charges and special items (non-GAAP)	KK	$	322		$	325		$	316		$	295		$	303	$	647		$	538
Income tax expense, excluding restructuring charges and special items:
Income tax expense (GAAP)	LL	$	92		$	106		$	86		$	85		$	163	$	198		$	232
Less: Income tax (benefit) related to restructuring charges and special items (GAAP)			(15	)		(4	)		(13	)		(8	)		65		(19	)		65
Income tax expense, excluding restructuring charges and special items (non-GAAP)	MM	$	107		$	110		$	99		$	93		$	98	$	217		$	167
Restructuring charges and special expense items include:
Restructuring charges		$	25		$	1		$	10		$	1		$	103	$	26		$	103
Special items			15			9			23			20			12		24			12
Restructuring charges and special expense items	NN	$	40		$	10		$	33		$	21		$	115	$	50		$	115
		QUARTERLY TRENDS														2Q15 v 1Q15			2Q15 v 2Q14
		2Q15			1Q15			4Q14			3Q14			2Q14		% Change			% Change
Operating leverage, excluding restructuring charges and special items:
Total revenue, excluding restructuring charges and special items (non-GAAP)	D	$	1,200		$	1,183								$	1,185		1.4	%		1.3	%
Less: Noninterest expense, excluding restructuring charges and special items (non-GAAP)	F	$	801		$	800								$	833		0.1	%		(3.8	)%
Operating leverage, excluding restructuring charges and special items: (non-GAAP)	OO																1.3	%		5.1	%

22

Citizens Financial Group, Inc.

Non-GAAP Reconciliation - Segments

$s in millions

		Three Months Ended June 30,												Three Months Ended March 31,
		2015												2015
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	66		$	135		($	11	)	$	190		$	61		$	147		$	1	$	209
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,681		$	4,625		$	10,085		$	19,391		$	4,649		$	4,526		$	10,232	$	19,407
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			5		5
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			437			437			—			—			422		422
Average tangible common equity (non-GAAP)	C	$	4,681		$	4,625		$	3,641		$	12,947		$	4,649		$	4,526		$	3,773	$	12,948
Return on average tangible common equity (non-GAAP)	A/C		5.66	%		11.69	%		NM			5.90	%		5.30	%		13.15	%		NM		6.53	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	52,489		$	42,617		$	40,415		$	135,521		$	51,602		$	41,606		$	40,117	$	133,325
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			5		5
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			437			437			—			—			422		422
Average tangible assets (non-GAAP)	E	$	52,489		$	42,617		$	33,971		$	129,077		$	51,602		$	41,606		$	33,658	$	126,866
Return on average total tangible assets (non-GAAP)	A/E		0.51	%		1.27	%		NM			0.59	%		0.48	%		1.43	%		NM		0.67	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	613		$	181		$	47		$	841		$	596		$	173		$	41	$	810
Net interest income (GAAP)			544			286			10			840			533			276			27		836
Noninterest income (GAAP)			230			108			22			360			219			100			28		347
Total revenue	G	$	774		$	394		$	32		$	1,200		$	752		$	376		$	55	$	1,183
Efficiency ratio (non-GAAP)	F/G		79.25	%		46.07	%		NM			70.02	%		79.25	%		46.01	%		NM		68.49	%

		Three Months Ended June 30,											Three Months Ended December 31,
		2014											2014
		Consumer Banking			Commercial Banking			Other		Consolidated			Consumer Banking			Commercial Banking			Other			Consolidated
Net income (loss) (GAAP)	A	$	52		$	140		$	5	$	197		$	54		$	139		($	4	)	$	189
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,756		$	4,334		$	10,119	$	19,209		$	4,685		$	4,205		$	10,521		$	19,411
Less: Average goodwill (GAAP)			—			—			6,876		6,876			—			—			6,876			6,876
Average other intangibles (GAAP)			—			—			6		6			—			—			6			6
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			403		403			—			—			384			384
Average tangible common equity (non-GAAP)	C	$	4,756		$	4,334		$	3,640	$	12,730		$	4,685		$	4,205		$	4,023		$	12,913
Return on average tangible common equity (non-GAAP)	A/C		4.30	%		12.76	%		NM		6.12	%		4.57	%		13.10	%		NM			5.81	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	50,546		$	40,061		$	40,064	$	130,671		$	49,012		$	38,854		$	40,825		$	128,691
Less: Average goodwill (GAAP)			—			—			6,876		6,876			—			—			6,876			6,876
Average other intangibles (GAAP)			—			—			6		6			—			—			6			6
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			403		403			—			—			384			384
Average tangible assets (non-GAAP)	E	$	50,546		$	40,061		$	33,585	$	124,192		$	49,012		$	38,854		$	34,327		$	122,193
Return on average total tangible assets (non-GAAP)	A/E		0.40	%		1.38	%		NM		0.63	%		0.44	%		1.42	%		NM			0.61	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	611		$	180		$	33	$	824		$	609		$	162		$	39		$	810
Net interest income (GAAP)			536			283			21		840			532			270			18			820
Noninterest income (GAAP)			218			111			10		339			226			104			11			341
Total revenue	G	$	754		$	394		$	31	$	1,179		$	758		$	374		$	29		$	1,161
Efficiency ratio (non-GAAP)	F/G		81.09	%		45.48	%		NM		69.88	%		80.42	%		43.35	%		NM			69.84	%
		Three Months Ended June 30,
		2014
		Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	44		$	141		$	128	$	313
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,640		$	4,129		$	10,838	$	19,607
Less: Average goodwill (GAAP)			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			369		369
Average tangible common equity (non-GAAP)	C	$	4,640		$	4,129		$	4,324	$	13,093
Return on average tangible common equity (non-GAAP)	A/C		3.87	%		13.78	%		NM		9.59	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	48,556		$	38,022		$	40,570	$	127,148
Less: Average goodwill (GAAP)			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			369		369
Average tangible assets (non-GAAP)	E	$	48,556		$	38,022		$	34,056	$	120,634
Return on average total tangible assets (non-GAAP)	A/E		0.37	%		1.50	%		NM		1.04	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	655		$	157		$	136	$	948
Net interest income (GAAP)			546			264			23		833
Noninterest income (GAAP)			236			107			297		640
Total revenue	G	$	782		$	371		$	320	$	1,473
Efficiency ratio (non-GAAP)	F/G		83.61	%		42.36	%		NM		64.33	%

23

Citizens Financial Group, Inc.

Non-GAAP Reconciliation - Segments

$s in millions

		FOR THE SIX MONTHS ENDED JUNE 30,
		2015												2014
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	127		$	282		($	10	)	$	399		$	76		$	282		$	121	$	479
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,665		$	4,576		$	10,158		$	19,399		$	4,609		$	4,076		$	10,804	$	19,489
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			430			430			—			—			360		360
Average tangible common equity (non-GAAP)	C	$	4,665		$	4,576		$	3,707		$	12,948		$	4,609		$	4,076		$	4,281	$	12,966
Return on average tangible common equity (non-GAAP)	A/C		5.48	%		12.41	%		NM			6.21	%		3.35	%		13.97	%		NM		7.45	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	52,048		$	42,114		$	40,267		$	134,429		$	48,085		$	37,491		$	39,959	$	125,535
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			430			430			—			—			360		360
Average tangible assets (non-GAAP)	E	$	52,048		$	42,114		$	33,816		$	127,978		$	48,085		$	37,491		$	33,436	$	119,012
Return on average total tangible assets (non-GAAP)	A/E		0.49	%		1.35	%		NM			0.63	%		0.32	%		1.52	%		NM		0.81	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	1,209		$	354		$	88		$	1,651		$	1,293		$	310		$	155	$	1,758
Net interest income (GAAP)			1,077			562			37			1,676			1,083			520			38		1,641
Noninterest income (GAAP)			449			208			50			707			455			214			329		998
Total revenue	G	$	1,526		$	770		$	87		$	2,383		$	1,538		$	734		$	367	$	2,639
Efficiency ratio (non-GAAP)	F/G		79.25	%		46.04	%		NM			69.27	%		84.00	%		42.25	%		NM		66.58	%

24

Citizens Financial Group, Inc.

Forward-Looking Statements

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 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;

25

Citizens Financial Group, Inc.

• management’s ability to identify and manage these and other risks; and

• any failure by us to successfully replicate or replace certain functions, systems and infrastructure provided by The Royal Bank of Scotland Group plc (RBS).

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. In addition, the timing and manner of the sale of RBS’s remaining ownership of our common stock remains uncertain, and we have no control over the manner in which RBS may seek to divest such remaining shares. Any such sale would impact the price of our shares of common stock.

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, 2014, filed with the United States Securities and Exchange Commission on March 3, 2015.

Note: Percentage changes, per share amounts, and ratios presented in this document are calculated using whole dollars.

CFG-IR

26

EX-99.2

Exhibit 99.2

Exhibit 99.2

2Q15 Financial Results

July 21, 2015

Forward-looking statements

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 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; management’s ability to identify and manage these and other risks; and any failure by us to successfully replicate or replace certain functions, systems and infrastructure provided by The Royal Bank of Scotland Group plc (RBS).

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. In addition, the timing and manner of the sale of RBS’s remaining ownership of our common stock remains uncertain, and we have no control over the manner in which RBS may seek to divest such remaining shares. Any such sale would impact the price of our shares of common stock.

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, 2014, filed with the United States Securities and Exchange Commission on March 3, 2015.

Note: Percentage changes, per share amounts, and ratios presented in this document are calculated using whole dollars.

1

2Q15 highlights

Improving GAAP diluted EPS of $0.35; Adjusted diluted EPS1 of $0.40, up 3% from 1Q15 and 8% from 2Q14

profitability and Adjusted ROTCE1 of 6.7% vs. 6.3% in 2Q14

returns Over 510 bps of Adjusted operating leverage1 YoY, and 130 bps QoQ

Generated 9% YoY average loan growth, with strength in Commercial, Auto, Mortgage and Student

YoY average loan growth of $7.6 billion broadly on target, with $4.2 billion in total commercial, $3.0

billion in auto, and a net $407 million across other portfolios

Continued progress

on strategic growth Progress on strategic initiatives – Consumer—solid HH growth with improving cross-sell, good traction in

organic mortgage, auto and student originations; Commercial—Capital Markets fees up 15% YoY and

and efficiency strong loan growth across major businesses

initiatives Continued good expense discipline—Adjusted noninterest expense1 down 4% YoY – remain on track to

deliver targeted $200 million end of 2016 goal

Launched new initiatives to help maintain upward financial trajectory

Excellent credit Continued strong credit quality with nonperforming loans down 8% from 1Q15, and net charge-off ratio

quality and of 0.33%, compared with 0.31% in 2Q14 which included the benefit of a large commercial recovery

progress on risk Allowance for loan and lease losses of 1.24% of total loans and leases broadly stable with 1Q15

management NPLs down $86 million (8%); NPLs as a % of total loans and leases of 1.09%, down from 1.20% in 1Q15

Robust capital levels with a Common Equity Tier 1 Ratio of 11.8%; 3% growth from 2Q14 in tangible

Strong capital, book value/share1 to $24.03

liquidity, and Average deposits grew $6.4 billion, or 7% vs 2Q14; loan-to-deposit ratio of 97%

funding

In early April executed $250 million preferred stock offering and share repurchase

Adjusted results are non-GAAP items and exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix. “Chicago Divestiture” refers to the June 23, 2014 sale of the Chicago-area Charter One branches, small business and select middle market relationships.

2

Financial summary – GAAP

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Net interest income $ 840 $ 836 $ 833 $ 4 — % $ 7 1 %

Noninterest income 360 347 640 13 4 (280) (44)

Total revenue 1,200 1,183 1,473 17 1 (273) (19)

Noninterest expense 841 810 948 31 4 (107) (11)

Pre-provision profit 359 373 525 (14) (4) (166) (32)

Provision for credit losses 77 58 49 19 33 28 57

Income before income tax expense 282 315 476 (33) (10) (194) (41)

Income tax expense 92 106 163 (14) (13) (71) (44)

Net income $ 190 $ 209 $ 313 $ (19) (9) % $ (123) (39) %

$s in billions

Average interest earning assets $ 123.2 $ 121.3 $ 116.0 $ 1.9 2 % $ 7.2 6 %

Average deposits2 $ 98.5 $ 95.6 $ 92.2 $ 2.9 3 % $ 6.4 7 %

Key metrics

Net interest margin 2.72 % 2.77 % 2.87 % (5) bps (15) bps

Loan-to-deposit ratio (period-end) 2 96.6 % 95.8 % 97.2 % 80 bps (56) bps

ROTCE1,3 5.9 % 6.5 % 9.6 % (63) bps (369) bps

ROTA1,4 0.6 % 0.7 % 1.0 % (8) bps (45) bps

Efficiency ratio1 70 % 68 % 64 % 153 bps 569 bps

FTEs5 17,903 17,792 18,049 111 1 % (146) (1) %

Per common share

Diluted earnings $ 0.35 $ 0.38 $ 0.56 $ (0.03) (8) % $ (0.21) (38) %

Tangible book value1 $ 24.03 $ 23.96 $ 23.39 $ 0.07 — $ 0.64 3

Average diluted shares outstanding

(in millions) 539.9 549.8 560.0 (9.9) (2) % (20.1) (4) %

Highlights

Linked quarter:

Net income down $19 million driven by a $19 million increase in provision expense and a $30 million increase in restructuring charges and special items NII up slightly, reflecting the benefit of 2% loan growth and an additional day Noninterest income up $13 million with growth in most categories Noninterest expense up $31 million, driven by a $30 million increase in restructuring charges and special items

Investments to drive future growth continue, offset by efficiency program results Provision expense up $19 million from lower 1Q15 levels that reflected strong recoveries

Prior year quarter:

Net income down $123 million driven by the 2Q14 Chicago Divestiture gain NII up $7 million, despite an estimated $13 million decrease tied to Chicago Divestiture

6% average earning asset growth Noninterest income down $280 million, driven by estimated $300 million impact of the Chicago Divestiture; underlying growth of 6% Noninterest expense down 11% Provision increased $28 million, reflecting loan growth and lower recoveries

1 Non-GAAP item. See important information on use of Non-GAAP items in the Appendix.

2 Includes held for sale.

3 Return on average tangible common equity.

4 Return on average total tangible assets.

5 Full-time equivalent employees.

3

Restructuring charges and special items

GAAP results included restructuring charges and special items related to enhancing efficiencies and improving processes across the organization and separation from The Royal Bank of Scotland Group plc (“RBS”).

Restructuring charges and special items1 2Q15 change from

($s in millions, except per share data) 2Q15 1Q15 2Q14 1Q15 2Q14

Pre-tax net gain on Chicago Divestiture $ — $ — $ 288 $ — $ (288)

After-tax net gain on Chicago Divestiture $ — $ — $ 180 $ — (180)

Pre-tax total noninterest expense

restructuring charges and special items 40 10 115 30 (75)

After-tax total noninterest expense

restructuring charges and special items 25 6 72 19 (47)

Pre-tax restructuring charges and

special items (40) (10) 173 (30) (213)

After-tax restructuring charges and

special items (25) (6) 108 (19) (133)

Diluted EPS impact $ (0.05) $ (0.01) $ 0.19 $ (0.04) $ (0.24)

1 See page 28 for additional details.

4

Adjusted 2Q15 financial summary—excluding restructuring charges and special items1

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Net interest income $ 840 $ 836 $ 833 $ 4 — % $ 7 1 %

Adjusted noninterest income1 360 347 352 13 4 8 2

Adjusted total revenue1 1,200 1,183 1,185 17 1 15 1

Adjusted noninterest expense 1 801 800 833 1 — (32) (4)

Adjusted pre-provision profit1 399 383 352 16 4 47 13

Provision for credit losses 77 58 49 19 33 28 57

Adjusted pretax income1 322 325 303 (3) (1) 19 6

Adjusted income tax expense1 107 110 98 (3) (3) 9 9

Adjusted net income1 $ 215 $ 215 $ 205 $ — — % $ 10 5 %

$s in billions

Average interest earning assets $ 123.2 $ 121.3 $ 116.0 $ 1.9 2 % $ 7.2 6 %

Average deposits2 $ 98.5 $ 95.6 $ 92.2 $ 2.9 3 % $ 6.4 7 %

Key metrics

Net interest margin 2.72 % 2.77 % 2.87 % (5) bps (15) bps

Loan-to-deposit ratio (period-end) 2 96.6 % 95.8 % 97.2 % 80 bps (56) bps

Adjusted ROTCE1,3 6.7 % 6.7 % 6.3 % (6) bps 39 bps

Adjusted ROTA1,4 0.7 % 0.7 % 0.7 % (2) bps (1) bps

Adjusted efficiency ratio1 67 % 68 % 70 % (95) bps (353) bps

FTEs5 17,903 17,792 18,049 111 1 % (146) (1) %

Per common share

Adjusted diluted EPS1 $ 0.40 $ 0.39 $ 0.37 $ 0.01 3 % $ 0.03 8 %

Tangible book value1 $ 24.03 $ 23.96 $ 23.39 $ 0.07 — $ 0.64 3

Average diluted shares outstanding

(in millions) 539.9 549.8 560.0 (9.9) (2) % (20.1) (4) %

1 Non-GAAP item. Adjusted results exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix.

2 Includes held for sale.

3 Adjusted return on average tangible common equity.

4 Adjusted return on average total tangible assets.

5 Full-time equivalent employees.

6 Adjusts 2Q14 results for an estimated $13 million of NII, $12 million of noninterest income and $21 million of noninterest expense associated with the Chicago Divestiture.

Excluding the

estimated

impact of

Chicago

Divestiture6

2%

6%

3%

1%

Highlights

Linked quarter:

Adjusted net income remained stable reflecting revenue growth, expense discipline and an expected increase in provision expense Total revenue up $17 million

NII up $4 million as the benefit of 2% loan growth and an additional day in the quarter was muted by the continued impact of the rate environment on earning asset yields

Noninterest income up $13 million on growth across most categories Adjusted noninterest expense remained broadly flat Adjusted efficiency ratio improved 95 basis points Provision expense up 33% from 1Q15 levels which included strong commercial recoveries

Prior year quarter:

Adjusted net income up 5% reflecting impact of positive operating leverage, partially offset by a $28 million increase in provision expense Adjusted total revenue up $15 million despite an estimated $25 million impact related to the 2Q14 Chicago Divestiture6

NII up 2% excluding the Chicago Divestiture6 with 6% earning asset growth muted by lower yields

Adjusted noninterest income up 2%; 6% excluding the Chicago Divestiture6

Adjusted noninterest expense down 4%; 1% excluding the Chicago Divestiture6 Adjusted efficiency ratio improved by 353 bps

5

Net interest income

$s in millions,

except earning Net interest income

assets

$116B $117B $119B $121B $123B

$8201

$833 $820 $840 $836 $840

2.87%

2.77% 2.80% 2.77%

2.72%

2Q14 3Q14 4Q14 1Q15 2Q15

Average interest earning assets

Net interest income

Net interest margin

Average interest-earning assets

$s in billions 2Q14 3Q14 4Q14 1Q15 2Q15

Retail loans $47.5 $48.5 $49.8 $50.4 $50.9

commercial loans 40.5 41.2 42.3 43.5 44.7

Investments and cash2 26.8 27.3 26.5 27.1 27.1

Loans held for sale3 1.2 0.2 0.2 0.3 0.5

Total interest-earning assets $116.0 $117.2 $118.7 $121.3 $123.2

Loans Yields 3.40% 3.33% 3.34% 3.34% 3.30%

Cost of funds 0.43% 0.45% 0.49% 0.50% 0.52%

Highlights

Linked quarter:

NII up slightly

Benefit of $1.7 billion increase in average loans and leases and an additional day in the quarter

Offset by lower investment portfolio yields reflecting an increase in securities portfolio premium amortization, continued pressure on loan yields and a modest uptick in deposit costs NIM decreased 5 bps to 2.72%

Benefit of initiatives to improve loan mix and adjustments to risk appetite more than offset by factors described above

Prior year quarter:

NII up $7 million, or 1%, despite an estimated $13 million impact from Chicago Divestiture

9% average loan growth, and reduction in pay-fixed swap costs, partially offset by continued pressure from the persistent low-rate environment and higher deposit costs NIM declined 15 bps to 2.72% largely driven by the continued impact of the low-rate environment

Represents estimated underlying net interest income adjusted for the effect of Chicago Divestiture.

Includes Interest-bearing cash and due from banks and deposits in banks.

2Q14 includes other loans held for sale associated with the Chicago Divestiture.

6

Net interest margin

NIM% walk 1Q15 to 2Q15

(0.03%)

(0.01%) (0.01%)

2.77% 2.72%

1Q15 NIM% Loan yields, Investment Deposit costs 2Q15 NIM%

mix, & fees premium

amortization/

other

NIM% walk 2Q14 to 2Q15

0.04% (0.08%)

(0.05%)

(0.04%)

(0.02%)

2.87%

2.72%

2Q14 NIM% Pay-fixed Loan yields, Deposit costs Sub- Chicago 2Q15 NIM%

swap costs mix, & fees debt/Term Divestiture

issuance

7

Adjusted noninterest income2

$ s in millions

2Q15 change from

2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Service charges and fees $ 139 $ 135 $ 147 $ 4 3 % $ (8) (5) %

Card fees 60 52 61 8 15 (1) (2)

Trust & investment services fees 41 36 42 5 14 (1) (2)

Mortgage banking fees 30 33 14 (3) (9) 16 114

Capital markets fees 30 22 26 8 36 4 15

FX & trade finance fees 22 23 22 (1) (4) — —

Securities gains, net 9 8 — 1 13 9 —

Adjusted other income1,2 29 38 40 (9) (24) (11) (28)

Adjusted noninterest income2 $ 360 $ 347 $ 352 $ 13 4 % $ 8 2 3 %

Chicago Divestiture net gain — — 288 — — (288) (100)

Noninterest income $ 360 $ 347 $ 640 $ 13 4 % $ (280) (44) %

$360 $3522

$347

2Q15 1Q15 2Q14

Service charges and fees Card fees

Trust and inv services FX & trade finance fees

Mortgage banking fees Capital markets fee income

Securities gains (losses) Adjusted other income 2

Other income includes bank owned life insurance and other income.

Non-GAAP item. Adjusted results exclude the effect of net gain associated with Chicago Divestiture. See important information on use of Non-GAAP items in the Appendix.

6% growth excluding the Chicago Divestiture

Highlights

Linked quarter:

Noninterest income up $13 million on strength in capital markets, card fees, trust & investment services fees and service charges

Mortgage banking fees down $3 million driven by a $10 million gain on the sale of a portfolio in 1Q15, partially offset by positive MSR impact of $6 million

Adjusted other income down $9 million on a reduction in leasing income

Prior year quarter:

Noninterest income down $280 million driven by a roughly $300 million reduction related to the Chicago Divestiture:

$16 million increase in mortgage banking largely on increased origination volumes

$8 million decrease in service charges with estimated $6 million tied to Chicago Divestiture

$11 million adjusted other income decrease, including a $9 million gain on sale of student loan portfolio in 2Q14

8

Adjusted noninterest expense – excluding. restructuring charges and special items1

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Adjusted salaries and benefits1 $ 405 $ 420 $ 424 $ (15) (4) % $ (19) (4) %

Adjusted occupancy1 75 78 78 (3) (4) (3) (4)

Adjusted equipment expense 1 65 62 62 3 5 3 5

Adjusted outside services1 83 71 84 12 17 (1) (1)

Adjusted amortization of software 1 37 36 33 1 3 4 12

Adjusted other expense1 136 133 152 3 2 (16) (11)

Adjusted noninterest expense1 $ 801 $ 800 $ 833 $ 1 — % $ (32) (4) %

Restructuring charges and special items 40 10 115 30 300 (75) (65)

Total noninterest expense $ 841 $ 810 $ 948 $ 31 4 % $ (107) (11) %

Highlights

Linked quarter:

Adjusted noninterest expense remained relatively stable as a decrease in salaries & benefits and occupancy was offset by increased outside services, equipment and software amortization

Adjusted salaries and benefits down $15 million driven by the impact of seasonally higher payroll taxes and incentives expense in 1Q15

FTEs up 111 reflecting continued investments to drive growth and effectiveness

Prior year quarter:

Adjusted noninterest expense decreased $32 million, led by an estimated $21 million decrease related to the Chicago Divestiture

Efficiency initiatives further contributed to reduction, more than offsetting net investments to drive growth and effectiveness FTEs down 146 reflecting the impact of various efficiency initiatives, partially offset by investments in growth initiatives

$801 $800 $833

67% 68% 70%

2Q15 2 1Q15 2 2Q14 2

Full-time equivalents (FTEs) 17,903 17,792 18,049

Adjusted salary and benefits Adjusted occupancy & equip

Adjusted all other Adjusted efficiency ratio

Non-GAAP item. Adjusted results exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix. Additional details on restructuring charges and special items provided on page 28.

Excludes restructuring charges and special items.

9

Consolidated 2Q15 average balance sheet

2Q15 change from

$s in billions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Investments and interest bearing

deposits $ 27.1 $ 27.1 $ 26.8 $ 0.1 — % $ 0.3 1 %

Total commercial loans 44.7 43.5 40.5 1.2 3 4.2 10

Total retail loans 50.9 50.4 47.5 0.5 1 3.4 7

Total loans and leases 95.6 94.0 88.0 1.7 2 7.6 9

Loans held for sale 0.5 0.3 1.2 0.1 36 (0.7) (61)

Total interest-earning assets 123.2 121.3 116.0 1.9 2 7.2 6

Total noninterest-earning assets 12.3 12.0 11.2 0.3 3 1.2 10

Total assets $ 135.5 $ 133.3 $ 127.1 $ 2.2 2 $ 8.4 7

Low-cost core deposits1 51.1 49.8 47.6 1.2 2 3.4 7

Money market deposits 34.9 33.6 30.6 1.3 4 4.3 14

Term deposits 12.6 12.2 9.4 0.4 3 3.2 34

Held for sale — — 4.5 — NM (4.5) (100)

Total deposits2 $ 98.5 $ 95.6 $ 92.2 $ 2.9 3 $ 6.4 7

Total borrowed funds 14.8 15.5 13.2 (0.7) (5) 1.6 12

Total liabilities $ 115.9 $ 113.9 $ 107.5 $ 2.0 2 $ 8.4 8

Total stockholders’ equity 19.6 19.4 19.6 0.2 1 — —

Total liabilities and equity $ 135.5 $ 133.3 $ 127.1 $ 2.2 2 % $ 8.4 7 %

$123.2 billion

Interest-earning assets

Investments and CRE Other

interest-bearing 6% Commercial

deposits 22%

Total

Other 30% Commercial

Retail 5% 36%

Automobile 11%

Total 10%

16%

Retail Residential

42% Total home mortgage

equity

$113.3 billion

Deposits/borrowed funds

Borrowed

funds

13%

51%

Commercial/ 36% Retail /

Municipal/ Personal

Wholesale

Highlights

Linked quarter:

Total earning assets up 2%

Commercial loans up $1.2 billion, given strength in Commercial Real Estate, Middle Market, Franchise Finance, and Corporate Finance

Retail loans up $464 million driven by growth in auto, mortgage, and student Total deposits increased 3%

Growth focused on commercial relationships and consumer checking/savings

Prior year quarter:

Total earning assets up 6%

Retail loans up 7% driven by growth in auto, mortgage and student

Commercial loans up 10% due to growth in Commercial Real Estate, Industry Verticals, Mid-Corporate and Franchise Finance Total deposits excluding held for sale up $10.9 billion, or 12%, reflecting strength in money-market, term deposits and checking with interest Borrowed funds up $1.6 billion driven by sub-debt issuances tied to our capital exchange transactions, as well as senior debt issuance borrowings to enhance LCR

10

Consumer Banking average loans and leases

$s in billions

Average loans and leases

$49.2B $50.1B $50.7B

$47.2B $47.7B $2.3

$2.6 $2.5

$2.8 $2.7 $3.1 $3.1

$3.0

$3.0 $2.3 $2.7

$3.2 $1.8

$1.8 $1.6

$12.4 $12.9 $13.5

$10.5 $11.4

$19.7 $19.1 $18.8 $18.4 $18.0

$9.2 $9.9 $10.6 $10.9 $11.1

2Q14 3Q14 4Q14 1Q15 2Q15

Yields 3.70% 3.67% 3.68% 3.72% 3.68%

Mortgage Home Equity Auto

Student Business Banking Other 1

Highlights

Linked quarter:

Average loans increased $680 million, or 1%

Net average impact of loan purchases and sales of $207 million in 2Q15; average impact of purchases was an increase of $252 million in auto, $55 million in student and a net decrease of $100 million in mortgages

Consumer loan yields down 4 basis points reflecting some variability in auto and student

Prior year quarter:

Average loans up $3.5 billion largely as growth of $3.0 billion in auto, $1.9 billion in mortgages and $0.9 billion in student was partially offset by $1.7 billion lower home equity outstandings Loan yields down modestly as the effect of the low-rate environment continued to impact yields

Recent developments:

SCUSA flows reduced to ~$750 million annually over 2H15, 2016 Purchased ~$200 million of high-quality student refi loans in 2Q15 from SOFI, with plans to purchase additional $300 million over 3 quarters Mortgage pipeline is $1.9 billion as of June 30, 2015, up $300 million QoQ and $1.0 billion YoY

11

Commercial Banking average loans and leases

$s in billions

Average loans and leases

$40.2B $41.5B

$38.9B

$37.4B $37.8B $3.0

$2.6

$2.5

$2.2 $2.2

$7.4 $7.7

$6.7 $7.0 $7.2

$6.1 $6.1

$5.8 $6.1 $6.3

$12.0 $12.2

$12.4 $11.8 $11.7

$2.9 $3.1

$2.5 $2.7 $2.8

$2.2 $2.1 $2.5 $2.9 $3.0

$5.6 $5.9 $6.0 $6.3 $6.4

2Q14 3Q14 4Q14 1Q15 2Q15

Yields 2.67% 2.61% 2.63% 2.58% 2.57%

Mid-Corporate Industry Verticals

Franchise Finance Middle Market

Asset Finance Commercial Real Estate

Other 1

Highlights

Linked quarter:

Average loans up $1.2 billion, or 3%, on strength in Commercial Real Estate, Middle Market, Corporate Finance and Franchise Finance Loan yields remained relatively stable despite the continued effect of the low-rate environment

Prior year quarter:

Average loans up $4.1 billion on strength in Commercial Real Estate, Industry Verticals, Mid-Corporate, Franchise Finance and Corporate Finance Loan yields down 10 bps largely reflecting continued impact of low-rate environment

12

Average funding and cost of funds

$s in billions

Average interest-bearing liabilities1

$85.4B $86.9B

$82.5B

$80.8B $3.9

$3.9

$74.8B $2.0 $2.8 $6.5

$7.0

$1.4 $6.7 $6.1 $4.4

$6.0 $5.1 $4.6

$6.3

$5.7 $12.2 $12.6

$11.9

$10.6

$9.4

$16.6

$15.2 $15.7 $16.0

$13.8

$38.4 $40.1 $40.9 $41.7 $43.0

2Q14 3Q14 4Q14 1Q15 2Q15

Total cost of funds1 0.44% 0.45% 0.49% 0.50% 0.52%

Money market & savings Checking with interest

Term & time deposits Total fed funds & repo

Short-term borrowed funds Total long-term borrowings

Highlights

Linked quarter:

Average interest-bearing deposits increased $2.2 billion, or 3%, with growth in nearly all major categories

DDA up $663 million, interest checking up $522 million, money market & savings up $1.3 billion, and term deposits up $392 million

Total deposit costs increased 2 bps to 0.24%, reflecting the impact of promotional pricing strategies and competitive pressure Continued progress in repositioning liabilities structure to better align with peers

Prior year quarter:

Average interest-bearing deposits increased $10.5 billion, or 17%, on strength across all categories

Total deposit cost of funds increased 8 bps

13

Summary of progress on strategic initiatives

2Q15 2015

Initiative Commentary

Status Outlook

1 Reenergize household growth 2Q15 YoY checking household growth of 2%; new customer cross-sell

rate improved to 3.28 vs. 2.98 in 2Q14

LOs up 86, or 23%, from 2Q14; Origination volume up 68% over 2Q14

2 Expand mortgage sales force

given strong activity in both refinance and purchase originations

Strong growth in organic originations which accounted for

3 Grow Auto approximately 80% of origination volume in 2Q15

Strong new refinance product originations of $363 million in 2Q15;

Consumer 4 Grow Student

new Parent loan product launched in mid-April

5 Expand Business Banking Origination volume of $160mm in 2Q15 up 25% vs. 2Q14

Added 44 wealth managers and 169 licensed bankers over the past

6 Expand Wealth sales force year (overall growth 33%); competitive hiring environment continues

Mid-Corp and specialty verticals grew YoY outstanding balances by 14%

7 Build out Mid-Corp & verticals

and 38%, respectively

Fee income growth of 15% YoY in 2Q15 driven by strong lead left

8 Continue development of Capital transactions, hiring efforts and continued build out of products and

Markets

capabilities

9 Build out Treasury Solutions Continued investment in technology and focus on hiring specialists

10 Grow Franchise Finance Strong client acquisition efforts with a 12% increase in customers in

2Q15 vs. 2Q14

Commercial Originations up 28% in 2Q15 vs. 2Q14, with commitment pipeline up

11a Core: Middle Market

over 10% YoY; continue to see competitive pricing environment

11b Core: CRE CRE loans up 15% YoY to $7.7 billion at 2Q15

New business initiatives progressing with portfolio balance increasing

Core: Asset Finance

11c by 4% YoY

14

Strong credit quality trends continue

$ s in millions Net charge-offs (recoveries)

$88

$ 68 $80 $54 $78

$9

$ 11 $6 $7 $3

$75 $72 $68

$ 70 $69

0.31% 0.38% 0.35% 0.33%

0.23%

$7

($ 13) $4 $2 ($22)

2Q14 3Q14 4Q14 1Q15 2Q15

Commercial Retail

SBO Net c/o ratio

Provision for credit losses, charge-offs, NPLs

$88

$77 $80 $78 $77

$68 $72

$54 $58

$49

$1.2B $1.1B $1.1B $1.1B $1.1B

2Q14 3Q14 4Q14 1Q15 2Q15

Net charge-offs Provision NPLs

For credit

losses

1 Allowance for loan and lease losses to nonperforming loans and leases.

Highlights

Overall credit quality remains strong. NPL’s declined by $86 million or 8% QoQ and 13% YoY

Net charge-offs were $78 million, or 0.33% of average loans and leases

Commercial net charge-offs were $7 million in 2Q15, reflecting a return to more normalized levels after a large recovery in 1Q15

Provision for credit losses of $77 million increased $19 million vs. 1Q15 which included a large commercial real estate recovery

Results reflect reserve release of $1 million vs. $4 million reserve build in 1Q15

Allowance as a % of total loans and leases was stable, 1.24% vs. 1.27% in 1Q15

NPLs to total loans decreased to 1.09% vs. 1.20% in 1Q15

Allowance coverage for NPLs 114% vs. 106% in 1Q15

Allowance for loan and lease losses

$1,210 $1,201 $1,195 $1,202 $1,201

101% 111% 109% 106% 114%

2Q14 3Q14 4Q14 1Q15 2Q15

Allowance for loan and lease losses Coverage Ratio 1

15

Capital and liquidity remain strong

as of

$s in billions (period-end) 2Q14 3Q14 4Q14 1Q15 2Q15

Basel I/III transitional basis1,2 Basel I Basel III

Common equity tier 1 capital $ 13.4 $ 13.3 $ 13.2 $ 13.4 $ 13.3

Risk-weighted assets $ 101.4 $ 103.2 $ 106.0 $ 109.8 $ 112.1

Common equity tier 1 ratio 13.3 % 12.9 % 12.4 % 12.2 % 11.8 %

Total capital ratio 16.2 % 16.1 % 15.8 % 15.5 % 15.3 %

Basel III fully phased-in1,3

Common equity tier 1 ratio 13.0% 12.5% 12.1% 12.1% 11.8%

Basel III minimum for CET1 ratio 2015 2016 2017 2018 2019

Basel III minimum plus phased-in

capital conservation buffer 4.5 % 5.1 % 5.8 % 6.4 % 7.0 %

Capital ratio trend Loan-to-deposit ratio5

16.2% 16.1% 15.8% 15.5% 15.3% 97% 97% 98% 96% 97%

13.3% 12.9%

12.4% 12.2% 11.8%

2Q14 3Q14 4Q14 1Q15 2Q15 2Q14 3Q14 4Q14 1Q15 2Q15

Total capital ratio 1,2

Common equity tier 1 ratio 1,2

Highlights

Capital levels remain above regional peers

2Q15 Basel III common equity tier 1 ratio (transitional basis) down approximately 40 basis points from 1Q15

Net income: ~17 bps increase

RWA growth: ~25 bps decrease

Share repurchase: ~23 bps decrease

Dividends & other: ~9 decrease

LDR remained relatively stable at 97% Already meet initial LCR requirement4

Current reporting period regulatory capital ratios are preliminary.

Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume that certain definitions impacting qualifying Basel III capital will phase in through 2018. Ratios also reflect the required US Standardized methodology for calculating RWAs, effective January 1, 2015.

Prior to Basel III becoming effective January 1, 2015 this was a Non-GAAP financial measure. See important information on use of Non-GAAP items in the Appendix.

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 formal compliance requirement of 90% does not begin until January 2016.

Period-end Includes held for sale.

16

Delivered for all stakeholders in 2Q15

Changed 200 Charter One branches in Michigan and Ohio to Citizens Bank to unify and simplify brand

Customers

Ranked as one of the 10 most reputable U.S. banks in annual American Banker reputation survey

Launched an intensive development program for top levels of leaders

Colleagues

Established program in business lines to accelerate and enhance onboarding of new sales team members

Awarded more than $1 million to 72 nonprofit groups across our footprint that provide financial literacy

Community support

Made $175,000 in grants to five organizations in New England and the Mid-Atlantic that provide support for

veterans as part of our Champions in Action program

Tracking well overall on key turnaround initiatives

Financial performance broadly in line with expectations

Shareowners

Continue work on further revenue and expenses initiatives

Launched new initiatives to help maintain upward financial trajectory

Making steady progress on broader regulatory remediation effort

Regulators

Focused on resolving older enforcement matters

Objective is to become a top-performing regional bank

17

3Q15 outlook

3Q15 expectations vs. 2Q15

Net interest Average loan growth rate of ~1.5%

income, net

Net interest margin broadly stable, may have bottomed

interest margin

Operating leverage, Positive operating leverage expected to continue

efficiency ratio Modest expense growth due to investments tied to growth initiatives

Credit trends Expect stable asset quality trends

and costs Provision expense expected to continue to normalize

Restructuring

No additional costs expected in 2015

costs

Capital, liquidity Quarter-end Basel III common equity Tier 1 ratio ~11.75%

and funding Loan-to-deposit ratio 97-98%

18

Incremental revenue and efficiency initiatives (Top II)

2016 Targeted

Pre-tax Benefit

($s in millions)

Category Name Description Revenue Expense

Operations transformation Refine operating model to simplify $25-$30

organization, reduce costs, improve service

levels and enhance controls

Efficiency

Procurement Achieve cost reduction opportunities through $15-$20

further vendor management consolidation

and tighter standards

Commercial Lending/ Improve customer pricing methodology to $20-$25

Pricing Treasury Services better align with competitive landscape,

utilizing enhanced client segmentation

Consumer distribution Launch effort to improve branch and contact $15-$20

channel effectiveness center sales effectiveness, with the goal of

Revenue deepening customer relationships

Enhancement Commercial and Consumer Develop improved high-value customer $15-$20

retention programs, and enhanced tools and

analytics to improve cross-sell efforts

Total $50-$65 $40-$50

$90-$115

19

Impact on guidance

Broadly reaffirm overall FY 2015 guidance provided on 4Q14 earnings call

Expectation is for lower revenues offset by better expenses, credit provision

Main headwind from rates; now assuming only one rate hike at year-end

Expect Top II initiatives to provide ~$25 million pre-tax benefit in 2015, thereby protecting outlook

Targeted benefit of Top II revenue and efficiency initiatives for 2016 primarily offset slower build on fee-based business, lower NIM starting point

Expect to be able to cover “ROTCE walk” elements ex-rates impact (NII & OCI)

Have adjusted timing for Mortgage and Wealth build-outs to extend an additional year given current trends/market conditions

Plans will be regularly adjusted based on market and competitive conditions, will continue to develop new ideas Current forward Fed Funds curve creates revenue gap in 2016

As a result, achievement of 10% ROTCE run-rate target by end 2016 is likely pushed out

Will provide 2016 guidance in January 2016

20

Key messages

Continue to execute well on our broad agenda

Good momentum in both Consumer and Commercial

Have developed new initiatives to continue our upward financial trajectory Asset sensitivity continues to be stable, await benefit from higher rates Asset quality, capital ratios, and liquidity position remain strong

21

Appendix

22

Quarter over quarter results

Adjusted pre-provision profit1 Period-end loans2 Adjusted return on average

$s in millions $s in billions tangible assets1

$399 13% $96.5 9% 1 bps

$352 $88.8 0.7% 0.7%

2Q14 2Q15 2Q14 2Q15 2Q14 2Q15

Adjusted net income1 Period-end deposits2 Adjusted return on average

$s in millions $s in billions tangible common equity1

$215 5% 10% 39 bps

$205 $100.6 6.3% 6.7%

$91.7

$0.40 8%

$0.37

2Q14 2Q15 2Q14 2Q15 2Q14 2Q15

Adjusted Diluted EPS1

Adjusted results are non-GAAP items and exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix.

Excludes loans and deposits held for sale.

23

Linked quarter results

Adjusted pre-provision profit1 Basel III common equity Adjusted return on average

$s in millions tier 1 capital ratio2 tangible assets1

$399 4% ~40 bps 2 bps

$383 12.2% 11.8% 0.7% 0.7%

1Q15 2Q15 1Q15 2Q15 1Q15 2Q15

Adjusted net income1 Tier 1 leverage ratio2 Adjusted return on average

$s in millions tangible common equity1

unchanged ~10 bps 6 bps

$215 $215 10.5% 10.4% 6.7% 6.7%

$0.39 $0.40 3%

1Q15 2Q15 1Q15 2Q15 1Q15 2Q15

Adjusted Diluted EPS1

Adjusted results are non-GAAP items and exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix.

Current reporting period regulatory capital ratios are preliminary.

24

Consumer Banking segment

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Net interest income $ 544 $ 533 $ 546 $ 11 2 % $ (2) — %

Noninterest income 230 219 236 11 5 (6) (3)

Total revenue 774 752 782 22 3 (8) (1)

Noninterest expense 613 596 655 17 3 (42) (6)

Pre-provision profit 161 156 127 5 3 34 27

Provision for credit losses 60 63 59 (3) (5) 1 2

Income before income tax

101 93 68 8 9 33 49

expense

Income tax expense 35 32 24 3 9 11 46

Net income $ 66 $ 61 $ 44 $ 5 8 % $ 22 50 %

Average balances

$s in billions

Total loans and leases2 $ 51.0 $ 50.3 $ 47.4 $ 0.8 2 % $ 3.7 8 %

Total deposits2 $ 70.0 $ 67.5 $ 70.2 $ 2.4 4 % $ (0.2) — %

Mortgage Banking metrics

Originations $ 1,523 $ 1,211 $ 904 $ 312 26 % $ 619 68 %

Origination Pipeline 1,897 1,683 1,020 214 13 % 877 86 %

Gain on sale of secondary

originations 2.18% 2.65% 1.91% (47) bps 27 bps

Performance metrics

ROTCE1,3 5.7% 5.3% 3.9% 36 bps 179 bps

Efficiency ratio1 79% 79% 84% — bps (436) bps

Excluding the

estimated

impact of

Chicago

Divestiture4

3%

2%

3%

3%

Highlights

Linked quarter:

Net income up $5 million

Net interest income increased $11 million, driven by loan growth and one additional day in the quarter, partially offset by lower yields and higher deposit costs

Average loans and deposit growth of 2% and 4%, respectively Noninterest income up $11 million as growth was partially offset by lower mortgage banking fees related to the gain in the prior quarter

Mortgage originations up 26%

Noninterest expense increased $17 million as growth was offset by lower insurance and payroll taxes, and occupancy expense

Prior year quarter:

Net income up $22 million

Revenue down $8 million driven by an estimated $32 million decrease related to Chicago Divestiture; underlying revenue up $23 million on strong loan growth and momentum in mortgage and household growth

Loans up $3.7 billion; total deposits down $200 million reflecting Chicago Divestiture Noninterest expense down $42 million, including $20 million related to Chicago Divestiture

Non-GAAP item. Adjusted results exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix.

Includes held for sale.

Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. We approximate that regulatory capital is equivalent to a sustainable target level for Tier 1 common equity and then allocate that approximation to the segments based on economic capital.

Adjusts 2Q14 results for an estimated $21 million of NII, $11 million of non-interest income and $20 million of noninterest expense associated with the Chicago Divestiture.

25

Commercial Banking segment

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Net interest income $ 286 $ 276 $ 264 $ 10 4 % $ 22 8 %

Noninterest income 108 100 107 8 8 1 1

Total revenue 394 376 371 18 5 23 6

Noninterest expense 181 173 157 8 5 24 15

Pre-provision profit 213 203 214 10 5 (1) —

Provision for credit losses 7 (21) (2) 28 133 9 450

Income before income tax

206 224 216 (18) (8) (10) (5)

expense

Income tax expense 71 77 75 (6) (8) (4) (5)

Net income $ 135 $ 147 $ 141 $ (12) (8) % $ (6) (4) %

Average balances

$s in billions

Total loans and leases2 $ 41.5 $ 40.2 $ 37.4 $ 1.2 3 % $ 4.1 11 %

Total deposits2 $ 22.7 $ 21.9 $ 18.4 $ 0.8 4 % $ 4.4 24 %

Performance metrics

ROTCE1,3 11.7% 13.2% 13.8% (146) bps (209) bps

Efficiency ratio1 46% 46% 42% 6 bps 371 bps

Highlights

Linked quarter:

Commercial Banking net income decreased $12 million Total revenue up $18 million, net interest income up $10 million on a 3% increase in loans and 4% increase in deposits

Strength in Commercial Real Estate, Middle Market, Franchise Finance, Corporate Finance and Mid-Corporate

Deposits up $785 million, or 4%

Noninterest income up $8 million largely reflecting strength in capital markets and interest rate products, partially offset by lower leasing income

Noninterest expense increased $8 million, as increased outside services, regulatory costs, equipment and advertising expense, was partially offset by lower salaries and benefits and insurance and tax expense

Prior year quarter:

Net income decreased $6 million, as 6% revenue growth was more than offset by increased noninterest expense including investments to drive future growth and provision expense

NII up $22 million on $4.1 billion increase in loans and $4.4 billion increase in deposits

Noninterest income was relatively stable largely as capital markets and interest rate product fees were offset by a decline in leasing income

Noninterest expense up $24 million driven by increased salaries and benefits tied to growth initiatives, higher insurance, equipment and outside services expense, as well as higher regulatory costs

Non-GAAP item. Adjusted results exclude the effect of net restructuring charges and special items associated with Chicago Divestiture, efficiency and effectiveness programs and separation from RBS. See important information on use of Non-GAAP items in the Appendix.

Includes held for sale.

Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. We approximate that regulatory capital is equivalent to a sustainable target level for Tier 1 common equity and then allocate that approximation to the segments based on economic capital.

26

Other

2Q15 change from

$s in millions 2Q15 1Q15 2Q14 1Q15 2Q14

$ % $ %

Net interest income $ 10 $ 27 $ 23 $ (17) (63) % $ (13) (57) %

Noninterest income 22 28 297 (6) (21) (275) (93)

Total revenue 32 55 320 (23) (42) (288) (90)

Noninterest expense 47 41 136 6 15 (89) (65)

Pre-provision profit (loss) (15) 14 184 (29) (207) (199) (108)

Provision for credit losses 10 16 (8) (6) (38) 18 225

Income (loss) before income

(25) (2) 192 (23) NM (217) (113)

tax expense (benefit)

Income tax expense (benefit) (14) (3) 64 (11) (367) (78) (122)

Net income (loss) $ (11) $ 1 $ 128 $ (12) NM % $ (139) (109) %

Average balances

$s in billions

Total loans and leases1 $ 3.6 $ 3.8 $ 4.4 $ (0.2) (6) % $ (0.9) (20) %

Total deposits $ 5.9 $ 6.2 $ 3.6 $ (0.3) (6) % $ 2.2 61 %

Includes held for sale.

27

Restructuring charges and special items

GAAP results included restructuring charges and special items related to enhancing efficiencies and improving processes across the organization and separation from the Royal Bank of Scotland Group plc (“RBS”).

as of and for the three months ended

Restructuring charges and special items June 30, 2015 March 31, 2015 increase/decrease

($s in millions, except per share data) pre-tax after-tax pre-tax after-tax pre-tax after-tax

Noninterest expense restructuring charges

and special items:

Salaries and employee benefits 6 4 (1) — 7 4

Outside services 16 10 8 5 8 5

Occupancy 15 9 2 1 13 8

Equipment expense — — 1 — (1) —

Other operating expense 3 2 — — 3 2

Total noninterest expense restructuring

$ 40 $ 25 $ 10 $ 6 $ 30 $ 19

charges and special items

Net restructuring charges and special items $ (40) $ (25) $ (10) $ (6) $ (30) $ (19)

Diluted EPS impact $ (0.05) $ (0.01) $ (0.04)

28

Loan Reconciliation

Average balances $s in millions

2Q15 change from

2Q14 3Q14 4Q14 1Q15 2Q15 1Q15 2Q14

Consumer Banking Segment $ 47,368 $ 47,848 $ 49,351 $ 50,260 $ 51,024 $ 764 2 % $ 3,656 8 %

Add:

Non-core loans 3,066 2,932 2,801 2,667 2,517 (150) (6) (549) (18)

Retail loans in Commercial Banking (1) 135 134 145 143 161 18 13 26 19

Other 775 737 681 629 586 (43) (7) (189) (24)

Less:

Commercial loans in Consumer Banking (2) 3,221 3,022 3,017 3,056 3,096 40 1 (125) (4)

Chicago Divestiture loans reclassed to LHFS 438 — NM (438) (100)

LHFS 138 170 179 197 282 85 43 144 105

Total Retail loans $ 47,547 $ 48,459 $ 49,782 $ 50,446 $ 50,910 $ 464 1 % $ 3,363 7 %

Commercial Banking Segment $ 37,389 $ 37,787 $ 38,926 $ 40,241 $ 41,467 $ 1,226 3 % $ 4,078 11 %

Add:

Commercial loans in Consumer Banking (2) 3,221 3,022 3,017 3,056 3,096 40 1 (125) (4)

Non-core loans 405 353 309 266 230 (36) (13) (175) (43)

CRA 165 171 182 198 212 13 7 47 29

Other 22 25 28 24 23 — — 1 5

Less:

Retail loans in Commercial Banking (1) 135 134 145 143 161 18 13 26 19

Chicago Divestiture loans reclassed to LHFS 489 — NM (489) (100)

LHFS 106 33 54 136 171 35 26 65 61

Total Commercial loans $ 40,472 $ 41,191 $ 42,263 $ 43,506 $ 44,696 $ 1,190 3 % $ 4,224 10 %

Primarily Treasury Solutions (Credit cards).

Primarily Business Banking.

29

Non-core home equity portfolio serviced by others (SBO)1

Non-core period-end loans

$3.4B $3.2B $3.0B $2.9B

$2.7B

2Q14 3Q14 4Q14 1Q15 2Q15

Retail Commercial SBO

SBO balances and charge-offs

$2.0B

$1.9B $1.8B

$1.7B $1.6B

2.51% 2.43%

1.67% 1.49%

0.70%

1.56%

1.21% 1.18% 0.81% 0.89%

2Q14 3Q14 4Q14 1Q15 2Q15

SBO balance Charge-offs loans

Charge-offs line of credit

Top 5 SBO balances by state2

$s in millions

$511 $461

$284

$106 $100 $95 $84

CA MD VA FL WA of in

all other out footprint other otprint

ll fo

a

SBO balances by LTV2 SBO balances by FICO2,3

120+

< 70 < 620

3 760+

12% 15%

100-119 26% 31%

16% 70-79 17% 620-679

20%

23% 20% 17%

90-99 80-89 720-759 680-719

SBO balances by product2 SBO Lien Position2

HELOC

$0.5B

30%

2nd Lien 95% 5% 1st Lien

$1.1B

70%

HE Loan

A portion of the serviced by others portfolio is serviced by CFG.

SBO distribution gross period-end balances as of June 30, 2015.

FICO scores updated quarterly.

30

Non-GAAP Financial Measures

This document contains non-GAAP financial measures. The table below presents reconciliations of certain non-GAAP measures. These reconciliations exclude restructuring charges and/or special items, which are usually 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 set forth below include “total revenue”, “noninterest income”, “ noninterest expense”, “pre-provision profit”, “income before income tax expense (benefit)”, “income tax expense (benefit)”, “net income (loss)”, “salaries and employee benefits”, “outside services”, “occupancy”, “equipment expense”, “amortization of software”, “other operating expense”, “net income (loss) per average common share”, “return of average common equity” and “return on average total assets”. In addition, we present computations for “tangible book value per common share”, “return on average tangible common equity”, “return on average total tangible assets” and “efficiency ratio” as part of our non-GAAP measures. Additionally, “pro forma Basel III fully phased-in common equity tier 1 capital” computations for periods prior to first quarter 2015 are presented 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.

31

Non-GAAP Reconciliation Table

(Excluding restructuring charges and special items) $s in millions, except per share data

FOR THE SIX MONTHS ENDED

QUARTERLY TRENDS JUNE 30

2Q15 1Q15 4Q14 3Q14 2Q14 2015 2014

Noninterest income, excluding special items:

Noninterest income (GAAP) A $360 $347 $339 $341 $640 $707 $998

Less: Special items—Chicago gain — — — — 288 — 288

Noninterest income, excluding special items (non-GAAP) B $360 $347 $339 $341 $352 $707 $710

Total revenue, excluding special items:

Total revenue (GAAP) C $1,200 $1,183 $1,179 $1,161 $1,473 $2,383 $2,639

Less: Special items—Chicago gain — — — — 288 — 288

Total revenue, excluding special items (non-GAAP) D $1,200 $1,183 $1,179 $1,161 $1,185 $2,383 $2,351

Noninterest expense, excluding restructuring charges and special items:

Noninterest expense (GAAP) E $841 $810 $824 $810 $948 $1,651 $1,758

Less: Restructuring charges and special items NN 40 10 33 21 115 50 115

Noninterest expense, excluding restructuring charges and special items (non-GAAP) F $801 $800 $791 $789 $833 $1,601 $1,643

Net income, excluding restructuring charges and special items:

Net income (GAAP) G $190 $209 $197 $189 $313 $399 $479

Add: Restructuring charges and special items, net of income tax expense (benefit) 25 6 20 13 (108) 31 (108)

Net income, excluding restructuring charges and special items (non-GAAP) H $215 $215 $217 $202 $205 $430 $371

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

Average common equity (GAAP) I $19,391 $19,407 $19,209 $19,411 $19,607 $19,399 $19,489

Return on average common equity, excluding restructuring charges and special

H/I 4.45 % 4.49 % 4.48 % 4.14 % 4.19 % 4.47 % 3.84 %

items (non-GAAP)

Return on average tangible common equity and return on average tangible

common equity, excluding restructuring charges and special items:

Average common equity (GAAP) I $19,391 $19,407 $19,209 $19,411 $19,607 $19,399 $19,489

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

Less: Average other intangibles (GAAP) 5 5 6 6 7 5 7

Add: Average deferred tax liabilities related to goodwill (GAAP) 437 422 403 384 369 430 360

Average tangible common equity (non-GAAP) J $12,947 $12,948 $12,730 $12,913 $13,093 $12,948 $12,966

Return on average tangible common equity (non-GAAP) G/J 5.90 % 6.53 % 6.12 % 5.81 % 9.59 % 6.21 % 7.45 %

Return on average tangible common equity, excluding restructuring charges and

H/J 6.67 % 6.73 % 6.76 % 6.22 % 6.28 % 6.70 % 5.77 %

special items (non-GAAP)

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

Average total assets (GAAP) K $135,521 $133,325 $130,671 $128,691 $127,148 $134,429 $125,535

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

H/K 0.64 % 0.65 % 0.66 % 0.62 % 0.65 % 0.65 % 0.60 %

(non-GAAP)

Return on average total tangible assets and return on average total tangible assets,

excluding restructuring charges and special items:

Average total assets (GAAP) K $135,521 $133,325 $130,671 $128,691 $127,148 $134,429 $125,535

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

Less: Average other intangibles (GAAP) 5 5 6 6 7 5 7

Add: Average deferred tax liabilities related to goodwill (GAAP) 437 422 403 384 369 430 360

Average tangible assets (non-GAAP) L $129,077 $126,866 $124,192 $122,193 $120,634 $127,978 $119,012

Return on average total tangible assets (non-GAAP) G/L 0.59 % 0.67 % 0.63 % 0.61 % 1.04 % 0.63 % 0.81 %

Return on average total tangible assets, excluding restructuring charges and special

H/L 0.67 % 0.69 % 0.69 % 0.66 % 0.68 % 0.68 % 0.63 %

items (non-GAAP)

32

Non-GAAP Reconciliation Table

(Excluding restructuring charges and special items)

$s in millions, except per share data

FOR THE SIX MONTHS ENDED

QUARTERLY TRENDS JUNE 30

2Q15 1Q15 4Q14 3Q14 2Q14 2015 2014

Efficiency ratio and efficiency ratio, excluding restructuring charges and special items:

Net interest income (GAAP) $840 $836 $840 $820 $833 $1,676 $1,641

Add: Noninterest income (GAAP) 360 347 339 341 640 707 998

Total revenue (GAAP) C $1,200 $1,183 $1,179 $1,161 $1,473 $2,383 $2,639

Efficiency ratio (non-GAAP) E/C 70.02 % 68.49 % 69.88 % 69.84 % 64.33 % 69.27 % 66.58 %

Efficiency ratio, excluding restructuring charges and special items (non-GAAP) F/D 66.7 % 67.65 % 67.11 % 68.02 % 70.23 % 67.17 % 69.83 %

Tangible book value per common share:

Common shares—at end of period (GAAP) M 537,149,717 547,490,812 545,884,519 559,998,324 559,998,324 537,149,717 559,998,324

Stockholders’ equity (GAAP) $19,339 $19,564 $19,268 $19,383 $19,597 $19,339 $19,597

Less: Goodwill (GAAP) 6,876 6,876 6,876 6,876 6,876 6,876 6,876

Less: Other intangible assets (GAAP) 4 5 6 6 7 4 7

Add: Deferred tax liabilities related to goodwill (GAAP) 450 434 420 399 384 450 384

Tangible common equity (non-GAAP) N $12,909 $13,117 $12,806 $12,900 $13,098 $12,909 $13,098

Tangible book value per common share (non-GAAP) N/M $24.03 $23.96 $23.46 $23.04 $23.39 $24.03 $23.39

Net income per average common share—basic and diluted, excluding restructuring

charges and special items:

Average common shares outstanding—basic (GAAP) O 537,729,248 546,291,363 546,810,009 559,998,324 559,998,324 541,986,653 559,998,324

Average common shares outstanding—diluted (GAAP) P 539,909,366 549,798,717 550,676,298 560,243,747 559,998,324 544,804,268 559,998,324

Net income applicable to common stockholders (GAAP) Q $190 $209 $197 $189 $313 $399 $479

Net income per average common share—basic (GAAP) Q/O 0.35 0.38 0.36 0.34 0.56 0.74 0.86

Net income per average common share—diluted (GAAP) Q/P 0.35 0.38 0.36 0.34 0.56 0.73 0.86

Net income applicable to common stockholders, excluding restructuring charges

R 215 215 217 202 205 430 371

and special items (non-GAAP)

Net income per average common share—basic, excluding restructuring charges and

R/O 0.40 0.39 0.40 0.36 0.37 0.79 0.66

special items (non-GAAP)

Net income per average common share—diluted, excluding restructuring charges

R/P 0.40 0.39 0.39 0.36 0.37 0.79 0.66

and special items (non-GAAP)

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

Common equity tier 1 (regulatory) $13,270 $13,360 $13,173 $13,330 $13,448

Less: Change in DTA and other threshold deductions (GAAP) 3 3 (6) (5) (7)

Pro forma Basel III fully phased-in common equity tier 1 (non-GAAP) S $13,267 $13,357 $13,179 $13,335 $13,455

Risk-weighted assets (regulatory general risk weight approach) $112,131 $109,786 $105,964 $103,207 $101,397

Add: Net change in credit and other risk-weighted assets (regulatory) 247 242 2,882 3,207 2,383

Basel III standardized approach risk-weighted assets (non-GAAP) T $112,378 $110,028 $108,846 $106,414 $103,780

Pro forma Basel III fully phased-in common equity tier 1 capital ratio (non-GAAP)1 S/T 11.8% 12.1% 12.1% 12.5% 13.0%

Other Income, excluding restructuring charges and special items:

Bank-owned life insurance income $14 $12 $12

Other income 15 26 316

Total other income (GAAP) U $29 $38 $328

Less: Restructuring charges and special items — — 288

Other Income, excluding restructuring charges and special items (non-GAAP) V $29 $38 $40

Salaries and employee benefits, excluding restructuring charges and special items:

Salaries and employee benefits (GAAP) W $411 $419 $397 $409 $467 $830 $872

Less: Restructuring charges and special items 6 (1) 1 — 43 5 43

Salaries and employee benefits, excluding restructuring charges and special items

X $405 $420 $396 $409 $424 $825 $829

(non-GAAP)

1 Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume certain definitions impacting qualifying Basel III capital, which otherwise will phase in

through 2018, are fully phased-in. Ratios also reflect the required US Standardized methodology for calculating RWAs, effective January 1, 2015.

33

Non-GAAP Reconciliation Table

(Excluding restructuring charges and special items) FOR THE SIX MONTHS ENDED

$s in millions, except per share data QUARTERLY TRENDS JUNE 30

2Q15 1Q15 4Q14 3Q14 2Q14 2015 2014

Outside services, excluding restructuring charges and special items:

Outside services (GAAP) Y $99 $79 $106 $106 $125 $178 $208

Less: Restructuring charges and special items 16 8 18 19 41 24 41

Outside services, excluding restructuring charges and special items (non-GAAP) Z $83 $71 $88 $87 $84 $154 $167

Occupancy, excluding restructuring charges and special items:

Occupancy (GAAP) AA $90 $80 $81 $77 $87 $170 $168

Less: Restructuring charges and special items 15 2 5 2 9 17 9

Occupancy, excluding restructuring charges and special items (non-GAAP) BB $75 $78 $76 $75 $78 $153 $159

Equipment expense, excluding restructuring charges and special items:

Equipment expense (GAAP) CC $65 $63 $63 $58 $65 $128 $129

Less: Restructuring charges and special items — 1 1 — 3 1 3

Equipment expense, excluding restructuring charges and special items (non-GAAP) DD $65 $62 $62 $58 $62 $127 $126

Amortization of software, excluding restructuring charges and special items:

Amortization of software EE $37 $36 $43 $38 $33 $73 $64

Less: Restructuring charges and special items — — 6 — — — —

Amortization of software, excluding restructuring charges and special items (non-

FF $37 $36 $37 $38 $33 $73 $64

GAAP)

Other operating expense, excluding restructuring charges and special items:

Other operating expense (GAAP) GG $139 $133 $134 $122 $171 $272 $317

Less: Restructuring charges and special items 3 — 2 — 19 3 19

Other operating expense, excluding restructuring charges and special items (non-

HH $136 $133 $132 $122 $152 $269 $298

GAAP)

Pre-provision profit, excluding restructuring charges and special items:

Total revenue, excluding restructuring charges and special items (non-GAAP) D $1,200 $1,183 $1,179 $1,161 $1,185 $2,383 $2,351

Less: Noninterest expense, excluding restructuring charges and special items (non-

F 801 800 791 789 833 1,601 1,643

GAAP)

Pre-provision profit, excluding restructuring charges and special items (non-GAAP) II $399 $383 $388 $372 $352 $782 $708

Income before income tax expense (benefit), excluding restructuring charges and

special items:

Income before income tax expense (GAAP) JJ $282 $315 $283 $274 $476 $597 $711

Less: Income before income tax expense (benefit) related to restructuring charges

(40) (10) (33) (21) 173 (50) 173

and special items (GAAP)

Income before income tax expense, excluding restructuring charges and special

KK $322 $325 $316 $295 $303 $647 $538

items (non-GAAP)

Income tax expense, excluding restructuring charges and special items:

Income tax expense (GAAP) LL $92 $106 $86 $85 $163 $198 $232

Less: Income tax (benefit) related to restructuring charges and special items (GAAP) (15) (4) (13) (8) 65 (19) 65

Income tax expense, excluding restructuring charges and special items (non-GAAP) MM $107 $110 $99 $93 $98 $217 $167

Restructuring charges and special expense items include:

Restructuring charges $25 $1 $10 $1 $103 $26 $103

Special items 15 9 23 20 12 24 12

Restructuring charges and special expense items NN $40 $10 $33 $21 $115 $50 $115

QUARTERLY TRENDS 2Q15 v 1Q15 2Q15 v 2Q14

2Q15 1Q15 4Q14 3Q14 2Q14 % Change % Change

Operating leverage, excluding restructuring charges and special items:

Total revenue, excluding restructuring charges and special items (non-GAAP) D $1,200 $1,183 $1,185 1.4% 1.3%

Less: Noninterest expense, excluding restructuring charges and special items (non-

F $801 $800 $833 0.1 % (3.8)%

GAAP)

34

Non-GAAP Reconciliation Table

Non-GAAP Reconciliation—Segments

$s in millions T hree M o nths Ended June 30, T hree M o nths Ended M arch 31, T hree M o nths Ended D ecember 31,

2015 2015 2014

C o nsumer C o mmercial C o nsumer C o mmercial C o nsumer C o mmercial

B anking B anking Other C o nso lidated B anking B anking Other C o nso lidated B anking B anking Other C o nso lidated

Net income (loss) (GAAP) A $66 $135 ($11) $190 $61 $147 $1 $209 $52 $140 $5 $197

R eturn o n average tangible co mmo n equity

Average common equity (GAAP) B $4,681 $4,625 $10,085 $19,391 $4,649 $4,526 $10,232 $19,407 $4,756 $4,334 $10,119 $19,209

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

Average other intangibles (GAAP) — — 5 5 — — 5 5 — — 6 6

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 437 437 — — 422 422 — — 403 403

Average tangible common equity (non-GAAP) C $4,681 $4,625 $3,641 $12,947 $4,649 $4,526 $3,773 $12,948 $4,756 $4,334 $3,640 $12,730

Return on average tangible common equity (non-GAAP) A/C 5.66 % 11.69 % NM 5.90 % 5.30 % 13.15 % NM 6.53 % 4.30 % 12.76 % NM 6.12 %

Return on average total tangible assets

Average total assets (GAAP) D $52,489 $42,617 $40,415 $135,521 $51,602 $41,606 $40,117 $133,325 $50,546 $40,061 $40,064 $130,671

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

Average other intangibles (GAAP) — — 5 5 — — 5 5 — — 6 6

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 437 437 — — 422 422 — — 403 403

Average tangible assets (non-GAAP) E $52,489 $42,617 $33,971 $129,077 $51,602 $41,606 $33,658 $126,866 $50,546 $40,061 $33,585 $124,192

Return on average total tangible assets (non-GAAP) A/E 0.51% 1.27 % NM 0.59 % 0.48 % 1.43 % NM 0.67 % 0.40 % 1.38 % NM 0.63 %

Efficiency ratio

Noninterest expense (GAAP) F $613 $181 $47 $841 $596 $173 $41 $810 $611 $180 $33 $824

Net interest income (GAAP) 544 286 10 840 533 276 27 836 536 283 21 840

Noninterest income (GAAP) 230 108 22 360 219 100 28 347 218 111 10 339

Total revenue G $774 $394 $32 $1,200 $752 $376 $55 $1,183 $754 $394 $31 $1,179

Efficiency ratio (non-GAAP) F/G 79.25 % 46.07 % NM 70.02 % 79.25 % 46.01% NM 68.49 % 81.09 % 45.48 % NM 69.88 %

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS—SEGMENTS (CONTINUED)

(dollars in millions)

Three Months Ended September 30, Three Months Ended June 30,

2014 2014

Consumer Commercial Consumer Commercial

Banking Banking Other Consolidated Banking Banking Other Consolidated

Net income (loss) (GAAP) A $54 $139 ($4) $189 $44 $141 $128 $313

Return o n average tangible commo n equity

Average common equity (GAAP) B $4,685 $4,205 $10,521 $19,411 $4,640 $4,129 $10,838 $19,607

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

Average other intangibles (GAAP) — — 6 6 — — 7 7

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 384 384 — — 369 369

Average tangible common equity (non-GAAP) C $4,685 $4,205 $4,023 $12,913 $4,640 $4,129 $4,324 $13,093

Return on average tangible common equity (non-GAAP) A/C 4.57 % 13.10 % NM 5.81% 3.87 % 13.78 % NM 9.59 %

Return on average total tangible assets

Average total assets (GAAP) D $49,012 $38,854 $40,825 $128,691 $48,556 $38,022 $40,570 $127,148

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

Average other intangibles (GAAP) — — 6 6 — — 7 7

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 384 384 — — 369 369

Average tangible assets (non-GAAP) E $49,012 $38,854 $34,327 $122,193 $48,556 $38,022 $34,056 $120,634

Return on average total tangible assets (non-GAAP) A/E 0.44 % 1.42 % NM 0.61% 0.37 % 1.50 % NM 1.04 %

Efficiency ratio

Noninterest expense (GAAP) F $609 $162 $39 $810 $655 $157 $136 $948

Net interest income (GAAP) 532 270 18 820 546 264 23 833

Noninterest income (GAAP) 226 104 11 341 236 107 297 640

Total revenue G $758 $374 $29 $1,161 $782 $371 $320 $1,473

Efficiency ratio (non-GAAP) F/G 80.42 % 43.35 % NM 69.84 % 83.61% 42.36 % NM 64.33 %

35

Non-GAAP Reconciliation Table

Non-GAAP Reconciliation—Segments

$s in millions

FOR THE SIX MONTHS ENDED JUNE 30,

2015 2014

Consumer Commercial Consumer Commercial

Banking Banking Other Consolidated Banking Banking Other Consolidated

Net income (loss) (GAAP) A $127 $282 ($10) $399 $76 $282 $121 $479

Return on average tangible common equity

Average common equity (GAAP) B $4,665 $4,576 $10,158 $19,399 $4,609 $4,076 $10,804 $19,489

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

Average other intangibles (GAAP) — — 5 5 — — 7 7

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 430 430 — — 360 360

Average tangible common equity (non-GAAP) C $4,665 $4,576 $3,707 $12,948 $4,609 $4,076 $4,281 $12,966

Return on average tangible common equity (non-GAAP) A/C 5.48 % 12.41 % NM 6.21 % 3.35 % 13.97 % NM 7.45 %

Return on average total tangible assets

Average total assets (GAAP) D $52,048 $42,114 $40,267 $134,429 $48,085 $37,491 $39,959 $125,535

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

Average other intangibles (GAAP) — — 5 5 — — 7 7

Add: Average deferred tax liabilities related to goodwill (GAAP) — — 430 430 — — 360 360

Average tangible assets (non-GAAP) E $52,048 $42,114 $33,816 $127,978 $48,085 $37,491 $33,436 $119,012

Return on average total tangible assets (non-GAAP) A/E 0.49 % 1.35 % NM 0.63 % 0.32 % 1.52 % NM 0.81 %

Efficiency ratio

Noninterest expense (GAAP) F $1,209 $354 $88 $1,651 $1,293 $310 $155 $1,758

Net interest income (GAAP) 1,077 562 37 1,676 1,083 520 38 1,641

Noninterest income (GAAP) 449 208 50 707 455 214 329 998

Total revenue G $1,526 $770 $87 $2,383 $1,538 $734 $367 $2,639

Efficiency ratio (non-GAAP) F/G 79.25 % 46.04 % NM 69.27 % 84.00 % 42.25 % NM 66.58 %

36

Citizens financial Groups, Inc™

37

EX-99.3

Exhibit 99.3

[GRAPHIC]

Citizens Financial Group, Inc.

Financial Supplement

Second Quarter 2015

Table of Contents	Page
Consolidated Financial Highlights		2
Consolidated Statements of Operations (unaudited)		4
Consolidated Balance Sheets (unaudited)		5
Loans and Deposits		6
Average Balance Sheets and Annualized Yields		7
Segment Financial Highlights		9
Credit-Related Information
Credit Exposure		20
Nonperforming Assets		21
Charge-offs, Recoveries and Related Ratios		22
Summary of Changes in the Allowances		24
Allowance Components		25
Capital and Ratios		26
Per-Share Related Information		27
Non-GAAP Financial Measures and Reconciliations		28
Forward-Looking Statements		35

1

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share and ratio data)

	QUARTERLY TRENDS																								FOR THE SIX MONTHS ENDED JUNE 30,
													2Q15 Change																	2015 Change
	2Q15			1Q15		4Q14		3Q14			2Q14		1Q15						2Q14						2015			2014		2014
													$			%			$			%								$			%
SELECTED OPERATING DATA
Total revenue	$	1,200		$	1,183	$	1,179	$	1,161		$	1,473	$	17			1	%	($	273	)		(19	%)	$	2,383		$	2,639	($	256	)		(10	%)
Noninterest expense		841			810		824		810			948		31			4			(107	)		(11	)		1,651			1,758		(107	)		(6	)
Profit before provision for credit losses		359			373		355		351			525		(14	)		(4	)		(166	)		(32	)		732			881		(149	)		(17	)
Provision for credit losses		77			58		72		77			49		19			33			28			57			135			170		(35	)		(21	)
NET INCOME		190			209		197		189			313		(19	)		(9	)		(123	)		(39	)		399			479		(80	)		(17	)
Net income, excluding restructuring charges and special items1		215			215		217		202			205		—			—			10			5			430			371		59			16
PER COMMON SHARE DATA
Basic earnings	$	0.35		$	0.38	$	0.36	$	0.34		$	0.56	($	0.03	)		(8	%)	($	0.21	)		(38	%)	$	0.74		$	0.86	($	0.12	)		(14	%)
Diluted earnings		0.35			0.38		0.36		0.34			0.56		(0.03	)		(8	)		(0.21	)		(38	)		0.73			0.86		(0.13	)		(15	)
Basic earnings, excluding restructuring charges and special items1		0.40			0.39		0.40		0.36			0.37		0.01			3			0.03			8			0.79			0.66		0.13			20
Diluted earnings, excluding restructuring charges and special items1		0.40			0.39		0.39		0.36			0.37		0.01			3			0.03			8			0.79			0.66		0.13			20
Cash dividends declared and paid per share		0.10			0.10		0.10		0.68			0.61		—			—			(0.51	)		(84	)		0.20			0.66		(0.46	)		(70	)
Book value		36.00			35.73		35.30		34.61			35.00		0.27			1			1.00			3			36.00			35.00		1.00			3
Tangible book value1		24.03			23.96		23.46		23.04			23.39		0.07			—			0.64			3			24.03			23.39		0.64			3
COMMON SHARES OUTSTANDING
Average: Basic		537,729,248			546,291,363		546,810,009		559,998,324			559,998,324		(8,562,115	)		(2	%)		(22,269,076	)		(4	%)		541,986,653			559,998,324		(18,011,671	)		(3	%)
Diluted		539,909,366			549,798,717		550,676,298		560,243,747			559,998,324		(9,889,351	)		(2	)		(20,088,958	)		(4	)		544,804,268			559,998,324		(15,194,056	)		(3	)
Common shares at period-end		537,149,717			547,490,812		545,884,519		559,998,324			559,998,324		(10,341,095	)		(2	)		(22,848,607	)		(4	)		537,149,717			559,998,324		(22,848,607	)		(4	)
Closing share price	$	27.31		$	24.13	$	24.86	$	23.42		$	—	$	3.18			13			NM			—		$	27.31		$	—		NM			—
Market capitalization		14,670			13,211		13,571		13,115			—		1,459			11			NM			—			14,670			—		NM			—
SEGMENT NET INCOME
Consumer Banking	$	66		$	61	$	52	$	54		$	44	$	5			8	%	$	22			50	%	$	127		$	76	$	51			67	%
Commercial Banking		135			147		140		139			141		(12	)		(8	)		(6	)		(4	)		282			282		—			—
Other		(11	)		1		5		(4	)		128		(12	)		NM			(139	)		(109	)		(10	)		121		(131	)		(108	)
NET INCOME	$	190		$	209	$	197	$	189		$	313	($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479	($	80	)		(17	%)

¹ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

2

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except ratio and headcount data)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
FINANCIAL RATIOS
Net interest margin		2.72	%		2.77	%		2.80	%		2.77	%		2.87	%		(5)bps			—			(15)bps			—			2.74	%		2.88	%		(14)bps			—
Return on average common equity		3.94			4.36			4.06			3.87			6.41			(42)bps			—			(247)bps			—			4.15			4.96			(81)bps			—
Return on average common equity, excluding restructuring charges and special items1		4.45			4.49			4.48			4.14			4.19			(4)bps			—			26 bps			—			4.47			3.84			63 bps			—
Return on average tangible common equity1		5.90			6.53			6.12			5.81			9.59			(63)bps			—			(369)bps			—			6.21			7.45			(124)bps			—
Return on average tangible common equity, excluding restructuring charges and special items1		6.67			6.73			6.76			6.22			6.28			(6)bps			—			39 bps			—			6.70			5.77			93 bps			—
Return on average total assets		0.56			0.63			0.60			0.58			0.99			(7)bps			—			(43)bps			—			0.60			0.77			(17)bps			—
Return on average total assets, excluding restructuring charges and special items1		0.64			0.65			0.66			0.62			0.65			(1)bps			—			(1)bps			—			0.65			0.60			5bps			—
Return on average total tangible assets1		0.59			0.67			0.63			0.61			1.04			(8)bps			—			(45)bps			—			0.63			0.81			(18)bps			—
Return on average total tangible assets, excluding restructuring charges and special items1		0.67			0.69			0.69			0.66			0.68			(2)bps			—			(1)bps			—			0.68			0.63			5bps			—
Effective income tax rate		32.69			33.68			30.56			30.81			34.27			(99)bps			—			(158)bps			—			33.21			32.67			54bps			—
Efficiency ratio1		70.02			68.49			69.88			69.84			64.33			153bps			—			569bps			—			69.27			66.58			269bps			—
Efficiency ratio, excluding restructuring charges and special items1		66.70			67.65			67.11			68.02			70.23			(95)bps			—			(353)bps			—			67.17			69.83			(266)bps			—
CAPITAL RATIOS - PERIOD END (PRELIMINARY)2
CET1 capital ratio3		11.8	%		12.2	%		12.4	%		12.9	%		13.3	%
Tier 1 capital ratio		12.1			12.2			12.4			12.9			13.3
Total capital ratio		15.3			15.5			15.8			16.1			16.2
Tier 1 leverage ratio		10.4			10.5			10.6			10.9			11.1
SELECTED BALANCE SHEET DATA (PERIOD END)
Total assets	$	137,251		$	136,535		$	132,857		$	131,341		$	130,279		$	716			1	%	$	6,972			5	%	$	137,251		$	130,279		$	6,972			5	%
Loans and leases:
Commercial		45,068			43,982			43,226			41,470			40,974			1,086			2			4,094			10			45,068			40,974			4,094			10
Retail		51,470			50,512			50,184			49,279			47,855			958			2			3,615			8			51,470			47,855			3,615			8
Total loans and leases		96,538			94,494			93,410			90,749			88,829			2,044			2			7,709			9			96,538			88,829			7,709			9
Deposits	$	100,615		$	98,990		$	95,707		$	93,463		$	91,656		$	1,625			2		$	8,959			10		$	100,615		$	91,656		$	8,959			10
Long-term borrowed funds		3,890			3,904			4,642			2,062			1,732			(14	)		—			2,158			125			3,890			1,732			2,158			125
Total stockholders’ equity		19,586			19,564			19,268			19,383			19,597			22			—			(11	)		—			19,586			19,597			(11	)		—
Loans-to-deposits ratio (period-end balances) 4		96.64	%		95.84	%		97.89	%		97.32	%		97.20	%		80bps			—			(56)bps			—			96.64	%		97.20	%		(56)bps			—
Loans-to-deposits ratio (average balances)4		97.49			98.58			97.34			98.01			96.77			(109)bps			—			72 bps			—			98.02			96.21			181 bps			—
Full-time equivalent employees		17,903			17,792			17,677			17,852			18,049			111			1			(146	)		(1	)		17,903			18,049			(146	)		(1	)

¹ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

² Basel III transitional rules for institutions applying the standardized approach to calculating risk-weighted assets became effective January 1, 2015. The capital ratios and associated components as of June 30, 2015 and March 31, 2015 are prepared using the Basel III standardized transitional approach. The capital ratios and associated components for periods December 31, 2014 and prior are prepared under the Basel I general capital rule.

³ Common equity tier 1 (“CET1”) capital under Basel III replaced tier 1 common capital under Basel I effective January 1, 2015.

⁴ Ratios include both loans and leases held for sale and deposits held for sale.

3

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

	QUARTERLY TRENDS																						FOR THE SIX MONTHS ENDED JUNE 30,
											2Q15 Change																2015 Change
	2Q15		1Q15		4Q14		3Q14		2Q14		1Q15						2Q14						2015		2014		2014
											$			%			$			%							$			%
INTEREST INCOME:
Interest and fees on loans and leases	$	790	$	779	$	777	$	754	$	751	$	11			1	%	$	39			5	%	$	1,569	$	1,481	$	88			6	%
Interest and fees on loans held for sale		2		1		1		2		1		1			100			1			100			3		2		1			50
Interest and fees on other loans held for sale		4		2		1		—		10		2			100			(6	)		(60	)		6		22		(16	)		(73	)
Investment securities		155		159		161		155		154		(4	)		(3	)		1			1			314		303		11			4
Interest-bearing deposits in banks		1		1		1		2		1		—			—			—			—			2		2		—			—
Total interest income		952		942		941		913		917		10			1			35			4			1,894		1,810		84			5
INTEREST EXPENSE:
Deposits		60		52		48		41		34		8			15			26			76			112		67		45			67
Deposits held for sale		—		—		—		—		2		—			—			(2	)		(100	)		—		4		(4	)		(100	)
Federal funds purchased and securities sold under agreements to repurchase		2		7		7		9		1		(5	)		(71	)		1			100			9		16		(7	)		(44	)
Other short-term borrowed funds		19		15		19		21		30		4			27			(11	)		(37	)		34		49		(15	)		(31	)
Long-term borrowed funds		31		32		27		22		17		(1	)		(3	)		14			82			63		33		30			91
Total interest expense		112		106		101		93		84		6			6			28			33			218		169		49			29
Net interest income		840		836		840		820		833		4			—			7			1			1,676		1,641		35			2
NONINTEREST INCOME:
Service charges and fees		139		135		144		144		147		4			3			(8	)		(5	)		274		286		(12	)		(4	)
Card fees		60		52		58		58		61		8			15			(1	)		(2	)		112		117		(5	)		(4	)
Trust and investment services fees		41		36		38		39		42		5			14			(1	)		(2	)		77		81		(4	)		(5	)
Mortgage banking fees		30		33		16		21		14		(3	)		(9	)		16			114			63		34		29			85
Capital markets fees		30		22		25		22		26		8			36			4			15			52		44		8			18
Foreign exchange and trade finance fees		22		23		25		26		22		(1	)		(4	)		—			—			45		44		1			2
Bank-owned life insurance income		14		12		13		13		12		2			17			2			17			26		23		3			13
Securities gains, net		9		8		1		2		—		1			13			9			—			17		25		(8	)		(32	)
Other income		15		26		19		16		316		(11	)		(42	)		(301	)		(95	)		41		344		(303	)		(88	)
Total noninterest income		360		347		339		341		640		13			4			(280	)		(44	)		707		998		(291	)		(29	)
TOTAL REVENUE		1,200		1,183		1,179		1,161		1,473		17			1			(273	)		(19	)		2,383		2,639		(256	)		(10	)
Provision for credit losses		77		58		72		77		49		19			33			28			57			135		170		(35	)		(21	)
NONINTEREST EXPENSE:
Salaries and employee benefits		411		419		397		409		467		(8	)		(2	)		(56	)		(12	)		830		872		(42	)		(5	)
Outside services		99		79		106		106		125		20			25			(26	)		(21	)		178		208		(30	)		(14	)
Occupancy		90		80		81		77		87		10			13			3			3			170		168		2			1
Equipment expense		65		63		63		58		65		2			3			—			—			128		129		(1	)		(1	)
Amortization of software		37		36		43		38		33		1			3			4			12			73		64		9			14
Other operating expense		139		133		134		122		171		6			5			(32	)		(19	)		272		317		(45	)		(14	)
Total noninterest expense		841		810		824		810		948		31			4			(107	)		(11	)		1,651		1,758		(107	)		(6	)
Income before income tax expense		282		315		283		274		476		(33	)		(10	)		(194	)		(41	)		597		711		(114	)		(16	)
Income tax expense		92		106		86		85		163		(14	)		(13	)		(71	)		(44	)		198		232		(34	)		(15	)
NET INCOME	$	190	$	209	$	197	$	189	$	313	($	19	)		(9	%)	($	123	)		(39	%)	$	399	$	479	($	80	)		(17	%)
Net income, excluding restructuring charges and special items1	$	215	$	215	$	217	$	202	$	205	$	—			—	%	$	10			5	%	$	430	$	371	$	59			16	%

¹ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

4

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions)

PERIOD END BALANCES	AS OF															JUNE 30, 2015 CHANGE
	June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2015						June 30, 2014
																$			%			$			%
ASSETS:
Cash and due from banks	$	961		$	954		$	1,171		$	993		$	1,038		$	7			1	%	($	77	)		(7	%)
Interest-bearing cash and due from banks		1,908			4,050			2,105			1,896			4,318			(2,142	)		(53	)		(2,410	)		(56	)
Interest-bearing deposits in banks		186			615			370			292			309			(429	)		(70	)		(123	)		(40	)
Securities available for sale, at fair value		18,662			19,041			18,656			18,666			18,493			(379	)		(2	)		169			1
Securities held to maturity		5,567			5,178			5,148			5,289			5,382			389			8			185			3
Other investment securities		866			867			872			893			948			(1	)		—			(82	)		(9	)
Loans held for sale, at fair value		397			322			256			205			173			75			23			224			129
Other loans held for sale		300			54			25			3			89			246			456			211			237
Loans and leases		96,538			94,494			93,410			90,749			88,829			2,044			2			7,709			9
Less: Allowance for loan and lease losses		(1,201	)		(1,202	)		(1,195	)		(1,201	)		(1,210	)		1			—			9			1
Net loans and leases		95,337			93,292			92,215			89,548			87,619			2,045			2			7,718			9
Derivative assets		665			742			629			547			635			(77	)		(10	)		30			5
Premises and equipment		580			584			595			541			560			(4	)		(1	)		20			4
Bank-owned life insurance		1,543			1,535			1,527			1,370			1,361			8			1			182			13
Goodwill		6,876			6,876			6,876			6,876			6,876			—			—			—			—
Due from broker		939			—			—			2,067			—			939			—			939			—
Other assets		2,464			2,425			2,412			2,155			2,478			39			2			(14	)		(1	)
TOTAL ASSETS	$	137,251		$	136,535		$	132,857		$	131,341		$	130,279		$	716			1	%	$	6,972			5	%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing	$	26,678		$	26,670		$	26,086		$	25,877		$	26,670		$	8			—	%	$	8			—	%
Interest-bearing		73,937			72,320			69,621			67,586			64,986			1,617			2			8,951			14
Total deposits		100,615			98,990			95,707			93,463			91,656			1,625			2			8,959			10
Federal funds purchased and securities sold under agreements to repurchase		3,784			4,421			4,276			5,184			6,807			(637	)		(14	)		(3,023	)		(44	)
Other short-term borrowed funds		6,762			7,004			6,253			6,715			7,702			(242	)		(3	)		(940	)		(12	)
Derivative liabilities		556			616			612			638			747			(60	)		(10	)		(191	)		(26	)
Deferred taxes, net		558			586			493			354			403			(28	)		(5	)		155			38
Long-term borrowed funds		3,890			3,904			4,642			2,062			1,732			(14	)		—			2,158			125
Due to broker		—			61			—			2,087			—			(61	)		(100	)		—			—
Other liabilities		1,500			1,389			1,606			1,455			1,635			111			8			(135	)		(8	)
TOTAL LIABILITIES		117,665			116,971			113,589			111,958			110,682			694			1			6,983			6
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value, 100,000,000 shares authorized		247			—			—			—			—			—			—			—			—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented		6			6			6			6			6			—			—			—			—
Additional paid-in capital		18,714			18,707			18,676			18,660			18,603			7			—			111			1
Retained earnings		1,585			1,448			1,294			1,152			1,346			137			9			239			18
Treasury stock, at cost		(607	)		(357	)		(336	)		—			—			(250	)		(70	)		(607	)		—
Accumulated other comprehensive loss		(359	)		(240	)		(372	)		(435	)		(358	)		(119	)		(50	)		(1	)		—
TOTAL STOCKHOLDERS’ EQUITY		19,586			19,564			19,268			19,383			19,597			22			—			(11	)		—
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	137,251		$	136,535		$	132,857		$	131,341		$	130,279		$	716			1	%	$	6,972			5	%
Memo: Total tangible common equity1	$	12,909		$	13,117		$	12,806		$	12,900		$	13,098		($	208	)		(2	%)	($	189	)		(1	%)

¹ This is a non-GAAP financial measure. For further information on this measure, refer to page 30.

5

LOANS AND DEPOSITS

(dollars in millions)

PERIOD END BALANCES	AS OF										JUNE 30, 2015 CHANGE
	June 30, 2015		Mar 31, 2015		Dec 31, 2014		Sept 30, 2014		June 30, 2014		Mar 31, 2015						June 30, 2014
											$			%			$			%
LOANS AND LEASES:
Commercial	$	33,027	$	32,249	$	31,431	$	30,356	$	30,076	$	778			2	%	$	2,951			10	%
Commercial real estate		8,157		7,863		7,809		7,239		7,158		294			4			999			14
Leases		3,884		3,870		3,986		3,875		3,740		14			—			144			4
Total commercial		45,068		43,982		43,226		41,470		40,974		1,086			2			4,094			10
Residential mortgages		12,253		11,808		11,832		11,265		10,640		445			4			1,613			15
Home equity loans		3,022		3,212		3,424		3,635		3,858		(190	)		(6	)		(836	)		(22	)
Home equity lines of credit		14,917		15,127		15,423		15,558		15,618		(210	)		(1	)		(701	)		(4	)
Home equity loans serviced by others1		1,126		1,192		1,228		1,290		1,358		(66	)		(6	)		(232	)		(17	)
Home equity lines of credit serviced by others1		494		544		550		580		614		(50	)		(9	)		(120	)		(20	)
Automobile		13,727		13,179		12,706		12,080		10,974		548			4			2,753			25
Student		3,355		2,852		2,256		2,069		1,941		503			18			1,414			73
Credit card		1,613		1,588		1,693		1,676		1,646		25			2			(33	)		(2	)
Other retail		963		1,010		1,072		1,126		1,206		(47	)		(5	)		(243	)		(20	)
Total retail		51,470		50,512		50,184		49,279		47,855		958			2			3,615			8
Total loans and leases	$	96,538	$	94,494	$	93,410	$	90,749	$	88,829	$	2,044			2	%	$	7,709			9	%
Loans held for sale, at fair value	$	397	$	322	$	256	$	205	$	173	$	75			23	%	$	224			129	%
Other loans held for sale		300		54		25		3		89		246			456			211			237
DEPOSITS:
Demand	$	26,678	$	26,670	$	26,086	$	25,877	$	26,670	$	8			—	%	$	8			—	%
Checking with interest		17,114		16,738		16,394		15,449		15,171		376			2			1,943			13
Regular savings		8,080		8,398		7,824		7,655		7,829		(318	)		(4	)		251			3
Money market accounts		35,735		34,543		33,345		32,870		31,687		1,192			3			4,048			13
Term deposits		13,008		12,641		12,058		11,612		10,299		367			3			2,709			26
Total deposits	$	100,615	$	98,990	$	95,707	$	93,463	$	91,656	$	1,625			2		$	8,959			10

¹ Our Serviced by Others (“SBO”) portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

6

AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS

(dollars in millions)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
AVERAGE BALANCES																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
ASSETS:
Interest-bearing cash and due from banks and deposits in banks	$	2,054		$	2,092		$	1,784		$	2,685		$	2,211		($	38	)		(2	%)	($	157	)		(7	%)	$	2,073		$	1,991		$	82			4	%
Taxable investment securities		25,081			24,955			24,658			24,648			24,579			126			1			502			2			25,019			23,980			1,039			4
Non-taxable investment securities		10			10			10			10			11			—			—			(1	)		(9	)		10			11			(1	)		(9	)
Total investment securities		25,091			24,965			24,668			24,658			24,590			126			1			501			2			25,029			23,991			1,038			4
Investment securities and interest-bearing deposits		27,145			27,057			26,452			27,343			26,801			88			—			344			1			27,102			25,982			1,120			4
Commercial		32,855			31,911			30,962			30,186			29,674			944			3			3,181			11			32,386			29,402			2,984			10
Commercial real estate		7,947			7,700			7,427			7,216			7,082			247			3			865			12			7,824			6,991			833			12
Leases		3,894			3,895			3,874			3,789			3,716			(1	)		—			178			5			3,895			3,720			175			5
Total commercial		44,696			43,506			42,263			41,191			40,472			1,190			3			4,224			10			44,105			40,113			3,992			10
Residential mortgages		11,980			11,855			11,647			11,001			10,355			125			1			1,625			16			11,918			10,125			1,793			18
Home equity loans		3,138			3,332			3,527			3,743			4,015			(194	)		(6	)		(877	)		(22	)		3,234			4,123			(889	)		(22	)
Home equity lines of credit		15,084			15,310			15,490			15,572			15,563			(226	)		(1	)		(479	)		(3	)		15,196			15,573			(377	)		(2	)
Home equity loans serviced by others1		1,134			1,193			1,252			1,317			1,388			(59	)		(5	)		(254	)		(18	)		1,164			1,420			(256	)		(18	)
Home equity lines of credit serviced by others1		469			522			561			591			627			(53	)		(10	)		(158	)		(25	)		495			643			(148	)		(23	)
Automobile		13,484			12,933			12,403			11,438			10,528			551			4			2,956			28			13,210			10,087			3,123			31
Student		3,029			2,623			2,142			1,983			2,209			406			15			820			37			2,827			2,235			592			26
Credit cards		1,606			1,637			1,663			1,661			1,647			(31	)		(2	)		(41	)		(2	)		1,621			1,639			(18	)		(1	)
Other retail		986			1,041			1,097			1,153			1,215			(55	)		(5	)		(229	)		(19	)		1,013			1,247			(234	)		(19	)
Total retail		50,910			50,446			49,782			48,459			47,547			464			1			3,363			7			50,678			47,092			3,586			8
Total loans and leases		95,606			93,952			92,045			89,650			88,019			1,654			2			7,587			9			94,783			87,205			7,578			9
Loans held for sale, at fair value		308			242			213			176			138			66			27			170			123			275			133			142			107
Other loans held for sale		146			91			20			27			1,034			55			60			(888	)		(86	)		119			1,062			(943	)		(89	)
Interest-earning assets		123,205			121,342			118,730			117,196			115,992			1,863			2			7,213			6			122,279			114,382			7,897			7
Allowance for loan and lease losses		(1,198	)		(1,192	)		(1,195	)		(1,202	)		(1,286	)		(6	)		(1	)		88			7			(1,195	)		(1,262	)		67			5
Goodwill		6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876			6,876			—			—
Other noninterest-earning assets		6,638			6,299			6,260			5,821			5,566			339			5			1,072			19			6,469			5,539			930			17
Total noninterest-earning assets		12,316			11,983			11,941			11,495			11,156			333			3			1,160			10			12,150			11,153			997			9
TOTAL ASSETS	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	2,196			2	%	$	8,373			7	%	$	134,429		$	125,535		$	8,894			7	%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Checking with interest	$	16,561		$	16,039		$	15,718		$	15,155		$	13,805		$	522			3	%	$	2,756			20	%	$	16,302		$	13,562		$	2,740			20	%
Money market and savings		42,977			41,666			40,856			40,096			38,418			1,311			3			4,559			12			42,325			38,667			3,658			9
Term deposits		12,576			12,184			11,892			10,596			9,416			392			3			3,160			34			12,381			9,376			3,005			32
Total interest-bearing deposits		72,114			69,889			68,466			65,847			61,639			2,225			3			10,475			17			71,008			61,605			9,403			15
Interest-bearing deposits held for sale		—			—			—			—			3,675			—			—			(3,675	)		(100	)		—			3,953			(3,953	)		(100	)
Federal funds purchased and securities sold under agreements to repurchase2		4,372			4,607			5,075			6,305			5,709			(235	)		(5	)		(1,337	)		(23	)		4,489			5,708			(1,219	)		(21	)
Other short-term borrowed funds		6,498			6,969			6,119			6,740			6,027			(471	)		(7	)		471			8			6,732			4,838			1,894			39
Long-term borrowed funds		3,902			3,930			2,834			1,951			1,419			(28	)		(1	)		2,483			175			3,916			1,412			2,504			177
Total borrowed funds		14,772			15,506			14,028			14,996			13,155			(734	)		(5	)		1,617			12			15,137			11,958			3,179			27
Total interest-bearing liabilities		86,886			85,395			82,494			80,843			78,469			1,491			2			8,417			11			86,145			77,516			8,629			11
Total demand deposits		26,419			25,756			26,331			25,829			25,984			663			3			435			2			26,089			25,393			696			3
Demand deposits held for sale		—			—			—			—			868			—			—			(868	)		(100	)		—			932			(932	)		(100	)
Other liabilities		2,592			2,767			2,637			2,608			2,220			(175	)		(6	)		372			17			2,679			2,205			474			21
TOTAL LIABILITIES		115,897			113,918			111,462			109,280			107,541			1,979			2			8,356			8			114,913			106,046			8,867			8
STOCKHOLDERS’ EQUITY		19,624			19,407			19,209			19,411			19,607			217			1			17			—			19,516			19,489			27			—
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	2,196			2	%	$	8,373			7	%	$	134,429		$	125,535		$	8,894			7	%
Memo: Total average tangible common equity3	$	12,947		$	12,948		$	12,730		$	12,913		$	13,093		($	1	)		—	%	($	146	)		(1	%)	$	12,948		$	12,966		($	18	)		—	%
Total deposits (interest-bearing and demand)	$	98,533		$	95,645		$	94,797		$	91,676		$	92,166		$	2,888			3	%	$	6,367			7	%	$	97,097		$	91,883		$	5,214			6	%

¹  Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

² Balances are net of certain short-term receivables associated with reverse repurchase agreements; interest expense includes the full cost of the repurchase agreements and certain hedging costs.

³ This is a non-GAAP financial measure. For further information on this measure, refer to page 30.

7

AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS, CONTINUED

(dollars in millions, except rates)

	QUARTERLY TRENDS																									FOR THE SIX MONTHS ENDED JUNE 30,
AVERAGE ANNUALIZED YIELDS & RATES	2Q15					1Q15					4Q14					3Q14					2Q14					2015					2014
	Rate			Income/ Expense		Rate			Income/ Expense		Rate			Income/ Expense		Rate			Income/ Expense		Rate			Income/ Expense		Rate			Income/ Expense		Rate			Income/ Expense
INTEREST-EARNING ASSETS:
Interest-bearing deposits in banks		0.22	%	$	1		0.19	%	$	1		0.20	%	$	1		0.23	%	$	2		0.23	%	$	1		0.20	%	$	2		0.23	%	$	2
Taxable investment securities		2.47			155		2.55			159		2.61			161		2.51			155		2.51			154		2.51			314		2.53			303
Non-taxable investment securities		2.60			—		2.60			—		2.60			—		2.59			—		2.60			—		2.60			—		2.60			—
Total investment securities		2.47			155		2.55			159		2.61			161		2.51			155		2.51			154		2.51			314		2.53			303
Investment securities and interest-bearing deposits					156					160					162					157					155					316					305
Commercial		2.83			235		2.84			226		2.90			229		2.89			223		3.05			229		2.83			461		3.03			447
Commercial real estate		2.55			51		2.59			50		2.55			48		2.46			46		2.49			45		2.57			101		2.53			89
Leases		2.56			25		2.53			25		2.65			26		2.68			25		2.74			25		2.55			50		2.79			52
Total commercial		2.75			311		2.77			301		2.82			303		2.80			294		2.95			299		2.76			612		2.92			588
Residential mortgages		3.76			113		3.79			112		3.88			113		3.92			108		4.08			106		3.77			225		4.03			204
Home equity loans		5.43			42		5.40			44		5.31			47		5.31			50		5.31			53		5.41			87		5.27			108
Home equity lines of credit		2.94			110		2.94			111		2.94			114		2.90			113		2.85			111		2.94			221		2.86			220
Home equity loans serviced by others1		7.04			20		7.09			21		6.88			22		6.64			22		6.72			23		7.06			41		6.75			48
Home equity lines of credit serviced by others1		2.56			3		2.58			3		2.70			4		2.62			4		2.74			4		2.57			6		2.70			9
Automobile		2.68			90		2.78			89		2.64			83		2.57			74		2.54			67		2.73			179		2.51			126
Student		5.05			38		5.13			33		5.07			27		4.99			25		4.51			25		5.09			71		4.47			50
Credit cards		10.92			44		11.10			45		10.28			43		9.99			42		9.92			41		11.01			88		10.13			82
Other retail		7.61			19		7.59			20		7.49			21		7.46			22		7.46			22		7.60			39		7.41			46
Total retail		3.77			479		3.83			478		3.79			474		3.78			460		3.81			452		3.80			957		3.82			893
Total loans and leases		3.30			790		3.34			779		3.34			777		3.33			754		3.40			751		3.32			1,569		3.40			1,481
Loans held for sale, at fair value		2.47			2		2.33			1		2.68			1		3.46			2		3.40			1		2.41			3		3.35			2
Other loans held for sale		9.63			4		9.37			2		12.94			1		5.44			—		3.90			10		9.53			6		4.06			22
Total interest-earning assets		3.08			952		3.12			942		3.14			941		3.08			913		3.16			917		3.10			1,894		3.17			1,810
INTEREST-BEARING LIABILITIES:
Checking with interest		0.11			5		0.11			4		0.11			4		0.09			4		0.06			2		0.11			9		0.06			4
Money market and savings		0.27			29		0.25			25		0.22			23		0.21			21		0.17			16		0.26			54		0.17			33
Term deposits		0.81			26		0.78			23		0.70			21		0.61			16		0.67			16		0.79			49		0.64			30
Total interest-bearing deposits		0.33			60		0.31			52		0.28			48		0.25			41		0.22			34		0.32			112		0.22			67
Interest-bearing deposits held for sale		—			—		—			—		—			—		—			—		0.21			2		—			—		0.22			4
Federal funds purchased and securities sold under agreements to repurchase2		0.22			2		0.60			7		0.54			7		0.54			9		0.09			1		0.41			9		0.55			16
Other short-term borrowed funds		1.18			19		0.83			15		1.23			19		1.21			21		2.00			30		1.00			34		2.03			49
Long-term borrowed funds		3.16			31		3.27			32		3.83			27		4.39			22		4.63			17		3.21			63		4.60			33
Total borrowed funds		1.42			52		1.38			54		1.51			53		1.34			52		1.46			48		1.40			106		1.63			98
Total interest-bearing liabilities		0.52			112		0.50			106		0.49			101		0.45			93		0.43			84		0.51			218		0.43			169
INTEREST RATE SPREAD		2.56	%				2.62	%				2.65	%				2.63	%				2.73	%				2.59	%				2.74	%
NET INTEREST MARGIN		2.72					2.77					2.80					2.77					2.87					2.74					2.88
Memo: Total deposit costs		0.24			60		0.22			52		0.20			48		0.18			41		0.15			36		0.23			112		0.16			71

¹  Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

² Balances are net of certain short-term receivables associated with reverse repurchase agreements; interest expense includes the full cost of the repurchase agreements and certain hedging costs.

8

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING

(dollars in millions, except ratios)

	SECOND QUARTER 2015												FIRST QUARTER 2015												CHANGE
																									2Q15 from 1Q15
	Consumer Banking			Commercial Banking			Other1			Consolidated			Consumer Banking			Commercial Banking			Other1			Consolidated			$			%
Net interest income	$	544		$	286		$	10		$	840		$	533		$	276		$	27		$	836		$	4			—	%
Noninterest income		230			108			22			360			219			100			28			347			13			4
Total revenue		774			394			32			1,200			752			376			55			1,183			17			1
Noninterest expense		613			181			47			841			596			173			41			810			31			4
Profit (loss) before provision for credit losses		161			213			(15	)		359			156			203			14			373			(14	)		(4	)
Provision for credit losses		60			7			10			77			63			(21	)		16			58			19			33
Income (loss) before income tax expense (benefit)		101			206			(25	)		282			93			224			(2	)		315			(33	)		(10	)
Income tax expense (benefit)		35			71			(14	)		92			32			77			(3	)		106			(14	)		(13	)
Net income (loss)	$	66		$	135		($	11	)	$	190		$	61		$	147		$	1		$	209		($	19	)		(9	%)
Average Balances
Total assets	$	52,489		$	42,617		$	40,415		$	135,521		$	51,602		$	41,606		$	40,117		$	133,325		$	2,196			2	%
Total loans and leases2		51,024			41,467			3,569			96,060			50,260			40,241			3,784			94,285			1,775			2
Deposits		69,963			22,717			5,853			98,533			67,518			21,932			6,195			95,645			2,888			3
Interest-earning assets		51,061			41,535			30,609			123,205			50,294			40,344			30,704			121,342			1,863			2
Key Metrics
Net interest margin		4.28	%		2.76	%		NM			2.72	%		4.30	%		2.77	%		NM			2.77	%		(5) bps			—
Efficiency ratio4		79.25			46.07			NM			70.02			79.25			46.01			NM			68.49			153 bps			—
Loans-to-deposits ratio (average balances)		72.93			182.54			NM			97.49			74.44			183.48			NM			98.58			(109) bps			—
Return on average total tangible assets4		0.51			1.27			NM			0.59			0.48			1.43			NM			0.67			(8) bps			—
Return on average tangible common equity3,4		5.66			11.69			NM			5.90			5.30			13.15			NM			6.53			(63) bps			—

¹ Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to our Consumer Banking or Commercial Banking segments.

² Includes loans and leases held for sale.

³ Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

⁴ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

9

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING, CONTINUED

(dollars in millions, except ratios)

	SECOND QUARTER 2015												SECOND QUARTER 2014												CHANGE
																									2Q15 from 2Q14
	Consumer Banking			Commercial Banking			Other1			Consolidated			Consumer Banking			Commercial Banking			Other1			Consolidated			$			%
Net interest income	$	544		$	286		$	10		$	840		$	546		$	264		$	23		$	833		$	7			1	%
Noninterest income		230			108			22			360			236			107			297			640			(280	)		(44	)
Total revenue		774			394			32			1,200			782			371			320			1,473			(273	)		(19	)
Noninterest expense		613			181			47			841			655			157			136			948			(107	)		(11	)
Profit (loss) before provision for credit losses		161			213			(15	)		359			127			214			184			525			(166	)		(32	)
Provision for credit losses		60			7			10			77			59			(2	)		(8	)		49			28			57
Income (loss) before income tax expense (benefit)		101			206			(25	)		282			68			216			192			476			(194	)		(41	)
Income tax expense (benefit)		35			71			(14	)		92			24			75			64			163			(71	)		(44	)
Net income (loss)	$	66		$	135		($	11	)	$	190		$	44		$	141		$	128		$	313		($	123	)		(39	%)
Average Balances
Total assets	$	52,489		$	42,617		$	40,415		$	135,521		$	48,556		$	38,022		$	40,570		$	127,148		$	8,373			7	%
Total loans and leases2		51,024			41,467			3,569			96,060			47,368			37,389			4,434			89,191			6,869			8
Deposits3		69,963			22,717			5,853			98,533			70,181			18,358			3,627			92,166			6,367			7
Interest-earning assets		51,061			41,535			30,609			123,205			47,397			37,505			31,090			115,992			7,213			6
Key Metrics
Net interest margin		4.28	%		2.76	%		NM			2.72	%		4.62	%		2.82	%		NM			2.87	%		(15) bps			—
Efficiency ratio5		79.25			46.07			NM			70.02			83.61			42.36			NM			64.33			569	bps		—
Loans-to-deposits ratio (average balances)		72.93			182.54			NM			97.49			67.49			203.67			NM			96.77			72 bps			—
Return on average total tangible assets5		0.51			1.27			NM			0.59			0.37			1.50			NM			1.04			(45) bps			—
Return on average tangible common equity4,5		5.66			11.69			NM			5.90			3.87			13.78			NM			9.59			(369) bps			—

¹ Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to our Consumer Banking or Commercial Banking segments.

² Includes loans and leases held for sale.

³ Includes deposits held for sale.

⁴ Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

⁵ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING, CONTINUED

(dollars in millions, except ratios)

	SIX MONTHS ENDED JUNE 30, 2015												SIX MONTHS ENDED JUNE 30, 2014											CHANGE
																								2015 from 2014
	Consumer Banking			Commercial Banking			Other1			Consolidated			Consumer Banking			Commercial Banking			Other1		Consolidated			$			%
Net interest income	$	1,077		$	562		$	37		$	1,676		$	1,083		$	520		$	38	$	1,641		$	35			2	%
Noninterest income		449			208			50			707			455			214			329		998			(291	)		(29	)
Total revenue		1,526			770			87			2,383			1,538			734			367		2,639			(256	)		(10	)
Noninterest expense		1,209			354			88			1,651			1,293			310			155		1,758			(107	)		(6	)
Profit (loss) before provision for credit losses		317			416			(1	)		732			245			424			212		881			(149	)		(17	)
Provision for credit losses		123			(14	)		26			135			129			(7	)		48		170			(35	)		(21	)
Income (loss) before income tax expense (benefit)		194			430			(27	)		597			116			431			164		711			(114	)		(16	)
Income tax expense (benefit)		67			148			(17	)		198			40			149			43		232			(34	)		(15	)
Net income (loss)	$	127		$	282		($	10	)	$	399		$	76		$	282		$	121	$	479		($	80	)		(17	%)
Average Balances
Total assets	$	52,048		$	42,114		$	40,267		$	134,429		$	48,085		$	37,491		$	39,959	$	125,535		$	8,894			7	%
Total loans and leases2		50,644			40,857			3,676			95,177			46,876			36,997			4,527		88,400			6,777			8
Deposits3		68,747			22,326			6,024			97,097			70,473			17,901			3,509		91,883			5,214			6
Interest-earning assets		50,679			40,943			30,657			122,279			46,906			37,124			30,352		114,382			7,897			7
Key Metrics
Net interest margin		4.29	%		2.77	%		NM			2.74	%		4.66	%		2.83	%		NM		2.88	%		(14	) bps		—
Efficiency ratio5		79.25			46.04			NM			69.27			84.00			42.25			NM		66.58			269 bps			—
Loans-to-deposits ratio (average balances)		73.67			183.00			NM			98.02			66.52			206.67			NM		96.21			181 bps			—
Return on average total tangible assets5		0.49			1.35			NM			0.63			0.32			1.52			NM		0.81			(18	) bps		—
Return on average tangible common equity4,5		5.48			12.41			NM			6.21			3.35			13.97			NM		7.45			(124	) bps		—

¹ Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to our Consumer Banking or Commercial Banking segments.

² Includes loans and leases held for sale.

³ Includes deposits held for sale.

⁴ Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

⁵ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

11

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions, except ratios)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
Net interest income	$	544		$	533		$	536		$	532		$	546		$	11			2	%	($	2	)		—	%	$	1,077		$	1,083		($	6	)		(1	%)
Noninterest income		230			219			218			226			236			11			5			(6	)		(3	)		449			455			(6	)		(1	)
Total revenue		774			752			754			758			782			22			3			(8	)		(1	)		1,526			1,538			(12	)		(1	)
Noninterest expense		613			596			611			609			655			17			3			(42	)		(6	)		1,209			1,293			(84	)		(6	)
Profit before provision for credit losses		161			156			143			149			127			5			3			34			27			317			245			72			29
Provision for credit losses		60			63			64			66			59			(3	)		(5	)		1			2			123			129			(6	)		(5	)
Income before income tax expense		101			93			79			83			68			8			9			33			49			194			116			78			67
Income tax expense		35			32			27			29			24			3			9			11			46			67			40			27			68
Net income	$	66		$	61		$	52		$	54		$	44		$	5			8	%	$	22			50	%	$	127		$	76		$	51			67	%
Average Balances
Total assets	$	52,489		$	51,602		$	50,546		$	49,012		$	48,556		$	887			2	%	$	3,933			8	%	$	52,048		$	48,085		$	3,963			8	%
Total loans and leases1		51,024			50,260			49,351			47,848			47,368			764			2			3,656			8			50,644			46,876			3,768			8
Deposits2		69,963			67,518			66,374			65,609			70,181			2,445			4			(218	)		—			68,747			70,473			(1,726	)		(2	)
Interest-earning assets		51,061			50,294			49,382			47,885			47,397			767			2			3,664			8			50,679			46,906			3,773			8
Key Metrics
Net interest margin		4.28	%		4.30	%		4.31	%		4.40	%		4.62	%		(2) bps			—			(34) bps			—			4.29	%		4.66	%		(37) bps			—
Efficiency ratio4		79.25			79.25			81.09			80.42			83.61			—			—			(436) bps			—			79.25			84.00			(475) bps			—
Loans-to-deposits ratio (average balances)		72.93			74.44			74.35			72.93			67.49			(151) bps			—			544 bps			—			73.67			66.52			715 bps			—
Return on average total tangible assets4		0.51			0.48			0.40			0.44			0.37			3 bps			—			14 bps			—			0.49			0.32			17 bps			—
Return on average tangible common equity3,4		5.66			5.30			4.30			4.57			3.87			36 bps			—			179 bps			—			5.48			3.35			213 bps			—

¹ Includes loans and leases held for sale.

² Includes deposits held for sale.

³ Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

⁴ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

12

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions, except ratios)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
Net interest income	$	286		$	276		$	283		$	270		$	264		$	10			4	%	$	22			8	%	$	562		$	520		$	42			8	%
Noninterest income		108			100			111			104			107			8			8			1			1			208			214			(6	)		(3	)
Total revenue		394			376			394			374			371			18			5			23			6			770			734			36			5
Noninterest expense		181			173			180			162			157			8			5			24			15			354			310			44			14
Profit before provision for credit losses		213			203			214			212			214			10			5			(1	)		—			416			424			(8	)		(2	)
Provision for credit losses		7			(21	)		1			—			(2	)		28			133			9			450			(14	)		(7	)		(7	)		(100	)
Income before income tax expense		206			224			213			212			216			(18	)		(8	)		(10	)		(5	)		430			431			(1	)		—
Income tax expense		71			77			73			73			75			(6	)		(8	)		(4	)		(5	)		148			149			(1	)		(1	)
Net income	$	135		$	147		$	140		$	139		$	141		($	12	)		(8	%)	($	6	)		(4	%)	$	282		$	282		$	—			—	%
Average Balances
Total assets	$	42,617		$	41,606		$	40,061		$	38,854		$	38,022		$	1,011			2	%	$	4,595			12	%	$	42,114		$	37,491		$	4,623			12	%
Total loans and leases1		41,467			40,241			38,926			37,787			37,389			1,226			3			4,078			11			40,857			36,997			3,860			10
Deposits2		22,717			21,932			22,500			20,985			18,358			785			4			4,359			24			22,326			17,901			4,425			25
Interest-earning assets		41,535			40,344			39,039			37,927			37,505			1,191			3			4,030			11			40,943			37,124			3,819			10
Key Metrics
Net interest margin		2.76	%		2.77	%		2.87	%		2.82	%		2.82	%		(1) bps			—			(6) bps			—			2.77	%		2.83	%		(6) bps			—
Efficiency ratio4		46.07			46.01			45.48			43.35			42.36			6 bps			—			371 bps			—			46.04			42.25			379 bps			—
Loans-to-deposits ratio (average balances)		182.54			183.48			173.01			180.06			203.67			(94) bps			—			(2,113) bps			—			183.00			206.67			(2,367) bps			—
Return on average total tangible assets4		1.27			1.43			1.38			1.42			1.50			(16) bps			—			(23) bps			—			1.35			1.52			(17) bps			—
Return on average tangible common equity3,4		11.69			13.15			12.76			13.10			13.78			(146) bps			—			(209) bps			—			12.41			13.97			(156) bps			—

¹ Includes loans and leases held for sale.

² Includes deposits held for sale.

³ Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

⁴ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1																2Q15 Change																	2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014		2014
																$			%			$			%								$			%
Net interest income	$	10		$	27		$	21		$	18		$	23		($	17	)		(63	%)	($	13	)		(57	%)	$	37		$	38	($	1	)		(3	%)
Noninterest income		22			28			10			11			297			(6	)		(21	)		(275	)		(93	)		50			329		(279	)		(85	)
Total revenue		32			55			31			29			320			(23	)		(42	)		(288	)		(90	)		87			367		(280	)		(76	)
Noninterest expense		47			41			33			39			136			6			15			(89	)		(65	)		88			155		(67	)		(43	)
Profit (loss) before provision for credit losses		(15	)		14			(2	)		(10	)		184			(29	)		(207	)		(199	)		(108	)		(1	)		212		(213	)		(100	)
Provision for credit losses		10			16			7			11			(8	)		(6	)		(38	)		18			225			26			48		(22	)		(46	)
(Loss) income before income tax (benefit) expense		(25	)		(2	)		(9	)		(21	)		192			(23	)		NM			(217	)		(113	)		(27	)		164		(191	)		(116	)
Income tax (benefit) expense		(14	)		(3	)		(14	)		(17	)		64			(11	)		(367	)		(78	)		(122	)		(17	)		43		(60	)		(140	)
Net (loss) income	($	11	)	$	1		$	5		($	4	)	$	128		($	12	)		NM		($	139	)		(109	%)	($	10	)	$	121	($	131	)		(108	%)
Average Balances
Total assets	$	40,415		$	40,117		$	40,064		$	40,825		$	40,570		$	298			1	%	($	155	)		—	%	$	40,267		$	39,959	$	308			1	%
Total loans and leases		3,569			3,784			4,001			4,218			4,434			(215	)		(6	)		(865	)		(20	)		3,676			4,527		(851	)		(19	)
Deposits		5,853			6,195			5,923			5,082			3,627			(342	)		(6	)		2,226			61			6,024			3,509		2,515			72
Interest-earning assets		30,609			30,704			30,309			31,384			31,090			(95	)		—			(481	)		(2	)		30,657			30,352		305			1

¹ Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to our Consumer Banking or Commercial Banking segments.

14

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATED

(dollars in millions, except ratios)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
CONSOLIDATED																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
Net interest income	$	840		$	836		$	840		$	820		$	833		$	4			—	%	$	7			1	%	$	1,676		$	1,641		$	35			2	%
Noninterest income		360			347			339			341			640			13			4			(280	)		(44	)		707			998			(291	)		(29	)
Total revenue		1,200			1,183			1,179			1,161			1,473			17			1			(273	)		(19	)		2,383			2,639			(256	)		(10	)
Noninterest expense		841			810			824			810			948			31			4			(107	)		(11	)		1,651			1,758			(107	)		(6	)
Profit before provision for credit losses		359			373			355			351			525			(14	)		(4	)		(166	)		(32	)		732			881			(149	)		(17	)
Provision for credit losses		77			58			72			77			49			19			33			28			57			135			170			(35	)		(21	)
Income before income tax expense		282			315			283			274			476			(33	)		(10	)		(194	)		(41	)		597			711			(114	)		(16	)
Income tax expense		92			106			86			85			163			(14	)		(13	)		(71	)		(44	)		198			232			(34	)		(15	)
Net income	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479		($	80	)		(17	%)
Average Balances
Total assets	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	2,196			2	%	$	8,373			7	%	$	134,429		$	125,535		$	8,894			7	%
Total loans and leases1		96,060			94,285			92,278			89,853			89,191			1,775			2			6,869			8			95,177			88,400			6,777			8
Deposits2		98,533			95,645			94,797			91,676			92,166			2,888			3			6,367			7			97,097			91,883			5,214			6
Interest-earning assets		123,205			121,342			118,730			117,196			115,992			1,863			2			7,213			6			122,279			114,382			7,897			7
Key Metrics
Net interest margin		2.72	%		2.77	%		2.80	%		2.77	%		2.87	%		(5	) bps		—			(15	) bps		—			2.74	%		2.88	%		(14	) bps		—
Efficiency ratio3		70.02			68.49			69.88			69.84			64.33			153	bps		—			569	bps		—			69.27			66.58			269	bps		—
Loans-to-deposits ratio (average balances)		97.49			98.58			97.34			98.01			96.77			(109	) bps		—			72	bps		—			98.02			96.21			181	bps		—
Return on average total tangible assets3		0.59			0.67			0.63			0.61			1.04			(8	) bps		—			(45	) bps		—			0.63			0.81			(18	) bps		—
Return on average tangible common equity3		5.90			6.53			6.12			5.81			9.59			(63	) bps		—			(369	) bps		—			6.21			7.45			(124	) bps		—

¹ Includes loans and leases held for sale.

² Includes deposits held for sale.

³ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

15

SEGMENT FINANCIAL HIGHLIGHTS

(dollars in millions)

	QUARTERLY TRENDS																									FOR THE SIX MONTHS ENDED JUNE 30,
														2Q15 Change																	2015 Change
	2Q15			1Q15		4Q14			3Q14			2Q14		1Q15						2Q14						2015			2014		2014
														$			%			$			%								$			%
Net interest income:
Consumer Banking	$	544		$	533	$	536		$	532		$	546	$	11			2	%	($	2	)		—	%	$	1,077		$	1,083	($	6	)		(1	%)
Commercial Banking		286			276		283			270			264		10			4			22			8			562			520		42			8
Other		10			27		21			18			23		(17	)		(63	)		(13	)		(57	)		37			38		(1	)		(3	)
Net interest income	$	840		$	836	$	840		$	820		$	833	$	4			—	%	$	7			1	%	$	1,676		$	1,641	$	35			2	%
Noninterest income:
Consumer Banking	$	230		$	219	$	218		$	226		$	236	$	11			5	%	($	6	)		(3	%)	$	449		$	455	($	6	)		(1	%)
Commercial Banking		108			100		111			104			107		8			8			1			1			208			214		(6	)		(3	)
Other		22			28		10			11			297		(6	)		(21	)		(275	)		(93	)		50			329		(279	)		(85	)
Noninterest income	$	360		$	347	$	339		$	341		$	640	$	13			4	%	($	280	)		(44	%)	$	707		$	998	($	291	)		(29	%)
Total revenue:
Consumer Banking	$	774		$	752	$	754		$	758		$	782	$	22			3	%	($	8	)		(1	%)	$	1,526		$	1,538	($	12	)		(1	%)
Commercial Banking		394			376		394			374			371		18			5			23			6			770			734		36			5
Other		32			55		31			29			320		(23	)		(42	)		(288	)		(90	)		87			367		(280	)		(76	)
Total revenue	$	1,200		$	1,183	$	1,179		$	1,161		$	1,473	$	17			1	%	($	273	)		(19	%)	$	2,383		$	2,639	($	256	)		(10	%)
Noninterest expense:
Consumer Banking	$	613		$	596	$	611		$	609		$	655	$	17			3	%	($	42	)		(6	%)	$	1,209		$	1,293	($	84	)		(6	%)
Commercial Banking		181			173		180			162			157		8			5			24			15			354			310		44			14
Other		47			41		33			39			136		6			15			(89	)		(65	)		88			155		(67	)		(43	)
Noninterest expense	$	841		$	810	$	824		$	810		$	948	$	31			4	%	($	107	)		(11	%)	$	1,651		$	1,758	($	107	)		(6	%)
Profit before provision for credit losses:
Consumer Banking	$	161		$	156	$	143		$	149		$	127	$	5			3	%	$	34			27	%	$	317		$	245	$	72			29	%
Commercial Banking		213			203		214			212			214		10			5			(1	)		—			416			424		(8	)		(2	)
Other		(15	)		14		(2	)		(10	)		184		(29	)		(207	)		(199	)		(108	)		(1	)		212		(213	)		(100	)
Profit before provision for credit losses	$	359		$	373	$	355		$	351		$	525	($	14	)		(4	%)	($	166	)		(32	%)	$	732		$	881	($	149	)		(17	%)

16

SEGMENT FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
Provision for credit losses:
Consumer Banking	$	60		$	63		$	64		$	66		$	59		($	3	)		(5	%)	$	1			2	%	$	123		$	129		($	6	)		(5	%)
Commercial Banking		7			(21	)		1			—			(2	)		28			133			9			450			(14	)		(7	)		(7	)		(100	)
Other		10			16			7			11			(8	)		(6	)		(38	)		18			225			26			48			(22	)		(46	)
Provision for credit losses	$	77		$	58		$	72		$	77		$	49		$	19			33	%	$	28			57	%	$	135		$	170		($	35	)		(21	%)
Income before income tax expense:
Consumer Banking	$	101		$	93		$	79		$	83		$	68		$	8			9	%	$	33			49	%	$	194		$	116		$	78			67	%
Commercial Banking		206			224			213			212			216			(18	)		(8	)		(10	)		(5	)		430			431			(1	)		—
Other		(25	)		(2	)		(9	)		(21	)		192			(23	)		NM			(217	)		(113	)		(27	)		164			(191	)		(116	)
Income before income tax expense	$	282		$	315		$	283		$	274		$	476		($	33	)		(10	%)	($	194	)		(41	%)	$	597		$	711		($	114	)		(16	%)
Income tax expense:
Consumer Banking	$	35		$	32		$	27		$	29		$	24		$	3			9	%	$	11			46	%	$	67		$	40		$	27			68	%
Commercial Banking		71			77			73			73			75			(6	)		(8	)		(4	)		(5	)		148			149			(1	)		(1	)
Other		(14	)		(3	)		(14	)		(17	)		64			(11	)		(367	)		(78	)		(122	)		(17	)		43			(60	)		(140	)
Income tax expense	$	92		$	106		$	86		$	85		$	163		($	14	)		(13	%)	($	71	)		(44	%)	$	198		$	232		($	34	)		(15	%)
Net income:
Consumer Banking	$	66		$	61		$	52		$	54		$	44		$	5			8	%	$	22			50	%	$	127		$	76		$	51			67	%
Commercial Banking		135			147			140			139			141			(12	)		(8	)		(6	)		(4	)		282			282			—			—
Other		(11	)		1			5			(4	)		128			(12	)		NM			(139	)		(109	)		(10	)		121			(131	)		(108	)
Net income	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479		($	80	)		(17	%)

17

SEGMENT FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS																						FOR THE SIX MONTHS ENDED JUNE 30
AVERAGE BALANCES											2Q15 Change																2015 Change
	2Q15		1Q15		4Q14		3Q14		2Q14		1Q15						2Q14						2015		2014		2014
											$			%			$			%							$			%
Total assets:
Consumer Banking	$	52,489	$	51,602	$	50,546	$	49,012	$	48,556	$	887			2	%	$	3,933			8	%	$	52,048	$	48,085	$	3,963			8	%
Commercial Banking		42,617		41,606		40,061		38,854		38,022		1,011			2			4,595			12			42,114		37,491		4,623			12
Other		40,415		40,117		40,064		40,825		40,570		298			1			(155	)		—			40,267		39,959		308			1
Total assets	$	135,521	$	133,325	$	130,671	$	128,691	$	127,148	$	2,196			2	%	$	8,373			7	%	$	134,429	$	125,535	$	8,894			7	%
Loans and leases1:
Consumer Banking	$	51,024	$	50,260	$	49,351	$	47,848	$	47,368	$	764			2	%	$	3,656			8	%	$	50,644	$	46,876	$	3,768			8	%
Commercial Banking		41,467		40,241		38,926		37,787		37,389		1,226			3			4,078			11			40,857		36,997		3,860			10
Other		3,569		3,784		4,001		4,218		4,434		(215	)		(6	)		(865	)		(20	)		3,676		4,527		(851	)		(19	)
Total loans and leases	$	96,060	$	94,285	$	92,278	$	89,853	$	89,191	$	1,775			2	%	$	6,869			8	%	$	95,177	$	88,400	$	6,777			8	%
Deposits2:
Consumer Banking	$	69,963	$	67,518	$	66,374	$	65,609	$	70,181	$	2,445			4	%	($	218	)		—	%	$	68,747	$	70,473	($	1,726	)		(2	%)
Commercial Banking		22,717		21,932		22,500		20,985		18,358		785			4			4,359			24			22,326		17,901		4,425			25
Other		5,853		6,195		5,923		5,082		3,627		(342	)		(6	)		2,226			61			6,024		3,509		2,515			72
Total deposits	$	98,533	$	95,645	$	94,797	$	91,676	$	92,166	$	2,888			3	%	$	6,367			7	%	$	97,097	$	91,883	$	5,214			6	%
Interest-earning assets:
Consumer Banking	$	51,061	$	50,294	$	49,382	$	47,885	$	47,397	$	767			2	%	$	3,664			8	%	$	50,679	$	46,906	$	3,773			8	%
Commercial Banking		41,535		40,344		39,039		37,927		37,505		1,191			3			4,030			11			40,943		37,124		3,819			10
Other		30,609		30,704		30,309		31,384		31,090		(95	)		—			(481	)		(2	)		30,657		30,352		305			1
Total interest-earning assets	$	123,205	$	121,342	$	118,730	$	117,196	$	115,992	$	1,863			2	%	$	7,213			6	%	$	122,279	$	114,382	$	7,897			7	%

¹ Includes loans and leases held for sale.

² Includes deposits held for sale.

18

SEGMENT FINANCIAL HIGHLIGHTS, CONTINUED

	QUARTERLY TRENDS																							FOR THE SIX MONTHS ENDED JUNE 30,
KEY METRICS																2Q15 Change														2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15				2Q14				2015			2014			2014
																bps				bps										bps
Net Interest Margin (NIM)
Consumer Banking		4.28	%		4.30	%		4.31	%		4.40	%		4.62	%		(2	)	—		(34	)	—		4.29	%		4.66	%		(37	)	—
Commercial Banking		2.76			2.77			2.87			2.82			2.82			(1	)	—		(6	)	—		2.77			2.83			(6	)	—
Other		NM			NM			NM			NM			NM			—		—		—		—		NM			NM			—		—
NIM		2.72			2.77			2.80			2.77			2.87			(5	)	—		(15	)	—		2.74			2.88			(14	)	—
Efficiency Ratio3
Consumer Banking		79.25	%		79.25	%		81.09	%		80.42	%		83.61	%		—		—		(436	)	—		79.25	%		84.00	%		(475	)	—
Commercial Banking		46.07			46.01			45.48			43.35			42.36			6		—		371		—		46.04			42.25			379		—
Other		NM			NM			NM			NM			NM			—		—		—		—		NM			NM			—		—
Efficiency Ratio		70.02			68.49			69.88			69.84			64.33			153		—		569		—		69.27			66.58			269		—
Loans to Deposits Ratio (average balances) (LDR)1
Consumer Banking		72.93	%		74.44	%		74.35	%		72.93	%		67.49	%		(151	)	—		544		—		73.67	%		66.52	%		715		—
Commercial Banking		182.54			183.48			173.01			180.06			203.67			(94	)	—		(2,113	)	—		183.00			206.67			(2,367	)	—
Other		NM			NM			NM			NM			NM			—		—		—		—		NM			NM			—		—
LDR		97.49			98.58			97.34			98.01			96.77			(109	)	—		72		—		98.02			96.21			181		—
Return on Average Total Tangible Assets (ROTA)3
Consumer Banking		0.51	%		0.48	%		0.40	%		0.44	%		0.37	%		3		—		14		—		0.49	%		0.32	%		17		—
Commercial Banking		1.27			1.43			1.38			1.42			1.50			(16	)	—		(23	)	—		1.35			1.52			(17	)	—
Other		NM			NM			NM			NM			NM			—		—		—		—		NM			NM			—		—
ROTA		0.59			0.67			0.63			0.61			1.04			(8	)	—		(45	)	—		0.63			0.81			(18	)	—
Return on Average Tangible Common Equity (ROTCE)2,3
Consumer Banking		5.66	%		5.30	%		4.30	%		4.57	%		3.87	%		36		—		179		—		5.48	%		3.35	%		213		—
Commercial Banking		11.69			13.15			12.76			13.10			13.78			(146	)	—		(209	)	—		12.41			13.97			(156	)	—
Other		NM			NM			NM			NM			NM			—		—		—		—		NM			NM			—		—
ROTCE		5.90			6.53			6.12			5.81			9.59			(63	)	—		(369	)	—		6.21			7.45			(124	)	—

¹ Includes loans and leases and deposits held for sale.

² Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.

³ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

19

CREDIT-RELATED INFORMATION

(dollars in millions)

	AS OF										JUNE 30, 2015 CHANGE
	June 30, 2015		Mar 31, 2015		Dec 31, 2014		Sept 30, 2014		June 30, 2014		Mar 31, 2015						June 30, 2014
											$			%			$			%
CREDIT EXPOSURE:
Commercial	$	33,027	$	32,249	$	31,431	$	30,356	$	30,076	$	778			2	%	$	2,951			10	%
Commercial real estate		8,157		7,863		7,809		7,239		7,158		294			4			999			14
Leases		3,884		3,870		3,986		3,875		3,740		14			—			144			4
Total commercial		45,068		43,982		43,226		41,470		40,974		1,086			2			4,094			10
Residential mortgages		12,253		11,808		11,832		11,265		10,640		445			4			1,613			15
Home equity loans		3,022		3,212		3,424		3,635		3,858		(190	)		(6	)		(836	)		(22	)
Home equity lines of credit		14,917		15,127		15,423		15,558		15,618		(210	)		(1	)		(701	)		(4	)
Home equity loans serviced by others1		1,126		1,192		1,228		1,290		1,358		(66	)		(6	)		(232	)		(17	)
Home equity lines of credit serviced by others1		494		544		550		580		614		(50	)		(9	)		(120	)		(20	)
Automobile		13,727		13,179		12,706		12,080		10,974		548			4			2,753			25
Student		3,355		2,852		2,256		2,069		1,941		503			18			1,414			73
Credit card		1,613		1,588		1,693		1,676		1,646		25			2			(33	)		(2	)
Other retail		963		1,010		1,072		1,126		1,206		(47	)		(5	)		(243	)		(20	)
Total retail		51,470		50,512		50,184		49,279		47,855		958			2			3,615			8
Total loans and leases		96,538		94,494		93,410		90,749		88,829		2,044			2			7,709			9
Derivative receivable - commercial		658		733		622		542		627		(75	)		(10	)		31			5
Derivative receivable - retail		7		9		7		5		8		(2	)		(22	)		(1	)		(13	)
Total derivative receivable		665		742		629		547		635		(77	)		(10	)		30			5
Total credit-related assets		97,203		95,236		94,039		91,296		89,464		1,967			2			7,739			9
Undrawn commitments to extend credit - commercial		29,422		29,110		29,646		29,182		28,236		312			1			1,186			4
Financial standby letters of credit		2,181		2,292		2,315		2,498		2,622		(111	)		(5	)		(441	)		(17	)
Performance letters of credit		55		60		65		94		118		(5	)		(8	)		(63	)		(53	)
Commercial letters of credit		59		58		75		74		56		1			2			3			5
Marketing rights		49		51		51		51		51		(2	)		(4	)		(2	)		(4	)
Risk participation agreements		22		26		19		16		20		(4	)		(15	)		2			10
Total commercial lending-related arrangements		31,788		31,597		32,171		31,915		31,103		191			1			685			2
Undrawn commitments to extend credit - retail		26,465		26,114		26,253		26,151		26,117		351			1			348			1
Residential mortgage loans sold with recourse		12		10		11		11		12		2			20			—			—
Total retail lending-related arrangements		26,477		26,124		26,264		26,162		26,129		353			1			348			1
Total lending-related arrangements		58,265		57,721		58,435		58,077		57,232		544			1			1,033			2
Total credit exposure	$	155,468	$	152,957	$	152,474	$	149,373	$	146,696	$	2,511			2	%	$	8,772			6	%
Memo: Total credit exposure by product category
Commercial exposure	$	77,514	$	76,312	$	76,019	$	73,927	$	72,704	$	1,202			2	%	$	4,810			7	%
Retail exposure		77,954		76,645		76,455		75,446		73,992		1,309			2			3,962			5
Total credit exposure	$	155,468	$	152,957	$	152,474	$	149,373	$	146,696	$	2,511			2	%	$	8,772			6	%

¹ Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

20

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions, except ratios)

	AS OF															JUNE 30, 2015 CHANGE
	June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2015						June 30, 2014
																$			%			$			%
NONPERFORMING ASSETS:
Commercial	$	83		$	97		$	114		$	93		$	63		($	14	)		(14	%)	$	20			32	%
Commercial real estate		42			60			50			83			130			(18	)		(30	)		(88	)		(68	)
Leases		—			1			—			—			2			(1	)		(100	)		(2	)		(100	)
Total commercial		125			158			164			176			195			(33	)		(21	)		(70	)		(36	)
Residential mortgages		329			347			345			351			346			(18	)		(5	)		(17	)		(5	)
Home equity loans		189			210			203			201			231			(21	)		(10	)		(42	)		(18	)
Home equity lines of credit		254			270			257			218			299			(16	)		(6	)		(45	)		(15	)
Home equity loans serviced by others2		44			44			47			52			51			—			—			(7	)		(14	)
Home equity lines of credit serviced by others2		26			25			25			29			29			1			4			(3	)		(10	)
Automobile		30			30			21			17			12			—			—			18			150
Student		35			30			17			14			12			5			17			23			192
Credit card		14			16			17			16			19			(2	)		(13	)		(5	)		(26	)
Other retail		4			6			5			5			6			(2	)		(33	)		(2	)		(33	)
Total retail		925			978			937			903			1,005			(53	)		(5	)		(80	)		(8	)
Nonperforming loans and leases1		1,050			1,136			1,101			1,079			1,200			(86	)		(8	)		(150	)		(13	)
Commercial		1			1			3			3			4			—			—			(3	)		(75	)
Retail		37			37			39			39			37			—			—			—			—
Other real estate owned		38			38			42			42			41			—			—			(3	)		(7	)
Nonperforming assets	$	1,088		$	1,174		$	1,143		$	1,121		$	1,241		($	86	)		(7	%)	($	153	)		(12	%)
NONPERFORMING ASSETS BY PRODUCT CATEGORY:
Commercial	$	126		$	159		$	167		$	179		$	199		($	33	)		(21	%)	($	73	)		(37	%)
Retail		962			1,015			976			942			1,042			(53	)		(5	)		(80	)		(8	)
Nonperforming assets	$	1,088		$	1,174		$	1,143		$	1,121		$	1,241		($	86	)		(7	%)	($	153	)		(12	%)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases		1.24	%		1.27	%		1.28	%		1.32	%		1.36	%		(3	) bps		—			(12	) bps		—
Allowance for loan and lease losses to nonperforming loans and leases		114.37			105.75			108.51			111.30			100.84			862	bps		—			1,353	bps		—
Nonperforming loans and leases to loans and leases		1.09			1.20			1.18			1.19			1.35			(11	) bps		—			(26	) bps		—
Nonperforming assets to total assets		0.79			0.86			0.86			0.85			0.95			(7	) bps		—			(16	) bps		—
1     MEMO:
Accruing loans past due 90 days or more included above	$	8		$	9		$	8		$	8		$	12		($	1	)		(11	%)	($	4	)		(33	%)

² Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

21

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS																									FOR THE SIX MONTHS ENDED JUNE 30,
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS														2Q15 Change																		2015 Change
	2Q15		1Q15			4Q14			3Q14		2Q14			1Q15						2Q14						2015			2014			2014
														$			%			$			%									$			%
GROSS CHARGE-OFFS:
Commercial	$	12	$	5		$	9		$	11	$	6		$	7			140	%	$	6			100	%	$	17		$	11		$	6			55	%
Commercial real estate		3		1			4			5		2			2			200			1			50			4			3			1			33
Leases		—		—			—			—		—			—			—			—			—			—			—			—			—
Total commercial		15		6			13			16		8			9			150			7			88			21			14			7			50
Residential mortgages		6		6			6			10		9			—			—			(3	)		(33	)		12			20			(8	)		(40	)
Home equity loans		6		9			11			16		11			(3	)		(33	)		(5	)		(45	)		15			28			(13	)		(46	)
Home equity lines of credit		17		22			16			19		21			(5	)		(23	)		(4	)		(19	)		39			45			(6	)		(13	)
Home equity loans serviced by others1		7		8			11			14		13			(1	)		(13	)		(6	)		(46	)		15			30			(15	)		(50	)
Home equity lines of credit serviced by others1		3		4			2			3		3			(1	)		(25	)		—			—			7			7			—			—
Automobile		24		23			16			9		11			1			4			13			118			47			16			31			194
Student		15		10			16			12		14			5			50			1			7			25			26			(1	)		(4	)
Credit card		16		15			15			15		17			1			7			(1	)		(6	)		31			34			(3	)		(9	)
Other retail		12		12			13			15		10			—			—			2			20			24			25			(1	)		(4	)
Total retail		106		109			106			113		109			(3	)		(3	)		(3	)		(3	)		215			231			(16	)		(7	)
Total gross charge-offs	$	121	$	115		$	119		$	129	$	117		$	6			5	%	$	4			3	%	$	236		$	245		($	9	)		(4	%)
GROSS RECOVERIES:
Commercial	$	5	$	6		$	4		$	7	$	18		($	1	)		(17	%)	($	13	)		(72	%)	$	11		$	24		($	13	)		(54	%)
Commercial real estate		3		22			7			5		3			(19	)		(86	)		—			—			25			11			14			127
Leases		—		—			—			—		—			—			—			—			—			—			—			—			—
Total commercial		8		28			11			12		21			(20	)		(71	)		(13	)		(62	)		36			35			1			3
Residential mortgages		2		3			2			2		3			(1	)		(33	)		(1	)		(33	)		5			7			(2	)		(29	)
Home equity loans		2		2			5			9		4			—			—			(2	)		(50	)		4			10			(6	)		(60	)
Home equity lines of credit		6		5			3			5		3			1			20			3			100			11			7			4			57
Home equity loans serviced by others1		5		3			6			6		4			2			67			1			25			8			9			(1	)		(11	)
Home equity lines of credit serviced by others1		2		2			1			2		1			—			—			1			100			4			2			2			100
Automobile		11		9			6			4		8			2			22			3			38			20			10			10			100
Student		3		3			3			1		2			—			—			1			50			6			5			1			20
Credit card		2		2			2			—		3			—			—			(1	)		(33	)		4			5			(1	)		(20	)
Other retail		2		4			—			—		—			(2	)		(50	)		2			—			6			—			6			—
Total retail		35		33			28			29		28			2			6			7			25			68			55			13			24
Total gross recoveries	$	43	$	61		$	39		$	41	$	49		($	18	)		(30	%)	($	6	)		(12	%)	$	104		$	90		$	14			16	%
NET CHARGE-OFFS (RECOVERIES):
Commercial	$	7	($	1	)	$	5		$	4	($	12	)	$	8			800	%	$	19			158	%	$	6		($	13	)	$	19			146	%
Commercial real estate		—		(21	)		(3	)		—		(1	)		21			100			1			100			(21	)		(8	)		(13	)		(163	)
Leases		—		—			—			—		—			—			—			—			—			—			—			—			—
Total commercial		7		(22	)		2			4		(13	)		29			132			20			154			(15	)		(21	)		6			29
Residential mortgages		4		3			4			8		6			1			33			(2	)		(33	)		7			13			(6	)		(46	)
Home equity loans		4		7			6			7		7			(3	)		(43	)		(3	)		(43	)		11			18			(7	)		(39	)
Home equity lines of credit		11		17			13			14		18			(6	)		(35	)		(7	)		(39	)		28			38			(10	)		(26	)
Home equity loans serviced by others1		2		5			5			8		9			(3	)		(60	)		(7	)		(78	)		7			21			(14	)		(67	)
Home equity lines of credit serviced by others1		1		2			1			1		2			(1	)		(50	)		(1	)		(50	)		3			5			(2	)		(40	)
Automobile		13		14			10			5		3			(1	)		(7	)		10			333			27			6			21			350
Student		12		7			13			11		12			5			71			—			—			19			21			(2	)		(10	)
Credit card		14		13			13			15		14			1			8			—			—			27			29			(2	)		(7	)
Other retail		10		8			13			15		10			2			25			—			—			18			25			(7	)		(28	)
Total retail		71		76			78			84		81			(5	)		(7	)		(10	)		(12	)		147			176			(29	)		(16	)
Total net charge-offs (recoveries)	$	78	$	54		$	80		$	88	$	68		$	24			44	%	$	10			15	%	$	132		$	155		($	23	)		(15	%)

¹ Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

22

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions, except rates)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES:
Commercial		0.10	%		(0.02	%)		0.06	%		0.04	%		(0.15	%)		12	bps		—			25	bps		—			0.04	%		(0.09	%)		(13	)bps		—
Commercial real estate		(0.03	)		(1.07	)		(0.15	)		0.06			(0.06	)		104	bps		—			3	bps		—			(0.54	)		(0.24	)		30	bps		—
Leases		—			—			—			—			(0.03	)		—			—			3	bps		—			—			(0.01	)		(1	)bps		—
Total commercial		0.07			(0.20	)		0.02			0.04			(0.12	)		27	bps		—			19	bps		—			(0.07	)		(0.11	)		(4	)bps		—
Residential mortgages		0.14			0.11			0.14			0.27			0.21			3	bps		—			(7	)bps		—			0.12			0.26			14	bps		—
Home equity loans		0.56			0.81			0.45			0.79			0.76			(25	)bps		—			(20	)bps		—			0.69			0.90			21	bps		—
Home equity lines of credit		0.29			0.46			0.34			0.36			0.45			(17	)bps		—			(16	)bps		—			0.37			0.49			12	bps		—
Home equity loans serviced by others1		0.70			1.49			1.67			2.43			2.51			(79	)bps		—			(181	)bps		—			1.10			2.92			182	bps		—
Home equity lines of credit serviced by others1		0.89			1.56			0.81			1.18			1.21			(67	)bps		—			(32	)bps		—			1.24			1.41			17	bps		—
Automobile		0.38			0.42			0.34			0.21			0.09			(4	)bps		—			29	bps		—			0.40			0.11			(29	)bps		—
Student		1.56			1.13			2.36			1.70			2.14			43	bps		—			(58	)bps		—			1.36			1.91			55	bps		—
Credit card		3.36			3.26			3.28			3.33			3.62			10	bps		—			(26	)bps		—			3.31			3.68			37	bps		—
Other retail		4.42			3.30			4.82			5.24			3.53			112	bps		—			89	bps		—			3.85			4.21			36	bps		—
Total retail		0.56			0.61			0.62			0.68			0.68			(5	)bps		—			(12	)bps		—			0.58			0.76			18	bps		—
Total loans and leases		0.33			0.23			0.35			0.38			0.31			10	bps		—			2	bps		—			0.28			0.36			8	bps		—
Memo: Average loans:
Commercial	$	32,855		$	31,911		$	30,962		$	30,186		$	29,674		$	944			3	%	$	3,181			11	%		32,386			29,402		$	2,984			10	%
Commercial real estate		7,947			7,700			7,427			7,216			7,082			247			3			865			12			7,824			6,991			833			12
Leases		3,894			3,895			3,874			3,789			3,716			(1	)		—			178			5			3,895			3,720			175			5
Total commercial		44,696			43,506			42,263			41,191			40,472			1,190			3			4,224			10			44,105			40,113			3,992			10
Residential mortgages		11,980			11,855			11,647			11,001			10,355			125			1			1,625			16			11,918			10,125			1,793			18
Home equity loans		3,138			3,332			3,527			3,743			4,015			(194	)		(6	)		(877	)		(22	)		3,234			4,123			(889	)		(22	)
Home equity lines of credit		15,084			15,310			15,490			15,572			15,563			(226	)		(1	)		(479	)		(3	)		15,196			15,573			(377	)		(2	)
Home equity loans serviced by others1		1,134			1,193			1,252			1,317			1,388			(59	)		(5	)		(254	)		(18	)		1,164			1,420			(256	)		(18	)
Home equity lines of credit serviced by others1		469			522			561			591			627			(53	)		(10	)		(158	)		(25	)		495			643			(148	)		(23	)
Automobile		13,484			12,933			12,403			11,438			10,528			551			4			2,956			28			13,210			10,087			3,123			31
Student		3,029			2,623			2,142			1,983			2,209			406			15			820			37			2,827			2,235			592			26
Credit card		1,606			1,637			1,663			1,661			1,647			(31	)		(2	)		(41	)		(2	)		1,621			1,639			(18	)		(1	)
Other retail		986			1,041			1,097			1,153			1,215			(55	)		(5	)		(229	)		(19	)		1,013			1,247			(234	)		(19	)
Total retail		50,910			50,446			49,782			48,459			47,547			464			1			3,363			7			50,678			47,092			3,586			8
Total loans and leases	$	95,606		$	93,952		$	92,045		$	89,650		$	88,019		$	1,654			2	%	$	7,587			9	%	$	94,783		$	87,205		$	7,578			9	%

¹ Our SBO portfolio consists of loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

23

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																		2015 Change
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																$			%			$			%									$			%
Allowance for loan and lease losses - beginning	$	1,202		$	1,195		$	1,201		$	1,210		$	1,259		$	7			1	%	($	57	)		(5	%)	$	1,195		$	1,221		($	26	)		(2	%)
Charge-offs:
Commercial		15			6			13			16			8			9			150			7			88			21			14			7			50
Retail		106			109			106			113			109			(3	)		(3	)		(3	)		(3	)		215			231			(16	)		(7	)
Total charge-offs		121			115			119			129			117			6			5			4			3			236			245			(9	)		(4	)
Recoveries:
Commercial		8			28			11			12			21			(20	)		(71	)		(13	)		(62	)		36			35			1			3
Retail		35			33			28			29			28			2			6			7			25			68			55			13			24
Total recoveries		43			61			39			41			49			(18	)		(30	)		(6	)		(12	)		104			90			14			16
Net charge-offs		78			54			80			88			68			24			44			10			15			132			155			(23	)		(15	)
Provision for loan and lease losses:
Commercial		(6	)		12			4			38			(32	)		(18	)		(150	)		26			81			6			(11	)		17			155
Retail		83			51			70			41			51			32			63			32			63			134			155			(21	)		(14	)
Total provision for loan and lease losses		77			63			74			79			19			14			22			58			305			140			144			(4	)		(3	)
Sale/Other		—			(2	)		—			—			—			2			100			—			—			(2	)		—			(2	)		—
Allowance for loan and lease losses - ending	$	1,201		$	1,202		$	1,195		$	1,201		$	1,210		($	1	)		—	%	($	9	)		(1	%)	$	1,201		$	1,210		($	9	)		(1	)
Reserve for unfunded lending commitments - beginning	$	56		$	61		$	63		$	65		$	35		($	5	)		(8	%)	$	21			60	%	$	61		$	39		$	22			56	%
Provision for unfunded lending commitments		—			(5	)		(2	)		(2	)		30			5			100			(30	)		(100	)		(5	)		26			(31	)		(119	)
Reserve for unfunded lending commitments - ending		56			56			61			63			65			—			—			(9	)		(14	)		56			65			(9	)		(14	)
Total allowance for credit losses - ending	$	1,257		$	1,258		$	1,256		$	1,264		$	1,275		($	1	)		—	%	($	18	)		(1	%)	$	1,257		$	1,275		($	18	)		(1	%)

24

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	AS OF										JUNE 30, 2015 CHANGE
	June 30, 2015		Mar 31, 2015		Dec 31, 2014		Sept 30, 2014		June 30, 2014		Mar 31, 2015						June 30, 2014
ALLOWANCE COMPONENTS											$			%			$			%
ALLOWANCE FOR CREDIT LOSSES
Individually evaluated	$	21	$	35	$	20	$	14	$	23	($	14	)		(40	%)	($	2	)		(9	%)
Formula-based evaluation		600		599		585		591		550		1			—			50			9
Total commercial		621		634		605		605		573		(13	)		(2	)		48			8
Individually evaluated		107		107		109		116		116		—			—			(9	)		(8	)
Formula-based evaluation		529		517		542		543		586		12			2			(57	)		(10	)
Total retail		636		624		651		659		702		12			2			(66	)		(9	)
Total allowance for credit losses	$	1,257	$	1,258	$	1,256	$	1,264	$	1,275	($	1	)		—	%	($	18	)		(1	%)

25

CAPITAL AND RATIOS

(dollars in millions, except ratios)

	AS OF															JUNE 30, 2015 CHANGE												FOR THE SIX MONTHS ENDED JUNE 30,
																																2015 Change
CAPITAL AND RATIOS	June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			Jun 30, 2014			Mar 31, 2015						June 30, 2014						2015		2014		2014
																$			%			$			%							$			%
CAPITAL RATIOS AND COMPONENTS1 (preliminary)
CET1 capital2	$	13,270		$	13,360		$	13,173		$	13,330		$	13,448		($	90	)		(1	%)	($	178	)		(1	%)
Tier 1 capital		13,517			13,360			13,173			13,330			13,448			157			1			69			1
Total capital		17,123			16,969			16,781			16,612			16,400			154			1			723			4
Risk-weighted assets		112,131			109,786			105,964			103,207			101,397			2,345			2			10,734			11
Adjusted average assets3		129,505			127,165			124,539			122,521			121,276			2,340			2			8,229			7
CET1 capital ratio2		11.8	%		12.2	%		12.4	%		12.9	%		13.3	%
Tier 1 capital ratio		12.1			12.2			12.4			12.9			13.3
Total capital ratio		15.3			15.5			15.8			16.1			16.2
Tier 1 leverage ratio		10.4			10.5			10.6			10.9			11.1
Proforma Basel III fully phased-in common equity tier 1 capital ratio4		11.8			12.1			12.1			12.5			13.0
TANGIBLE COMMON EQUITY (period-end):
Stockholders’ common equity	$	19,339		$	19,564		$	19,268		$	19,383		$	19,597		($	225	)		(1	%)	($	258	)		(1	%)	$	19,339	$	19,597	($	258	)		(1	%)
Less: Goodwill		6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876		6,876		—			—
Less: Other intangible assets		4			5			6			6			7			(1	)		(20	)		(3	)		(43	)		4		7		(3	)		(43	)
Add: Deferred tax liabilities5		450			434			420			399			384			16			4			66			17			450		384		66			17
Total tangible common equity6	$	12,909		$	13,117		$	12,806		$	12,900		$	13,098		($	208	)		(2	%)	($	189	)		(1	%)	$	12,909	$	13,098	($	189	)		(1	%)
TANGIBLE COMMON EQUITY (average):
Stockholders’ common equity	$	19,391		$	19,407		$	19,209		$	19,411		$	19,607		($	16	)		—	%	($	216	)		(1	%)	$	19,399	$	19,489	($	90	)		—	%
Less: Goodwill		6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876		6,876		—			—
Less: Other intangible assets		5			5			6			6			7			—			—			(2	)		(29	)		5		7		(2	)		(29	)
Add: Deferred tax liabilities5		437			422			403			384			369			15			4			68			18			430		360		70			19
Total tangible common equity6	$	12,947		$	12,948		$	12,730		$	12,913		$	13,093		($	1	)		—	%	($	146	)		(1	%)	$	12,948	$	12,966	($	18	)		—	%
INTANGIBLE ASSETS (period-end):
Goodwill	$	6,876		$	6,876		$	6,876		$	6,876		$	6,876		$	—			—	%	$	—			—	%	$	6,876	$	6,876	$	—			—	%
Trade Name		4			5			6			6			7			(1	)		(20	)		(3	)		(43	)		4		7		(3	)		(43	)
Total intangible assets	$	6,880		$	6,881		$	6,882		$	6,882		$	6,883		($	1	)		—	%	($	3	)		—	%	$	6,880	$	6,883	($	3	)		—	%

¹ Basel III transitional rules for institutions applying the standardized approach to calculating risk-weighted assets became effective January 1, 2015. The capital ratios and associated components starting with June 30, 2015 and March 31, 2015 are prepared using the Basel III standardized transitional approach. The capital ratios and associated components for periods December 31, 2014 and prior are prepared under the Basel I general capital rule.

² CET1 capital under Basel III replaced tier 1 common capital under Basel I effective January 1, 2015.

³ Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangibles assets, net of deferred tax liabilities related to tax deductible goodwill, and the accumulated other comprehensive income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

⁴ Prior to Basel III becoming effective on January 1, 2015, this was a non-GAAP financial measure. For further information on this measure, refer to page 31.

⁵ Deferred tax liabilities relate to tax-deductible goodwill, which is netted against goodwill when calculating tangible common equity.

⁶  These are non-GAAP financial measures. For further information on these measures, refer to page 30.

26

PER-SHARE RELATED INFORMATION

(dollars in millions, except per share and ratio data)

	QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																		2015 Change
	2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
EARNINGS PER SHARE DATA																$			%			$			%									$			%
Basic earnings per share:
Net income	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479		($	80	)		(17	%)
Less: Preferred stock dividends		—			—			—			—			—			—			—			—			—			—			—			—			—
Net income applicable to common stockholders	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479		($	80	)		(17	)
Net income applicable to common stockholders, excluding restructuring charges and special items1	$	215		$	215		$	217		$	202		$	205		$	—			—	%	$	10			5	%	$	430		$	371		$	59			16
Total weighted-average basic shares outstanding		537,729,248			546,291,363			546,810,009			559,998,324			559,998,324			(8,562,115	)		(2	)		(22,269,076	)		(4	)		541,986,653			559,998,324			(18,011,671	)		(3	)
Net income per share - basic	$	0.35		$	0.38		$	0.36		$	0.34		$	0.56		($	0.03	)		(8	%)	($	0.21	)		(38	%)	$	0.74		$	0.86		($	0.12	)		(14	%)
Net income per share, excluding restructuring charges and special items - basic1	$	0.40		$	0.39		$	0.40		$	0.36		$	0.37		$	0.01			3	%	$	0.03			8	%	$	0.79		$	0.66		$	0.13			20	%
Diluted earnings per share:
Net income applicable to common stockholders	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	)	($	123	)		(39	)	$	399		$	479		($	80	)		(17	)
Net income applicable to common stockholders, excluding restructuring charges and special items1	$	215		$	215		$	217		$	202		$	205		$	—			—		$	10			5		$	430		$	371		$	59			16
Total weighted-average basic shares outstanding		537,729,248			546,291,363			546,810,009			559,998,324			559,998,324			(8,562,115	)		(2	)		(22,269,076	)		(4	)		541,986,653			559,998,324			(18,011,671	)		(3	)
Add: Share-based awards		2,180,118			3,507,354			3,866,289			245,423			—			(1,327,236	)		(38	)		2,180,118			—			2,817,615			—			2,817,615			—
Total weighted-average diluted shares outstanding		539,909,366			549,798,717			550,676,298			560,243,747			559,998,324			(9,889,351	)		(2	)		(20,088,958	)		(4	)		544,804,268			559,998,324			(15,194,056	)		(3	)
Net income per share - diluted	$	0.35		$	0.38		$	0.36		$	0.34		$	0.56		($	0.03	)		(8	%)	($	0.21	)		(38	%)	$	0.73		$	0.86		($	0.13	)		(15	%)
Net income per share, excluding restructuring charges and special items - diluted1	$	0.40		$	0.39		$	0.39		$	0.36		$	0.37		$	0.01			3	%	$	0.03			8	%	$	0.79		$	0.66		$	0.13			20	%
COMMON SHARES OUTSTANDING
Common shares - at end of period		537,149,717			547,490,812			545,884,519			559,998,324			559,998,324			(10,341,095	)		(2	%)		(22,848,607	)		(4	%)		537,149,717			559,998,324			(22,848,607	)		(4	%)
Cash dividends declared and paid per share	$	0.10		$	0.10		$	0.10		$	0.68		$	0.61		$	—			—		($	0.51	)		(84	)	$	0.20		$	0.66		($	0.46	)		(70	)
Book value per share	$	36.00		$	35.73		$	35.30		$	34.61		$	35.00			0.27			1			1.00			3		$	36.00		$	35.00			1.00			3
Tangible book value per share1	$	24.03		$	23.96		$	23.46		$	23.04		$	23.39			0.07			—			0.64			3		$	24.03		$	23.39			0.64			3
Dividend payout ratio		28	%		26	%		28	%		203	%		110	%		200 bps			—			(8,200	) bps		—			27	%		77	%		(5,000	) bps		—
SHARE PRICE
High	$	28.71		$	25.84		$	25.60		$	23.57		$	—		$	2.87			11	%		NM			—	%	$	28.71		$	—			NM			—	%
Low		24.03			22.67			21.47			21.35			—			1.36			6			NM			—			22.67			—			NM			—
Close		27.31			24.13			24.86			23.42			—			3.18			13			NM			—			27.31			—			NM			—
Market Capitalization		14,670			13,211			13,571			13,115			—			1,459			11			NM			—			14,670			—			NM			—

¹ These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

27

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Excluding restructuring charges and special items)

(dollars in millions, except per-share data)

This document contains non-GAAP financial measures. The table below presents reconciliations of certain non-GAAP measures. These reconciliations exclude restructuring charges and/or special items, which are usually 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 set forth below include “total revenue”, “noninterest income”, “ noninterest expense”, “pre-provision profit”, “income before income tax expense (benefit)”, “income tax expense (benefit)”, “net income (loss)”, “salaries and employee benefits”, “outside services”, “occupancy”, “equipment expense”, “amortization of software”, “other operating expense”, “net income (loss) per average common share”, “return of average common equity” and “return on average total assets”. In addition, we present computations for “tangible book value per common share”, “return on average tangible common equity”, “return on average total tangible assets” and “efficiency ratio” as part of our non-GAAP measures. Additionally, “pro forma Basel III fully phased-in common equity tier 1 capital” computations for periods prior to 1Q15 are presented 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.

		QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																	2Q15 Change																		2015 Change
		2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																	$			%			$			%									$			%
Noninterest income, excluding special items:
Noninterest income (GAAP)	A	$	360		$	347		$	339		$	341		$	640		$	13			4	%	($	280	)		(44	%)	$	707		$	998		($	291	)		(29	%)
Less: Special items - Chicago gain			—			—			—			—			288			—			—			(288	)		(100	)		—			288			(288	)		(100	)
Noninterest income, excluding special items (non-GAAP)	B	$	360		$	347		$	339		$	341		$	352		$	13			4	%	$	8			2	%	$	707		$	710		($	3	)		—	%
Total revenue, excluding special items:
Total revenue (GAAP)	C	$	1,200		$	1,183		$	1,179		$	1,161		$	1,473		$	17			1	%	($	273	)		(19	%)	$	2,383		$	2,639		($	256	)		(10	%)
Less: Special items - Chicago gain			—			—			—			—			288			—			—			(288	)		(100	)		—			288			(288	)		(100	)
Total revenue, excluding special items (non-GAAP)	D	$	1,200		$	1,183		$	1,179		$	1,161		$	1,185		$	17			1	%	$	15			1	%	$	2,383		$	2,351		$	32			1	%
Noninterest expense, excluding restructuring charges and special items:
Noninterest expense (GAAP)	E	$	841		$	810		$	824		$	810		$	948		$	31			4	%	($	107	)		(11	%)	$	1,651		$	1,758		($	107	)		(6	%)
Less: Restructuring charges and special items	LL		40			10			33			21			115			30			300			(75	)		(65	)		50			115			(65	)		(57	)
Noninterest expense, excluding restructuring charges and special items (non-GAAP)	F	$	801		$	800		$	791		$	789		$	833		$	1			—	%	($	32	)		(4	%)	$	1,601		$	1,643		($	42	)		(3	%)
Net income, excluding restructuring charges and special items:
Net income (GAAP)	G	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	%)	($	123	)		(39	%)	$	399		$	479		($	80	)		(17	%)
Add: Restructuring charges and special items, net of income tax expense (benefit)			25			6			20			13			(108	)		19			317			133			123			31			(108	)		139			129
Net income, excluding restructuring charges and special items (non-GAAP)	H	$	215		$	215		$	217		$	202		$	205		$	—			—	%	$	10			5	%	$	430		$	371		$	59			16	%
Return on average common equity, excluding restructuring charges and special items:
Average common equity (GAAP)	I	$	19,391		$	19,407		$	19,209		$	19,411		$	19,607		($	16	)		—	%	($	216	)		(1	%)	$	19,399		$	19,489		($	90	)		—	%
Return on average common equity, excluding restructuring charges and special items (non-GAAP)	H/I		4.45	%		4.49	%		4.48	%		4.14	%		4.19	%		(4	)bps		—			26 bps			—			4.47	%		3.84	%		63 bps			—

28

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Excluding restructuring charges and special items) (CONTINUED)

(dollars in millions, except per-share data)

		QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																	2Q15 Change																		2015 Change
		2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015			2014			2014
																	$			%			$			%									$			%
Return on average tangible common equity and return on average tangible common equity, excluding restructuring charges and special items:
Average common equity (GAAP)	I	$	19,391		$	19,407		$	19,209		$	19,411		$	19,607		($	16	)		—	%	($	216	)		(1	%)	$	19,399		$	19,489		($	90	)		—	%
Less: Average goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876			6,876			—			—
Less: Average other intangibles (GAAP)			5			5			6			6			7			—			—			(2	)		(29	)		5			7			(2	)		(29	)
Add: Average deferred tax liabilities related to goodwill (GAAP)			437			422			403			384			369			15			4			68			18			430			360			70			19
Average tangible common equity (non-GAAP)	J	$	12,947		$	12,948		$	12,730		$	12,913		$	13,093		($	1	)		—	%	($	146	)		(1	%)	$	12,948		$	12,966		($	18	)		—	%
Return on average tangible common equity (non-GAAP)	G/J		5.90	%		6.53	%		6.12	%		5.81	%		9.59	%		(63) bps			—			(369) bps			—			6.21	%		7.45	%		(124) bps			—
Return on average tangible common equity, excluding restructuring charges and special items (non-GAAP)	H/J		6.67	%		6.73	%		6.76	%		6.22	%		6.28	%		(6) bps			—			39 bps			—			6.70	%		5.77	%		93 bps			—
Return on average total assets, excluding restructuring charges and special items:
Average total assets (GAAP)	K	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	2,196			2	%	$	8,373			7	%	$	134,429		$	125,535		$	8,894			7	%
Return on average total assets, excluding restructuring charges and special items (non-GAAP)	H/K		0.64	%		0.65	%		0.66	%		0.62	%		0.65	%		(1) bps						(1) bps			—			0.65	%		0.60	%		5 bps			—
Return on average total tangible assets and return on average total tangible assets, excluding restructuring charges and special items:
Average total assets (GAAP)	K	$	135,521		$	133,325		$	130,671		$	128,691		$	127,148		$	2,196			2	%	$	8,373			7	%	$	134,429		$	125,535		$	8,894			7	%
Less: Average goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876			6,876			—			—
Less: Average other intangibles (GAAP)			5			5			6			6			7			—			—			(2	)		(29	)		5			7			(2	)		(29	)
Add: Average deferred tax liabilities related to goodwill (GAAP)			437			422			403			384			369			15			4			68			18			430			360			70			19
Average tangible assets (non-GAAP)	L	$	129,077		$	126,866		$	124,192		$	122,193		$	120,634		$	2,211			2	%	$	8,443			7	%	$	127,978		$	119,012		$	8,966			8	%
Return on average total tangible assets (non-GAAP)	G/L		0.59	%		0.67	%		0.63	%		0.61	%		1.04	%		(8	) bps		—			(45	) bps		—			0.63	%		0.81	%		(18	) bps		—
Return on average total tangible assets, excluding restructuring charges and special items (non-GAAP)	H/L		0.67	%		0.69	%		0.69	%		0.66	%		0.68	%		(2	) bps		—			(1	) bps		—			0.68	%		0.63	%		5 bps			—
Efficiency ratio and efficiency ratio, excluding restructuring charges and special items:
Net interest income (GAAP)		$	840		$	836		$	840		$	820		$	833		$	4			—	%	$	7			1	%	$	1,676		$	1,641		$	35			2	%
Add: Noninterest income (GAAP)			360			347			339			341			640			13			4			(280	)		(44	)		707			998			(291	)		(29	)
Total revenue (GAAP)	C	$	1,200		$	1,183		$	1,179		$	1,161		$	1,473		$	17			1	%	($	273	)		(19	%)	$	2,383		$	2,639		($	256	)		(10	%)
Efficiency ratio (non-GAAP)	E/C		70.02	%		68.49	%		69.88	%		69.84	%		64.33	%		153 bps			—			569 bps			—			69.27	%		66.58	%		269 bps			—
Efficiency ratio, excluding restructuring charges and special items (non-GAAP)	F/D		66.70	%		67.65	%		67.11	%		68.02	%		70.23	%		(95	) bps		—			(353	) bps		—			67.17	%		69.83	%		(266	) bps		—
Tangible book value per common share:
Common shares - at end of period (GAAP)	M		537,149,717			547,490,812			545,884,519			559,998,324			559,998,324			(10,341,095	)		(2	)%		(22,848,607	)		(4	)%		537,149,717			559,998,324			(22,848,607	)		(4	%)
Stockholders’ equity (GAAP)		$	19,339		$	19,564		$	19,268		$	19,383		$	19,597		($	225	)		(1	)	($	258	)		(1	)	$	19,339		$	19,597		($	258	)		(1	)
Less: Goodwill (GAAP)			6,876			6,876			6,876			6,876			6,876			—			—			—			—			6,876			6,876			—			—
Less: Other intangible assets (GAAP)			4			5			6			6			7			(1	)		(20	)		(3	)		(43	)		4			7			(3	)		(43	)
Add: Deferred tax liabilities related to goodwill (GAAP)			450			434			420			399			384			16			4			66			17			450			384			66			17
Tangible common equity (non-GAAP)	N	$	12,909		$	13,117		$	12,806		$	12,900		$	13,098		($	208	)		(2	%)	($	189	)		(1	%)	$	12,909		$	13,098		($	189	)		(1	%)
Tangible book value per common share (non-GAAP)	N/M	$	24.03		$	23.96		$	23.46		$	23.04		$	23.39		$	0.07			—	%	$	0.64			3	%	$	24.03		$	23.39		$	0.64			3	%

29

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Excluding restructuring charges and special items) (CONTINUED)

(dollars in millions, except per-share data)

		QUARTERLY TRENDS																											FOR THE SIX MONTHS ENDED JUNE 30,
																	2Q15 Change																2015 Change
		2Q15			1Q15			4Q14			3Q14			2Q14			1Q15						2Q14						2015		2014		2014
																	$			%			$			%							$			%
Net income per average common share - basic and diluted, excluding restructuring charges and special items:
Average common shares outstanding - basic (GAAP)	O		537,729,248			546,291,363			546,810,009			559,998,324			559,998,324			(8,562,115	)		(2	%)		(22,269,076	)		(4	%)		541,986,653		559,998,324		(18,011,671	)		(3	%)
Average common shares outstanding - diluted (GAAP)	P		539,909,366			549,798,717			550,676,298			560,243,747			559,998,324			(9,889,351	)		(2	)		(20,088,958	)		(4	)		544,804,268		559,998,324		(15,194,056	)		(3	)
Net income applicable to common stockholders (GAAP)	Q	$	190		$	209		$	197		$	189		$	313		($	19	)		(9	)	($	123	)		(39	)	$	399	$	479	($	80	)		(17	)
Net income per average common share - basic (GAAP)	Q/O		0.35			0.38			0.36			0.34			0.56			(0.03	)		(8	)		(0.21	)		(38	)		0.74		0.86		(0.12	)		(14	)
Net income per average common share - diluted (GAAP)	Q/P		0.35			0.38			0.36			0.34			0.56			(0.03	)		(8	)		(0.21	)		(38	)		0.73		0.86		(0.13	)		(15	)
Net income applicable to common stockholders, excluding restructuring charges and special items (non-GAAP)	R		215			215			217			202			205			—			—			10			5			430		371		59			16
Net income per average common share - basic, excluding restructuring charges and special items (non-GAAP)	R/O		0.40			0.39			0.40			0.36			0.37			0.01			3			0.03			8			0.79		0.66		0.13			20
Net income per average common share - diluted, excluding restructuring charges and special items (non-GAAP)	R/P		0.40			0.39			0.39			0.36			0.37			0.01			3			0.03			8			0.79		0.66		0.13			20
Pro forma Basel III fully phased-in common equity tier 1 capital ratio1:
Common equity tier 1 (regulatory)		$	13,270		$	13,360		$	13,173		$	13,330		$	13,448
Less: Change in DTA and other threshold deductions (GAAP)			3			3			(6	)		(5	)		(7	)
Pro forma Basel III fully phased-in common equity tier 1 (non-GAAP)	S	$	13,267		$	13,357		$	13,179		$	13,335		$	13,455
Risk-weighted assets (regulatory general risk weight approach)			112,131			109,786			105,964			103,207			101,397
Add: Net change in credit and other risk-weighted assets (regulatory)			247			242			2,882			3,207			2,383
Basel III standardized approach risk-weighted assets (non-GAAP)	T	$	112,378		$	110,028		$	108,846		$	106,414		$	103,780
Pro forma Basel III fully phased-in common equity tier 1 capital ratio (non-GAAP)1	S/T		11.8	%		12.1	%		12.1	%		12.5	%		13.0	%
Salaries and employee benefits, excluding restructuring charges and special items:
Salaries and employee benefits (GAAP)	U	$	411		$	419		$	397		$	409		$	467			($8	)		(2	%)		($56	)		(12	%)	$	830	$	872	($	42	)		(5	%)
Less: Restructuring charges and special items			6			(1	)		1			—			43			7			700			(37	)		(86	)		5		43		(38	)		(88	)
Salaries and employee benefits, excluding restructuring charges and special items (non-GAAP)	V	$	405		$	420		$	396		$	409		$	424		($	15	)		(4	%)		($19	)		(4	%)	$	825	$	829	($	4	)		—	%
Outside services, excluding restructuring charges and special items:
Outside services (GAAP)	W	$	99		$	79		$	106		$	106		$	125		$	20			25	%		($26)			(21	%)	$	178	$	208	($	30	)		(14	%)
Less: Restructuring charges and special items			16			8			18			19			41			8			100			(25	)		(61	)		24		41		(17	)		(41	)
Outside services, excluding restructuring charges and special items (non-GAAP)	X	$	83		$	71		$	88		$	87		$	84		$	12			17	%		($1	)		(1	%)	$	154	$	167	($	13	)		(8	%)
Occupancy, excluding restructuring charges and special items:
Occupancy (GAAP)	Y	$	90		$	80		$	81		$	77		$	87		$	10			13	%	$	3			3	%	$	170	$	168	$	2			1	%
Less: Restructuring charges and special items			15			2			5			2			9			13			650			6			67			17		9		8			89
Occupancy, excluding restructuring charges and special items (non-GAAP)	Z	$	75		$	78		$	76		$	75		$	78		($	3	)		(4	%)		($3	)		(4	%)	$	153	$	159	($	6	)		(4	%)

¹  Periods prior to 1Q15 reported on a Basel I basis. Basel III ratios assume certain definitions impacting qualifying Basel III capital, which otherwise will phase in through 2018, are fully phased-in. Ratios also reflect the required US Standardized methodology for calculating RWAs, effective January 1, 2015.

30

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Excluding restructuring charges and special items) (CONTINUED)

(dollars in millions, except per-share data)

		QUARTERLY TRENDS																										FOR THE SIX MONTHS ENDED JUNE 30,
																2Q15 Change																	2015 Change
		2Q15			1Q15			4Q14			3Q14			2Q14		1Q15						2Q14						2015			2014		2014
																$			%			$			%								$			%
Equipment expense, excluding restructuring charges and special items:
Equipment expense (GAAP)	AA	$	65		$	63		$	63		$	58		$	65	$	2			3	%	$	—			—	%	$	128		$	129	($	1	)		(1	%)
Less: Restructuring charges and special items			—			1			1			—			3		(1	)		(100	)		(3	)		(100	)		1			3		(2	)		(67	)
Equipment expense, excluding restructuring charges and special items (non-GAAP)	BB	$	65		$	62		$	62		$	58		$	62	$	3			5	%	$	3			5	%	$	127		$	126	$	1			1	%
Amortization of software, excluding restructuring charges and special items:
Amortization of software	CC	$	37		$	36		$	43		$	38		$	33	$	1			3	%	$	4			12	%	$	73		$	64	$	9			14	%
Less: Restructuring charges and special items			—			—			6			—			—		—			—			—			—			—			—		—			—
Amortization of software, excluding restructuring charges and special items (non-GAAP)	DD	$	37		$	36		$	37		$	38		$	33	$	1			3	%	$	4			12	%	$	73		$	64	$	9			14	%
Other operating expense, excluding restructuring charges and special items:
Other operating expense (GAAP)	EE	$	139		$	133		$	134		$	122		$	171	$	6			5	%	($	32	)		(19	%)	$	272		$	317	($	45	)		(14	%)
Less: Restructuring charges and special items			3			—			2			—			19		3			—			(16	)		(84	)		3			19		(16	)		(84	)
Other operating expense, excluding restructuring charges and special items (non-GAAP)	FF	$	136		$	133		$	132		$	122		$	152	$	3			2	%	($	16	)		(11	%)	$	269		$	298	($	29	)		(10	%)
Pre-provision profit, excluding restructuring charges and special items:
Total revenue, excluding restructuring charges and special items (non-GAAP)	D	$	1,200		$	1,183		$	1,179		$	1,161		$	1,185	$	17			1	%	$	15			1	%	$	2,383		$	2,351	$	32			1	%
Less: Noninterest expense, excluding restructuring charges and special items (non-GAAP)	F		801			800			791			789			833		1			—			(32	)		(4	)		1,601			1,643		(42	)		(3	)
Pre-provision profit, excluding restructuring charges and special items (non-GAAP)	GG	$	399		$	383		$	388		$	372		$	352	$	16			4	%	$	47			13	%	$	782		$	708	$	74			10	%
Income before income tax expense (benefit), excluding restructuring charges and special items:
Income before income tax expense (GAAP)	HH	$	282		$	315		$	283		$	274		$	476	($	33	)		(10	%)	($	194	)		(41	%)	$	597		$	711	($	114	)		(16	%)
Less: Income before income tax expense (benefit) related to restructuring charges and special items (GAAP)			(40	)		(10	)		(33	)		(21	)		173		(30	)		(300	)		(213	)		(123	)		(50	)		173		(223	)		(129	)
Income before income tax expense, excluding restructuring charges and special items (non-GAAP)	II	$	322		$	325		$	316		$	295		$	303	($	3	)		(1	%)	$	19			6	%	$	647		$	538	$	109			20	%
Income tax expense, excluding restructuring charges and special items:
Income tax expense (GAAP)	JJ	$	92		$	106		$	86		$	85		$	163	($	14	)		(13	%)	($	71	)		(44	%)	$	198		$	232	($	34	)		(15	%)
Less: Income tax (benefit) related to restructuring charges and special items (GAAP)			(15	)		(4	)		(13	)		(8	)		65		(11	)		(275	)		(80	)		(123	)		(19	)		65		(84	)		(129	)
Income tax expense, excluding restructuring charges and special items (non-GAAP)	KK	$	107		$	110		$	99		$	93		$	98	($	3	)		(3	%)	$	9			9	%	$	217		$	167	$	50			30	%
Restructuring charges and special expense items include:
Restructuring charges		$	25		$	1		$	10		$	1		$	103	$	24			2,400	%	($	78	)		(76	%)		26			103		(77	)		(75	%)
Special items			15			9			23			20			12		6			67			3			25			24			12		12			100
Restructuring charges and special expense items	LL	$	40		$	10		$	33		$	21		$	115	$	30			300	%	($	75	)		(65	%)	$	50		$	115	($	65	)		(57	%)

31

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)

		Three Months Ended June 30,												Three Months Ended March 31,											Three Months Ended December 31,
		2015												2015											2014
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	66		$	135		($	11	)	$	190		$	61		$	147		$	1	$	209		$	52		$	140		$	5	$	197
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,681		$	4,625		$	10,085		$	19,391		$	4,649		$	4,526		$	10,232	$	19,407		$	4,756		$	4,334		$	10,119	$	19,209
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			5		5			—			—			6		6
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			437			437			—			—			422		422			—			—			403		403
Average tangible common equity (non-GAAP)	C	$	4,681		$	4,625		$	3,641		$	12,947		$	4,649		$	4,526		$	3,773	$	12,948		$	4,756		$	4,334		$	3,640	$	12,730
Return on average tangible common equity (non-GAAP)	A/C		5.66	%		11.69	%		NM			5.90	%		5.30	%		13.15	%		NM		6.53	%		4.30	%		12.76	%		NM		6.12	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	52,489		$	42,617		$	40,415		$	135,521		$	51,602		$	41,606		$	40,117	$	133,325		$	50,546		$	40,061		$	40,064	$	130,671
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			5		5			—			—			6		6
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			437			437			—			—			422		422			—			—			403		403
Average tangible assets (non-GAAP)	E	$	52,489		$	42,617		$	33,971		$	129,077		$	51,602		$	41,606		$	33,658	$	126,866		$	50,546		$	40,061		$	33,585	$	124,192
Return on average total tangible assets (non-GAAP)	A/E		0.51	%		1.27	%		NM			0.59	%		0.48	%		1.43	%		NM		0.67	%		0.40	%		1.38	%		NM		0.63	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	613		$	181		$	47		$	841		$	596		$	173		$	41	$	810		$	611		$	180		$	33	$	824
Net interest income (GAAP)			544			286			10			840			533			276			27		836			536			283			21		840
Noninterest income (GAAP)			230			108			22			360			219			100			28		347			218			111			10		339
Total revenue	G	$	774		$	394		$	32		$	1,200		$	752		$	376		$	55	$	1,183		$	754		$	394		$	31	$	1,179
Efficiency ratio (non-GAAP)	F/G		79.25	%		46.07	%		NM			70.02	%		79.25	%		46.01	%		NM		68.49	%		81.09	%		45.48	%		NM		69.88	%

32

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(dollars in millions)

		Three Months Ended September 30,												Three Months Ended June 30,
		2014												2014
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	54		$	139		($	4	)	$	189		$	44		$	141		$	128	$	313
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,685		$	4,205		$	10,521		$	19,411		$	4,640		$	4,129		$	10,838	$	19,607
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			6			6			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			384			384			—			—			369		369
Average tangible common equity (non-GAAP)	C	$	4,685		$	4,205		$	4,023		$	12,913		$	4,640		$	4,129		$	4,324	$	13,093
Return on average tangible common equity (non-GAAP)	A/C		4.57	%		13.10	%		NM			5.81	%		3.87	%		13.78	%		NM		9.59	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	49,012		$	38,854		$	40,825		$	128,691		$	48,556		$	38,022		$	40,570	$	127,148
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			6			6			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			384			384			—			—			369		369
Average tangible assets (non-GAAP)	E	$	49,012		$	38,854		$	34,327		$	122,193		$	48,556		$	38,022		$	34,056	$	120,634
Return on average total tangible assets (non-GAAP)	A/E		0.44	%		1.42	%		NM			0.61	%		0.37	%		1.50	%		NM		1.04	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	609		$	162		$	39		$	810		$	655		$	157		$	136	$	948
Net interest income (GAAP)			532			270			18			820			546			264			23		833
Noninterest income (GAAP)			226			104			11			341			236			107			297		640
Total revenue	G	$	758		$	374		$	29		$	1,161		$	782		$	371		$	320	$	1,473
Efficiency ratio (non-GAAP)	F/G		80.42	%		43.35	%		NM			69.84	%		83.61	%		42.36	%		NM		64.33	%

33

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(dollars in millions)

		FOR THE SIX MONTHS ENDED JUNE 30,
		2015												2014
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other		Consolidated
Net income (loss) (GAAP)	A	$	127		$	282		($	10	)	$	399		$	76		$	282		$	121	$	479
Return on average tangible common equity
Average common equity (GAAP)	B	$	4,665		$	4,576		$	10,158		$	19,399		$	4,609		$	4,076		$	10,804	$	19,489
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			430			430			—			—			360		360
Average tangible common equity (non-GAAP)	C	$	4,665		$	4,576		$	3,707		$	12,948		$	4,609		$	4,076		$	4,281	$	12,966
Return on average tangible common equity (non-GAAP)	A/C		5.48	%		12.41	%		NM			6.21	%		3.35	%		13.97	%		NM		7.45	%
Return on average total tangible assets
Average total assets (GAAP)	D	$	52,048		$	42,114		$	40,267		$	134,429		$	48,085		$	37,491		$	39,959	$	125,535
Less: Average goodwill (GAAP)			—			—			6,876			6,876			—			—			6,876		6,876
Average other intangibles (GAAP)			—			—			5			5			—			—			7		7
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			430			430			—			—			360		360
Average tangible assets (non-GAAP)	E	$	52,048		$	42,114		$	33,816		$	127,978		$	48,085		$	37,491		$	33,436	$	119,012
Return on average total tangible assets (non-GAAP)	A/E		0.49	%		1.35	%		NM			0.63	%		0.32	%		1.52	%		NM		0.81	%
Efficiency ratio
Noninterest expense (GAAP)	F	$	1,209		$	354		$	88		$	1,651		$	1,293		$	310		$	155	$	1,758
Net interest income (GAAP)			1,077			562			37			1,676			1,083			520			38		1,641
Noninterest income (GAAP)			449			208			50			707			455			214			329		998
Total revenue	G	$	1,526		$	770		$	87		$	2,383		$	1,538		$	734		$	367	$	2,639
Efficiency ratio (non-GAAP)	F/G		79.25	%		46.04	%		NM			69.27	%		84.00	%		42.25	%		NM		66.58	%

34

FORWARD-LOOKING STATEMENTS

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 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;

• management’s ability to identify and manage these and other risks; and

• any failure by us to successfully replicate or replace certain functions, systems and infrastructure provided by The Royal Bank of Scotland Group plc (RBS Group).

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. In addition, the timing and manner of the sale of RBS Group’s remaining ownership of our common stock remains uncertain, and we have no control over the manner in which RBS Group may seek to divest such remaining shares. Any such sale would impact the price of our shares of common stock.

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 filed with the United States Securities and Exchange Commission on March 3, 2015.

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