An experienced leader in the U.S. private-label credit card industry based on purchase volume and receivables with a longstanding operational track record High earnings capacity and profitability through the last downturn Expected capital growth and conservative capital distribution plans Seasoned and experienced management team High business concentration in its retail card portfolio, which is dominant in terms of revenues and profitability Greater dependence on brokered deposits and wholesale funding compared with peers Weaker expected near-term financial performance and negative operating leverage because of build out of public company infrastructure, which we view as transitory Stamford, Conn.-headquartered Synchrony Financial's eventual split-off from General Electric Capital Corp. (GECC) will create a large stand-alone consumer finance company, which we view as an experienced
