Synchrony Financial Announces Pricing of Its Initial Public Offering

SYNCHRONY FINANCIAL (“Synchrony”) announced the pricing of its initial public offering of 125,000,000 shares of common stock at a price of $23.00 per share. Synchrony has granted the underwriters an option to purchase up to an aggregate of 18,750,000 additional shares of common stock. All of the shares will be sold by Synchrony and it will receive net proceeds of approximately $2.8 billion from the offering (or $3.2 billion if the underwriters exercise in full their option to purchase additional shares). Trading on The New York Stock Exchange is expected to begin on Thursday, July 31, 2014 under the symbol “SYF.”

Immediately after the completion of the offering, General Electric Company will own approximately 84.9% of Synchrony’s common stock (or 83.1% if the underwriters exercise in full their option to purchase additional shares).

A registration statement relating to this offering was filed with, and declared effective by, the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectuses, when they become available, may be obtained from:

• Goldman, Sachs & Co., 200 West Street, New York, NY 10282, facsimile: 212-902-9316, Attention: Prospectus Department, or by calling 866-471-2526 or emailing prospectus-ny@ny.email.gs.com;
• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204;
• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 800-831-9146; or
• Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

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