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Springleaf ABS OverviewABS East ConferenceSpringleaf Holdings, Inc.September 2015
Important InformationThe following pages are part of a presentation by Springleaf Holdings, Inc. (the "Company“ or “Springleaf”) and are intended to be viewed as part of that presentation. No representation is made that the informationin these pages is complete. For additional financial, statistical and business related information, as well as information regarding business and segment trends, see the Company's Quarterly Report on Form 10-Q forthe quarter ended June 30, 2015, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Form 10-K”), each of which was filed with the SEC and are available on the Company'swebsite (www.springleaf.com) and the SEC's website (www.sec.gov).Forward Looking StatementsThis presentation contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, objectives, goals,projections, strategies, future events or performance, our 2015 guidance ranges and underlying assumptions and other statements, which are not statements of historical facts. Statements preceded by, followed byor that otherwise include the words “anticipate,” “appears,” “believe,” “foresee,” “intend,” “should,” “expect,” “estimate,” “project,” “plan,” “may,” “could,” “will,” “are likely” and similar expressions are intended toidentify forward-looking statements. These statements involve predictions of our future financial condition, performance, plans and strategies, and are thus dependent on a number of factors including, withoutlimitation, assumptions and data that may be imprecise or incorrect. Specific factors that may impact performance or other predictions of future actions include, but are not limited to: various risks relating to theOneMain acquisition, including in respect of the satisfaction of closing conditions to the OneMain acquisition that are materially adverse to the business, financial condition or results of operations of the combinedcompany; resolution of any potential concerns expressed to us by the DOJ and certain State Attorneys General with respect to the OneMain acquisition; unanticipated difficulties financing the purchase price of theOneMain acquisition; unanticipated expenditures relating to the OneMain acquisition; uncertainties as to the timing of the closing of the OneMain acquisition; litigation relating to the OneMain acquisition; theimpact of the OneMain acquisition on each company’s relationships with employees and third parties; the inability to obtain, or delays in obtaining, cost savings and synergies from the OneMain acquisition and risksassociated with the integration of the companies; changes in general economic conditions, including the interest rate environment and the financial markets; levels of unemployment and personal bankruptcies; shiftsin residential real estate values; natural or accidental events such as earthquakes, hurricanes, tornadoes, fires, or floods; war, acts of terrorism, riots, civil disruption, pandemics, or other events disrupting business orcommerce; changes in the rate at which we can collect or potentially sell our finance receivables portfolio; our ability to successfully realize the benefits of the SpringCastle Portfolio and the OneMain acquisition ifcompleted; the effectiveness of our credit risk scoring models; changes in our ability to attract and retain employees or key executives; changes in the competitive environment in which we operate; shifts in collateralvalues, delinquencies, or credit losses; changes in federal, state and local laws, regulations, or regulatory policies and practices; potential liability relating to real estate and personal loans which we have sold or maysell in the future, or relating to securitized loans; the effect of future sales of our remaining portfolio of real estate loans and the transfer of servicing of these loans; the costs and effects of any litigation orgovernmental inquiries or investigations; our continued ability to access the capital markets or the sufficiency of our current sources of funds to satisfy our cash flow requirements; our ability to comply with our debtcovenants; our ability to generate sufficient cash to service all of our indebtedness; the potential for downgrade of our debt by rating agencies; our substantial indebtedness, which could prevent us from meeting ourobligations under our debt instruments and limit our ability to react to changes in the economy, or our ability to incur additional borrowings; the impacts of our securitizations and borrowings; our ability to maintainsufficient capital levels in our regulated and unregulated subsidiaries; changes in accounting standards or tax policies and practices and the application of such new policies and practices to the manner in which weconduct business; the material weakness that we have identified in our internal control over financial reporting; and other risks described in the “Risk Factors” section of the Company’s Form 10-K and in other filingswith the SEC. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materiallydifferent from any future results, performance or achievements expressed or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements that speakonly as of the date they were made. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation orto reflect the occurrence of unanticipated events. You should not rely on forward looking statements as the sole basis upon which to make any investment decision.Non-GAAP Financial MeasuresWe present core earnings as a “non-GAAP financial measure” in this presentation. This measure is derived on the basis of methodologies other than in accordance with accounting principles generally accepted in theUnited States of America (“U.S. GAAP”). Please refer to the Financial Supplement hereto for a quantitative reconciliation from historical pretax income to pretax core earnings.We also present our segment financial information on a historical accounting basis (which is a basis of accounting other than U.S. GAAP) in this presentation. This information represents a “non-GAAP measure” whichuses the same accounting basis that we employed prior to the Fortress Acquisition. This presentation provides a consistent basis to better understand our operating results. Please refer to the Financial Supplementhereto for quantitative reconciliations from our push-down accounting pretax income (loss) to our historical pretax income for the first and second quarter 2015 and the second quarter 2014.2
Springleaf TodayLeading consumer finance company with nearly 100 year history – offering responsible personaland direct auto loans through our nationwide branch network and online applicationsOur 830 stores have funded our 14 billion of personal loan originations since Fortressacquisition Q4 2010NYSE:LEAF - Market cap today of 6 billionNationwide FootprintMinneapolis, MNCentral SalesCentral UnderwritingCentral VerificationsChicago, ILiLoanGreenwich, CTCapital MarketsInvestor RelationsLEGENDSpringleaf BranchesWilmington, DERisk AnalyticsMarketingModelingSpringleaf ManagementTempe, AZCentral SalesCentral UnderwritingCentral CollectionsLondon, KYCentral CollectionsCentral ServicingEvansville, INCorporate FunctionsCentral CollectionsInsurance Operations3
Springleaf: A Leader in Installment LoansSpringleaf offers installment loans with responsible payment terms–Fixed rate–Level pay–Fully Amortizing–No prepayment penalties–No balloons–APRs capped at 36%Springleaf has been making loans using the same underwriting principles for decades–Verify Income–Calculate disposable income after householdobligations and living expenses–Loan officers have deep local marketknowledge and generally live in thecommunities they serve–Face to face branch-based lending enhancesunderwriting and servicing effectiveness–Springleaf's risk scoring and pricing centrallymanaged to maintain consistency–Ability-to-repay underwriting4
Springleaf Target MarketMarket is large and fragmented; non-prime consumers have reduced access to credit cards andhome equity since financial crisisLarge non-prime population with limited liquidity – 55% of US households have less than onemonth of liquid savings.(1) More than 40% of households have no emergency savings(2)Target Customer Base: 500 – 700 FICOU.S. Consumer Debt 3.2 trillion Consumer Finance Industry3SpringleafTarget Markets(1)(2)(3)(4)Pew Charitable Trust January 2015US Financial Diaries households surveyed for June 2015 reportSource: Federal Reserve Bank of New York; Federal Student Aid/U.S. Department of Education. As of Q115Source: FICOTM Banking Analytics Blog. Fair Isaac Corporation. As of October 31, 2014.U.S. FICO Score Distribution4SpringleafTarget Markets5
Springleaf Market PositionOf those lending today –Many non-prime lenders offer less favorable terms / rates–Credit unions and regional banks are local competitors–High growth online lenders (Lending Club, Prosper, Avant) are competing across the creditspectrumDeep Sub-PrimeNon-Prime/Near-PrimePayday /Title(1)(1)Prime/Super-PrimeNational Banks (1)Low credit qualityFocus on broad range of borrowersHigh credit qualityHigh scrutinyResults in-line with higher credit score portfoliosHigh scrutinyHigh credit riskThorough underwriting processLow credit riskPersonal LoanDirect AutoRate100% to 500% FICO 600Rate18% to 36%RateSize 500FICO 700TermVery shortSizeTermRate10% to 20%12% to 30%FICO 660FICO 700SizeUp to 80,000Up to 10,000SizeUp to 50,000TermUp to 10 yearsUp to 5 yearsTermUp to 5 yearsTypical terms in each category. Rate, FICO, Size and Term based on Springleaf estimates.6
Springleaf Customer DemographicsCustomer base representative of American populationTypical Borrower(1)Borrowers typically have established job and residencehistory and consistent incomeAge49 yrsHomeowners50%Time in ResidenceTypical use of proceeds: loan consolidation, home/autorepair, unexpected life events, vacation, holiday/back-toschool spendingAverage Household Income50%45%40%35%30%25%20%15%10%5%0%45%Net Household Income(2) 47,000(3) 41,500Checking Account95%FICO 1%25%28%55% withFICO 6%19%8%20%15%10%5%Construction 35(1)(2)(3)47% with income 35K - 74KGross Household IncomeTop Categories of EmploymentTime in Job: 8 yearsAttended/Graduated College: 65%11 yrs 35 - 49 50 - 74Over 75KDemographic data is for active consumer loan accounts as of May 2015EstimateBased off net incomes from borrower applications6%0% 550550 - 600 601 - 650650 7
Commitment to Customer SatisfactionOur Borrower Bill of Rights includes acommitment to “deliver an outstandingcustomer experience”We survey all customers to continuallyimprove our products and processesSpringleaf is proud of its 90% satisfactionscores but continually aims to improveOur Commitment To YouAt Springleaf Financial, we put your financial well-being first,making responsible loans and never compromising your trustWe commit to: Treat you with dignity, honesty, and integrity Deliver an outstanding customer experience Work with you in times of temporary hardshipWe pledge to honor our “Borrower’s Bill of Rights”: Ensure you understand the terms and requirements of your loan beforeyou sign (including interest rate, monthly payment and total cost of yourloan)Overall company quarterly satisfaction92% Offer loans that you have the ability to repay, with predictable, affordablemonthly payments Answer any questions you may have about our products and services Clearly disclose that all insurance or other products we offer are optionalLikelihood of repeat business92% Never pressure you to buy or accept loans, terms, insurance or otherproducts you don’t understand or want Never impose undisclosed costs or feesLikelihood of friends and family referrals93% Always report all your payment information to the credit bureaus on atimely basis8
Springleaf Liquidity EvolutionQ2 20152010(1) 12.3BCorporate Debt 5.4B 7.1BDebt Due In 3Years 3.1BABS Debt Outstanding 4.9BCommitted Backup ConduitLines 2.2BNoneNone(1)(2)Pre-Fortress Acquisition, Nov-10Committed financing facilities to fund budgeted loan originations9
Branch Receivables Growth and ScalabilityConsumer Receivables Per Branch ( mm)(1)Origination / Portfolio Mix(2)Proven History of ScalabilityPersonal Loan(3)CAGR: 23.0% 5.5CAGR: 24.2%Auto LoanUnsecuredHard SecuredAvg. Loan Size 4,100 5,600 12,300Avg. APR30.2%28.5%19.6%Avg. Vehicle AgeNA12 yrs6 yrsAvg. Term42 mos.45 mos.50 mos.Avg. Borr. FICO612593607% Total 2Q15OriginationVolume46%31%23%% TotalConsumerReceivables O/S47%38%15% 5.2 5.0 4.6 4.5 4.1 4.0 3.8 3.4 3.5 3.1 3.0 2.5 2.5 2.012/31/11 12/31/12 12/31/13 12/31/14 6/30/13(1)(2)(3)6/30/146/30/15Consumer and Insurance segment reflects historical accounting basis (which is a basis of accounting other than U.S. GAAP).Table represents data for quarter ended June 30, 2015.Unsecured includes Soft Secured Personal Loans.10
Springleaf Acquisition of OneMainSpringleaf to acquire 100% of OneMain for 4.25 billion in cashNew company to be called OneMain FinancialKey Strategic Rationale:–Creation of the premier personal finance company 2.5 million customers; originated 1.6 million loans in 2014 Nearly 15.0 billion in personal loan receivables across 2,000 branches in 43 states88% of U.S. population lives within 25 miles of a “new” OneMain branchExpanded Footprint Post OneMain AcquisitionLEGENDExisting SpringleafSpringleaf BranchesExpanded footprintOneMain Branches11
Direct Auto BusinessCreated Direct Auto program mid 2014 to offer borrowerslarger secured loans with lower rates vs. our personal loansU.S. Consumer Debt (1)– Able to offer longer and larger auto secured loans that tendto be stickier than our personal loans– Direct Auto must pass standard Springleaf ability-to-repayunderwriting as well as traditional auto underwritingAvoids the conflict of interest issues of indirect lending byoriginating directly, removing the auto dealer– Leverages decades of experience originating auto securedloans via our Hard Secured product (45% of our PL portfolio)Auto Financing(2)(3)Hired Direct Auto team from Wells Fargo– Highly experienced management team– Set up new Direct Auto focused facility in Minneapolis 70% of originations are Refinance with Cash out(1)(2)(3)Source: Federal Reserve Bank of New York; As of Q1 2015.Source: Equifax/Moodys – June 2015Auto Originations in U.S. (by FICO)12
Auto ComparisonSpringleaf comparison to other non-bank auto originators– Majority of subprime auto loans are originated indirect through auto dealers– Historically, Direct auto performs markedly better than Indirect autoSpringleaf DirectAuto ProgramAvg Loan BalanceWtd Avg CouponWtd Avg FICOWtd Avg Loan to Value(4)Wtd Avg Remaining Term% Used% Direct Auto 12,30018.5%607104%50100%100% 500501-550551-600601-650 651State Concentration(1)(2)(3)(4)3%15%26%34%23%CA: 9%IL: 8%NC: 8%(1)CarFinanceFirst Investors Auto2015-12015-1Collateral Stratification 19,831 21,33715.0%13.5%603585118%127%686971%73%28%32%FICO Distribution0%7%42%41%11%0%20%45%30%5%Top 3 States of Auto VolumeTX: 31%TX: 15%CA: 18%CA: 11%FL: 7%NC: 8%DRIVE2015-CSDART2015-1 17,93921.0%(2)547110%70(3)71%0% 18,49216.2%(2)595110%70(3)67%0%None: 17% 500: 17%501-600: 53% 601: 12%N/ANone: 10% 500: 6%501-600: 40% 601: 43%N/ATX: 14%FL: 12%CA: 11%TX: 17%FL: 15%CA: 10%Auto Program Originations through June 30, 2015Represents APRRepresents WTD AVG Original TermSpringleaf vehicle value is measured by NADA wholesale value13
Ability-to-Repay is Foundation of UnderwritingCapacityIncome/ability to repayApplicationSourcingAbility toRepay(“ATR”)Credit ScoringVerificationCharacterWillingness to repayCollateralAdditional loan supportCustomer information is collected in person, over the phone or internetAbility to Repay is determined using verified sources of income to calculatea consumer’s monthly payment obligationsSpringleaf Proprietary Credit Score generated by centrally controlledscorecards used for pricingVerified application information (includes address, telephone, income, andemployment)Confirm the quality of the collateral (when applicable)OutcomeTime tested custom underwriting produces strong performance throughcycles14
Branches Supported by Centralized FunctionsEffective Hybrid Operating ModelBranch ProcessesNeeds-based marketing toexisting customersCommunity networkingLoan applications/processingDocumentation and verificationPersonal loan underwritingLoan closing and fundingRelationship management 60 days past due collectionsPayoff ngServicing/EarlyStage CollectionsLate StageCollectionsPost Charge-OffCentralized ProcessesBranding and advertisingDirect mailOnline marketingCustomer retention strategiesPricingCredit policy and scoringUnderwriting policyAuto underwritingLockbox for centralizedpaymentsInsurance administration 60 days past due collectionsDefault management servicesCharge off collections15
Centralized Servicing Materially ExpandedSpringleaf has significantly expanded its centralized servicing capabilities over the last 2 yearsAll 60 day delinquent accounts centrally servicedAcquisition of ServicingCenter in London, KentuckyLaunch of New Center inTempe, ArizonaTook ownership of former HSBC operations center in 3Q13Long tenured staff with deep consumer servicing experience and lowattrition, licensed in all 50 statesNew servicing, sales and underwriting facility to better support Spanishspeakers and West Coast hours of operationSignificant expansion options to support future growth objectivesOnboarded Leading 3rdParty Overflow Servicer(ACT)Improves staffing flexibility and provides business continuity optionalityACT currently employs 5,000 FTE employees across 9 sitesProprietary servicing platform supports branches and centralized operationsShared Servicing PlatformAllows Seamless TransferAll customer loan documents digitally imaged and accessible at all servicingsites and branches16
Servicing and Loss Mitigation ToolsSpringleaf responsibly employs several tools to meet customer needs during periods of financialstress (if appropriate) while not masking inevitable lossesConservative charge-off policy at 180 days(1)Customer Service / Loss MitigationRenewal Balance OnlyLoan Servicing KitDescriptionExisting loan paid in fullTargetFrequency(1)Loan rewritten applyingfull underwriting processwith less than 300 or10% new moneyDeferralCustomer pays the greaterof ½ payment or currentlyassessed finance chargesRemaining portion ofpayment added to end ofthe loanLoss MinimizationCureSettlementA delinquent loan isbrought to a currentstatus after customerdemonstrates ability toresume consistentpaymentsLump-sum paymentaccepted to satisfy theloan for less than the fullbalance dueUp-to-date or early-stagedelinquency customersUp-to-date or early-stagedelinquency customersCustomer requires lowerpayment to addresspermanent change infinancial circumstanceTemporary hardship whichprevents customer frompaying current amount infullAll 2 pay loans must becleared throughcentralized Risk teamAll 2 pay loans must becleared throughcentralized Risk team2 full consecutivepayments requiredNo more than one RBO insix monthsNo more than two in arolling 12 monthsOnce in the rolling 12month periodLimited exceptions include: Chapter 13 bankruptcy, repossessed collateral in auction process. All exceptions require higher level authorizationDelinquent customersRecovered fromTemporary Hardshipwhich causeddelinquency, but now ableto maintain paymentAll centrally approvedSeverely delinquentcustomers who haveaccess to a one-time lumpsumMutually beneficialsolution to exit the loanrelationshipOnce in the life of the loan17
Consumer Loan Portfolio PerformanceLow delinquency and charge-offs result from robust underwriting of customer’s ability-to-repaySpringleaf loans compare well to Private Label Credit Card and Subprime Auto indicesAnnualized Loss Rates (1,2,3)12%10%8%6%4%2%0%1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1154Private Label Credit CardSubprime Auto5Springleaf4.86%4.66%4.62%Q215Delinquency (1,2)8%6%4%2%3.57%2.39%1.82%0%1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q115 Q21545Private Label Credit CardSubprime AutoSpringleaf(1)(2)(3)(4)(5)Consumer segment reflects historical accounting basis (which is a basis of accounting other than U.S. GAAP).Data prior to 2009 represents total Springleaf branch personal loans. Data post 2009 represents Consumer segment personal loans only.Charge-off rate excludes impact of 14.5 million of additional charge-offs recorded in March 2013 related to our change in charge-off policy, 25.4 million of recoveries on charged-off personal loansresulting from a sale of our previously charged-off finance receivables in June 2013, and 2.7 million of recovery sale buybacks during the last half of 2013.JP Morgan Retail Card June 2015S&P Subprime Auto Loan Index – July 201518
Consumer Loan PerformanceConsumer Credit Performance Remains 20.46%22.03%10.00%5.00%3.64%0.00%20123.81%2013 (2)Gross .98%)Net Charge-offs3.64%3.81%4.94%5.12%4.96%5.64%4.86%60 Delinquency2.75%2.60%2.82%2.28%2.82%2.53%2.39%Net Charge-offs(1)(2)(3)Risk-Adjusted Yield(3)Consumer and Insurance segment reflects historical accounting basis (which is a basis of accounting other than U.S. GAAP).Charge-off rate excludes impact of 15 million of additional charge-offs recorded in March 2013 related to our change in charge-off policy and 23 million of recoveries on charged-off personal loansresulting from a sale of our previously charged-off finance receivables in June 2013, net of a 3 million adjustment for the subsequent buyback of certain personal loans.Risk Adjusted Yield Yield less Net Charge-off Rate.19
30 Portfolio Delinquency ec-13Nov-13(1)Oct-13Sep-13Return to CurrentSep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-1512.0% 14.3% 11.1% 12.9% 12.4% 15.2% 11.8% 10.1% 11.6% 11.0% 12.0% 11.9% 11.2% 11.7% 9.1% 12.4% 10.2% 14.4% 12.3% 11.2% 11.8% 12.7%Other 8%1.0%0.7%0.8%0.9%0.6%0.5%0.9%Renewal Balance 3%0.3%0.2%0.4%0.4%0.2%0.2%0.2%0.2%0.2%0.3%Renew with New 2% 10.7% 11.1% 12.3% 10.8% 11.6% 12.6% 14.2% 13.5% 12.6% 11.9% 11.1% 12.0% 12.2% 11.6% 11.0% 11.6% 12.3% 13.4% 14.0% 12.8% 10.6%Roll Worse60.3% 57.5% 60.9% 58.1% 59.6% 55.2% 55.9% 58.7% 57.7% 58.6% 59.8% 60.2% 60.5% 60.4% 64.6% 61.2% 63.1% 57.1% 57.6% 58.3% 58.0% 58.5%Roll Unchanged11.2% 10.7% 10.6% 10.3% 10.8% 10.6% 10.9% 11.1% 10.8%9.7%10.1% 10.1%9.5%9.6%9.5%9.1%9.8%9.9%10.4% 10.6% 11.8% 11.7%Roll 2.0%1.8%2.1%2.7%2.6%2.3%2.2%1.9%Other includes loans whose delinquency was affected by some other means than borrower assistance including bankruptcy, judgment, insurance claim, etc.2.2%2.4%2.2%20
Renewal PerformanceHistorically, about half of customers renew at some point during life of loanEvery loan renewal is fully re-underwritten– Income is re-verified Household budget is refreshed Ability to repay is recalculatedAverage renewals: Per active customer: 1.36 Per renewing customer: 2.7399% of customers are current at time of renewalPerformance by Renewal Status(1)60 DelinquencyCumulative Gross 0%5.4%4.0%4.0%2.3%2.0%2.0%0.0%0.0%05Never Renewed(1)2.2%1015Renewed OnceReflects 2010 Vintage Data at 36 Months on Book20253035Renewed More Than Once05Never Renewed1015Renewed Once20253035Renewed More Than Once21
Securitization ProgramsABS Program(“SLFT”)5 personal loan ABS transactions since 2013̶All deals feature a revolving structure due to high payment rates of theunderlying collateral̶Consistent collateral performance̶Programmatic issuances gleaf acquired a 47% interest in the 3.9 billion HSBC portfolio in April 2013̶Concurrent closing of portfolio acquisition and ABS financing̶Acquired a world-class servicing center in London, KY with over 300 employees̶Significant performance improvement since purchaseDirect AutoProgramStarted Direct Auto business mid 2014 to capture borrowers seeking larger auto loans– As of Q2 2015, Direct Auto loans represented 23% of all originations– Targeting inaugural securitization in 2016/2017Conduit Facilities 2.15 billion committed undrawn facilities from a diverse set of money center banks– Direct Auto: 500 million– Personal Loan: 1.65 billion– Primarily undrawn22
Most Recent Transaction: SLFT 2015-BCapital StructureConcentration Limits% ofPool BalanceClass A 250,000,000Rating (S/K/D): A /AA/AA74.50%Class B 31,550,000Rating (S/K/D): BBB/A/A9.40%Class C 12,750,000Rating (S/K/D): BB/BBB/BBBClass D 20,150,000Rating (S/K/D): B/BB/BBInitial OC 21,171,862Reserve Account 3,356,219Cumulative Concentration LimitsProduct TypeUnsecuredUnsecured or Other SecuredRisk LevelEE or DE to (and including) CE to (and including) BE to (and including) AE to (and including) POther Concentration Limits3.80%6.00%6.30%1.00%Risk LevelNo ScoreOriginal BalanceOriginal Balance 25,000Original TermOriginal Term 60 monthsRemaining TermWA Remaining TermLoan RateMinimum WA RateLoan Rate 10.0%Customer StateTop 3 State ConcentrationsAny Other 40%15%40%15%40%15%23
SLFT Collateral CharacteristicsFICO(1)Remaining Term(1)6104560540600355953025590Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-152013-A2013-B2014-A2015-AJan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-152013-A2015-B2013-BAvg. Balance(1)2014-A2015-A2015-BWAC(1)29.00% 4,50028.00% 4,00027.00% 3,50026.00%25.00% 3,000Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-152013-A2013-B2014-A2015-A2015-BJan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-152013-A2013-B2014-A2015-A2015-BSolid Line: Revolving PeriodDotted Line: Amortization Period(1)SLFT 2013-A began amortizing in Feb-1524
Actual Losses a Fraction of S&P Base Case LossesWAC and Excess Spread(1)3 Month Net Annualized S&P .00%Left Axis20.00%Without Renewals15.00%20.00%10.00%10.00%Left BJul-14272013-B WAC2015-A WAC2013-A Excess Spread2014-A Excess Spread2015-B Excess Spread35.00%With Renewals50.00%30.00%13Right Axis40.00%60.00%11SLFT 2013-A: Class A CE80.00%(1)(2)(3)52013-A WAC2014-A WAC2015-B WAC2013-B Excess Spread2015-A Excess SpreadPrepays (2,3)0.00%Mar-133Nov-14Mar-15Jul-152014-AS&P AssumptionExcess Spread: Interest and Fees collected minus Interest and Fees paid divided by Beginning Collateral BalanceRenewals remain in transaction during the revolving period and are treated as full payoff during the amortization period2013-A began amortizing in Feb-150.00%Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15SubordinationNet Monthly ol FactorSolid Line: Revolving PeriodDotted Line: Amortization Period2529
Peer Performance ComparisonPortfolio YieldPortfolio 0.00%2.00%5.00%0.00%0.00%201020111Springleaf2012 132SYNCT20143Risk-Adjusted ingleaf(1)(2)(3)Excludes Direct Auto, short equity, CIG, CoMoLoco loansCOMET 2015-A1 Offering memorandum.S&P Presale: Synchrony Credit Card Note Master Trust 2015-12012120132COMETSYNCT2014326
SpringCastle ABS Program (“SCFT”) OverviewIn April 2013, Springleaf acquired a 47% interest in a 3.9 billion HSBC consumer portfolio Collateral consists of both closed end and revolving mortgage and non-mortgage receivables Acquired world-class servicing center in Kentucky with 300 employees (average tenure of 8 years) Servicing transferred to Springleaf in Sep-13, back-up servicing performed by Wells FargoSCFT 2014-A(2)SCFT 2013-AInitial UPB: 3.9bn(1)Wtd. Avg. Coupon: 18.3%Count:364kAvg. Balance: 9,600Avg. FICO Score:629Current UPB:Class A Notes(3)Initial: 2.2 billionCurrent: 1.2 billionCoupon: 3.75%Original WAL: 1.8yrsNot Rated 2.3 bnWtd. Avg. Coupon:
Springleaf Branches Leading consumer finance company with nearly 100 year history -offering responsible personal and direct auto loans through our nationwide branch network and online applications
