(part 1 of 2)
  ($ figures in billions)
   Change As % of Avg.
  Revenues 2004 from 2003 Outstandings
  Interest $72.13 10% 12.40%
  Interchange 16.63 3 2.87
  Penalty Fees 8.10 5 1.40
  Cash-Advance Fees 4.29 0 0.74
  Annual Fees 2.41 0 0.41
  Enhancements 0.78 7 0.13
  Total 104.34 8 18.00
  Expenses
  Cost of Funds 11.58 -24 1.99
  Chargeoffs 31.86 -4 5.50
  Operations/Marketing 27.73 10 4.69
  Fraud 0.70 -15 0.12
  Total 71.87 -3 12.40
  Pre-Tax Profit/ROA 32.97 5.69
  Taxes* 11.53
  After-Tax Profit/ROA 21.44 51 3.70
  Average Outstandings 579.43 3.03
  (part 2 of 2)
   As % of Avg.
  Revenues 2003 Outstandings
  Interest $65.35 11.62%
  Interchange 16.08 2.86
  Penalty Fees 7.71 1.37
  Cash-Advance Fees 4.26 0.76
  Annual Fees 2.41 0.43
  Enhancements 0.73 0.13
  Total 96.53 17.17
  Expenses
  Cost of Funds 15.18 2.70
  Chargeoffs 33.18 5.90
  Operations/Marketing 24.74 4.40
  Fraud 0.82 0.14
  Total 73.92 13.14
  Pre-Tax Profit/ROA 22.61 4.02
  Taxes* 8.37
  After-Tax Profit/ROA 14.24 2.53
  Average Outstandings 562.36
  Source: Credit Card Management
  *Taxes figured at 35% in 2004 and 37% in 2003.
 

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