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(dollars in thousands, except per share data)

2003

2002

2001

Net Income Attributable to
   Common Shareholders

$

117,434

$

1,703

$

2,723

Per Common Share:

   Earnings per Share, Diluted

$

2.34

$

0.04

$

0.06

   Book Value per Share

$

11.10

$

8.82

$

8.77

Total Assets

$

761,355

$

518,915

$

536,457

Total Shareholders’ Equity

$

574,013

$

447,868

$

446,479

Managed Receivables Data

Total Accounts

2,416,000

3,562,000

2,185,000

Total Average Managed
   Receivables Outstanding

$

2,471,277

$

2,451,993

$

1,695,573

Total Managed Receivables
   Outstanding

$

2,340,898

$

2,795,888

$

1,891,842

Net Interest Margin

18.2%

17.6%

21.0%

Risk-Adjusted Margin

17.6%

12.2%

15.0%

Other Credit Card Income Ratio

8.9%

5.9%

8.8%

Operating Ratio

8.5%

8.2%

9.0%

Note Regarding Forward-Looking Statements
All statements in this Annual Report concerning our operating and earnings expectations for fiscal year 2003 and our liquidity expectations, and all other statements regarding our future performance (including those using words such as “believe,” “estimate,” “project,” “anticipate” or “predict”), are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various assumptions, risks and other factors that could cause our actual results to differ materially from those suggested by these forward-looking statements. These factors include, among others, the risks and others set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2003.

We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.