<HTML><HEAD><TITLE>September 2003 Asset Quality 8-K</TITLE><!-- Licensed to: MBNA Corporation--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
<META content="MSHTML 6.00.2600.0" name=GENERATOR></HEAD>
<BODY style="MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%">
<DIV>
<DIV align=left><BR></DIV>
<DIV align=center><BR></DIV>
<DIV align=left>
<DIV>
<HR align=left width="100%" noShade SIZE=2>
</DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">UNITED STATES</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">SECURITIES AND EXCHANGE COMMISSION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">WASHINGTON, D.C. 20549</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times Roman">FORM 8-K</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">CURRENT REPORT</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Pursuant to Section 13 or 15(d) of the</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Securities Exchange Act of 1934</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=left width="65%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Date of Report (Date of earliest event reported)</FONT> </DIV></TD>
<TD align=middle width="22%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">September 30, 2003</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="65%">
<HR align=left width="100%" noShade SIZE=1>
</TD>
<TD vAlign=top width="22%">
<HR align=left width="100%" noShade SIZE=1>
&nbsp;</TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=middle width="87%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times Roman">MBNA Corporation</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="87%">
<P align=center>
<DIV align=center>
<HR align=left width="100%" noShade SIZE=1>
<FONT size=2>(Exact name of registrant as specified in its charter)</FONT></DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=middle width="32%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Maryland</FONT> </DIV></TD>
<TD align=middle width="23%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">1-10683</FONT> </DIV></TD>
<TD align=middle width="31%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">52-1713008</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="32%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(State or other jurisdiction of incorporation)</FONT></DIV></TD>
<TD vAlign=top width="23%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(Commission File Number)</FONT></DIV></TD>
<TD vAlign=top width="31%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(I.R.S. Employer Identification No.)</FONT></DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=middle width="32%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Wilmington, Delaware</FONT> </DIV></TD>
<TD align=middle width="23%">
<DIV align=center>&nbsp;</DIV></TD>
<TD align=middle width="31%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">19884-0131</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="32%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(Address of principal executive offices)</FONT></DIV></TD>
<TD vAlign=top width="23%">
<HR align=left width="100%" noShade SIZE=1>
&nbsp;</TD>
<TD vAlign=top width="31%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(Zip Code)</FONT></DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=left width="65%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Registrant&#146;s telephone number, including area code</FONT> </DIV></TD>
<TD align=middle width="22%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(800) 362-6255</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="65%">
<HR align=left width="100%" noShade SIZE=1>
&nbsp;</TD>
<TD vAlign=top width="22%">
<HR align=left width="100%" noShade SIZE=1>
&nbsp;</TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=middle width="87%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">
<HR align=left width="100%" noShade SIZE=1>
<FONT size=3>&nbsp;</FONT>(Former name or former address, if changed since last report.)</FONT> </DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left>
<DIV>
<HR align=left width="100%" noShade SIZE=2>
</DIV>
<DIV>&nbsp;</DIV><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Item 5. Other Events</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">The net credit losses and loan delinquency ratios for MBNA Corporation (&#147;the Corporation&#148;), for its loan receivables and its managed loans for the month ended September 30,&nbsp;2003, are presented in the table below.</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="79%" border=0>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="14%" colSpan=3>
<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">&nbsp;&nbsp;&nbsp; Net Credit </FONT></DIV>
<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">&nbsp;&nbsp;&nbsp; Losses (a)</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="12%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Delinquency (b)</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom width="50%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom width="14%" colSpan=3><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">
<DIV align=center>
<HR align=left width="87.25%" noShade SIZE=1>
</DIV>
<DIV align=left>&nbsp;&nbsp; (annualized)</DIV></FONT></TD>
<TD vAlign=top width="12%" colSpan=3>
<HR align=left width="94.28%" noShade SIZE=1>
<FONT size=2></FONT></TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Loan receivables (c) </FONT></DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.68</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">3.75</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Credit card loan receivables</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.01</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">3.41</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Other consumer loan receivables</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">6.28</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.57</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Managed loans (d)</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">5.02</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.48</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Managed credit card loans</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.70</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">4.36</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">Managed other consumer loans</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">7.25</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times Roman">5.33</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Management expects the managed loan loss rate for the fourth quarter of 2003 to be below the third quarter of 2003.</FONT> </DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV align=justify><BR>&nbsp;</DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">The following tables reconcile loan receivables data to managed loans data presented above (dollars in thousands):</FONT></DIV>
<DIV align=left>
<P>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="33%" colSpan=9>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">For the month ended&nbsp;September 30, 2003</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="33%" colSpan=9>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">At&nbsp;September 30, 2003</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom width="33%" colSpan=9>
<HR align=left width="94.6%" noShade SIZE=1>
&nbsp;</TD>
<TD vAlign=top width="33%" colSpan=9>
<HR align=left width="100%" noShade SIZE=1>
</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Net Credit Losses (a)</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Average Loans Outstanding</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Net Credit Losses </FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Ratio (a)</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Delinquency Balances (b)</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Ending&nbsp;Loans Outstanding</FONT> </DIV></TD>
<TD vAlign=bottom align=middle width="11%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Delinquency Ratio (b)</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=top width="33%" colSpan=9>
<DIV align=right>
<HR align=left width="94.6%" noShade SIZE=1>
<FONT size=2>(annualized)</FONT>&nbsp;&nbsp;&nbsp; </DIV></TD>
<TD vAlign=top width="33%" colSpan=9>
<HR align=left width="100%" noShade SIZE=1>
</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Loan receivables:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Credit card</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%"><FONT size=2>66,815</FONT></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">19,990,965</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.01</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">697,557</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">20,457,193</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">3.41</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Other consumer</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">43,754</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">8,362,907</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">6.28</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">382,132</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">8,358,896</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.57</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Total loan receivables (c)</FONT></DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">110,569</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">28,353,872</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.68</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">1,079,689</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">28,816,089</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">3.75</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Securitized loans:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Credit card</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">314,898</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">77,550,248</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.87</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">3,608,628</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">78,267,421</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.61</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Other consumer</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">41,119</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5,681,886</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">8.68</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">366,002</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5,672,566</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">6.45</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Total securitized loans</FONT>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">356,017</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">83,232,134</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5.13</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">3,974,630</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">83,939,987</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.74</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
&nbsp;&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Managed loans:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Credit card</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">381,713</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">97,541,213</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.70</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4,306,185</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">98,724,614</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.36</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">%</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Other consumer</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">84,873</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">14,044,793</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">7.25</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">748,134</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">14,031,462</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5.33</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=3>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom align=left width="32%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Total managed loans (d)</FONT></DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">466,586</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">111,586,006</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5.02</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">5,054,319</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="9%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">112,756,076</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">4.48</FONT></DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD vAlign=bottom width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="10%" colSpan=2>
<HR align=left width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></P><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD colSpan=3><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(a) The Corporation&#146;s net credit loss ratio is calculated by dividing net credit losses, which exclude uncollectible accrued interest and fees and fraud losses, for the period by average loan receivables, which include the billed interest and fees for the corresponding period.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(b) Delinquency represents accruing loans that are 30 days or more past due.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(c) Loan receivables include loans held for securitization and the loan portfolio.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">(d) Managed loans include loan receivables and securitized loans. The Corporation allocates resources on a managed basis, and financial data provided to management reflects the Corporation's results on a managed basis. Managed data assumes the Corporation's securitized loan principal receivables have not been sold and presents the net credit losses and delinquent balances on the securitized loan principal receivables in the same fashion as the Corporation's owned loans. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Management, equity and debt analysts, rating agencies and others evaluate the Corporation's operations on a managed basis because the loans that are securitized are subject to underwriting standards comparable to the Corporation's owned loans, and the Corporation services the securitized and owned loans, and the related accounts, together and in the same manner without regard to ownership of the loans. In a securitization, the account relationships are not sold to the trust. The Corporation continues to own and service the accounts that generate the securitized loan principal receivables. The credit performance of the entire managed loan portfolio is important to understand the quality of loan originations and the related credit risks inherent in the owned portfolio and retained interests in securitization transactions.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Cautionary Language: The Corporation&#146;s projections of future net credit losses are by their nature uncertain and changes in economic conditions, bankruptcy laws, regulatory policies, and other factors may impact actual losses. </FONT></DIV>
<DIV align=left><BR></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD colSpan=3><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">SIGNATURE</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="4%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="29%">
<DIV align=center><STRONG><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">MBNA Corporation</FONT> </STRONG></DIV></TD></TR>
<TR>
<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="4%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="29%">
<DIV align=left>&nbsp;</DIV></TD></TR>
<TR>
<TD align=left width="54%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Date: October 16, 2003</FONT> </DIV></TD>
<TD align=left width="4%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">/s/</FONT> </DIV></TD>
<TD align=middle width="29%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Vernon H.C. Wright</FONT> </DIV></TD></TR>
<TR>
<TD vAlign=top width="54%"></TD>
<TD vAlign=top width="4%">
<HR align=left width="100%" noShade SIZE=1>
&nbsp;</TD>
<TD vAlign=top width="29%">
<HR align=left width="100%" noShade SIZE=1>

<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Vernon H.C. Wright</FONT></DIV></TD></TR>
<TR>
<TD align=left width="54%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=left width="4%">
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="29%">
<DIV align=center>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Chief Financial Officer</FONT></DIV></DIV></TD></TR></TABLE>
<DIV align=left><BR></DIV></DIV></BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "sept03_aq.htm", "description": "SEPTEMBER 2003 ASSET QUALITY 8-K", "secsgml_size_bytes": 55747}]
{"company-data": {"conformed-name": "MBNA CORP", "cik": "0000870517", "assigned-sic": "6021", "irs-number": "521713008", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10683", "film-number": "03942883"}, "business-address": {"street1": "1100 N KING ST", "street2": "C/O MBNA AMERICA BANK NA", "city": "WILMINGTON", "state": "DE", "zip": "19884", "phone": "8003626255"}, "mail-address": {"street1": "1100 NORTH KING STREET", "city": "WILMINGTON", "state": "DE", "zip": "19884"}}
September 2003 Asset Quality 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 30, 2003
MBNA Corporation
(Exact name of registrant as specified in its charter)
Maryland
1-10683
52-1713008
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
Wilmington, Delaware
19884-0131
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(800) 362-6255
(Former name or former address, if changed since last report.)
Item 5. Other Events
The net credit losses and loan delinquency ratios for MBNA Corporation ("the Corporation"), for its loan receivables and its managed loans for the month ended September 30, 2003, are presented in the table below.
Net Credit
Losses (a)
Delinquency (b)
(annualized)
Loan receivables (c)
4.68
%
3.75
%
Credit card loan receivables
4.01
3.41
Other consumer loan receivables
6.28
4.57
Managed loans (d)
5.02
4.48
Managed credit card loans
4.70
4.36
Managed other consumer loans
7.25
5.33
Management expects the managed loan loss rate for the fourth quarter of 2003 to be below the third quarter of 2003.
The following tables reconcile loan receivables data to managed loans data presented above (dollars in thousands):
For the month ended September 30, 2003
At September 30, 2003
Net Credit Losses (a)
Average Loans Outstanding
Net Credit Losses
Ratio (a)
Delinquency Balances (b)
Ending Loans Outstanding
Delinquency Ratio (b)
(annualized)
Loan receivables:
Credit card
$
66,815
$
19,990,965
4.01
%
$
697,557
$
20,457,193
3.41
%
Other consumer
43,754
8,362,907
6.28
382,132
8,358,896
4.57
Total loan receivables (c)
$
110,569
$
28,353,872
4.68
$
1,079,689
$
28,816,089
3.75
Securitized loans:
Credit card
$
314,898
$
77,550,248
4.87
%
$
3,608,628
$
78,267,421
4.61
%
Other consumer
41,119
5,681,886
8.68
366,002
5,672,566
6.45
Total securitized loans
$
356,017
$
83,232,134
5.13
$
3,974,630
$
83,939,987
4.74
Managed loans:
Credit card
$
381,713
$
97,541,213
4.70
%
$
4,306,185
$
98,724,614
4.36
%
Other consumer
84,873
14,044,793
7.25
748,134
14,031,462
5.33
Total managed loans (d)
$
466,586
$
111,586,006
5.02
$
5,054,319
$
112,756,076
4.48
(a) The Corporation's net credit loss ratio is calculated by dividing net credit losses, which exclude uncollectible accrued interest and fees and fraud losses, for the period by average loan receivables, which include the billed interest and fees for the corresponding period.
(b) Delinquency represents accruing loans that are 30 days or more past due.
(c) Loan receivables include loans held for securitization and the loan portfolio.
(d) Managed loans include loan receivables and securitized loans. The Corporation allocates resources on a managed basis, and financial data provided to management reflects the Corporation's results on a managed basis. Managed data assumes the Corporation's securitized loan principal receivables have not been sold and presents the net credit losses and delinquent balances on the securitized loan principal receivables in the same fashion as the Corporation's owned loans.
Management, equity and debt analysts, rating agencies and others evaluate the Corporation's operations on a managed basis because the loans that are securitized are subject to underwriting standards comparable to the Corporation's owned loans, and the Corporation services the securitized and owned loans, and the related accounts, together and in the same manner without regard to ownership of the loans. In a securitization, the account relationships are not sold to the trust. The Corporation continues to own and service the accounts that generate the securitized loan principal receivables. The credit performance of the entire managed loan portfolio is important to understand the quality of loan originations and the related credit risks inherent in the owned portfolio and retained interests in securitization transactions.
Cautionary Language: The Corporation's projections of future net credit losses are by their nature uncertain and changes in economic conditions, bankruptcy laws, regulatory policies, and other factors may impact actual losses.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MBNA Corporation
Date: October 16, 2003
/s/
Vernon H.C. Wright
Vernon H.C. Wright
Chief Financial Officer