Discover Financial Services (DFS) 8-K Discover Financial Services Reports Second Quarter Results

Exhibit 99.2

DISCOVER FINANCIAL SERVICES
Unaudited Financial Supplement - 2Q 2007
Table of Contents
	Page #
	1	…………….	Quarterly Combined Income Statement and Statistical Data
	2	…………….	Quarterly Combined Income Statement and Statistical Data (Managed Basis)
	3	…………….	Quarterly U.S. Card Income Statement and Statistical Data (Managed Basis)
	4	…………….	Quarterly International Card Income Statement and Statistical Data (Managed Basis)
	5	…………….	Quarterly Third Party Payments Income Statement and Statistical Data
	6-10	…………….	Quarterly Reconciliation of GAAP to Managed Data

Discover Financial Services
GAAP Basis
(dollars in thousands)
	Quarter Ended															Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			2Q07 vs 2Q06						May 31,  2007			May 31, 2006			2007 vs 2006
Interest Income	$	703,365		$	680,305		$	607,181		$	96,184			16	%	$	1,383,670		$	1,193,612			190,058			16	%
Interest Expense		336,253			283,959			217,336			118,917			55	%		620,212			446,082			174,130			39	%
Net Interest Income		367,112			396,346			389,845			(22,733	)		-6	%		763,458			747,530			15,928			2	%
Provision for Loan Losses		203,287			195,386			129,502			73,785			57	%		398,673			284,330			114,343			40	%
Net interest income after provision for loan losses		163,825			200,960			260,343			(96,518	)		-37	%		364,785			463,200			(98,415	)		-21	%
Other Income		871,693			825,677			932,027			(60,334	)		-6	%		1,697,370			1,821,302			(123,932	)		-7	%
Other Expense		702,992			655,176			648,034			54,958			8	%		1,358,168			1,255,269			102,899			8	%
Income Before Income Taxes		332,526			371,461			544,336			(211,810	)		-39	%		703,987			1,029,233			(325,246	)		-32	%
Tax Expense		123,284			137,829			201,058			(77,774	)		-39	%		261,113			380,532			(119,419	)		-31	%
Net Income	$	209,242		$	233,632		$	343,278		$	(134,036	)		-39	%	$	442,874		$	648,701		$	(205,827	)		-32	%
ROE(1)		15	%		16	%		26	%								15	%		26	%
Total  Credit Card Loans(2)
Credit Card Loans - Owned	$	22,698,457		$	22,520,861		$	21,764,219		$	934,238			4	%	$	22,698,457		$	21,764,219		$	934,238			4	%
Average Credit Card Loans - Owned	$	21,419,465		$	24,760,587		$	19,664,413		$	1,755,052			9	%	$	23,071,669		$	20,807,584		$	2,264,085			11	%
Owned Interest Yield		10.50	%		10.41	%		11.01	%		(51	)	bps				10.45	%		10.41	%		4		bps
Owned Interest Spread		5.25	%		5.22	%		6.47	%		(122	)	bps				5.23	%		5.93	%		(70	)	bps
Owned Net Principal Charge-off Rate		3.91	%		3.77	%		3.02	%		89		bps				3.84	%		3.82	%		2		bps
Owned Delinquency Rate (over 30 days)		2.94	%		3.15	%		2.97	%		(3	)	bps				2.94	%		2.97	%		(3	)	bps
Owned Delinquency Rate (over 90 days)		1.43	%		1.55	%		1.38	%		5		bps				1.43	%		1.38	%		5		bps
Return on Owned Receivables		3.91	%		3.77	%		6.98	%		(308	)	bps				3.84	%		6.24	%		(240	)	bps
(1) Annualized net income divided by average shareholder equity.
(2) Includes domestic and international consumer and commercial credit card businesses.

Page 1

Discover Financial Services
Managed Basis(1)
(dollars in thousands)
	Quarter Ended															Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			2Q07 vs 2Q06						May 31, 2007			May 31, 2006			2007 vs 2006
Interest Income	$	1,715,844		$	1,599,684		$	1,574,998		$	140,846			9	%	$	3,315,528		$	3,050,113			265,415			9	%
Interest Expense		747,303			645,826			573,329			173,974			30	%		1,393,129			1,112,457			280,672			25	%
Net Interest Income		968,541			953,858			1,001,669			(33,128	)		-3	%		1,922,399			1,937,656			(15,257	)		-1	%
Provision for Loan Losses		530,438			482,660			371,537			158,901			43	%		1,013,098			878,741			134,357			15	%
Net interest income after provision for loan losses		438,103			471,198			630,132			(192,029	)		-30	%		909,301			1,058,915			(149,614	)		-14	%
Other Income		597,415			555,439			562,238			35,177			6	%		1,152,854			1,225,587			(72,733	)		-6	%
Other Expense		702,992			655,176			648,034			54,958			8	%		1,358,168			1,255,269			102,899			8	%
Income Before Income Taxes		332,526			371,461			544,336			(211,810	)		-39	%		703,987			1,029,233			(325,246	)		-32	%
Tax Expense		123,284			137,829			201,058			(77,774	)		-39	%		261,113			380,532			(119,419	)		-31	%
Net Income	$	209,242		$	233,632		$	343,278		$	(134,036	)		-39	%	$	442,874		$	648,701		$	(205,827	)		-32	%
ROE(2)		15	%		16	%		26	%								15	%		26	%
Total  Credit Card Loans(3)
Credit Card Loans - Managed	$	51,415,812		$	50,840,710		$	48,539,238		$	2,876,574			6	%	$	51,415,812		$	48,539,238		$	2,876,574			6	%
Average Credit Card Loans - Managed	$	50,751,580		$	51,478,643		$	47,307,163		$	3,444,417			7	%	$	51,111,117		$	47,439,370		$	3,671,747			8	%
Managed Interest Yield		12.35	%		12.25	%		12.69	%		(34	)	bps				12.30	%		12.42	%		(12	)	bps
Managed Interest Spread		6.93	%		6.86	%		7.80	%		(87	)	bps				6.89	%		7.63	%		(74	)	bps
Managed Net Principal Charge-off Rate		4.23	%		4.05	%		3.30	%		93		bps				4.14	%		4.18	%		(4	)	bps
Managed Delinquency Rate (over 30 days)		3.12	%		3.44	%		3.29	%		(17	)	bps				3.12	%		3.29	%		(17	)	bps
Managed Delinquency Rate (over 90 days)		1.51	%		1.68	%		1.53	%		(2	)	bps				1.51	%		1.53	%		(2	)	bps
Return on Managed Receivables		1.65	%		1.82	%		2.90	%		(125	)	bps				1.73	%		2.73	%		(100	)	bps
Total Credit Card Volume
Domestic	$	26,408,578		$	26,880,735		$	25,410,738		$	997,840			4	%	$	53,289,313		$	50,464,603		$	2,824,710			6	%
International		3,646,009			3,578,199			3,132,704			513,305			16	%		7,224,208			4,882,789			2,341,419			48	%
Total	$	30,054,587		$	30,458,934		$	28,543,442		$	1,511,145			5	%	$	60,513,521		$	55,347,392		$	5,166,129			9	%
Total Credit Card Sales Volume
Domestic	$	22,108,865		$	22,037,053		$	21,148,180		$	960,685			5	%	$	44,145,918		$	42,290,975		$	1,854,943			4	%
International		3,277,439			3,169,284			2,816,816			460,623			16	%		6,446,723			4,186,540			2,260,183			54	%
Total	$	25,386,304		$	25,206,337		$	23,964,996		$	1,421,308			6	%	$	50,592,641		$	46,477,515		$	4,115,126			9	%
Transactions Processed on Networks (000's)
Discover Network		361,893			361,700			340,342			21,551			6	%		723,593			679,864			43,729			6	%
PULSE Network		558,811			520,866			470,867			87,944			19	%		1,079,677			895,524			184,153			21	%
Total		920,704			882,566			811,209			109,495			14	%		1,803,270			1,575,388			227,882			14	%
(1) Managed basis assumes loans that have been securitized were not sold and presents earnings and statistical information on these loans in a manner similar to the way loans that have not been sold are presented. See Reconciliation of GAAP to Managed schedule.
(2) Annualized net income divided by average shareholder equity.
(3) Includes domestic and international consumer and commercial credit card businesses.

Page 2

Discover Financial Services
U.S. Card Segment
Managed Basis(1)
(dollars in thousands)
	Quarter Ended															Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			2Q07 vs 2Q06						May 31, 2007			May 31, 2006			2007 vs 2006
Interest Income	$	1,601,324		$	1,481,992		$	1,461,299		$	140,025			10	%	$	3,083,316		$	2,858,583		$	224,733			8	%
Interest Expense		693,837			593,610			527,476			166,361			32	%		1,287,447			1,031,351			256,096			25	%
Net Interest Income		907,487			888,382			933,823			(26,336	)		-3	%		1,795,869			1,827,232			(31,363	)		-2	%
Provision for Loan Losses		444,249			406,076			324,228			120,021			37	%		850,325			790,801			59,524			8	%
Net interest income after provision for loan losses		463,238			482,306			609,595			(146,357	)		-24	%		945,544			1,036,431			(90,887	)		-9	%
Other Income		526,304			490,003			492,311			33,993			7	%		1,016,307			1,093,005			(76,698	)		-7	%
Other Expense		600,729			571,283			568,389			32,340			6	%		1,172,012			1,105,283			66,729			6	%
Income Before Income Taxes	$	388,813		$	401,026		$	533,517		$	(144,704	)		-27	%	$	789,839		$	1,024,153		$	(234,314	)		-23	%
Credit Card Loans - Managed	$	46,864,317		$	46,266,012		$	44,132,845		$	2,731,472			6	%	$	46,864,317		$	44,132,845		$	2,731,472			6	%
Average Credit Card Loans - Managed	$	46,203,924		$	46,870,259		$	43,257,882		$	2,946,042			7	%	$	46,533,431		$	43,953,074		$	2,580,357			6	%
Managed Interest Yield		12.59	%		12.45	%		12.88	%		(29	)	bps				12.52	%		12.56	%		(4	)	bps
Managed Interest Spread		7.15	%		7.02	%		7.92	%		(77	)	bps				7.09	%		7.75	%		(66	)	bps
Managed Net Principal Charge-off Rate		4.00	%		3.81	%		3.18	%		82		bps				3.91	%		4.15	%		(24	)	bps
Managed Delinquency Rate (over 30 days)		2.97	%		3.31	%		3.20	%		(23	)	bps				2.97	%		3.20	%		(23	)	bps
Managed Delinquency Rate (over 90 days)		1.44	%		1.63	%		1.49	%		(5	)	bps				1.44	%		1.49	%		(5	)	bps
Total Credit Card Volume	$	26,408,578		$	26,880,735		$	25,410,738		$	997,840			4	%	$	53,289,313		$	50,464,603		$	2,824,710			6	%
Sales Volume	$	22,108,865		$	22,037,053		$	21,148,180		$	960,685			5	%	$	44,145,919		$	42,290,974		$	1,854,945			4	%
(1) Managed basis assumes loans that have been securitized were not sold and presents earnings and statistical information on these loans in a manner similar to the way loans that have not been sold are presented. See Reconciliation of GAAP to Managed schedule.

Page 3

Discover Financial Services
International Card Segment
Managed Basis(1)
(dollars in thousands)
	Quarter Ended																Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			2Q07 vs 2Q06							May 31, 2007			May 31, 2006			2007 vs 2006
Interest Income	$	113,962		$	117,118		$	113,285		$	677				1	%	$	231,080		$	190,773		$	40,307				21	%
Interest Expense		53,462			52,201			45,849			7,613				17	%		105,663			81,089			24,574				30	%
Net Interest Income		60,500			64,917			67,436			(6,936	)			-10	%		125,417			109,684			15,733				14	%
Provision for Loan Losses		86,189			76,584			47,309			38,880				82	%		162,773			87,940			74,833				85	%
Net interest income after provision for loan losses		(25,689	)		(11,667	)		20,127			(45,816	)			-228	%		(37,356	)		21,744			(59,100	)			-272	%
Other Income		41,863			34,754			43,859			(1,996	)			-5	%		76,617			79,194			(2,577	)			-3	%
Other Expense		80,471			64,572			60,187			20,284				34	%		145,043			107,941			37,102				34	%
Income Before Income Taxes	$	(64,297	)	$	(41,485	)	$	3,799		$	(68,096	)		NM			$	(105,782	)	$	(7,003	)	$	(98,779	)		NM
Credit Card Loans - Managed	$	4,551,495		$	4,574,698		$	4,406,393		$	145,102				3	%	$	4,551,495		$	4,406,393		$	145,102				3	%
Average Credit Card Loans - Managed	$	4,547,656		$	4,608,384		$	4,049,281		$	498,375				12	%	$	4,577,686		$	3,486,296		$	1,091,390				31	%
Managed Interest Yield		9.89	%		10.25	%		10.74	%		(85	)	bps					10.07	%		10.60	%		(53	)	bps
Managed Interest Spread		4.71	%		5.16	%		6.45	%		(174	)	bps					4.94	%		6.10	%		(116	)	bps
Managed Net Principal Charge-off Rate		6.50	%		6.45	%		4.57	%		193		bps					6.48	%		4.62	%		186		bps
Managed Delinquency Rate (over 30 days)		4.69	%		4.75	%		4.27	%		42		bps					4.69	%		4.27	%		42		bps
Managed Delinquency Rate (over 90 days)		2.25	%		2.25	%		1.96	%		29		bps					2.25	%		1.96	%		29		bps
Total Credit Card Volume	$	3,646,009		$	3,578,199		$	3,132,704		$	513,305				16	%	$	7,224,208		$	4,882,788		$	2,341,420				48	%
Sales Volume	$	3,277,439		$	3,169,284		$	2,816,816		$	460,623				16	%	$	6,446,723		$	4,186,540		$	2,260,183				54	%
(1) Managed basis assumes loans that have been securitized were not sold and presents earnings and statistical information on these loans in a manner similar to the way loans that have not been sold are presented. See Reconciliation of GAAP to Managed schedule.

Page 4

Discover Financial Services
Third Party Payments Segment
(dollars in thousands)
	Quarter Ended										Six Months Ended
	May 31, 2007		Feb 28, 2007		May 31, 2006		2Q07 vs 2Q06				May 31, 2007		May 31, 2006		2007 vs 2006
Interest Income	$	558	$	574	$	414	$	144	35	%	$	1,132	$	757	$	375		50	%
Interest Expense		4		15		4		0	0	%		19		17		2		12	%
Net Interest Income		554		559		410		144	35	%		1,113		740		373		50	%
Provision for Loan Losses		0		0		0		0	-			0		0		0		-
Net interest income after provision for loan losses		554		559		410		144	35	%		1,113		740		373		50	%
Other Income		29,248		30,682		26,068		3,180	12	%		59,930		53,388		6,542		12	%
Other Expense		21,792		19,321		19,458		2,334	12	%		41,113		42,045		(932	)	-2	%
Income Before Income Taxes	$	8,010	$	11,920	$	7,020	$	990	14	%	$	19,930	$	12,083	$	7,847		65	%
Transactions Processed on PULSE Network		558,811		520,866		470,867		87,944	19	%		1,079,677		895,524		184,153		21	%

Page 5

DISCOVER FINANCIAL SERVICES

RECONCILIATION OF GAAP TO MANAGED

The following (pages 7 - 10) present a reconciliation for certain information disclosed on pages 1, 2, 3 and 4.

The data is presented on both a "managed" loan basis and as reported under generally accepted accounting principles ("owned" loan basis). Managed loan data assume that the Company's securitized loan receivables have not been sold and presents the results of securitized loan receivables in the same manner as the Company's owned loans.  The Company operates its business and analyzes its financial performance on a managed basis.  Accordingly, underwriting and servicing standards are comparable for both owned and securitized loans.  The Company believes that managed loan information is useful to investors because it provides information regarding the quality of loan origination and credit performance of the entire managed portfolio and allows investors to understand the related credit risks inherent in owned loans and retained interests in securitizations.  Managed loan data is also relevant because the company services the securitized and owned loans, and the related accounts, in the same manner without regard to ownership of the loans.  In addition, investors often request information on a managed basis which provides a more meaningful comparison to industry competitors.

Page 6

Discover Financial Services
Reconciliation of GAAP to Managed
(dollars in thousands)
	Quarter Ended									Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Interest Income
GAAP Basis	$	703,365		$	680,305		$	607,181		$	1,383,670		$	1,193,612
Securitization Adjustments(1)		1,012,479			919,379			967,817			1,931,858			1,856,501
Managed Basis	$	1,715,844		$	1,599,684		$	1,574,998		$	3,315,528		$	3,050,113
Interest Expense
GAAP Basis	$	336,253		$	283,959		$	217,336		$	620,212		$	446,082
Securitization Adjustments		411,050			361,867			355,993			772,917			666,375
Managed Basis	$	747,303		$	645,826		$	573,329		$	1,393,129		$	1,112,457
Net Interest Income
GAAP Basis	$	367,112		$	396,346		$	389,845		$	763,458		$	747,530
Securitization Adjustments		601,429			557,512			611,824			1,158,941			1,190,126
Managed Basis	$	968,541		$	953,858		$	1,001,669		$	1,922,399		$	1,937,656
Provision for Loan Losses
GAAP Basis	$	203,287		$	195,386		$	129,502		$	398,673		$	284,330
Securitization Adjustments		327,151			287,274			242,035			614,425			594,411
Managed Basis	$	530,438		$	482,660		$	371,537		$	1,013,098		$	878,741
Net interest income after provision for loan losses
GAAP Basis	$	163,825		$	200,960		$	260,343		$	364,785		$	463,200
Securitization Adjustments		274,278			270,238			369,789			544,516			595,715
Managed Basis	$	438,103		$	471,198		$	630,132		$	909,301		$	1,058,915
Other Income
GAAP Basis	$	871,693		$	825,677		$	932,027		$	1,697,370		$	1,821,302
Securitization Adjustments		(274,278	)		(270,238	)		(369,789	)		(544,516	)		(595,715	)
Managed Basis	$	597,415		$	555,439		$	562,238		$	1,152,854		$	1,225,587
Credit Card Loans
GAAP Basis	$	22,698,457		$	22,520,861		$	21,764,219		$	22,698,457		$	21,764,219
Securitization Adjustments		28,717,355			28,319,849			26,775,019			28,717,355			26,775,019
Managed Basis	$	51,415,812		$	50,840,710		$	48,539,238		$	51,415,812		$	48,539,238
Average Credit Card Loans
GAAP Basis	$	21,419,465		$	24,760,587		$	19,664,413		$	23,071,669		$	20,807,584
Securitization Adjustments		29,332,115			26,718,056			27,642,750			28,039,448			26,631,786
Managed Basis	$	50,751,580		$	51,478,643		$	47,307,163		$	51,111,117		$	47,439,370
(1) Securitization Adjustments present the effect of loan securitization by recharacterizing as securitization income the portions of the following items that relate to the securitized loans: interest income, interest expense, provision for loan losses, discount and interchange revenue and loan fee revenues. Securitization income is reported in other income.

Page 7

Discover Financial Services
Reconciliation of GAAP to Managed
(dollars in thousands)
	Quarter Ended									Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Interest Yield
GAAP Basis		10.50	%		10.41	%		11.01	%		10.45	%		10.41	%
Securitization Adjustments		13.69	%		13.96	%		13.89	%		13.82	%		13.98	%
Managed Basis		12.35	%		12.25	%		12.69	%		12.30	%		12.42	%
Interest Spread
GAAP Basis		5.25	%		5.22	%		6.47	%		5.23	%		5.93	%
Securitization Adjustments		8.14	%		8.39	%		8.76	%		8.26	%		8.97	%
Managed Basis		6.93	%		6.86	%		7.80	%		6.89	%		7.63	%
Net Principal Charge-off Rate
GAAP Basis		3.91	%		3.77	%		3.02	%		3.84	%		3.82	%
Securitization Adjustments		4.46	%		4.30	%		3.50	%		4.38	%		4.46	%
Managed Basis		4.23	%		4.05	%		3.30	%		4.14	%		4.18	%
Delinquency Rate (over 30 days)
GAAP Basis		2.94	%		3.15	%		2.97	%		2.94	%		2.97	%
Securitization Adjustments		3.26	%		3.67	%		3.56	%		3.26	%		3.56	%
Managed Basis		3.12	%		3.44	%		3.29	%		3.12	%		3.29	%
Delinquency Rate (over 90 days)
GAAP Basis		1.43	%		1.55	%		1.38	%		1.43	%		1.38	%
Securitization Adjustments		1.58	%		1.79	%		1.65	%		1.58	%		1.65	%
Managed Basis		1.51	%		1.68	%		1.53	%		1.51	%		1.53	%
Return on Receivables
GAAP Basis		3.91	%		3.77	%		6.98	%		3.84	%		6.24	%
Securitization Adjustments		2.83	%		3.50	%		4.97	%		3.14	%		4.87	%
Managed Basis		1.65	%		1.82	%		2.90	%		1.73	%		2.73	%

Page 8

Discover Financial Services
Reconciliation of GAAP to Managed
(dollars in thousands)
	Quarter Ended									Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			May 31, 2007			May 31, 2006
US CARD
Credit Card Loans
GAAP Basis	$	19,849,401		$	19,636,991		$	18,967,494		$	19,849,401		$	18,967,494
Securitization Adjustments		27,014,916			26,629,021			25,165,351			27,014,916			25,165,351
Managed Basis	$	46,864,317		$	46,266,012		$	44,132,845		$	46,864,317		$	44,132,845
Average Credit Card Loans
GAAP Basis	$	18,581,153		$	21,841,166		$	17,141,035		$	20,193,248		$	18,511,087
Securitization Adjustments		27,622,771			25,029,093			26,116,847			26,340,183			25,441,987
Managed Basis	$	46,203,924		$	46,870,259		$	43,257,882		$	46,533,431		$	43,953,074
Interest Yield
GAAP Basis		10.72	%		10.55	%		11.09	%		10.63	%		10.53	%
Securitization Adjustments		13.85	%		14.10	%		14.05	%		13.97	%		14.04	%
Managed Basis		12.59	%		12.45	%		12.88	%		12.52	%		12.56	%
Interest Spread
GAAP Basis		5.48	%		5.36	%		6.44	%		5.41	%		5.98	%
Securitization Adjustments		8.25	%		8.49	%		8.91	%		8.36	%		9.05	%
Managed Basis		7.15	%		7.02	%		7.92	%		7.09	%		7.75	%
Net Principal Charge-off Rate
GAAP Basis		3.51	%		3.43	%		2.93	%		3.47	%		3.86	%
Securitization Adjustments		4.34	%		4.14	%		3.35	%		4.24	%		4.36	%
Managed Basis		4.00	%		3.81	%		3.18	%		3.91	%		4.15	%
Delinquency Rate (over 30 days)
GAAP Basis		2.71	%		2.97	%		2.80	%		2.71	%		2.80	%
Securitization Adjustments		3.16	%		3.56	%		3.50	%		3.16	%		3.50	%
Managed Basis		2.97	%		3.31	%		3.20	%		2.97	%		3.20	%
Delinquency Rate (over 90 days)
GAAP Basis		1.31	%		1.46	%		1.30	%		1.31	%		1.30	%
Securitization Adjustments		1.54	%		1.75	%		1.62	%		1.54	%		1.62	%
Managed Basis		1.44	%		1.63	%		1.49	%		1.44	%		1.49	%

Page 9

Discover Financial Services
Reconciliation of GAAP to Managed
(dollars in thousands)
	Quarter Ended									Six Months Ended
	May 31, 2007			Feb 28, 2007			May 31, 2006			May 31, 2007			May 31, 2006
INTERNATIONAL CARD
Credit Card Loans
GAAP Basis	$	2,849,056		$	2,883,870		$	2,796,725		$	2,849,055		$	2,796,725
Securitization Adjustments		1,702,439			1,690,828			1,609,668			1,702,439			1,609,668
Managed Basis	$	4,551,495		$	4,574,698		$	4,406,393		$	4,551,494		$	4,406,393
Average Credit Card Loans
GAAP Basis	$	2,838,312		$	2,919,421		$	2,523,378		$	2,878,421		$	2,296,496
Securitization Adjustments		1,709,344			1,688,963			1,525,903			1,699,265			1,189,800
Managed Basis	$	4,547,656		$	4,608,384		$	4,049,281		$	4,577,686		$	3,486,296
Interest Yield
GAAP Basis		9.09	%		9.38	%		10.50	%		9.24	%		9.46	%
Securitization Adjustments		11.20	%		11.77	%		11.12	%		11.48	%		12.79	%
Managed Basis		9.89	%		10.25	%		10.74	%		10.07	%		10.60	%
Interest Spread
GAAP Basis		3.71	%		4.14	%		6.56	%		3.93	%		5.53	%
Securitization Adjustments		6.33	%		6.90	%		6.20	%		6.61	%		7.17	%
Managed Basis		4.71	%		5.16	%		6.45	%		4.94	%		6.10	%
Net Principal Charge-off Rate
GAAP Basis		6.53	%		6.29	%		3.65	%		6.41	%		3.54	%
Securitization Adjustments		6.45	%		6.72	%		6.08	%		6.59	%		6.69	%
Managed Basis		6.50	%		6.45	%		4.57	%		6.48	%		4.62	%
Delinquency Rate (over 30 days)
GAAP Basis		4.55	%		4.35	%		4.11	%		4.55	%		4.11	%
Securitization Adjustments		4.93	%		5.42	%		4.55	%		4.93	%		4.55	%
Managed Basis		4.69	%		4.75	%		4.27	%		4.69	%		4.27	%
Delinquency Rate (over 90 days)
GAAP Basis		2.24	%		2.16	%		1.89	%		2.24	%		1.89	%
Securitization Adjustments		2.26	%		2.40	%		2.07	%		2.26	%		2.07	%
Managed Basis		2.25	%		2.25	%		1.96	%		2.25	%		1.96	%

 Page 10