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SUBJECT TO REVISION
SERIES TERM SHEET DATED FEBRUARY 12, 2001
[FLEET LOGO]
FLEET CREDIT CARD MASTER TRUST II
ISSUER
FLEET BANK (RI), NATIONAL ASSOCIATION
SELLER AND SERVICER
$660,000,000 CLASS A FLOATING RATE ASSET-BACKED CERTIFICATES, SERIES 2001-A
THE CLASS A FLOATING RATE ASSET-BACKED CERTIFICATES, SERIES 2001-A
REPRESENT INTERESTS IN THE FLEET CREDIT CARD MASTER TRUST II ONLY AND DO NOT AND
WILL NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF FLEET BANK (RI), NATIONAL
ASSOCIATION OR ANY OF ITS AFFILIATES.
A CERTIFICATE IS NOT A DEPOSIT AND NEITHER THE CERTIFICATES NOR THE
UNDERLYING ACCOUNTS OR RECEIVABLES ARE INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.
THIS SERIES TERM SHEET CONTAINS STRUCTURAL AND COLLATERAL INFORMATION ABOUT
THE CERTIFICATES; HOWEVER, THIS SERIES TERM SHEET DOES NOT CONTAIN COMPLETE
INFORMATION ABOUT THE CERTIFICATES. THE INFORMATION PROVIDED IN THIS SERIES TERM
SHEET IS PRELIMINARY AND WILL BE SUPERSEDED BY THE INFORMATION CONTAINED IN THE
PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. ADDITIONAL INFORMATION WILL BE
CONTAINED IN THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. PURCHASERS ARE URGED
TO READ BOTH THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS.
THIS SERIES TERM SHEET SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES
IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
SALES OF THE CERTIFICATES MAY NOT BE CONSUMMATED UNLESS THE PURCHASER HAS
RECEIVED BOTH THE PROSPECTUS SUPPLEMENT AND PROSPECTUS.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THESE CERTIFICATES OR PASSED ON THE
ADEQUACY OR ACCURACY OF THE DISCLOSURES IN THIS SERIES TERM SHEET, THE
PROSPECTUS SUPPLEMENT OR THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
Underwriters of the Class A Certificates
SALOMON SMITH BARNEY
JP MORGAN
LEHMAN BROTHERS
MORGAN STANLEY DEAN WITTER
FLEET SECURITIES, INC.
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SUMMARY OF TERMS
This series term sheet will be superseded in its entirety by the information
provided in the final prospectus supplement, the prospectus and the Series
2001-A Supplement. The Class A certificates will be issued under the Pooling and
Servicing Agreement dated as of December 1, 1993 as amended and restated as of
May 23, 1994 (and as further amended from time to time, the "Master Pooling and
Servicing Agreement") between the bank, as seller and as servicer and Bankers
Trust Company, as trustee, as supplemented by the Series 2001-A Supplement. The
Master Pooling and Servicing Agreement, together with the series supplement, is
the "Pooling and Servicing Agreement."
THE TRUST
Fleet Credit Card Master Trust II will issue the certificates.
The trust has issued numerous series of certificates, will issue the Series
2001-A certificates and expects to issue additional series. The certificates of
each series represent an ownership interest in the assets of the trust.
THE TRUSTEE
The trustee is Bankers Trust Company.
SELLER AND SERVICER
SELLER
Fleet Bank (RI), National Association originates and acquires credit card
accounts. As seller, the bank sells the receivables to the trust.
SERVICER
The bank also is the servicer. As servicer, the bank collects payments on the
receivables and allocates the collections among interests in the trust.
THE BANK
The bank is a special purpose credit card bank. Its principal offices are
located at 111 Westminster Street, Providence, Rhode Island 02903. The telephone
number is (401) 278-5451.
THE RECEIVABLES
The primary assets of the trust are receivables in VISA(R) and MasterCard(R)(1)
revolving credit card accounts. The receivables consist of principal receivables
and finance charge receivables.
OFFERED SECURITIES
The trust is offering $660,000,000 of the Class A certificates as part of Series
2001-A. The Class A certificates represent an interest in the assets of the
trust.
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(1) VISA(R) and MasterCard(R) are federally registered servicemarks of VISA
U.S.A., Inc. and MasterCard International, respectively.
DISTRIBUTION DATES
The first distribution date will be April 16, 2001.
Distribution dates for the Class A certificates will be the 15th day of each
month if the 15th day is a business day. If the 15th is not a business day, the
distribution date will be the following business day.
INTEREST
Interest on the Class A certificates will be paid on each distribution date.
The Class A certificates will bear interest at one-month LIBOR as determined
each month plus % per annum.
PRINCIPAL
The seller expects that principal on the Class A certificates will be
distributed on the February 2006 distribution date; however, principal may, in
fact, be distributed earlier or later.
If certain adverse events known as pay out events occur, principal may be
distributed earlier than expected.
If collections of the credit card receivables are less than expected or are
collected more slowly than expected, then principal repayment may be delayed.
Accumulation Period
The accumulation period for the certificates is scheduled to begin on May 1,
2005. The servicer may, however, elect to delay the beginning of the
accumulation period to a date not later than January 1, 2006.
Legal Final Maturity
If the Class A certificates are not paid on their expected final distribution
dates, collections of receivables will continue to be used to pay principal on
the Class A certificates until the Class A certificates are paid or until August
15,
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2008, whichever occurs first. August 15, 2008 is the legal final maturity date
for Series 2001-A.
CLASS B CERTIFICATES
Simultaneously with the issuance of the Class A certificates, the trust will
issue $56,000,000 of its Class B Floating Rate Asset-Backed Certificates, Series
2001-A. The Class B certificates are included as part of Series 2001-A, but will
be placed privately. The Class B certificates are subordinated to the Class A
certificates. The Class A certificates together with the Class B certificates
are the Series 2001-A certificates.
THE COLLATERAL INTEREST
At the same time as the Series 2001-A certificates are issued, the trust will
issue an undivided interest in the trust called a collateral interest in the
amount of $84,000,000 as part of Series 2001-A. The holder of the collateral
interest will have voting and certain other rights as if the collateral interest
were a subordinated class of certificates.
CREDIT ENHANCEMENT
SUBORDINATION OF CLASSES
The collateral interest and the Class B certificates are subordinated to the
Class A certificates.
THE SELLERS' INTEREST
The interest in the trust not represented by Series 2001-A or by any other
series is the sellers' interest. The bank may sell a portion of the sellers'
interest to other investors.
The sellers' interest does not provide credit enhancement for Series 2001-A or
any other series.
ALLOCATIONS
AMONG SERIES
Each month the bank, as servicer, will allocate collections received among:
- - Series 2001-A;
- - other outstanding series; and
- - the sellers' interest in the trust.
The amount allocated to Series 2001-A will generally be determined based upon
the ratio of the invested amount of Series 2001-A to the total amount of
principal receivables in the trust and any balance in the trust's excess funding
account.
You are entitled to receive payments of interest and principal only from
collections and other trust assets allocated to your series.
The invested amount is the primary basis for allocations to Series 2001-A. The
invested amount is the sum of the Class A invested amount, the Class B invested
amount and the collateral invested amount.
At the time of issuance of the Series 2001-A certificates, the invested amount
for Series 2001-A will be $800,000,000.
AMONG CLASSES
From the amounts allocated to your series, the servicer will further allocate
among the Class A certificates, the Class B certificates and the collateral
interest on the basis of the invested amount of each class and the invested
amount of the collateral interest.
TAX STATUS
Subject to important considerations described in the prospectus, Orrick,
Herrington & Sutcliffe LLP, as special tax counsel to the bank, is of the
opinion that under existing law the Class A certificates will be characterized
as debt for federal income tax purposes. By your acceptance of a Class A
certificate, you will agree to treat your Class A certificates as debt for
federal, state and local income and franchise tax purposes.
OPTIONAL REPURCHASE
On any date occurring on or after the date that the Series 2001-A investor
amount is reduced to 5% or less of the initial Series 2001-A invested amount,
the seller will have the option to repurchase the Series 2001-A certificates.
Any optional repurchase may result in an early repayment of your investment
without any prepayment penalty.
ERISA CONSIDERATIONS
Subject to important considerations described in the prospectus supplement and
in the prospectus, the Class A certificates are eligible for purchase by persons
investing assets of employee benefit plans or individual retirement accounts.
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CERTIFICATE RATINGS
The Class A certificates will be rated in the highest rating category by at
least one nationally recognized rating organization.
EXCHANGE LISTING
Fleet Credit Card Master Trust II will apply to list the Class A certificates on
the Luxembourg Stock Exchange. There is no guaranty that the application for the
listing will be accepted. You should consult with Deutsche Bank Luxembourg S.A.,
the Luxembourg listing agent for the certificates, 14 Boulevard F.D. Roosevelt,
L-2450 Luxembourg, phone number (352) 46 02 41, to determine whether or not the
Class A certificates are listed on the Luxembourg Stock Exchange.
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THE BANK AND
THE BANK'S CREDIT CARD ACTIVITIES
GENERAL
Fleet Bank (RI), National Association (the "bank") is seller and servicer
with respect to the receivables. The bank is an indirect, wholly-owned
subsidiary of FleetBoston Financial Corporation ("Fleet"). Fleet is the bank
holding company which came into existence on October 1, 1999 as a result of the
merger of Fleet Financial Group, Inc. and BankBoston Corporation. Prior to the
merger of Fleet Financial Group, Inc. and the BankBoston Corporation, the bank
was an indirect wholly-owned subsidiary of Fleet Financial Group, Inc.
The receivables conveyed or to be conveyed to the trust by the bank
pursuant to the Pooling and Servicing Agreement have been or will be generated
from transactions made by holders of credit card accounts (the "Accounts")
selected from the Fleet Credit Card Portfolio. The Fleet Credit Card Portfolio
consists of accounts originated by the bank, accounts purchased from other
institutions and accounts acquired as a result of acquisitions of or mergers
with other financial institutions.
The bank is a member of VISA U.S.A., Inc. and MasterCard International.
FINANCE CHARGES
The majority of the accounts in the Fleet Credit Card Portfolio are subject
to finance charges at London interbank offered rate indexed variable rates
ranging from 0% to 26.9% for purchases, balance transfers and cash advances.
There is also a portion of the portfolio subject to finance charges set at a
fixed rate for purchases only.
DELINQUENCY AND LOSS EXPERIENCE
The following tables show the delinquency and loss experience for the Fleet
Credit Card Portfolio.
The accounts which have been designated to the trust and the receivables in
such accounts as of any date of determination constitute the trust portfolio.
The trust portfolio is only a portion of the Fleet Credit Card Portfolio;
therefore, actual delinquency and gross charge-off experience with respect to
the receivables in the trust may be different from that shown in the following
tables which include information for the entire Fleet Credit Card Portfolio.
There can be no assurance that the delinquency and loss experience for the
receivables in the trust will be similar to the historical experience shown in
the following tables.
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DELINQUENCY EXPERIENCE
FLEET CREDIT CARD PORTFOLIO
(DOLLARS IN THOUSANDS)
AS OF DECEMBER 31,
-----------------------------------------
2000 1999 1998
----------- ----------- -----------
Receivables Outstanding(1)(2)....................... $14,685,814 $14,278,212 $14,524,541
Receivables Contractually Delinquent as a Percentage
of Receivables Outstanding(1):
30-59 days........................................ 1.52% 1.44% 1.58%
60-89 days........................................ 1.13% 1.09% 1.07%
90 or more days................................... 2.40% 2.35% 2.29%
----------- ----------- -----------
Total..................................... 5.05% 4.88% 4.94%
=========== =========== ===========
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(1) Information prior to February 20, 1998 is shown pro forma as if the bank had
purchased the Advanta consumer credit card portfolio as of the beginning of
1998. Receivables Outstanding and Receivables Contractually Delinquent
related to the credit card portfolio acquired by Fleet as a result of the
merger of Fleet Financial Group, Inc. and BankBoston Corporation are
included as of March 31, 2000.
(2) Receivables Outstanding consists of all amounts due from cardholders as
posted to the accounts.
LOSS EXPERIENCE
FLEET CREDIT CARD PORTFOLIO
(DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31,
---------------------------------------------
2000 1999 1998
------------ ----------- -----------
Average Receivables Outstanding(1)(2)........... $ 14,199,216 $13,065,414 $14,380,316
Gross Losses(1)(3).............................. $ 863,922 $ 967,611 $ 1,034,996
Recoveries(1)................................... $ 74,400 $ 75,883 $ 91,664
Net Losses...................................... $ 789,522 $ 891,728 $ 943,332
Net Losses as a Percentage of Average
Receivables Outstanding....................... 5.56%(4) 6.83%(4) 6.56%(4)
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(1) Information prior to February 20, 1998 is shown pro forma as if the bank had
purchased the Advanta consumer credit card portfolio as of the beginning of
1998. Average Receivables Outstanding, Gross Losses and Recoveries related
to the credit card portfolio acquired by Fleet as a result of the merger of
Fleet Financial Group, Inc. and BankBoston Corporation are included as of
March 31, 2000.
(2) Average Receivables Outstanding is the sum of receivables outstanding at the
beginning and end of each month during the period indicated, divided by
twice the number of months in the period indicated.
(3) Gross Losses are presented net of adjustments made pursuant to the bank's
normal servicing procedures, including removal of incorrect or disputed
finance charges and reversal of annual cardholder fees on cardholder
accounts which have been closed. Losses do not include accrued finance
charges that have been charged-off or fraud losses.
(4) As of October 1, 1998, the bank implemented a revised policy relating to the
charge-off of bankrupt credit card accounts and the charge-off of delinquent
accounts. The revisions will be described in the prospectus.
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PAYMENT RATES
The following table shows the highest and lowest cardholder monthly payment
rates and the average cardholder monthly payment rates for the Fleet Credit Card
Portfolio. The rates are calculated as a percentage of the total opening monthly
account balances during the periods shown. Payments shown in the table include
amounts which would be deemed payments of principal receivables and finance
charge receivables on the accounts.
MONTHLY PAYMENT RATES
FLEET CREDIT CARD PORTFOLIO (1)
YEAR ENDED DECEMBER 31,
-------------------------------
2000 1999 1998
------------- ----- -----
Lowest...................................................... 11.12% 11.20% 10.84%
Highest..................................................... 12.93% 13.64% 12.36%
Monthly Average............................................. 12.07% 12.06% 11.57%
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(1) Information prior to February 20, 1998 is shown pro forma as if the bank had
purchased the Advanta consumer credit card portfolio as of the beginning of
1998. Collections related to the credit card portfolio acquired by Fleet as
a result of the merger of Fleet Financial Group, Inc. and BankBoston
Corporation are included as of March 31, 2000.
RECEIVABLE YIELD CONSIDERATIONS
The following table provides yield information for each of the years ended
December 31, 2000, 1999, and 1998.
The historical yield figures in the table are calculated on an accrual
basis. Collections on the receivables in the trust will be on a cash basis and
may not reflect the historical yield experience in the table. For example,
during periods of increasing delinquencies accrual yields may exceed cash yields
as amounts collected on credit card receivables lag behind amounts accrued and
billed to cardholders. Conversely, as delinquencies decrease, cash yields may
exceed accrual yields as amounts collected in a current period may include
amounts accrued during prior periods. Yield on both an accrual and a cash basis
will be affected by numerous factors, including the finance charges on the
receivables in the trust, the amount of the annual cardholder fees and other
fees and charges, changes in the delinquency rate on the receivables in the
trust, the percentage of cardholders who pay their balances in full each month
and do not incur finance charges and any restrictions which may be imposed by
future legislation or regulations.
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There can be no assurance that the revenue from finance charges and fees
for the receivables in the trust, will be similar to the historical experience
set forth below.
REVENUE FROM FINANCE CHARGES AND FEES
FLEET CREDIT CARD PORTFOLIO
YEAR ENDED DECEMBER 31,
----------------------------------
2000 1999 1998
------------- ------ ------
Average Monthly Accrued Fees and Charges(2)(3)(4)........... $44.74 $42.76(6) $36.07(1)
Average Account Balance(2)(5)............................... $2,882 $2,699 $2,798
Yield From Fees and Charges(3)(4)........................... 18.63% 19.01%(6) 15.47%(1)
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(1) The amounts shown for the year ended December 31, 1998 does not include
revenue attributed to interchange.
(2) Information prior to February 20, 1998 is shown pro forma as if the bank had
purchased the Advanta consumer credit card portfolio as of the beginning of
1998. Fees, charges and account balances related to the credit card
portfolio acquired by Fleet as a result of the merger of Fleet Financial
Group, Inc. and BankBoston Corporation are included as of March 31, 2000.
(3) Fees and Charges for the year ended December 31, 1998 are comprised of
finance charges, annual cardholder fees and certain other service charges.
Fees and Charges for the years ended December 31, 2000 and 1999 are
comprised of finance charges, annual cardholders fees and all other service
charges plus revenue attributed to interchange.
(4) Average Monthly Accrued Fees and Charges and Yield From Fees and Charges are
presented net of adjustments made pursuant to normal servicing procedures,
including removal of incorrect or disputed finance charges and reversal of
finance charges accrued on charged-off accounts.
(5) Average Account Balance includes purchases, cash advances and billed and
unpaid finance and other charges, and is calculated based on the average of
the opening monthly account balances for accounts with balances during the
periods shown.
(6) Beginning January 1, 1999 revenue from interchange and fees not previously
included have been included in fees and charges and in calculating the yield
from fees and charges. For the years ended December 31, 2000 and 1999, if
fees and charges had not included revenue attributed to interchange and the
additional fees, the Average Monthly Accrued Fees and Charges would have
been $38.11 and $36.84, respectively, and the Yield From Fees and Charges
would have been 15.87% and 16.38%, respectively.
The yields shown in the above table are comprised of three components:
finance charges, annual cardholder fees and other service charges, such as late
charges. In addition, for the years ended December 31, 2000 and 1999, the yield
includes interchange and fees not previously included. The yield related to
annual cardholder fees, on those accounts that assess annual fees, and other
service charges varies with the type and volume of activity in and the balance
of each account. The bank currently assesses annual cardholder fees of $10 to
$50 for certain of its credit card accounts. Most accounts included in the Fleet
Credit Card Portfolio and originated since March 1987 do not carry an annual
cardholder fee.
TRUST PORTFOLIO INFORMATION
The receivables in the initial accounts designated to the trust were
conveyed to the trust on December 3, 1993. Since that date, accounts have been
added to the trust from time to time. The additional accounts were selected from
the Advanta consumer credit card portfolio prior to February 20, 1998 and from
the Fleet Credit Card Portfolio on and after February 20, 1998.
As of the date of this series term sheet, the accounts from which the
receivables in the trust arise are the existing VISA and MasterCard accounts.
However, any new accounts designated to the trust are not required to be VISA or
MasterCard accounts.
The receivables in the trust, as of December 31, 2000, totaled
$11,740,371,768 in 6,887,958 accounts. The accounts had an average credit limit
of $7,273. The percentage of the aggregate total receivables balance to the
aggregate total credit limit was 23.4%. The average age of the accounts was
approximately 47.4 months.
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The receivables balance in the trust as of February 11, 2001 totaled
$11,068,196,974. As of February 11, 2001, the balance of receivables in the
trust which were 30 days or more contractually delinquent was $553,494,278.
The following tables summarize the trust portfolio by various criteria as
of the close of business on December 31, 2000. Because the future composition of
the trust portfolio may change over time, these tables are not necessarily
indicative of future results.
COMPOSITION BY ACCOUNT BALANCE
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE
NUMBER OF NUMBER OF OF TOTAL
ACCOUNT BALANCE RANGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- --------------------- --------- ---------- --------------- -----------
Credit Balance........................... 110,349 1.6% $ (14,229,441) (0.1)%
$0.00.................................... 3,205,158 46.5 0 0.0
$0.01 to $1,000.00....................... 1,036,641 15.0 368,538,592 3.1
$1,000.01 to 2,500.00.................... 693,755 10.1 1,188,312,357 10.1
$2,500.01 to 5,000.00.................... 942,571 13.7 3,487,061,138 29.7
$5,000.01 to 7,500.00.................... 534,512 7.8 3,271,490,658 27.9
Over $7,500.00........................... 364,972 5.3 3,439,198,464 29.3
--------- ----- --------------- -----
Total.......................... 6,887,958 100.0% $11,740,371,768 100.0%
========= ===== =============== =====
COMPOSITION BY CREDIT LIMIT
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE
NUMBER OF NUMBER OF OF TOTAL
CREDIT LIMIT BALANCE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- -------------------- --------- ---------- --------------- -----------
$0.00 to $1,000.00....................... 116,121 1.7% $ 8,960,380 0.1%
$1,000.01 to 2,500.00.................... 352,300 5.1 $ 270,844,129 2.3
$2,500.01 to 5,000.00.................... 1,562,241 22.7 $ 1,843,850,891 15.7
$5,000.01 to 7,500.00.................... 1,917,015 27.8 $ 2,726,386,635 23.2
Over $7,500.00........................... 2,940,281 42.7 $ 6,890,329,733 58.7
--------- ----- --------------- -----
Total.......................... 6,887,958 100.0% $11,740,371,768 100.0%
========= ===== =============== =====
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COMPOSITION BY PERIOD OF DELINQUENCY
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE
PERIOD OF DELINQUENCY NUMBER OF NUMBER OF OF TOTAL
(DAYS CONTRACTUALLY DELINQUENT) ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- ------------------------------- --------- ---------- --------------- -----------
Not Delinquent........................... 6,634,486 96.3% $10,638,975,050 90.6%
1 to 29 days............................. 132,335 1.9 512,646,262 4.4
30 to 59 days............................ 41,018 0.6 177,285,504 1.5
60 to 89 days............................ 27,032 0.4 132,065,588 1.1
90 to 119 days........................... 18,677 0.3 94,546,718 0.8
120 to 149 days.......................... 15,517 0.2 79,865,481 0.7
150 to 179 days.......................... 13,456 0.2 71,432,959 0.6
180 or more.............................. 5,437 0.1 33,554,206 0.3
--------- ----- --------------- -----
Total.......................... 6,887,958 100.0% $11,740,371,768 100.0%
========= ===== =============== =====
COMPOSITION BY ACCOUNT AGE
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE
NUMBER OF NUMBER OF OF TOTAL
AGE (IN MONTHS) ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- --------------- --------- ---------- --------------- -----------
Not more than 6 Months................... 458,415 6.7% $ 1,417,783,244 12.1%
Over 6 to 12 Months...................... 570,406 8.3 1,334,195,792 11.3
Over 12 to 24 Months..................... 1,399,782 20.3 2,827,709,397 24.1
Over 24 to 36 Months..................... 1,393,496 20.2 1,440,749,714 12.3
Over 36 to 48 Months..................... 770,478 11.2 880,068,248 7.5
Over 48 to 60 Months..................... 530,149 7.7 835,908,225 7.1
Over 60 to 84 Months..................... 908,881 13.2 1,563,976,257 13.3
Over 84 Months........................... 856,351 12.4 1,439,980,891 12.3
--------- ----- --------------- -----
Total.......................... 6,887,958 100.0% $11,740,371,768 100.0%
========= ===== =============== =====
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GEOGRAPHIC DISTRIBUTION OF ACCOUNTS AND RECEIVABLES
TRUST PORTFOLIO(1)
PERCENTAGE
OF TOTAL PERCENTAGE
NUMBER OF NUMBER OF OF TOTAL
STATE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- ----- --------- ---------- --------------- -----------
California............................... 856,935 12.5% $ 1,365,370,389 11.6%
New York................................. 616,446 8.9 996,433,232 8.5
Texas.................................... 448,411 6.5 809,344,545 6.9
Florida.................................. 431,877 6.3 756,096,339 6.4
Pennsylvania............................. 305,179 4.4 496,777,407 4.2
Ohio..................................... 257,664 3.7 452,033,253 3.9
Massachusetts............................ 277,483 4.0 436,806,407 3.7
Illinois................................. 265,911 3.9 436,349,494 3.7
New Jersey............................... 274,931 4.0 431,033,407 3.7
Michigan................................. 212,878 3.1 374,026,479 3.2
All Other(2)............................. 2,940,243 42.7 5,186,100,816 44.2
--------- ----- --------------- -----
Total.......................... 6,887,958 100.0% $11,740,371,768 100.0%
========= ===== =============== =====
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(1) All data as of December 31, 2000.
(2) No state or other jurisdiction in this category represented more than 3% of
the total number of accounts or more than 3% of the receivables.
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