Exhibit (ab)
MONTHLY CERTIFICATEHOLDERS' STATEMENT
DISCOVER CARD MASTER TRUST I
Series 2003-4, Subseries 2 Monthly Statement
Class A Certificate CUSIP # 25466KEU9
Class B Certificate CUSIP # 25466KEV7
Distribution Date: November 15, 2004 Month Ending: October 31, 2004
Pursuant to the Series Supplement dated as of December 30, 2003,
as amended, relating to the Amended and Restated Pooling and
Servicing Agreement dated as of November 3, 2004 by and
between Discover Bank and U.S. Bank National Association,
as Trustee, the Trustee is required to prepare certain
information each month regarding current distributions to
investors and the performance of the Trust. We have set
forth below this information for the Distribution Date listed
above, as well as for the calendar month ended on the date
listed above.
1.Payments to investors in Series 2003-4, Subseries 2 on this Distribution
Date (per $1000 of Class Initial Investor Interest)
Series 2003-4, Subseries 2 Total Interest Principal
Class A 31 days at 2.0500000% $1.765277773 $1.765277773 $0.000000000
Class B 31 days at 2.3000000% $1.980555556 $1.980555556 $0.000000000
2.Principal Receivables at the end of October, 2004
(a) Aggregate Investor Interest $25,507,356,000.00
Seller Interest $7,852,499,980.77
Total Master Trust $33,359,855,980.77
(b) Group One Investor Interest $25,507,356,000.00
(c) Series 2003-4, Subseries 2 Investor Interest $789,474,000.00
(d Class A Investor Interest $750,000,000.00
Class B Investor Interest $39,474,000.00
3.Allocation of Receivables Collected During October, 2004
Yield
Collections/
Finance Charge Principal Additional
Collections Collections Funds
(a) Allocation of Collections between Investors and Seller:
Aggregate Investor Allocation $369,331,378.14$5,026,001,673.85 $0.00
Seller Allocation $94,587,490.26$1,287,182,493.55 $0.00
(b) Group One Allocation $369,331,378.14$5,026,001,673.85 $0.00
(c) Series 2003-4, Subseries 2 $10,903,485.16 $148,378,767.49 $0.00
(d) Class A Allocation $10,358,380.49 $140,960,776.09 $0.00
Class B Allocation $545,104.67 $7,417,991.40 $0.00
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(e) Principal Collections as a monthly percentage of Master
Trust Receivables at the beginning of October, 2004 18.55%
(f) Finance Charge Collections as a monthly percentage of Master
Trust Receivables at the beginning of October, 2004 1.36%
(g) Total Collections as a monthly percentage of Master
Trust Receivables at the beginning of October, 2004 19.92%
4. Information Concerning the Series Principal Funding Account ("SPFA")
Deposits into the Deficit Amount
SPFA on this on this SPFA Investment
Distribution Date Distribution Date Balance Income
Series 2003-4 $0.00 $0.00 $0.00 $0.00
, Subseries 2
5. Information Concerning Amount of Controlled Liquidation Payments
Amount Paid on Deficit Amount on Total Payments
this this through this
Distribution Date Distribution Date Distribution Date
Series 2003-4, $0.00 $0.00 $0.00
Subseries 2
6. Information Concerning the Series Interest Funding Account ("SIFA")
Deposits into the SIFA SIFA
on this Distribution Date Balance
Series 2003-4, Subseries 2 $1,402,138.78 $0.00
7. Pool Factors for October, 2004
Class A 1.00000000
Class B 1.00000000
8.Investor Charged-Off Amount
Cumulative Investor
October, 2004 Charged-Off Amount
(a) Group One $151,782,882.32 $0.00
(b) Series 2003-4, Subseries 2 $4,480,968.86 $0.00
(c) Class A $4,256,949.02 $0.00
Class B $224,019.84 $0.00
(d) As an annualized percentage of
Principal Receivables at the
beginning of October, 2004 6.81% N/A
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9.Investor Losses for October, 2004
Per $1,000 of Initial
Total Series Investor Interest
(a) Group One $0.00 $0.00
(b) Series 2003-4, Subseries 2 $0.00 $0.00
(c) Class A $0.00 $0.00
Class B $0.00 $0.00
10. Reimbursement of Investor Losses for October, 2004
Per $1,000 of Initial
Total Series Investor Interest
(a) Group One $0.00 $0.00
(b) Series 2003-4, Subseries 2 $0.00 $0.00
(c) Class A $0.00 $0.00
Class B $0.00 $0.00
11. Aggregate Amount of Unreimbursed Investor Losses for October, 2004
Per $1,000 of Initial
Total Series Investor Interest
(a) Group One $0.00 $0.00
(b) Series 2003-4, Subseries 2 $0.00 $0.00
(c) Class A $0.00 $0.00
Class B $0.00 $0.00
12. Investor Monthly Servicing Fee payable on this Distribution Date
(a) Group One $44,569,278.32
(b) Series 2003-4, Subseries 2 $1,315,790.00
(c) Class A $1,250,000.00
Class B $65,790.00
13. Class Available Subordinated Amount on this Distribution Date
As a Perecentage of
Total Class A Invested Amount
Series 2003-4, Subseries 2 $98,684,250.00 13.1579%
, Class B
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14. Total Available Credit Enhancement Amounts
Shared Amount Class B Amount
(a) Maximum Amount on this Distribution Date $0.00 $59,210,550.00
(b) Available Amount on this Distribution Date $0.00 $59,210,550.00
(c) Amount of unreimbursed Drawings on Credit
Enhancement on this Distribution Date $0.00 $0.00
(d) Credit Enhancement Fee on this Distribution Date $48,437.58
15. Delinquency Summary
Master Trust Receivables Outstanding at the end of
October, 2004 $33,773,093,267.33
Delinquent Amount Perecentage of Ending
Payment Status Ending Balance Receivables Outstanding
30-59 Days $543,286,904.86 1.61%
60-179 Days $1,204,138,816.61 3.57%
(1)
16. Excess Spread Percentages on this Distribution Date
(2)
(a) Group One 5.03%
(3)
(b) Series 2003-4, Subseries 2 5.56%
17. Net Principal Charge-Off Percentage on this
Distribution Date (4)
Charge-offs net of recoveries as an annualized percentage of
Principal Receivables at the beginning of October, 2004 5.90%
U.S. Bank National Association
as Trustee
BY:______________________________
Vice President
_____________________________________
(1) Investors should refer only to the higher of the Group
Excess Spread Percentage (Item 16(a)) and the Series Excess
Spread Percentage (Item 16(b)) in assessing the current
performance of the Trust and the Receivables. If necessary,
the Trust will use funds available from series or subseries
with positive Series Excess Spreads to cover expenses (as
detailed in note 3 below) for series or subseries, if any,
with negative Series Excess Spreads. The Group Excess Spread
Percentage reflects the aggregate amount of Series Excess
Spread remaining after all Trust expenses for all series,
including each subseries, have been paid or reimbursed,
including expenses paid or reimbursed through such
reallocations of Series Excess Spread. The Group Excess
Spread Percentage expresses this amount as a percentage of
the Aggregate Investor Interest in the Trust as of the
beginning of the month.
(2) Group Excess Spread is the sum of the Series Excess Spreads
(as described below) for each series, including each subseries,
in the Group. The Group Excess Spread Percentage is equal to the
Group Excess Spread, multiplied by twelve, divided by the Series
Investor Interests at the beginning of the period for each series,
including each subseries, in the Group.
(3) Series Excess Spread is the difference between (a) the sum
of Finance Charge Collections, Yield Collections, Additional
Funds and Investment Income for any Class of this Subseries
(see Item 3(c)), and (b) the sum of (i) the monthly interest
for this Subseries (see 'Deposits into the SIFA on this
Distribution Date' in Item 6), (ii) the monthly servicing fee
for this Subseries (see Item 12(b)), (iii) the Investor
Charged-Off Amount (see Item 8(b)), and (iv) the Credit
Enhancement Fee (see Item 14(d)), in each case for this
Distribution Date. The Series Excess Spread Percentage is
equal to the Series Excess Spread, multiplied by twelve,
divided by the Series Investor Interest for this Subseries
at the beginning of the period.
(4) The Charged-Off Amount and associated percentage (see
Item 8) exclude finance charge and fee write-offs. Net
principal charge-offs, expressed as a percentage in
Item 17, is equal to the Charged-Off Amount minus
principal recoveries (which exclude recoveries of finance
charge and fee write-offs). For purposes of allocations
to investors, all recoveries are treated as Finance
Charge Collections and are included as such in Item 3.
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MASTER SERVICER'S CERTIFICATE STATEMENT
DISCOVER CARD MASTER TRUST I
Series 2003-4, Subseries 2 Monthly Statement
CREDIT CARD
PASS-THROUGH CERTIFICATES
The undersigned, a duly authorized representative of Discover Bank,
as Master Servicer pursuant to the Amended and Restated Pooling &
Servicing Agreement dated as of November 3, 2004 (the 'Pooling &
Servicing Agreement') and the Series Supplement, dated as of
December 30, 2003, as amended (the 'Series Supplement') by and between
Discover Bank and U.S. Bank National Association, as Trustee, does
hereby certify as follows with respect to the Series Supplement for the
Discover Card Master Trust I, Series 2003-4, Subseries 2 Master Trust
Certificates for the Distribution Date occurring on November 15, 2004:
1. Discover Bank is Master Servicer under the Pooling
and Servicing Agreement.
2. The undersigned is a Servicing Officer of Discover Bank as
Master Servicer.
3. The aggregate amount of Collections processed during
October, 2004 is equal to $6,777,103,035.80
4. The aggregate amount of Class A Principal Collections
processed during October, 2004 is equal to $140,960,776.09
5. The aggregate amount of Class A Finance Charge Collections
processed during October, 2004 is equal to $10,358,380.49
6. (a) The aggregate amount of Class A Principal Collections
recharacterized as Series Yield Collections during
October, 2004 is equal to $0.00
(b) The aggregate amount of Class A Additional Funds for
this Distribution date is equal to $0.00
7. The amount of drawings under the Credit Enhancement
required to be made and not immediately reimbursed on
the related Drawing Date pursuant to the Series Supplement
(a) with respect to the Class A Required Amount Shortfall
is equal to $0.00
(b) with respect to the Class A Cumulative Investor
Charged-Off Amount is equal to $0.00
(c) with respect to the Class A Investor Interest is equal to $0.00
8. The sum of all amounts payable to the Class A Certificateholders
on the current Distribution Date is equal to $1,323,958.33
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9. The aggregate amount of Class B Principal Collections
processed during October, 2004 is equal to $7,417,991.40
10.The aggregate amount of Class B Finance Charge Collections
processed during October, 2004 is equal to $545,104.67
11.(a) The aggregate amount of Class B Principal Collections
recharacterized as Series Yield Collections during
October, 2004 is equal to $0.00
(b) The aggregate amount of Class B Additional Funds for
this Distribution date is equal to $0.00
12.The amount of drawings under the Credit Enhancement
required to be made and not immediately reimbursed on
the related Drawing Date pursuant to the Series Supplement
(a) with respect to the Class B Required Amount Shortfall
is equal to $0.00
(b) with respect to the Class B Cumulative Investor
Charged-Off Amount is equal to $0.00
(c) with respect to the Class B Investor Interest is equal to $0.00
13.The sum of all amounts payable to the Class B Certificateholders
on the current Distribution Date is equal to $78,180.45
14. Attached hereto is a true copy of the statement required to be delivered
by the Master Servicer on the date of this Certificate to the Trustee
Pursuant to the section entitled Master Servicer's Monthly Certificate
of the Series Supplement.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
certificate this 15th day of November, 2004.
Series 2003-4, Subseries 2 DISCOVER BANK
as Master Service
By: /S/ Michael F. Rickert
___________________________________
Vice President,
Chief Accounting Officer
and Treasurer
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