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adults) Consumers updates green day dookie who use greenday album indicates store cards are exceptionally fond of shopping Clothing/specialty store card users are significantly more likely to planshopping trips online Looking Ahead: Trends and Opportunities Customer service critical in current circumstances Older, richer, smaller households index high for monthly usage of store cards Clothing/specialty store cardholders are enthusiastic shoppers Asian consumers may be a particularly profitable prospect Maximize online store card use Revive layaway Recognize American optimism Chapter 2: HighlightsChapter 2: IntroductionScope of Report Overview: 2006 vs. 2008 Ongoing trends: acquisition, co-branding, unmotivated customers Significant changes: the economy, the economy, the economy Private-Label Card Basics Benefits of store cards for consumers: special treatment Drawbacks of store cards for consumers: cash outlay Table 2-1: Selected Retailer Credit Card Rates in New York City, 2008 (percent) Private-label card benefits for retailers: customer loyalty Benefits of private-label credit cards for financial institutions brings us toco-branding Table 2-2: Selected Features and Benefits of Private-Label Credit Cards Table 2-3: Selected Features and Benefits of Co-branded Credit Cards Industry Trends Seismic shift to third-party issuance Table 2-4: Top Issuers of Private-Label Retail Cards, Estimated Receivables andMarket Share, 2001, 2003, 2005, and 2007 (in millions of dollars and percent) Former and Current Issuers, Selected Retailers Issuers implement stricter standards for credit approval The Regulatory Environment Congressman warns stores are “fleecing shoppers” Credit Card Bill of Rights Act aims to eradicate “abusive lending practices” Bipartisan support for proposed Credit Card Fair Fee Act Table 2-5: Glossary of Financial and Banking Terms 3: HighlightsChapter 3: The MarketMarket Size and Composition Note on methodology A $114 billion market in 2007 is squeezed by the credit crunch of 2008 Table 3-1: U.S. Market for Private-Label Credit Cards, 2003-2007 (in billions ofdollars) Figure 3-1: U.S Market for Private-Label Credit Cards. 2003-2007 (in billionsof dollars) 2008 Market Estimate Market Factors Market Factor: Payment Preferences One in three American adults has a private-label credit card, but just one infour uses it Table 3-2: Penetration and Usage Rates: Selected Credit Card Classifications,2008 (percent of U.S Green Day tickets . adults) Table 3-3: Percentage of Overall Cardholders Who Use Cards Yearly and Monthly:Selected Credit Card Classifications, 2008 (U.S. adults who have a credit card) Figure 3-2: Card Use in the Past 30 Days: Selected Credit Card Classifications,2008 (U.S Green Day concert tickets – wikipedia . adults who have credit cards) Usage rates for all private-label credit cards are on the decline Table 3-4: Usage of Credit Cards in the Last Year: Selected Credit CardClassifications, Spring 2004-Winter 2008 (percentage of U Green Day concert tickets .S.

adults) Table 3-5: Usage of Credit Cards in the Last Year: Selected Credit CardClassifications, Spring 2004-Winter 2008 (number of U.S adults, in thousands) Figure 3-3: Number of U.S green day shenanigans . Adults Using Credit Cards in the Last Year, by CardClassification, Spring 2004 vs greenday nimrod . Winter 2008 (percent change) Are debit cards a threat? Table 3-6: U.S greenday poster Green Day . Market for Debit Cards, Purchase Volume, 2003-2007 (in millionsof dollars and percent change) Market Factor: The Economy Drop in consumer spending drags down GDP Table 3-7: Real Gross Domestic Product and Related Measures, 2005-3Q 2008(percent change from previous period) Table 3-8: Contributions to Percent Change in Real Gross Domestic Product,2005-3Q 2008 (percent change) Figure 3-4: Real Personal Consumption Expenditures, 2006-3Q 2008 (percentchange) 171 banks with combined assets of $116 billion are classified as “problem“institutions Figure 3-5: Earnings, FDIC-Insured Financial Institutions, 3Q 2008 (in billionsof dollars) Figure 3-6: Charge-Offs, FDIC-Insured Financial Institutions, 3Q 2008 (inbillions of dollars) Figure 3-7: Total Assets of Failed FDIC-Insured Commercial Banks, 1988-3Q 2008(in billions of dollars) Figure 3-8: Troubled Loans, FDIC-Insured Financial Institutions, 2006-3Q 2008(in billions of dollars) Market Factor: Consumers’ Experiences and Sentiment Consumer confidence crumbles Figure 3-9: Consumer Confidence Index, September 2007-November 2008 Jobless rateclimbs to 6.5% Figure 3-10: U.S greenday show . Unemployed, October 2007-October 2008 (number in millions) Figure 3-11: U.S.

Unemployment Rates, October 2007-October 2008 (percent) Credit card debt swells by $50 billion in one year Table 3-9: Revolving Consumer Credit Outstanding, September 2007 vs green day nimrod . September2008 (in millions of dollars) Figure 3-12: Revolving Consumer Credit Outstanding, September 2003- September2008 (in millions of dollars) Delinquencies, charge-off rates on credit cards remain high Table 3-10: Quarterly Charge-Off And Delinquency Rates For Consumer Credit CardLoans, 2004-3Q-2008 (percent) Figure 3-13: Quarterly Charge-Off and Delinquency Rates For Consumer Credit CardLoans, 2004-3Q-2008 (percent) Personal bankruptcies could top 1.1 million in 2008 Table 3-11: Number of U Green Day tickets – greenday .S greenday posters Green Day – greenday . Business and Non-business Bankruptcy Filings, 12Months Ended June 2007 vs greenday live . 2008 Table 3-12: Number of Non-business Chapter 7 Bankruptcy Filings, 2Q 2007-2Q 2008Projected Market Growth Congressional Budget Office expects significant declines, but also citesresilience of U.S green holiday .

economy Table 3-13: Economic Outlook, Projections and Forecast, 2008-2013 (in billionsof dollars and percent change) Professional economic forecasters anticipate a couple of rough quarters Figure 3-14: Quarterly Probability of Decline in Real GDP, 4Q 1968-2008 Holiday2008 sorely challenges retailers, but also reveals consumer tendencies andopportunities Table 3-14: Holiday 2008 Forecasts (percent) Easing gas prices a boon to storetraffic Figure 3-15: U.S Gasoline and Diesel Fuel Prices, December 2006-07 vs . December2007-08 Packaged Facts’ Projection: Private-label credit card market declines in 2008,rallies in 2010, approaches $123 billion in 2012 Table 3-15: Projected U.S greenday . Market for Private-Label Credit Cards, 2008-2012 (inbillions of dollars and percent change) Figure 3-16: Projected U.S greenday day . Market for Private-Label Credit Cards, 2007-2012 (inbillions of dollars) Chapter 4: HighlightsTable 4-1: Leading Third-party Card Issuers and Selected Retail Accounts, 2008 Chapter 4: The MarketersOverview Consolidation reaches saturation point Table 4-2: Top Issuers of Private-Label Retail Cards, Estimated Receivables andMarket Share, 2001, 2003, 2005, and 2007 (in millions of dollars and percent) Marketer Shares Citi and GE Money switch places HSBC remains solidly in third place Table 4-3: Top Marketers of Private-Label Retail Cards, Estimated Receivablesand Market Share, 2003, 2005, and 2007 (in millions of dollars and percent) Figure 4-1: Top Marketers of Private-Label Retail Cards, Estimated Market Share,2003, 2005, and 2007 (in millions of dollars) Figure 4-2: Top Marketers of Private-Label Retail Cards, Estimated Market Share,2007 (percent) The Competitive Situation Private-label credit cards compete with numerous other payment options Retailers should rethink their rewards systems Table 4-:4 Features, Benefits, and Terms of Selected Store Cards Issued byCitibank The Retail Situation Mergers and acquisitions dilute retailers’ brand identity Table 4-5: Usage of Credit Cards in the Last Year: Selected Credit CardClassifications, Spring 2004-Winter 2008 (percentage of U.S . adults) Table 4-6: Usage of Credit Cards in the Last Year: Selected Credit CardClassifications, Spring 2004-Winter 2008 (number of U.S. adults, in thousands) Target’s “best of both worlds“ sends mixed message Aggressive price promotions spur sales, but erode profits Competitive Outlook Chapter 5: HighlightsChapter 5: Competitor ProfilesCompetitor Profile: GE Money (General Electric Co.) GE pulls ahead of Citi to top position GE struggles to keep its financial footing in challenging environment No takers for $36 billion portfolio GE shifts focus overseas New accounts and account extensions Table 5-1: GE Money, Selected Private-Label Credit Card Agreements, 2008 Competitor Profile: Citi Retail Services (Citigroup, Inc.) Citi invokes parent company’s might as competitive advantage Delinquencies and charge-offs decimate profits Home Depot negotiates advantageous deal with Citi Rising middle class in emerging countries a source of growth Table 5-2: Citigroup, Selected International Card Initiatives, 2008 Competitor Profile: HSBC Retail Services (HSBC Bank USA) HSBC maintains third place, but still trails at a distance Quarterly losses reverse previous year’s profits Neiman Marcus sues HSBC for threatening to tamper with cardholder accounts inthe face of losses Competitor Profile: JPMorgan Chase & Co Chase more than doubles market share in two years Charge-offs could continue to escalate Chase configures innovative deals for retail portfolio acquisitions Competitor Profile: Alliance Data (traded on NYSE as ADS: Alliance Data SystemsCorp.) Delivers loyalty and marketing programs using transaction data 2007 revenue up15%, private-label growth seen for 2009 “Born from retail“ Blackstone Group backs out of planned acquisition, citing logistics, costs Table 5-3: Alliance Data, Selected Private-Label Credit Card Agreements, 2008 Competitor Profile: Target Financial Services (Target Corp.) Target delivers design at a discount in a clean, well-lighted space Unable to“inspire“ shoppers Chapter 6: HighlightsChapter 6: The ConsumerMethodology The Private-Label Cardholder: Introduction Nearly 73 million American adults, or one in three, have a private-label creditcard Table 6-1: Penetration and Usage Rates: Selected Credit Card Classifications, 2008 (U.S. adults) More than 70% of gas cardholders use their cards monthly Table 6-2: Percentage of Overall Cardholders Who Use Cards Yearly and Monthly:Selected Credit Card Classifications, 2008 (U.S.

Rebounding is the most underrated ability in the game.Boozer averages 11.7 rebounds this season and in the past ten games Millsap has averaged 10.5.Rebounding is a very telling statistic, it usually shows which team wants to win more. logo is available at http:// statements in this news release regarding projected results ofoperations, or, projected results of financial plans or future strategies andinitiatives, including, but not limited to, projections of revenue, projectionsof profitability, any and all future expectation, and plans for futureactivities may and should be regarded as “forward-looking statements” within themeaning of the Securities Litigation Reform Act. It was great tag team wrestling when tag teams still mattered in the wrestling world.Match No. However, since Lugo had just 831 at-bats over the past two years, such an issue doesn’t seem to be of great concern. Keep him active and enjoy the ride on this one.Sleeper Pickup: Dante Rosario Just a feeling. After a week-long layoff that had me begging for hockey, the Blackhawks came out and played their best game of the season, defeating the Calgary Flames, 6-1.Calgary had allowed just 22 goals in their previous nine games, and had recently ended a 6-game winning streak. Too much reliance on big pass plays and a poor running attack forced Weis’ hand.Confusion set in and the Irish were forced to call their second consecutive timeout.