Common use of Annualized Clause in Contracts

Annualized. The increase in portfolio yield for the fiscal year ended June 30, 1996 and for the nine months ended March 31, 1997 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date), as of the close of business on April 30, 1997, consisted of $21,588,400,896 of principal Receivables and $609,405,512 of finance charge Receivables. On March 25, 1997 and April 23, 1997 (the "Relevant Cut Off Dates"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 of principal Receivables as of the close of business on April 30, 1997, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, on the Closing Date, the Transferor will deposit $1,200,000 into the finance charge account, which will be applied as collections of finance charge Receivables received during the initial monthly period and allocated to Series 1997-3. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off Dates, Eligible Accounts. The Accounts, including such additional Accounts, had an average principal Receivable balance of $2,078 (including accounts with a zero balance) and an average credit limit of $8,557. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.0%. As of April 30, 1997, cardholders whose Accounts are included in the Trust Portfolio, including such additional Accounts, had billing addresses in 50 states, the District of Columbia and other United States 38 territories and possessions. As of April 30, 1997, 71% of the Accounts, including such additional Accounts, were premium accounts and 29% were standard accounts, and the aggregate principal Receivable balances of premium accounts and standard accounts, as a percentage of the aggregate total principal Receivables, were 80% and 20%, respectively. The following tables summarize the Trust Portfolio (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date) by various criteria as of the close of business on April 30, 1997. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any subsequent time. COMPOSITION BY ACCOUNT BALANCE TRUST PORTFOLIO

Annualized. 7 The increase in portfolio yield for the fiscal year ended June 30, 1996 and for the nine three months ended March 31September 30, 1997 1996 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8October 3, 1997 1996 and certain additional Accounts designated to be added to the Trust on the Closing Date), ) as of the close of business on April September 30, 19971996, consisted of $21,588,400,896 17,953,842,869 of principal Receivables and $609,405,512 529,752,796 of finance charge Receivables. On March 25August 22, 1997 1996 and April 23September 24, 1997 1996 (the "Relevant Cut Off Dates"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 635,767,475 of principal Receivables as of the close of business on April September 30, 19971996, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, The Transferor may determine to add to the Trust on or about the Closing Date, in compliance with the Transferor will deposit $1,200,000 into provisions of the finance charge accountPooling and Servicing Agreement, which will be applied as collections of finance charge Receivables received during in additional Accounts in addition to those reflected in the initial monthly period and allocated to Series 1997-3two preceding sentences. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off DatesDate, Eligible Accounts. The Accounts, including such additional Accounts, Accounts had an average principal Receivable balance of $2,078 1,876 (including accounts with a zero balance) and an average credit limit of $8,5577,084. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.027.3%. As of April September 30, 19971996, cardholders whose Accounts are included in the Trust Portfolio, including such additional Accounts, had billing addresses in 50 states, the District of Columbia and other United States 38 territories and possessions. As of April September 30, 19971996, 7166% of the Accounts, including such additional Accounts, were premium accounts and 2934% were standard accounts, and the aggregate principal Receivable balances of premium accounts and standard accounts, as a percentage of the aggregate total principal Receivablesreceivables, were 8076% and 2024%, respectively. The following tables summarize the Trust Portfolio (including the additional Accounts added to the Trust on May 8October 3, 1997 1996 and certain additional Accounts designated to be added to the Trust on the Closing Date) by various criteria as of the close of business on April September 30, 19971996. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any subsequent time. The Transferor may determine to add to the Trust on or about the Closing Date, in compliance with the provisions of the Pooling and Servicing Agreement, Receivables in additional Accounts in addition to those reflected in the tables below. COMPOSITION BY ACCOUNT BALANCE TRUST PORTFOLIO

Annualized. The increase in portfolio yield for the fiscal year years ended June 30December 31, 1995 and December 31, 1996 and for the nine six months ended March 31June 30, 1997 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8July 1, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date), as of the close of business on April June 30, 1997, consisted of $21,588,400,896 22,243,943,201 of principal Receivables and $609,405,512 652,665,702 of finance charge Receivables. On March 25, 1997 and April 23June 24, 1997 (the "Relevant Cut Off DatesDate"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 962,279,212 of principal Receivables as of the close of business on April June 30, 1997, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, on the Closing Date, the Transferor will deposit $1,200,000 1,840,000 into the finance charge account, which will be applied as collections of finance charge Receivables received during the initial monthly period and allocated to Series 1997-35. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off DatesDate, Eligible Accounts. The Accounts, including such additional Accounts, had an average principal Receivable balance of $2,078 2,086 (including accounts with a zero balance) and an average credit limit of $8,5578,688. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.024.7%. As of April June 30, 1997, cardholders whose Accounts are included in the Trust Portfolio, including such additional Accounts, had billing addresses in 50 states, the District of Columbia and other United States 38 8 territories and possessions. As of April June 30, 1997, 7172% of the Accounts, including such additional Accounts, were premium accounts and 2928% were standard accounts, and the aggregate principal Receivable balances of premium accounts and standard accounts, as a percentage of the aggregate total principal Receivables, were 8081% and 2019%, respectively. The following tables summarize the Trust Portfolio (including the additional Accounts added to the Trust on May 8July 1, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date) by various criteria as of the close of business on April June 30, 1997. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any subsequent time. COMPOSITION BY ACCOUNT BALANCE TRUST PORTFOLIO

Annualized. The increase in portfolio yield for the fiscal year ended June 30, 1996 and for the nine months ended March 31, 1997 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date), as of the close of business on April 30, 1997, consisted of $21,588,400,896 of principal Receivables and $609,405,512 of finance charge Receivables. On March 25, 1997 and April 23, 1997 (the "Relevant Cut Off Dates"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 of principal Receivables as of the close of business on April 30, 1997, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, on the Closing Date, the Transferor will deposit $1,200,000 into the finance charge account, which will be applied as collections of finance charge Receivables received during the initial monthly period and allocated to Series 1997-34. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off Dates, Eligible Accounts. The Accounts, including such additional Accounts, had an average principal Receivable balance of $2,078 (including accounts with a zero balance) and an average credit limit of $8,557. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.0%. As of April 30, 1997, cardholders whose Accounts are included in the Trust Portfolio, including such additional Accounts, had billing addresses in 50 states, the District of Columbia and other United States 38 8 territories and possessions. As of April 30, 1997, 71% of the Accounts, including such additional Accounts, were premium accounts and 29% were standard accounts, and the aggregate principal Receivable balances of premium accounts and standard accounts, as a percentage of the aggregate total principal Receivables, were 80% and 20%, respectively. The following tables summarize the Trust Portfolio (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date) by various criteria as of the close of business on April 30, 1997. Because the future composition of the Trust Portfolio may change over time, these tables are not necessarily indicative of the composition of the Trust Portfolio at any subsequent time. COMPOSITION BY ACCOUNT BALANCE TRUST PORTFOLIO