MORGAN STANLEY DEAN WITTER

ANNOUNCES QUARTERLY NET INCOME OF $970 MILLION; EARNINGS PER SHARE UP 63%

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NEW YORK, September 22, 1999 — Morgan Stanley Dean Witter & Co. (NYSE: MWD) today reported net income of $970 million for the quarter ended August 31, 1999 — a 55 percent increase from $626 million in last year's third quarter. Diluted earnings per share were $1.65 — up 63 percent from $1.01 a year ago.

Third quarter net revenues (total revenues less interest expense and the provision for loan losses) increased to $5.3 billion — 39 percent higher than last year's third quarter. The annualized return on average common equity for the third quarter was 25.9 percent.

Philip J. Purcell, Chairman, and John J. Mack, President, said in a joint statement,
"Morgan Stanley Dean Witter had another excellent quarter. We continued to benefit from the diversity of our revenue streams and strong global presence, with record revenues in investment banking and impressive quarters in our private client group and worldwide equity. Our securities business has done particularly well in the active European markets and has maintained a leadership position in markets throughout the world. We are also pleased with the renewed growth of our Discover Card franchise."

In the first nine months of fiscal 1999, net income was $3,158 million, 46 percent higher than $2,169 million a year ago. Nine-month diluted earnings per share were $5.35, up 54 percent from last year's $3.47 and net revenues rose 31 percent to $16.4 billion over the same period. The annualized return on average common equity was 28.9 percent for the first nine months of 1999.

1 All amounts for the nine-month period ended August 31, 1998 exclude a $117 million charge resulting from an accounting change. See Page F-1 of Financial Summary, Note 1.

SECURITIES

Securities net income for the third quarter increased to $633 million, up 43 percent from a year ago. This increase primarily reflects a strong quarter from the Company's institutional securities business.

  • Institutional securities third quarter results included records in investment banking and commodities and an outstanding quarter for equities. Internationally, the Company's European businesses made significant contributions to the quarter's results.
  • Investment banking's performance was driven by record revenues from mergers and acquisitions, combined with strong results in equity underwriting. For the first eight months of calendar 1999, the Company ranked second in announced global M&A transactions and worldwide equity and equity related underwriting, and maintained a strong leadership position in U.S. investment grade debt underwriting.
  • Institutional sales and trading also had an excellent quarter. Equities continued to benefit from high levels of customer activity and strong trading results in global markets. Commodities posted record revenues capitalizing on the quarter's rally in energy prices. Fixed income achieved solid results considering wider credit spreads and concerns over the possibility of higher inflation.
  • The private client group achieved strong quarterly revenues, driven primarily by increased sales of equities and fixed income securities, and higher revenues from the distribution of asset management products.

  • The number of global financial advisors in the Company's private client group (including AB Asesores' financial advisors) rose to 12,309, an increase of 271 during the quarter and more than 1,500 over the last twelve months. Client assets rose to $529 billion — $137 billion higher than a year ago.
  • At Discover Brokerage Direct, the Company's on-line brokerage service, new account growth more than doubled and trading volume increased 55% from the third quarter of 1998. DBD also continued to expand its client services through the introduction of extended hours trading in certain NASDAQ and S&P stocks.
2 Source: Securities Data Corp. — January 1 to August 31, 1999.
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ASSET MANAGEMENT

Asset Management posted third quarter net income of $135 million compared to a breakeven quarter a year ago. Last year's third quarter results were adversely impacted by losses that occurred in connection with an institutional leveraged emerging markets debt portfolio. This year's earnings benefited from continued growth in assets under management.

  • The Company had $415 billion of assets under management and administration at the end of the third quarter — an increase of $62 billion, or 18 percent, over a year ago.
  • Retail assets increased $6 billion during the quarter and have increased $47 billion from a year ago to stand at $247 billion. Institutional assets increased $4 billion during the quarter and have increased $15 billion from a year ago to stand at $168 billion.
  • The Company's new Morgan Stanley International and Van Kampen Technology funds together raised nearly $700 million in assets during the quarter.
  • The Company also reached an agreement with Sanwa Bank to distribute Morgan Stanley asset management products and services to retail customers through Sanwa distribution channels in Japan.
  • The Private Equity group recognized third quarter investment gains of $41 million compared to $129 million a year ago.
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CREDIT SERVICES

Credit Services net income increased by 10 percent to $202 million, compared to $184 million in the third quarter of 1998 — largely reflecting the continued improvement in credit quality and record transaction volume.

  • Credit quality improved substantially from last year, with the consumer loan net charge-off rate falling to 5.29 percent from 6.56 percent. The over-30-day delinquency rate declined to 6.34 percent compared to 7.19 percent a year ago.
  • Transaction volume surged 24% to a record $18.3 billion driven by increased sales volume and balance transfers.
  • Managed consumer loans rose to $34.4 billion — $2.8 billion higher than a year ago after adjusting for the sales of receivables associated with Prime Option, SPS and BRAVO.
  • Marketing and business development expenses increased 16 percent to $253 million primarily as a result of the continued promotion of Discover Platinum and a higher level of cardmember rewards due to increased transaction volume.
  • The Discover/ NOVUS Network enrolled 117,000 new merchant locations during the quarter — a 10 percent increase from the third quarter enrollment a year ago.
  • In August, the Company announced the launch of its Morgan Stanley Dean Witter credit card in the United Kingdom.

The Company has repurchased approximately 20 million shares of its common stock since fiscal year end. The Company also announced that its Board of Directors declared a $.24 quarterly dividend per common share. The dividend is payable on October 29, 1999 to common shareholders of record on October 15, 1999.

Total capital at August 31, 1999 was $38.7 billion, including $15.8 billion of common and preferred shareholders' equity and preferred securities issued by subsidiaries. Book value per common share was $26.53, based on period end shares outstanding of 559,244,249.

Morgan Stanley Dean Witter & Co. is a global financial services firm and a market leader in securities, asset management and credit services. The Company has offices in New York, London, Tokyo, Hong Kong, and other principal financial centers around the world and has 464 securities branch offices throughout the United States.

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This release may contain forward-looking statements. These statements, which reflect management's beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect the Company's future results, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 1998 Annual Report to Shareholders and the Company's Quarterly Reports on Form 10-Q for fiscal 1999.

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MORGAN STANLEY DEAN WITTER & CO.
Financial Summary
(unaudited, dollars in millions)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
 
Net revenues
  Securities $ 3,810 $ 2,624 $ 4,216 45% (10%) $ 11,913 $ 8,541 39%
  Asset Management 598 354 569 69% 5% 1,879 1,605 17%
  Credit Services 935
 863
 872
8% 7% 2,559
 2,329
 10%
  Consolidated net revenues $ 5,343
 $ 3,841
 $ 5,657
 39% (6%) $ 16,351
 $ 12,475
 31%
 
Net income
  Securities $ 633 $ 442 $ 829 43% (24%) $ 2,228 $ 1,461 52%
  Asset Management 135 0 111 * 22% 393 249 58%
  Credit Services 202
 184
 211
 10% (4%) 537
 459
 17%
  Income before
cumulative effect of
a change in accounting		 970 626 1,151 55% (16%) 3,158 2,169 46%
  Cumulative effect of a
change in accounting (1)		 0 0 0 -- -- 0 (117) *
  Consolidated net income $ 970
 $ 626
 $ 1,151
 55% (16%) $ 3,158
 $ 2,052
 54%
  Preferred stock dividend requirements $ 11
 $ 14
 $ 10
 (21%) 10% $ 33
 $ 43
 (23%)
  Earnings applicable to common shares $ 959
 $ 612
 $ 1,141
 57% (16%) $ 3,125
 $ 2,009
 56%
 
(1) Represents the effects of an accounting change adopted in the fourth quarter of fiscal 1998 (effective December 1, 1997) with respect to the accounting for offering costs paid by investment advisors of closed end funds where such costs are not specifically reimbursed through separate advisory contracts.
F - 1

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MORGAN STANLEY DEAN WITTER & CO.
Financial Summary
(unaudited)
 
    Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
    Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
Basic earnings per common share
  Income before cumulative
effect of a change
in accounting		 $ 1.74 $ 1.07 $ 2.06 63% (16%) $ 5.65 $ 3.65 55%
  Cumulative effect of
a change in accounting		 $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.20) *
  Net income $ 1.74 $ 1.07 $ 2.06 63% (16%) $ 5.65 $ 3.45 64%
 
Diluted earnings per common share
  Income before
cumulative effect of a
change in accounting		 $ 1.65 $ 1.01 $ 1.95 63% (15%) $ 5.35 $ 3.47 54%
  Cumulative effect of a change in accounting $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.19) *
  Net income $ 1.65 $ 1.01 $ 1.95 63% (15%) $ 5.35 $ 3.28 63%
 
Average common shares outstanding
  Basic 550,056,731 573,170,507 554,146,582     553,362,966 582,105,755
  Diluted 580,700,823 604,779,594 586,655,685    584,717,406 613,265,207
Period end common shares outstanding 559,244,249 582,790,622 566,786,999    559,244,249 582,790,622
 
Return on common equity 25.9% 18.9% 31.4%    28.9% 20.3%
 
Return on common equity (1) N/A N/A N/A    N/A 21.3%

(1) Excludes the cumulative effect of a change in accounting in the quarter ended February 28, 1998.
 
F - 2

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MORGAN STANLEY DEAN WITTER & CO.
Consolidated Income Statement Information
(unaudited, dollars in millions)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
 
 
Investment Banking $ 1,207 $ 819 $ 1,022 47% 18% $ 3,186 $ 2,607 22%
Principal Transactions:  
  Trading 1,184 499 1,926 137% (39%) 4,801 2,493 93%
  Investments 78 (174) 150 145% (48%) 493 (1) *
Commissions 729 608 789 20% (8%) 2,183 1,766 24%
Fees:  
  Asset management, distribution and administration 799 718 765 11% 4% 2,278 2,135 7%
  Merchant and cardmember 392 438 357 (11%) 10% 1,090 1,270 (14%)
  Servicing 313 255 310 23% 1% 876 658 33%
Interest and dividends 4,961 4,283 3,689 16% 34% 12,130 12,429 (2%)
Other 39
 52
 46
 (25%) (15%) 124
 154
 (19%)
  Total revenues 9,702 7,498 9,054 29% 7% 27,161 23,511 16%
Interest expense 4,246 3,377 3,278 26% 30% 10,401 10,076 3%
Provision for consumer loan losses 113
 280
 119
 (60%) (5%) 409
 960
 (57%)
  Net revenues 5,343
 3,841
 5,657
 39% (6%) 16,351
 12,475
 31%
Compensation and benefits 2,302 1,609 2,413 43% (5%) 7,078 5,414 31%

Occupancy and equipment

 166 148 153 12% 8% 456 431 8%
Brokerage, clearing and exchange fees 128 160 127 (20%) 1% 369 416 (11%)
Information processing and communications 325 291 315 12% 3% 949 833 14%
Marketing and business development 408 354 381 15% 7% 1,184 934 27%
Professional services 214 176 191 22% 12% 567 460 23%
Other 237
 193
 219
 23% 8% 646
 548
 18%
  Total non-interest expenses 3,780
 2,931
 3,799
 29% (1%) 11,258
 9,036
 25%
Income before income taxes and cumulative effect of a change in accounting 1,563 910 1,858 72% (16%) 5,093 3,439 48%
Income tax expense 593
 284
 707
 109% (16%) 1,935
 1,270
 52%
Income before cumulative effect of a change in accounting 970 626 1,151 55% (16%) 3,158 2,169 46%
Cumulative effect of a change in accounting (1) 0
 0
 0
 -- -- 0
 (117)
 *
Net income $ 970
 $ 626
 $ 1,151
 55% (16%) $ 3,158
 $ 2,052
 54%
Preferred stock dividend requirements $ 11
 $ 14
 $ 10
 (21%) 10% $ 33
 $ 43
 (23%)
Earnings applicable to common shares $ 959
 $ 612
 $ 1,141
 57% (16%) $ 3,125
 $ 2,009
 56%
 
(1) Represents the effects of an accounting change adopted in the fourth quarter of fiscal 1998 (effective December 1, 1997) with respect to the accounting for offering costs paid by investment advisors of closed end funds where such costs are not specifically reimbursed through separate advisory contracts.
F - 3

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MORGAN STANLEY DEAN WITTER & CO.
Securities and Asset Management Income Statement Information
(unaudited, dollars in millions)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
 
Investment banking $ 1,207 $ 819 $ 1,022 47% 18% $ 3,186 $ 2,607 22%
Principal transactions:
  Trading 1,184 499 1,926 137% (39%) 4,801 2,493 93%
  Investments 78 (174) 150 145% (48%) 493 (1) *
Commissions 729 608 789 20% (8%) 2,183 1,766 24%
Asset management, distribution and administration fees 799 718 765 11% 4% 2,278 2,135 7%
Interest and dividends 4,415 3,603 3,167 23% 39% 10,506 10,297 2%
Other 39
 51
 46
 (24%) (15%) 124
 150
 (17%)
  Total revenues 8,451 6,124 7,865 38% 7% 23,571 19,447 21%
Interest expense 4,043
 3,146
 3,080
 29% 31% 9,779
 9,301
 5%
  Net revenues 4,408
 2,978
 4,785
 48% (8%) 13,792
 10,146
 36%
 
Compensation and benefits 2,170 1,468 2,290 48% (5%) 6,704 4,991 34%
Occupancy and equipment 150 130 141 15% 6% 425 380 12%
Brokerage, clearing and exchange fees 128 160 127 (20%) 1% 369 416 (11%)
Information processing and communications 202 175 206 15% (2%) 600 489 23%
Marketing and business development 155 135 167 15% (7%) 471 377 25%
Professional services 184 151 160 22% 15% 485 388 25%
Other 189
 140
 167
 35% 13% 504
 395
 28%
  Total non-interest expenses 3,178
 2,359
 3,258
 35% (2%) 9,558
 7,436
 29%
Income before income taxes and cumulative
  effect of a change in accounting 1,230 619 1,527 99% (19%) 4,234 2,710 56%
Income tax expense 462
 177
 587
 161% (21%) 1,613
 1,000
 61%
Income before cumulative effect of a
  change in accounting 768 442 940 74% (18%) 2,621 1,710 53%
Cumulative effect of a change in accounting (1) 0
 0
 0
 -- -- 0
 (117)
 *
Net income $ 768
 $ 442
 $ 940
 74% (18%) $ 2,621
 $ 1,593
 65%
 
Compensation and benefits as a % of net revenues 49% 49% 48%     49% 49%  
Non-compensation expenses as a % of net revenues 23% 30% 20%   21% 24%  
Profit margin (2) 17% 15% 20%   19% 16%  
 
(1) Represents the effects of an accounting change adopted in the fourth quarter of fiscal 1998 (effective December 1, 1997) with respect to the accounting for offering costs paid by investment advisors of closed end funds where such costs are not specifically reimbursed through separate advisory contracts.
(2) Net income as a % of net revenues.
F - 4

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MORGAN STANLEY DEAN WITTER & CO.
Credit Services Income Statement Information
(unaudited, dollars in millions)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
 
Fees:  
  Merchant and cardmember $ 392 $ 438 $ 357 (11%) 10% $ 1,090 $ 1,270 (14%)
  Servicing 313 255 310 23% 1% 876 658 33%
Other 0
 1
 0
 * -- 0
 4
 *
  Total non-interest revenues 705 694 667 2% 6% 1,966 1,932 2%
 
Interest revenue 546 680 522 (20%) 5% 1,624 2,132 (24%)
Interest expense 203
 231
 198
 (12%) 3% 622
 775
 (20%)
  Net interest income 343 449 324 (24%) 6% 1,002 1,357 (26%)
 
Provision for consumer loan losses 113
 280
 119
 (60%) (5%) 409
 960
 (57%)
  Net credit income 230
 169
 205
 36% 12% 593
 397
 49%
 
  Net revenues 935
 863
 872
 8% 7% 2,559
 2,329
 10%
 
Compensation and benefits 132 141 123 (6%) 7% 374 423 (12%)
Occupancy and equipment 16 18 12 (11%) 33% 40 51 (22%)
Information processing and communications 123 116 109 6% 13% 349 344 1%
Marketing and business development 253 219 214 16% 18% 713 557 28%
Professional services 30 25 31 20% (3%) 82 72 14%
Other 48
 53
 52
 (9%) (8%) 142
 153
 (7%)
  Total non-interest expenses 602
 572
 541
 5% 11% 1,700
 1,600
 6%
Income before income taxes 333 291 331 14% 1% 859 729 18%
Income tax expense 131
 107
 120
 22% 9% 322
 270
 19%
Net income $ 202
 $ 184
 $ 211
 10% (4%) $ 537
 $ 459
 17%
 
Compensation and benefits as a % of net revenues 14% 16% 14%   15% 18%  
Non-compensation expenses as a % of net revenues 50% 50% 48%   52% 51%  
Profit margin (1) 22% 21% 24%   21% 20%  
 
(1) Net income as a % of net revenues.
F - 5

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MORGAN STANLEY DEAN WITTER & CO.
Credit Services Income Statement Information
(unaudited, dollars in millions)
(Managed loan basis)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
 
Fees:
  Merchant and cardmember $ 541 $ 575 $ 494 (6%) 10% $ 1,508 $ 1,627 (7%)
  Servicing 0 0 0 -- -- 0 0 --
Other 0
 1
 0
 * -- 0
 4
 *
  Total non-interest revenues 541 576 494 (6%) 10% 1,508 1,631 (8%)
 
Interest revenue 1,250 1,363 1,221 (8%) 2% 3,652 4,042 (10%)
Interest expense 466
 499
 449
 (7%) 4% 1,366
 1,528
 (11%)
  Net interest income 784 864 772 (9%) 2% 2,286 2,514 (9%)
 
Provision for consumer loan losses 390
 577
 394
 (32%) (1%) 1,235
 1,816
 (32%)
  Net credit income 394
 287
 378
 37% 4% 1,051
 698
 51%
 
  Net revenues 935
 863
 872
 8% 7% 2,559
 2,329
 10%
 
Compensation and benefits 132 141 123 (6%) 7% 374 423 (12%)
Occupancy and equipment 16 18 12 (11%) 33% 40 51 (22%)
Information processing and communications 123 116 109 6% 13% 349 344 1%
Marketing and business development 253 219 214 16% 18% 713 557 28%
Professional services 30 25 31 20% (3%) 82 72 14%
Other 48
 53
 52
 (9%) (8%) 142
 153
 (7%)
  Total non-interest expenses 602
 572
 541
 5% 11% 1,700
 1,600
 6%
Income before income taxes 333 291 331 14% 1% 859 729 18%
Income tax expense 131
 107
 120
 22% 9% 322
 270
 19%
Net income $ 202
 $ 184
 $ 211
 10% (4%) $ 537
 $ 459
 17%
 
Compensation and benefits as a % of net revenues 14% 16% 14%   15% 18%  
Non-compensation expenses as a % of net revenues 50% 50% 48%   52% 51%  
Profit margin (1) 22% 21% 24%   21% 20%  
 
(1) Net income as a % of net revenues.
F - 6

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MORGAN STANLEY DEAN WITTER & CO.
Financial Information and Statistical Data
(unaudited)
 
  Quarter Ended
 Percentage Change From:
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
Morgan Stanley
Period end common shares outstanding 559,244,249 582,790,622 566,786,999 (4%) (1%)
Book value per common share $ 26.53 $ 22.13 $ 26.00 20% 2%
Shareholder's equity (millions) (1) $ 15,845 $ 13,904 $ 15,749 14% 1%
Total capital (millions) (2) $ 38,740 $ 36,727 $ 40,007 5% (3%)
 
SECURITIES ($ billions)
 
Private Client Group
  Global financial advisors 12,309 10,791 12,038 14% 2%
  Client assets $ 529 $ 392 $ 513 35% 3%
 
Institutional Securities (3)
  Mergers and acquisitions announced transactions (4)
  Morgan Stanley global market volume $ 588.2 $ 450.1 $ 308.3    
  Rank 2 3 3    
  Worldwide equity and related issues (4)
  Morgan Stanley global market volume $ 34.2 $ 23.2 $ 21.9    
  Rank 2 1 1    
 
ASSET MANAGEMENT ($ billions)
 
Assets under management and administration
Products offered primarily to individuals
  Mutual funds
  Equity $ 87 $ 64 $ 84 36% 4%
  Fixed income 55 55 56 -- (2%)
  Money markets 44
 35
 42
 26% 5%
  Total mutual funds 186 154 182 21% 2%
 
  ICS Assets 23 16 21 44% 10%
  Other   38
 30
 38
 27% --
 
  Sub-total Individual 247
 200
 241
 24% 2%
 
Products offered primarily to institutional clients
  Mutual funds 36 32 33 13% 9%
  Separate accounts, pooled vehicle and other arrangements 132
 121
 131
 9% 1%
 
  Sub-total Institutional 168
 153
 164
 10% 2%
 
Total assets under management and administration $ 415
 $ 353
 $ 405
 18% 2%
 
(1) Includes preferred and common equity and preferred securities issued by subsidiaries.
(2) Includes preferred and common equity, preferred securities issued by subsidiaries, capital units and non-current portion of long-term debt.
(3) Source: Securities Data Corp.
(4) Information is year to date and stated on a calendar year basis.
F - 7

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MORGAN STANLEY DEAN WITTER & CO.
Financial Information and Statistical Data
(unaudited, dollars in millions)
 
  Quarter Ended
 Percentage Change From:
 Nine Months Ended
 Percentage
  Aug 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1998
 May 31, 1999
 Aug 31, 1999
 Aug 31, 1998
 Change
CREDIT SERVICES  
Owned consumer loans  
  Period end $ 16,557 $ 17,657 $ 14,588 (6%) 13% $ 16,557 $ 17,657 (6%)
  Average $ 15,311 $ 17,416 $ 14,664 (12%) 4% $ 15,458 $ 19,135 (19%)
Managed consumer loans (1)  
  Period end $ 34,381 $ 34,228 $ 32,805 -- 5% $ 34,381 $ 34,228 --
  Average $ 33,379 $ 34,076 $ 32,258 (2%) 3% $ 32,845 $ 35,115 (6%)
  Interest yield 14.30% 15.19% 14.39% (0.89pp) (0.09pp) 14.25% 14.90% (0.65pp)
  Interest spread 8.61% 9.06% 8.81% (0.45pp) (0.20pp) 8.61% 8.72% (0.11pp)
  Net charge-off rate 5.29% 6.56% 5.55% (1.27pp) (0.26pp) 5.70% 6.89% (1.19pp)
  Delinquency rate (over 30 days) 6.34% 7.19% 5.94% (0.85pp) 0.40pp 6.34% 7.19% (0.85pp)
Discover Financial Services transaction volume (in billions) $ 18.3 $ 14.7 $ 16.3 24% 12% $ 50.1 $ 42.7 17%
General purpose credit card accounts (in millions) 37.4 38.0 37.5 (2%) -- 37.4 38.0 (2%)
Discover/NOVUS Network increase in merchant locations (in thousands) 117 106 138     355 297  
(1) Includes owned and securitized consumer loans.
F - 8

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