GLG News Analyses of the following article:

Press Release: The Federal Reserve Board Announces the Creation of the Term Asset-Backed Securities Loan Facility (TALF)

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Published at: www.federalreserve.gov

Richard Bialek, Chief Executive Officer

Richard BialekChief Executive Officer Bialek Group What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

TALF - Implications for Credit Card Issuers

March 12, 2009

This program will be a benefit for the large credit card issuers: JP Morgan Chase, Citicorp, Bank of America, American Express, Discover and Capitol One, all of whom can position themselves as a high quality, AAA rated, source of new loans. TALF could prove to be especially helpful to American Express, Discover and Capital One, credit card issuers who lack the branch network and deposit base of the big money center banks. TALF could open up a funding source by reviving the credit card securitization market.

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