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## GAAP Basis to Managed Basis Reconciliation — Effect of Securitizations 

Years Ended December 31, (Millions) 

<img src='content_image/37891.jpg'>

The following discussion of TRS’ results is presented on a managed basis. 

In 2002, TRS’ net revenues rose 3 percent as a result of greater net finance charge revenue, higher cardmember spending and increased cards-in-force, partially offset by lower travel commissions and fees, Travelers Cheque investment income and other revenues. These increases reflect the benefits of higher net finance charge revenue from the cardmember lending portfolio due to higher loan balances and improved spreads and growth in worldwide billed business. 2001 net revenues were 4 percent higher than 2000 as increased cards-in-force, growth in cardmember loans outstanding and higher fee revenue were partially offset by relatively flat worldwide billed business and lower travel commissions and fees. The 2001 performance reflected over- all weakness in the economy, especially within the travel and entertainment sectors. 

