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## SELECTED STATISTICAL INFORMATION (continued) 

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TRS’ owned portfolio is primarily comprised of cardmember receivables generated by the company’s charge card products, unsecuritized U.S. cardmember loans, international cardmember loans and unsecuritized equipment leasing receivables. 

As discussed more fully in Financing Activities, the company securitizes U.S. cardmember loans as part of its financing strategy; consequently, the level of unsecuritized U.S. cardmember loans is primarily a function of the company’s financing requirements. As a portfolio, unsecuritized U.S. cardmember loans tend to be less seasoned than securitized loans, primarily because of the lead time required to designate and securitize each loan. The company does not securitize international loans. Delinquency, reserve coverage and net write-off rates have historically been generally comparable between the company’s owned and managed portfolios. 

