First National Master Note Trust (FNMNT)
The tables included here present delinquency, charge-off, yield and payment rate performance for credit card receivables included in the First National Master Note Trust ("FNMNT"). In each table the information is presented by calendar year of account origination ("origination year") and year of performance ("performance year"). Data presented for any performance year for any origination year is referred to further as the "vintage segment". The data for the Series 2009-1 Notes in the following tables has been calculated using a different methodology than for the series 2007-1 and 2007-2 Notes, as described after the tables for the Series 2009-1 Notes.
In each vintage segment, information is presented for accounts that were originated in the related origination year and were included in FNMNT portfolio at the end of the related performance year. For example, for the vintage segment 2006 performance year for the 2001 origination year, the information represents the performance of the accounts in FNMNT as of December 31, 2006 that were opened in 2001 and added to FNMNT on or before December 31, 2006. Additionally, if the accounts for the 2001 origination year were added to FNMNT in December 2006, (i) the information reported in the table for the 2006 performance year would include the information for the entire 2006 performance year for those accounts, notwithstanding the fact they were added to the FNMNT in December 2006 and (ii) information regarding these accounts would not be included in the tables for performance years prior to 2006.
Accounts may be opened (originated) in any month during the calendar year. Therefore, except for accounts opened at the beginning of the year, information in the year the account was opened will be based on less than 12 months of information. For example, an account opened in March of 2005 and added to FNMNT in September 2005 will only have ten months of activity in the 2005 performance year for that origination year. Year-to-Date ("YTD") information, by its nature, is also based on less than a full twelve months of account activity. Additionally, accounts may be added to FNMNT in any month after its six month anniversary date and may be added to FNMNT the same year it opened. An account not added to FNMNT in the year it was opened will only be reflected in the year it was added to FNMNT. For example, if an account is opened in February 2005 and is added to FNMNT at any time in 2005, the information for this account would be included in the 2005 originations for the 2005 performance year and would include account activity information for February through December 2005. If, however, the account opened in February 2005 and is not added to FNMNT until February 2006, (i) the information for this account would be included in the 2005 originations for the 2006 performance year and would include information for all of 2006, from January through December 2006 and (ii) there would be no information in the tables for performance year 2005 since the account was not in FNMNT in 2005.
As of December 31, 2006, $1.39 billion of outstanding receivables representing approximately 66.2% of the total outstanding receivables in FNMNT at such date related to accounts that were originated prior to 2000 and are included only in the pre 2000 originations category. Additionally, as of December 31, 2006, $711 million of outstanding receivables representing 33.8% of total outstanding receivables in FNMNT at such date related to accounts that were originated during or after 2000 and are included only in origination years after the pre 2000 originations category.
There can be no assurance that the performance of the receivables in the future will be similar to the historical data in the tables included here.