EX-99.1 2 dex991.htm FINANCIAL COMMUNITY BRIEFING PRESENTATION Financial Community Briefing Presentation
©2008 Discover Financial Services
March 20, 2008
Financial Community Briefing
Exhibit 99.1


©2008 Discover Financial Services
Craig Streem
VP, Investor Relations
Welcome


3
©2008 Discover Financial Services
Notice
The following slides are part of a presentation by Discover Financial Services (the "Company") and are
intended to be viewed as part of that presentation. No representation is made that the information in these
slides is complete.  The presentation has been prepared solely for informational purposes, is neither an
offer to sell nor the solicitation of an offer to buy any security or instrument.
The information provided herein may include certain non-GAAP financial measures. The reconciliations of
such
measures
to
the
comparable
GAAP
figures
are
included
in
the
Company’s
Form
10-K
for
the
year
ended
November
30,
2007
and
the
Company’s
1
st
Quarter
Earnings
Release
furnished
on
Form
8-K
dated
March 19, 2008, each of which is on file with the SEC.
The presentation contains forward-looking statements. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are made, which reflect
management’s estimates, projections, expectations or beliefs at that time and which are subject to risks
and uncertainties that may cause actual results to differ materially. For a discussion of certain risks and
uncertainties
that
may
affect
the
future
results
of
the
Company,
please
see
"Special
Note
Regarding
Forward-Looking
Statements,"
"Risk
Factors,"
"Business
Competition,"
"Business
Regulatory
Matters" 
and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the
Company’s Information Statement that is included as part of the Company’s Form 10-K for the year ended
November 30, 2007, which is on file with the SEC.
The historical financial information prior to the Company’s spin-off from Morgan Stanley included in the
presentation has been derived from Morgan Stanley’s consolidated financial statements and does not
necessarily reflect what our financial condition, results of operations or cash flows would have been had
we operated as a separate, stand-alone company during such periods presented.


©2008 Discover Financial Services
David Nelms
CEO
Overview


5
©2008 Discover Financial Services
PULSE and Discover Network
third-party payments business
4,500+ financial institutions
$96.8Bn network volume
(2)
Discover cards issued on Discover
Network
6
th
largest issuer
$47.5Bn receivables
(1)
$105.9Bn total volume
(2)
3
rd
largest U.S. merchant network
Third-Party
Payments
U.S. Card
Business and Objectives
Note(s):
(1)
Receivables reported on a managed basis as of February 29, 2008
(2)
Volumes reported for the trailing four quarters ended 1Q08
©2008 Discover Financial Services
2.9% pretax ROMR
4%-8% loan growth
Objectives
Maintain strong credit quality
18%+ third-party volume growth


6
©2008 Discover Financial Services
U.S. Card
2.9% pretax ROMR
Maintain credit quality
Grow loans 4 -
8%
Third-Party Payments
Grow credit and debit volume 18%+
International
Close Goldfish sale in 2Q
Performance Against Objectives
Objectives
1Q Results
(1)
24% volume growth
3.1% pretax ROMR
4.37% charge-off rate
3.93% 30+ day delinquency
2% growth (43% reduction in balance
transfers, 5% growth in sales)
Note(s):
(1)
Managed basis
On track


7
©2008 Discover Financial Services
Delinquency Trends (U.S. Card)
©2008 Discover Financial Services
0%
1%
2%
3%
4%
5%
6%
7%
8%
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1Q08
Managed 30+ Day Delinquency Rate


8
©2008 Discover Financial Services
$60
$70
$86
$94
$146
$79
$163
$5
2004
2005
2006
2007
Discover Card
Discover Network Third Parties
PULSE
$186
Network Volume
©2008 Discover Financial Services
DOJ
(Bn)


9
©2008 Discover Financial Services
U.S. Card
Credit
Payments
Earnings, Capital and Funding
Q&A
Today’s Agenda
Jim Panzarino
CHIEF CREDIT RISK OFFICER
Roger Hochschild
PRESIDENT & CHIEF OPERATING OFFICER
Roy Guthrie
CHIEF FINANCIAL OFFICER
Harit Talwar
EXECUTIVE VICE PRESIDENT, DISCOVER NETWORK


©2008 Discover Financial Services
Roger Hochschild
President & COO
U.S. Card


11
©2008 Discover Financial Services
Discover Vision & Mission
To be the most
rewarding relationship
consumers and businesses
have with a
financial services company
To help people
spend smarter,
manage debt better
and save more
so they achieve a
brighter financial future
Vision
Mission


12
©2008 Discover Financial Services
U.S. Card Growth Foundation
Distinctive brand
Leading rewards
Proprietary network
World-class customer experience
Strong risk management


13
©2008 Discover Financial Services
15%
23%
24%
28%
58%
60%
AMEX
Discover 
Capital
One
Chase
Citi
BofA
Strong Brand
Unaided Issuer Brand Awareness
Source:
GfK Arbor, 4Q07 data
2008 Brand Keys
Award Winners


14
©2008 Discover Financial Services
Citi
AMEX
JPM
Chase
Discover
BofA
Cap One
Discover Continues to Lead Cash Rewards
Household Ownership of
Cash Rewards Cards
(2)
Source:
2007 TNS Consumer Card Strategies Research Program
45%
4%
13%
15%
15%
14%
Note(s):
(1)
Comperemedia
as
of
1/9/08;
per
Discover
fiscal
quarters
(2)
Percentages add to >100% due to household use of multiple brands 
15%
16%
22%
18%
16%
18%
18%
16%
15%
17%
20%
25%
27%
26%
24%
47%
41%
35%
41%
43%
4Q06
1Q07
2Q07
3Q07
4Q07
Discover
Chase
HSBC
Other
Cash Reward Mail Share
(1)


15
©2008 Discover Financial Services
More
Key Features
5% Cashback Bonus
Program with 15+
rotating categories
Up to 1% unlimited
Cashback Bonus
New Products Expanding Cash Rewards
Motiva
Open Road
Miles
Business
Key Features
Full month’s interest
back for 6 consecutive
timely payments, twice
a year
Up to 1% unlimited
Cashback Bonus
Key Features
5% Cashback Bonus
on gas and auto
maintenance
Up to 1% unlimited
Cashback Bonus
Key Features
Double Miles on
travel and restaurant
1 mile per dollar, 
unlimited
Travel with no
restrictions
Key Features
5% Cashback Bonus
on office supplies,
2% on gas
Up to 1% unlimited
Cashback Bonus
Fee-free Purchase
Checks with rewards
Target
Confident credit users
who maximize rewards
Target
Credit users who feel
traditional rewards
programs don’t address
their needs
Target
Value-conscious
consumers open to
credit as a means of
savings
Target
Credit users frustrated
with restrictive and
complex travel rewards
programs
Target
Small businesses
needing cash flow
flexibility and superior
service
Rated best in
category “cash-back”
card  6/07
“A credit card it pays to
pay”
5/07
Rated one of the “top
gasoline cards”
7/07
“Versatile travelers: If
you’re frequently
traveling by plane, train
and automobile, rejoice”
5/07


16
©2008 Discover Financial Services
Leverage Network Merchant Relationships
ShopDiscover Partners
100+ Cashback Bonus Partners


17
©2008 Discover Financial Services
Leverage Merchant Relationships
Discover Extras
Mall Programs


18
©2008 Discover Financial Services
Large Merchants
Small Merchants
Impact of Increased Acceptance
Acceptance Benefit
Increase share of wallet
Higher cardmember usage and
balance
Improve new account response rates
Appeal to new customer segments
Merchant Acceptance
% of Visa/MasterCard Merchants
~85%
(1)
3
rd
party
acquirer
opportunity
~100%
Note(s):
(1)
Acceptance
estimate
based
upon
Roper
survey
and
data
provided
by
third
party
acquirers


19
©2008 Discover Financial Services
KNOWLEDGEXPO
2008
Over 120 Million Branded Phone Conversations
Outstanding service is rooted in our
people and culture
“Discover”
service delivery is
enabled by:
Integrated communications
Targeted training and
coaching
Effective performance metrics
Flexible infrastructure and
online guidance


20
©2008 Discover Financial Services
World-Class Customer Service
Customer Service Agent Tenure
46% of agents are tenured at
3 yrs
11% of agents are tenured
10 yrs
42%
56%
World Class Calls
(2)
66%
82%
Overall Customer
Satisfaction
68%
87%
82%
95%
First Call Resolution
Calls Resolved
Avg Call
Center
Discover
Measure
First Call Resolution
(1)
Source:
(1)
2007 Service Quality Benchmarking Report, Service Quality Measurement Group
Note(s):
(2)
World
Class
Calls:
%
of
customers
who
are
overall
very
satisfied
(top
box
response)
with
their
call
center
experience,
are
very
satisfied
with
the
top five service quality metrics (caring, helping, knowledge, decision and resolution) and their call was resolved
0-6
months
18%
1-3 years
22%
3-5 years
10%
5-10 years
25%
10+ years
11%
7-12
months
14%


21
©2008 Discover Financial Services
Over 400 Million Internet Interactions


22
©2008 Discover Financial Services
Protection Products


23
©2008 Discover Financial Services
2007 J.D. Power
Card Satisfaction Index
Recognized Leader in Customer Experience
571
607
617
636
638
646
651
652
728
735
AMEX
DFS
Citi 
Chase
U.S.
Bank 
WaMu Wells
Fargo
Cap
One
BofA   HSBC
#1
Rewards
Discover
Ranking
Satisfaction
Categories
#2
Problem Resolution
#2
Fees/Rates
#1
Billing/Pmt Proc
#2
Benefits/Features
Source:
2007 Credit Card Satisfaction Study-J.D. Power


24
©2008 Discover Financial Services
44%
44%
58%
67%
72%
77%
Discover
Citi
AMEX
BofA
Capital
One
Chase
Customer Experience Drives Cardmember Loyalty
Note(s):
(1)
Excluding Discover Financial Services and American Express
(2)
Latest Master Trust balances as of 3/18/08; based on receivables
(3)
Weighted average tenure of the receivables that are assets of the Chase Issuance Trust             
> 5 Years
Cardmember Attrition
Portfolio Tenure
(2)
(3)
4.5%
9.1%
Discover
U.S. Industry Average
Source:
Cardweb’s January 2007 Monthly Survey
(1)


©2008 Discover Financial Services
Jim Panzarino
SVP, Chief Credit Risk Officer
Credit


26
©2008 Discover Financial Services
Risk Organization Capabilities
Prudent risk management orientation
Strong analytic talent
State-of-the-art statistical tools and systems


27
©2008 Discover Financial Services
Acquisition Process
Systemic decisions
supplemented by manual
underwriting
Apply credit criteria including
assessment of stability,
ability and willingness to pay
Use internally derived credit
models incorporating
application and bureau data
Assign credit line using
macroeconomic information
Fully integrated acquisition
decision making and controls
New Credit Card Account
Average FICO Score at Booking
734
737
738
734
2004
2005
2006
2007


28
©2008 Discover Financial Services
Portfolio Management
Profit-based decisioning
Tradeline credit bureau data
Customer level line increase/decrease strategies
Internally developed models and strategies


29
©2008 Discover Financial Services
Portfolio Positioning in Current Environment
DFS Homeownership Distribution
(2)
DFS Mortgage Distribution
(2)
Demographic
Profile
(1)
73%
48%
42%
65%
36%
30%
Married
College Graduate
Income > $75K
Discover
Other Issuers
Mortgages
54%
Own
Outright
21%
Rent,
Other
25%
Fixed
Prime
73%
Fixed Non-
Prime
9%
ARM Non-
Prime
3%
ARM Prime
15%
Source:
(1)
TNS
Financial
Services’
2007
Consumer
Card
Study
(2)
Based on Credit Bureau and internal data


30
©2008 Discover Financial Services
Effective Collections/Recovery Organization
Proactively work with customers
Focusing on early identification, support and rehabilitation
Using risk profiles and analytics to segment our customer
population and offer targeted repayment programs
Utilizing our own 2,000+ U.S. based employees
Not selling distressed assets


31
©2008 Discover Financial Services
Proactive Portfolio Management
Prior to the subprime difficulties
Identified areas of concern in our portfolio using tradeline data
Refined geographic risk rules for marketing activities and
credit line actions
Tightened underwriting criteria to applicants with
overextended mortgages
Once problems appeared
Identified and reduced marketing into rising risk areas
Suppressed automated line increases in riskier states
Closed potentially high-risk inactive accounts


32
©2008 Discover Financial Services
44%
44%
58%
67%
72%
77%
Discover
Citi
AMEX
BofA
Capital
One
Chase
10%
12%
12%
15%
14%
17%
6%
6%
7%
8%
9%
16%
18%
18%
22%
25%
6%
21%
Discover
Chase
Capital
One
Citibank
BofA
AMEX
California
Florida
Portfolio Positioning Versus Peers
Source:
Latest Master Trust balances as of 3/18/08; based on receivables
Note(s):
(1)
Weighted
average
tenure
of
the
receivables
that
are
assets
of
the
Chase
Issuance
Trust
(2)
As
represented
by
Chase’s
CHAIT
Master
Trust
(1)
(2)
Distribution of Receivables
Portfolio Tenure
> 5 Years


33
©2008 Discover Financial Services
3.0%
3.5%
4.0%
4.5%
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
Jan-08
Discover
Industry
Master
Trust
30+
Day
Dollar
Delinquency
Rate
(1)
-60%
-40%
-20%
0%
20%
40%
60%
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
Jan-08
Discover
Industry
Master
Trust
YOY
Variance
in
Net
Loss
Rate
(1)
Source:
(1)
Industry includes Bank of America, Capital One, Chase and Citigroup
Credit Trends Versus Peers


©2008 Discover Financial Services
Harit Talwar
EVP, Discover Network
Payments


35
©2008 Discover Financial Services
Discover Network
-
Branded, scaleable, signature network
-
Broad product range with unique
functionality
-
‘Closed loop’
network benefits
-
Reciprocal agreements with
ChinaUnion Pay and JCB
-
3
rd
largest PIN / POS network
$101Bn
20+
$91Bn
4,500+
Overview                                              Volume
(1)
Issuers
Note(s):
(1)
Trailing four quarters ending 1Q08


36
©2008 Discover Financial Services
Issue PULSE
Issue Discover
Network
Acquire
Merchants
Bank of America
JPMorgan Chase
Citi
Capital One
HSBC
N/A
Washington Mutual
N/A
Wells Fargo
USAA Savings
N/A
US Bank
GE Money
Relationships with Top 10 Banks
Note(s):
(1)
In partnership with First Data
(1)
(1)
(1)
8 of 10 issue or acquire
5 of 10 issue debit or credit


37
©2008 Discover Financial Services
PULSE Strategy
Continue to grow customer base and market share
Competitive pricing
Exclusive relationships
Drive revenue and earnings by leveraging highly scalable infrastructure
and controlling expenses
Build on success of Discover Network acceptance initiative to support
marketing of Discover Debit
Technology and product enhancements
Debit Protect
Reporting Analytics


38
©2008 Discover Financial Services
PULSE 2007 Highlights
2007 Market Share
Transaction
Volume Growth
16%
24%
2006
2007
Accel /
Exchange
4%
Other
4%
PULSE/
Discover
12%
Interlink /
Visa
41%
Star / FDC
29%
NYCE /
Metavante
10%
Source:
ATM & Debit News, EFT Data Book (2008)


39
©2008 Discover Financial Services
Acceptance Model
Timeline
2005
2009
Internal
Systems/Operations
Sign 3rd
Party
Acquirers
2006
2007
2008
Implementation
Implementation
on
track;
2008
new
merchant
boardings
expected
to
exceed
targets
Acceptance parity tracking to internal milestones
Signed
55
acquirers
who
service
approximately
6
million
merchant
relationships
Program
and
learnings
have
validated
model
and
enhanced
multiple
processes
Support
Pre-DOJ
Small Merchants
Sales
Boarding
Large Merchants
Acquirer
New
Program
Acquirer
Acquirer


40
©2008 Discover Financial Services
Acceptance –
Execution Progress
1Q07
1Q08
Early results encouraging:
100% inclusion in fully integrated solution
We estimate 34% of existing bank card
accepting merchants who did not accept
Discover Network have been boarded
New Outlets
Progress by Partner
132%
increase
Status
-
Implementation underway
Interim
Program
Live
Integrated
Front end
Activating
Discover for
Bank Card
Portfolio
Chase Paymentech
Bank of America
First Data
NOVA Information Systems
Fifth Third
Wells Fargo
Global Payments
Heartland
First National Merchant Solutions
RBS Lynk


41
©2008 Discover Financial Services
Multi-audience
Merchants
ISOs
Consumers
Multi-Channel
Direct mail, telemarketing,
inserts
Merchant and ISO visits
and forum
Sweepstakes
Advertising
Consumer communication
message development underway
Integrated Marketplace Communication


42
©2008 Discover Financial Services
Third-Party Issuing
Strong brand choice
Competitive interchange and assessments
Robust product suite and acceptance
Flexibility and ease of implementation
Customized usage programs leveraging
merchant relationships
Leveraging Discover Network Relationships
Value Proposition
Programs and Sample Issuers
Consumer Credit
Business Credit
Payroll
Private label
Prepaid / Gift
Third-Party Volume (Bn)
$5.5
2005
2006
2007


43
©2008 Discover Financial Services
Third-Party Payments Economics
(MM)
2005
2006
2007
YOY %
Volume (Bn)
$61.2
$73.2
$91.7
25%
Revenue
93
112
121
8%
Expenses
(93)
(84)
(84)
1%
Pretax Income
$0
$29
$37
28%
Profit Margin
0%
26%
31%


©2008 Discover Financial Services
Roy Guthrie
EVP, Chief Financial Officer
Earnings, Capital
and Funding


45
©2008 Discover Financial Services
1Q Highlights
EPS
$0.50
Net Income
$239MM
Return on Average Equity
17%
Continuing Operations


46
©2008 Discover Financial Services
0
1
2
3
4
5
6
7
8
9
10
1M LIBOR
Charge-Off Rate
Margin Offsets to Rising Credit Losses
Market funding costs
decline when losses rise
Fixed rate APR
accounts
maintain pricing
Higher delinquency rates
trigger higher finance
charges and late fees
Potential reduction in promo
BTs supports higher yield
Higher loan loss reserves
when delinquencies rise
I/O asset revalues with
changes in charge-offs and
funding costs
Margin Response to Rising
Credit Losses
Industry Credit Card Losses Generally
Move Opposite to Market Interest Rates
Source:
Federal Reserve and Economy.com
Note(s):
(1)
1Q08 data is quarter to date through 3/11/08
(2)
Represents credit card consumer loan charge-offs for top 100 commercial banks
(%)
(2)


47
©2008 Discover Financial Services
1Q Results –
U.S. Card (Managed Basis)
Note(s):
(1)
Managed receivables
$MM
% MR
(1)
$MM
% MR
(1)
YOY %
Interest Margin
$888
7.7%
$983
8.1%
11%
Other Revenue
490
4.2%
602
5.0%
23%
Total Revenue
$1,378
11.9%
$1,585
13.1%
15%
Charge-Offs
447
3.9%
527
4.3%
18%
Reserve Build
(41)
-0.4%
100
0.8%
N/M
Total Provision
$406
3.5%
$627
5.2%
54%
Expense
572
4.9%
583
4.8%
2%
Pretax Income
$400
3.5%
$375
3.1%
(6%)
Average Receivables (Bn)
$47.0
$48.9
4%
Sales (Bn)
$22.0
$23.2
5%
1Q07
1Q08


48
©2008 Discover Financial Services
Margin Offsets to Rising Credit Losses
U.S. Card (Managed Basis)
(% of Managed Receivables)
1Q07
1Q08
Interest Yield
(1)
12.5%
12.7%
Net Interest Expense
(2)
(4.8%)
(4.6%)
Interest Margin
(3)
7.7%
8.1%
Charge-Offs
(3.9%)
(4.3%)
3.8%
3.8%
(MM)
Net Revaluation of Retained Interests
$75
Change in Loan Loss Reserve
(100)
Net Impact
($25)
Note(s):
(1)
Managed interest yield on credit card loans
(2)
Interest yield less interest margin
(3)
Net yield on managed loan receivables


49
©2008 Discover Financial Services
1
st
Quarter Results
Third-Party Payments
(MM)
1Q07
1Q08
YOY %
Total Revenue
$31
$35
12%
Total Expense
19
19
0%
Pretax Income
$12
$16
30%
Operating Profit Margin
38%
44%
Volumes (Bn)
PULSE
$20.0
$24.8
24%
Third-Party Issuers
$1.2
$1.5
27%


50
©2008 Discover Financial Services
Managed Balance Sheet
Note(s):
(1)
Includes discontinued operations
Consolidated
(Bn)
11/30/07
2/29/08
Assets
Cash and Cash Equivalents
$8.1
$8.3
Managed Receivables
47.4
46.6
Other Assets
(1)
10.3
11.3
Total Assets
$65.8
$66.2
Liabilities and Equity
Asset-Backed Securitization
$27.0
$27.7
Brokered CD and Other Bank Sources
27.2
27.1
Other Liabilities
(1)
6.0
5.7
Total Liabilities
$60.2
$60.5
Total Equity
5.6
5.7
Total Liabilities and Equity
$65.8
$66.2


51
©2008 Discover Financial Services
Asset-Backed Securitization
ABS Market Update
ABS market continues to be
challenging but open for AAA issuance
Total 2008 YTD issuance of
$21.6Bn versus $18.6Bn
in 2007 YTD
(1)
Depth of market participation has been
reduced and sub bonds are being
retained
Discover has been active with two
recent public deals totaling $1.9Bn
New issuances at wider spreads and
typically shorter durations
$1.6
$1.1
$2.6
$1.6
$3.7
$1.2
$2.3
$2.9
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
Total ABS Issuance
ABS Maturities
Source:
(1)
Bank
of
America;
ABS
issuance
through
March
10th
for
2007
and
2008
Issuance
Maturities
Discover Card Master Trust/ DCENT (Bn)


52
©2008 Discover Financial Services
Credit Card Master Trust Excess Spreads
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Feb-07
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Discover
(I/C Subgroup)
Average of JPM, BofA, Citi (CHAIT,BACCT,CCCIT)


53
©2008 Discover Financial Services
$3.5
$18.5
$3.0
Brokered
Direct to Consumer and Others
Sweeps
Bank Deposit Funding
CDs are issued through top tier
U.S. wealth management firms
Discover continues to focus on
extending maturity profile by
issuing deposits in longer
tenures
Direct-to-consumer deposit
issuance continues to grow
Bank Deposits –
1Q08 (Bn)


54
©2008 Discover Financial Services
Contingent Funding Sources
At Spin
(Bn)
June 2007
November 2007
February 2008
Cash
$5.1
$8.3
$8.3
AAA ABS Capacity
2.4
4.7
6.0
Bank Revolver
2.5
2.5
2.5
Total Contingent Funding
$10.0
$15.5
$16.9
(1)
(1)
Note(s):
(1)
Includes Goldfish liquidity


55
©2008 Discover Financial Services
10.5%
10.2%
11.5%
3Q07
4Q07
1Q08
Capital Management
Tangible Equity/Net Managed
Receivables
Capital Management
Capital has strengthened since
spin-off
Solid earnings
Sale of U.K. business
Quarterly dividends of $0.06 per
share since spin-off
Authorized up to $1 billion of share
repurchases over the next 3 years
Stable long-term ratings at
Discover Bank
Fitch
BBB+
Moody’s
Baa2
S&P
BBB
Note(s):
(1)
Net managed receivables include Goldfish receivables for 3Q07 and 4Q07; have been reclassified to discontinued operations in 1Q08
(1)
(1)


56
©2008 Discover Financial Services
2008 Outlook
©2008 Discover Financial Services
Continued rise in delinquencies and charge-offs (4.75%-5.00% full year)
Spreads should widen as cost of funds decreases
Funding environment choppy; ABS available, but remain at wider spreads
Maintain lower balance transfer volumes/loan growth
Maintain prime underwriting focus
Remain conservative on liquidity and capital
Aggressive focus on payments opportunities


©2008 Discover Financial Services
David Nelms
CEO
Q&A