Advanta Closes Securitizations Backed by Business Purpose Credit Card Receivables

Advanta Corp. (NASDAQ: ADVNB; ADVNA) announced today that its wholly-owned subsidiary, Advanta Business Receivables Corp., has priced and closed $247 million of business credit card securitizations backed by receivables in revolving business purpose credit card accounts originated by Advanta Bank Corp. "The closing of these transactions further enhances Advanta’s already strong liquidity position and demonstrates the Company’s continued ability to access the capital markets,” said Dennis Alter, Chairman and CEO. Advanta Business Card Master Trust AdvantaSeries Class A(2008-A1) variable-rate notes and Class A(2008-A2) fixed-rate notes were issued under the AdvantaSeries structure that de-links the issuance of senior and subordinated notes. These 10 month notes represent the twenty-fifth and twenty-sixth publicly offered tranches of notes issued in the AdvantaSeries. The variable-rate tranche is comprised of $125 million of senior notes with a coupon rate of 150 basis points over one-month LIBOR, and the fixed-rate tranche is comprised of $122 million of senior notes with a coupon rate of 4.16%. As part of its liquidity management and funding diversification strategies, Advanta Bank Corp. invested in $100 million of the variable-rate tranche. There is currently $4.862 billion of notes outstanding in the AdvantaSeries. RBS Greenwich Capital and Merrill Lynch & Co. were co-lead managers on this transaction with Deutsche Bank Securities acting as co-manager. These notes received ratings of AAA from Standard & Poor's and Aaa from Moody's. Advanta retained the servicing and customer relationships of the revolving business purpose credit card accounts. About Advanta Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiates the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com. Any statements released by Advanta that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any forward-looking statements involve risks and uncertainties, which may affect the Company’s business and prospects. Risks that may affect future performance are detailed in the Company’s filings with the Securities and Exchange Commission.