Metris Companies Joins The LendingTree Network

Business Wire, August 12, 1999

CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug 12, 1999--

LendingTree, a leading online loan marketplace, today announced that Metris (NYSE: MXT) Companies has joined its growing Network of more than 70 lenders as a credit card issuer. Metris will market its Direct Merchants Credit Card Bank credit cards on The LendingTree Network.

"LendingTree has experienced incredible growth in demand for credit card products this year," said Doug Lebda, CEO and founder of LendingTree. "Bringing on a top-tier issuer like Metris provides us with more great credit card products to offer these consumers."

Since January, LendingTree's volume of credit card requests has seen a 600 percent increase to more than 15,000 a month. Industrywide, online credit card origination is expected to reach $22 billion in 2003, accounting for 16 percent of new credit card dollars (Source: Forrester Research, Inc.).

"By joining The LendingTree Network, we're opening up another channel through which consumers can access our secured and unsecured credit cards," said Metris President and CEO Ron Zebeck.

"What's more, this relationship enables us to use LendingTree's established technical platform, which helps connect consumers to the credit provider that can best serve their needs," Zebeck said. "This is very much in keeping with our own targeted, niche strategy."

Metris Companies

Metris Companies Inc. is an information-based direct marketer of consumer credit products and fee-based services primarily to moderate-income consumers. Based in St. Louis Park, Minn., Metris also has operations in Tulsa, Okla.; Baltimore, Md.; Champaign, Ill.; Jacksonville, Fla.; and Phoenix, Ariz. It currently employs approximately 2,800 people. Visit Metris on the Internet at http://www.metriscompanies.com.

LendingTree

LendingTree, Inc. is the online loan marketplace that connects consumers with a network of lenders who compete for their business. Loan types include mortgage, home equity, personal, auto and credit cards. Founded by Doug Lebda in 1996 and based in Charlotte, N.C., LendingTree is led by veterans in the banking, financial services and information technology industries. LendingTree has formed strategic partnerships with priceline.com and Bloomberg.com and currently has more than 8,000 affiliate Web sites. LendingTree is an equal opportunity provider. Go to http://www.lendingtree.com or call 704-541-5351 for more information.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: higher default and bankruptcy rates of the Company's target market of moderate income consumers; lack of seasoning of the Company's credit card portfolio, which creates a risk of increasing loss levels; the Company's limited history as a stand-alone entity; risks associated with acquired portfolios; interest rate levels; dependence on the capital markets and securitization of the Company's credit card loans to fund operations; and the general economic climate. For further information on factors that could impact the Company, and statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.