a6767617ex99

a6767617ex99_2.htm

Exhibit 99.2

DISCOVER FINANCIAL SERVICES
EARNINGS SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended															May 31, 2011						Six Months Ended
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			vs. May 31, 2010						May 31, 2011			May 31, 2010			2011 vs. 2010
EARNINGS SUMMARY
Interest Income		$1,573			$1,553			$1,499			$1,536			$1,552			$21			1	%		$3,126			$3,111			$15			0	%
Interest Expense		380			383			375			389			405			(25	)		(6	%)		763			819			(56	)		(7	%)
Net Interest Income		1,193			1,170			1,124			1,147			1,147			46			4	%		2,363			2,292			71			3	%

Discount/Interchange Revenue		489			468			453			468			443			46			10	%		957			872			85			10	%
Rewards		223			207			203			194			174			49			28	%		430			341			89			26	%
Discount and Interchange Revenue, net		266			261			250			274			269			(3	)		(1	%)		527			531			(4	)		(1	%)
Fee Products Revenue		105			108			103			104			101			4			4	%		213			205			8			4	%
Loan Fee Income		81			86			72			92			70			11			16	%		167			175			(8	)		(5	%)
Transaction Processing Revenue		45			43			40			40			36			9			25	%		88			69			19			28	%
Other Income		47			65			7			54			37			10			27	%		112			79			33			42	%
Total Other Income		544			563			472			564			513			31			6	%		1,107			1,059			48			5	%

Revenue Net of Interest Expense		1,737			1,733			1,596			1,711			1,660			77			5	%		3,470			3,351			119			4	%

Provision for Loan Losses		176			418			383			713			724			(548	)		(76	%)		594			2,111			(1,517	)		(72	%)

Employee Compensation and Benefits		230			213			200			204			203			27			13	%		443			398			45			11	%
Marketing and Business Development		124			136			150			131			98			26			27	%		260			183			77			42	%
Information Processing & Communications		66			65			67			62			63			3			5	%		131			129			2			2	%
Professional Fees		105			90			104			85			78			27			35	%		195			154			41			27	%
Premises and Equipment		18			17			17			18			18			0			0	%		35			36			(1	)		(3	%)
Other Expense		92			74			90			66			54			38			70	%		166			89			77			87	%
Total Other Expense		635			595			628			566			514			121			24	%		1,230			989			241			24	%

Income Before Income Taxes		926			720			585			432			422			504			119	%		1,646			251			1,395			NM
Tax Expense		326			255			235			171			164			162			99	%		581			97			484			NM
Net Income		$600			$465			$350			$261			$258			$342			133	%		$1,065			$154			$911			NM

Net Income Allocated to Common Stockholders		$593			$459			$347			$258			$185			$408			NM			$1,052			$63			$989			NM

Effective Tax Rate		35.2	%		35.4	%		40.3	%		39.7	%		38.9	%								35.3	%		38.6	%

Net Interest Margin		9.15	%		9.22	%		9.28	%		9.16	%		9.14	%		1		bps				9.18	%		9.07	%		11		bps
ROE		33	%		28	%		22	%		17	%		16	%								30	%		5	%

Ending Common Shares Outstanding		546			545			545			545			544			2			0	%		546			544			2			0	%
Weighted Average Common Shares Outstanding		546			545			545			544			544			2			0	%		545			544			1			0	%
Weighted Average Common Shares Outstanding (fully diluted)		546			546			545			547			552			(6	)		(1	%)		546			552			(6	)		(1	%)

PER SHARE STATISTICS
Basic EPS		$1.09			$0.84			$0.64			$0.47			$0.34			$0.75			NM			$1.93			$0.12			$1.81			NM
Diluted EPS		$1.09			$0.84			$0.64			$0.47			$0.33			$0.76			NM			$1.93			$0.12			$1.81			NM
Common Stock Price (period end)		$23.84			$21.75			$18.28			$14.51			$13.45			$10.39			77	%		$23.84			$13.45			$10.39			77	%
Dividend per share		$0.06			$0.06			$0.02			$0.02			$0.02			$0.04			200	%		$0.12			$0.04			$0.08			200	%
Book Value per share		$13.79			$12.65			$11.85			$11.22			$11.10			$2.69			24	%		$13.79			$11.10			$2.69			24	%

SEGMENT- INCOME BEFORE INCOME TAXES
Direct Banking		$883			$677			$554			$395			$386			$497			129	%		$1,560			$178			$1,382			NM
Payment Services		43			43			31			37			36			7			19	%		86			73			13			18	%
Total		$926			$720			$585			$432			$422			$504			119	%		$1,646			$251			$1,395			NM

TRANSACTIONS PROCESSED ON NETWORKS
Discover Network		422			410			413			418			393			29			7	%		832			774			58			7	%
PULSE Network		1,006			929			901			882			805			201			25	%		1,935			1,525			410			27	%
Total		1,428			1,339			1,314			1,300			1,198			230			19	%		2,767			2,299			468			20	%

NETWORK VOLUME
PULSE Network		$36,719			$34,380			$31,334			$30,582			$28,646			$8,073			28	%		$71,099			$56,264			$14,835			26	%
Third-Party Issuers		1,838			1,772			1,768			1,794			1,678			160			10	%		3,610			3,240			370			11	%
Diners Club International 1		7,380			6,998			7,328			6,542			6,708			672			10	%		14,378			13,263			1,115			8	%
Total Payment Services		45,937			43,150			40,430			38,918			37,032			8,905			24	%		89,087			72,767			16,320			22	%
Discover Network - Proprietary		25,684			24,784			24,075			24,880			23,632			2,052			9	%		50,468			46,804			3,664			8	%
Total		$71,621			$67,934			$64,505			$63,798			$60,664			$10,957			18	%		$139,555			$119,571			$19,984			17	%

1 Volume is derived from data provided by licensees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment.

Note: See Glossary of Financial Terms for definitions of financial terms.

DISCOVER FINANCIAL SERVICES
BALANCE SHEET STATISTICS
(unaudited, in millions)
	Quarter Ended															May 31, 2011
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			vs. May 31, 2010

BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities		$10,344			$11,463			$11,913			$10,209			$12,467			($2,123	)	(17	%)
Total Loan Receivables		52,510			51,663			48,836			50,131			50,025			2,485		5	%
Allowance for Loan Losses		(2,632	)		(3,033	)		(3,304	)		(3,744	)		(3,931	)		1,299		33	%
Net Loan Receivables		49,878			48,630			45,532			46,387			46,094			3,784		8	%
Premises and Equipment, net		471			459			461			457			469			2		0	%
Goodwill and Intangible Assets, net		447			449			444			446			448			(1	)	(0	%)
Other Assets		2,298			2,506			2,435			2,559			2,676			(378	)	(14	%)
Total Assets		$63,438			$63,507			$60,785			$60,058			$62,154			$1,284		2	%

Liabilities & Stockholders' Equity
Direct to Consumer and Affinity Deposits		$22,923			$21,795			$20,597			$19,069			$17,527			$5,396		31	%
Brokered Deposits and Other Deposits		12,296			13,065			13,816			15,178			17,495			(5,199	)	(30	%)
Deposits		35,219			34,860			34,413			34,247			35,022			197		1	%
Borrowings		18,039			19,090			17,706			17,709			18,311			(272	)	(1	%)
Accrued Expenses and Other Liabilities		2,657			2,658			2,209			1,991			2,783			(126	)	(5	%)
Total Liabilities		55,915			56,608			54,328			53,947			56,116			(201	)	(0	%)
Total Equity		7,523			6,899			6,457			6,111			6,038			1,485		25	%
Total Liabilities and Stockholders' Equity		$63,438			$63,507			$60,785			$60,058			$62,154			$1,284		2	%

BALANCE SHEET STATISTICS
Total Common Equity		$7,523			$6,899			$6,457			$6,111			$6,038			$1,485		25	%
Total Common Equity/Total Assets		11.9	%		10.9	%		10.6	%		10.2	%		9.7	%
Total Common Equity/Net Loans		15.1	%		14.2	%		14.2	%		13.2	%		13.1	%

Tangible Assets		$62,991			$63,058			$60,341			$59,612			$61,706			$1,285		2	%
Tangible Common Equity 1		$7,076			$6,450			$6,013			$5,665			$5,590			$1,486		27	%
Tangible Common Equity/Tangible Assets 1		11.2	%		10.2	%		10.0	%		9.5	%		9.1	%
Tangible Common Equity/Net Loans 1		14.2	%		13.3	%		13.2	%		12.2	%		12.1	%
Tangible Common Equity per share 1		$12.97			$11.83			$11.04			$10.40			$10.28			$2.69		26	%

REGULATORY CAPITAL RATIOS
Total Risk Based Capital Ratio		16.8	%		16.0	%		15.9	%		15.5	%		15.3	%
Tier 1 Risk Based Capital Ratio		13.2	%		12.4	%		12.2	%		11.7	%		11.6	%
Tier 1 Leverage Ratio		11.3	%		10.2	%		9.9	%		9.5	%		9.0	%

LIQUIDITY
Liquidity Investment Portfolio		$8,724			$10,232			$10,132			$9,111			$10,862			($2,138	)	(20	%)
Undrawn Credit Facilities 2		15,532			14,414			12,492			11,659			12,098			3,434		28	%
Total Liquidity		$24,256			$24,646			$22,624			$20,770			$22,960			$1,296		6	%

1 Tangible Common Equity ("TCE") is a non-GAAP measure. The Company believes TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure see Reconciliation of GAAP to non-GAAP data schedule.

2 Excludes $1.1 billion of investments pledged to the Federal Reserve, which is included within the liquidity investment portfolio.

Note: See Glossary of Financial Terms for definitions of financial terms.

DISCOVER FINANCIAL SERVICES
LOAN STATISTICS
(unaudited, in millions)
	Quarter Ended															May 31, 2011						Six Months Ended
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			vs. May 31, 2010						May 31, 2011			May 31, 2010			2011 vs. 2010
TOTAL LOAN RECEIVABLES
Ending Loans 1, 2		$52,510			$51,663			$48,836			$50,131			$50,025			$2,485			5	%		$52,510			$50,025			$2,485			5	%
Average Loans 1, 2		$51,727			$51,488			$48,597			$49,687			$49,819			$1,908			4	%		$51,609			$50,678			$931			2	%

Interest Yield		11.93	%		12.10	%		12.24	%		12.16	%		12.25	%		(32	)	bps				12.01	%		12.20	%		(19	)	bps
Net Principal Charge-off Rate		4.42	%		5.42	%		6.58	%		7.18	%		7.97	%		(355	)	bps				4.92	%		8.24	%		(332	)	bps
Net Principal Charge-off Rate excluding PCI Loans 3		4.69	%		5.64	%		6.58	%		7.18	%		7.97	%		(328	)	bps				5.17	%		8.24	%		(308	)	bps
Delinquency Rate (over 30 days) 3		2.68	%		3.44	%		3.89	%		4.16	%		4.52	%		(184	)	bps				2.68	%		4.52	%		(184	)	bps
Delinquency Rate (over 90 days) 3		1.44	%		1.88	%		2.03	%		2.19	%		2.45	%		(101	)	bps				1.44	%		2.45	%		(101	)	bps
Net Charge-off Dollars		$577			$689			$797			$900			$1,001			($424	)		(42	%)		$1,266			$2,083			($817	)		(39	%)
Loans Delinquent Over 30 Days 3		$1,329			$1,673			$1,902			$2,083			$2,264			($935	)		(41	%)		$1,329			$2,264			($935	)		(41	%)
Loans Delinquent Over 90 Days 3		$715			$915			$994			$1,099			$1,225			($510	)		(42	%)		$715			$1,225			($510	)		(42	%)

Allowance for Loan Loss (period end)		$2,632			$3,033			$3,304			$3,744			$3,931			($1,299	)		(33	%)		$2,632			$3,931			($1,299	)		(33	%)
Change in Loan Loss Reserves		($401	)		($271	)		($414	)		($187	)		($277	)		($124	)		(45	%)		($672	)		$28			($700	)	NM
Reserve Rate 4		5.01	%		5.87	%		6.77	%		7.47	%		7.86	%		(285	)	bps				5.01	%		7.86	%		(285	)	bps
Reserve Rate Excluding PCI Loans 3, 4		5.31	%		6.23	%		6.77	%		7.47	%		7.86	%		(255	)	bps				5.31	%		7.86	%		(255	)	bps

CREDIT CARD LOANS
Ending Loans		$44,961			$44,317			$45,157			$45,248			$45,328			($367	)		(1	%)		$44,961			$45,328			($367	)		(1	%)
Average Loans		$44,288			$45,443			$44,670			$44,905			$45,280			($991	)		(2	%)		$44,859			$46,450			($1,591	)		(3	%)

Interest Yield		12.57	%		12.65	%		12.68	%		12.86	%		12.93	%		(36	)	bps				12.61	%		12.81	%		(20	)	bps
Net Principal Charge-off Rate		5.01	%		5.96	%		6.95	%		7.73	%		8.56	%		(355	)	bps				5.48	%		8.79	%		(331	)	bps
Delinquency Rate (over 30 days)		2.79	%		3.59	%		4.06	%		4.39	%		4.85	%		(206	)	bps				2.79	%		4.85	%		(206	)	bps
Delinquency Rate (over 90 days)		1.51	%		1.99	%		2.12	%		2.35	%		2.63	%		(112	)	bps				1.51	%		2.63	%		(112	)	bps
Net Charge-off Dollars		$559			$668			$774			$875			$977			($418	)		(43	%)		$1,226			$2,035			($809	)		(40	%)
Loans Delinquent Over 30 Days		$1,256			$1,590			$1,831			$1,986			$2,196			($940	)		(43	%)		$1,256			$2,196			($940	)		(43	%)
Loans Delinquent Over 90 Days		$681			$882			$958			$1,062			$1,193			($512	)		(43	%)		$681			$1,193			($512	)		(43	%)

Allowance for Loan Loss (period end)		$2,519			$2,939			$3,209			$3,647			$3,826			($1,307	)		(34	%)		$2,519			$3,826			($1,307	)		(34	%)
Change in Loan Loss Reserves		($420	)		($270	)		($412	)		($179	)		($266	)		($154	)		(58	%)		($690	)		$35			($725	)	NM
Reserve Rate		5.60	%		6.63	%		7.11	%		8.06	%		8.44	%		(284	)	bps				5.60	%		8.44	%		(284	)	bps

Total Discover Card Volume		$26,927			$25,759			$25,054			$25,553			$24,247			$2,680			11	%		$52,686			$48,092			$4,594			10	%
Discover Card Sales Volume		$24,844			$23,990			$23,219			$23,993			$22,859			$1,985			9	%		$48,834			$45,258			$3,576			8	%

1 Total Loans includes mortgages and other loans.

2 Purchased Credit Impaired ("PCI") loans were acquired in The Student Loan Corporation transaction on December 31, 2010. PCI loans are loans for which a deterioration in credit quality occurred between the origination date and the acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the loans as long as cash flows are reasonably estimable, even if the loans are contractually past due. PCI loans are private student loans and are included in total loan receivables.

3 Excludes PCI loans (described above) that were acquired as part of The Student Loan Corporation transaction which are accounted for on a pooled basis. Since a pool is accounted for as a single asset with a single composite interest rate and aggregate expectation of cash flows, the past-due status of a pool, or that of the individual loans within a pool, is not meaningful. Because the company is recognizing interest income on a pool of loans, it is all considered to be performing.

4 The Reserve Rate includes federal student loans held for sale.

Note: See Glossary of Financial Terms for definitions of financial terms.

DISCOVER FINANCIAL SERVICES
LOAN STATISTICS
(unaudited, in millions)
	Quarter Ended															May 31, 2011						Six Months Ended
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			vs. May 31, 2010						May 31, 2011			May 31, 2010			2011 vs. 2010

FEDERAL STUDENT LOANS
Ending Loans 1		$757			$767			$789			$2,247			$2,239			($1,482	)		(66	%)		$757			$2,239			($1,482	)		(66	%)

PRIVATE STUDENT LOANS
Ending Loans		$4,567			$4,545			$999			$881			$820			$3,747		NM				$4,567			$820			$3,747		NM
Ending PCI Loans 2		$2,947			$3,011			-			-			-			$2,947		NM				$2,947			-			$2,947		NM

Interest Yield		7.42	%		7.40	%		6.04	%		5.81	%		5.82	%		160		bps				7.41	%		5.53	%		188		bps
Net Principal Charge-off Rate		0.18	%		0.11	%		0.63	%		0.31	%		0.12	%		6		bps				0.16	%		0.16	%		0		bps
Net Principal Charge-off Rate excluding PCI Loans 3		0.51	%		0.29	%		0.63	%		0.31	%		0.12	%		39		bps				0.43	%		0.16	%		27		bps
Delinquency Rate (over 30 days) 3		0.55	%		0.72	%		0.50	%		0.80	%		0.24	%		31		bps				0.55	%		0.24	%		31		bps

Reserve Rate 4		0.92	%		0.43	%		1.86	%		1.67	%		1.55	%		(63	)	bps				0.92	%		1.55	%		(63	)	bps
Reserve Rate Excluding PCI Loans 3, 4		2.60	%		1.29	%		1.86	%		1.67	%		1.55	%		105		bps				2.60	%		1.55	%		105		bps

PERSONAL LOANS
Ending Loans		$2,213			$2,020			$1,878			$1,707			$1,573			$640			41	%		$2,213			$1,573			$640			41	%

Interest Yield		11.90	%		11.71	%		11.59	%		11.40	%		11.32	%		58		bps				11.81	%		11.30	%		51		bps
Net Principal Charge-off Rate		2.88	%		4.10	%		4.70	%		5.67	%		5.97	%		(309	)	bps				3.46	%		6.36	%		(290	)	bps
Delinquency Rate (over 30 days)		0.96	%		1.20	%		1.57	%		1.75	%		2.12	%		(116	)	bps				0.96	%		2.12	%		(116	)	bps

Reserve Rate		3.35	%		3.68	%		4.05	%		4.70	%		5.73	%		(238	)	bps				3.35	%		5.73	%		(238	)	bps

1 Federal Student Loans are held-for-sale as of November 30, 2010.

4 The Reserve Rate includes federal student loans held for sale.

Note: See Glossary of Financial Terms for definitions of financial terms.

DISCOVER FINANCIAL SERVICES
SEGMENT RESULTS
(unaudited, in millions)
	Quarter Ended															May 31, 2011						Six Months Ended
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			vs. May 31, 2010						May 31, 2011			May 31, 2010			2011 vs. 2010
DIRECT BANKING

Interest Income		$1,573			$1,553			$1,499			$1,536			$1,552			$21			1	%		$3,126			$3,111			$15			0	%
Interest Expense		380			383			375			389			405			(25	)		(6	%)		763			819			(56	)		(7	%)
Net Interest Income		1,193			1,170			1,124			1,147			1,147			46			4	%		2,363			2,292			71			3	%
Other Income		470			486			404			496			448			22			5	%		956			928			28			3	%
Revenue Net of Interest Expense		1,663			1,656			1,528			1,643			1,595			68			4	%		3,319			3,220			99			3	%
Provision for Loan Losses		176			418			383			713			724			(548	)		(76	%)		594			2,111			(1,517	)		(72	%)
Total Other Expense		604			561			591			535			485			119			25	%		1,165			931			234			25	%
Income Before Income Taxes		$883			$677			$554			$395			$386			$497			129	%		$1,560			$178			$1,382		NM

Net Interest Margin		9.15	%		9.22	%		9.28	%		9.16	%		9.14	%		1		bps				9.19	%		9.07	%		12		bps
Pretax Return on Loan Receivables		6.78	%		5.33	%		4.57	%		3.16	%		3.07	%		371		bps				6.06	%		0.71	%		535		bps


PAYMENT SERVICES

Interest Income		$-			$-			$-			$-			$-			$-		NM				$-			$-			$-		NM
Interest Expense		-			-			-			-			-			-		NM				-			-			-		NM
Net Interest Income		-			-			-			-			-			-		NM				-			-			-		NM
Other Income		74			77			68			68			65			9			14	%		151			131			20			15	%
Revenue Net of Interest Expense		74			77			68			68			65			9			14	%		151			131			20			15	%
Total Other Expense		31			34			37			31			29			2			7	%		65			58			7			12	%
Income Before Income Taxes		$43			$43			$31			$37			$36			$7			19	%		$86			$73			$13			18	%

Note: See Glossary of Financial Terms for definitions of financial terms.

Discover Financial Services

Glossary of Financial Terms

Book Value per share represents total equity divided by ending common shares outstanding.

Capital Ratios are regulatory measures used to evaluate capital adequacy. To be considered "well-capitalized," total risk-based, tier 1 risk-based, and tier 1 leverage ratios of 10%, 6% and 5% respectively must be maintained. Total Risk Based Capital Ratio represents total capital divided by risk-weighted assets. Tier 1 Capital Ratio represents tier 1 capital divided by risk-weighted assets. Tier 1 Leverage Ratio represents tier 1 capital divided by average total assets.

Delinquency Rate (Over 30 Days) represents loans delinquent over thirty days divided by ending loans (total or respective loans, as appropriate).

Delinquency Rate (Over 90 Days) represents loans delinquent over ninety days divided by ending loans (total or respective loans, as appropriate).

Earnings Per Share represents net income allocated to common stockholders divided by the weighted average common shares outstanding.

Effective Tax Rate represents tax expense divided by income before income taxes.

Interest Yield represents interest income on loan receivables (annualized) divided by average loans for the reporting period.

Liquidity Investment Portfolio represents cash and cash equivalents (excluding cash-in-process) and other investments.

Net Income Allocated to Common Stockholders represents net income less (i) dividends and accretion of discount on shares of preferred stock and (ii) income allocated to participating securities.

Net Interest Margin represents net interest income (annualized) divided by average total loans for the period.

Net Principal Charge-off Rate represents net principal charge-off dollars (annualized) divided by average loans for the reporting period.

Pretax Return on Loan Receivables represents income before income taxes (annualized) divided by total average loans for the period.

Proprietary Network Volume represents gross proprietary sales volume on the Discover Network.

Reserve Rate represents the allowance for loan losses divided by total loans.

Return on Equity represents net income (annualized) divided by average total equity for the reporting period.

Tangible Assets represents total assets less goodwill and intangibles.

Tangible Common Equity ("TCE"), a non-GAAP financial measure, represents total common equity less goodwill and intangibles. The Company believes TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of GAAP to Non-GAAP Data schedule.

Tangible Common Equity/Net Loans, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by total loans less the allowance for loan loss (period end).

Tangible Common Equity per Share, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by ending common shares outstanding.

Tangible Common Equity/Tangible Assets, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by total assets less goodwill and intangibles.

Undrawn Credit Facilities represents asset-backed conduit funding facilities, committed unsecured credit facility and Federal Reserve discount window (excluding investments pledged to the Federal Reserve, which are included within the liquidity investment portfolio).

Discover Financial Services
Reconciliation of GAAP to Non-GAAP Data
(unaudited, in millions)


	Quarter Ended															Six Months Ended
	May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			May 31, 2010			May 31, 2011			May 31, 2010
GAAP Total Common Equity		$7,523			$6,899			$6,457			$6,111			$6,038			$7,523			$6,038
Less: Goodwill		(255	)		(255	)		(255	)		(255	)		(255	)		(255	)		(255	)
Less: Intangibles		(192	)		(194	)		(189	)		(191	)		(193	)		(192	)		(193	)
Tangible Common Equity		$7,076			$6,450			$6,013			$5,665			$5,590			$7,076			$5,590

GAAP Book Value per share		$13.79			$12.65			$11.85			$11.22			$11.10			$13.79			$11.10
Less: Goodwill		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)
Less: Intangibles		(0.35	)		(0.35	)		(0.34	)		(0.35	)		(0.35	)		(0.35	)		(0.35	)
Tangible Common Equity per share		$12.97			$11.83			$11.04			$10.40			$10.28			$12.97			$10.28

Tangible common equity ("TCE"), a non-GAAP financial measure, represents common equity less goodwill and intangibles. A reconciliation of TCE to common equity, a GAAP financial measure, is shown above. Other financial services companies may also use TCE and definitions may vary, so we advise users of this information to exercise caution in comparing TCE of different companies. TCE is included because management believes that common equity excluding goodwill and intangibles is a more meaningful measure to investors of the true net asset value of the company.