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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Valuation Techniques Used in Measuring Fair Value &lt;/b&gt;&lt;/u&gt;
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;GAAP requires disclosure of the estimated fair value of all financial instruments. A financial
    instrument is defined as cash, evidence of an ownership in an entity, or a contract between two
    entities to deliver cash or another financial instrument or to exchange other financial
    instruments. The disclosure requirements for the fair value of financial instruments exclude
    leases, equity method investments, affiliate investments, pension and benefit obligations,
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;For the financial assets and liabilities measured at fair value on a recurring basis (summarized in
    the valuation hierarchy table on the previous page) the Company applies the following valuation
    techniques to measure fair value:
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Investment Securities (Excluding Retained Subordinated Securities and the Interest-only
    Strip)&lt;/b&gt;&lt;/u&gt;
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    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;When available, quoted market prices in active markets are used to determine fair value.
    Such investment securities are classified within Level 1 of the fair value hierarchy.
    &lt;/div&gt;&lt;/td&gt;
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    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;When quoted prices in an active market are not available, the fair values for the Company&amp;#8217;s
    investment securities are obtained primarily from pricing services engaged by the Company, and
    the Company receives one price for each security. The fair values provided by the pricing
    services are estimated using pricing models, where the inputs to those models are based on
    observable market inputs. The inputs to the valuation techniques applied by the pricing
    services vary depending on the type of security being priced but are typically benchmark
    yields, benchmark security prices, credit spreads, prepayment speeds, reported trades and
    broker-dealer quotes, all with reasonable levels of transparency. The pricing services did not
    apply any adjustments to the pricing models used. In addition, the Company did not apply any
    adjustments to prices received from the pricing services. The Company classifies the prices
    obtained from the pricing services within Level 2 of the fair value hierarchy because the
    underlying inputs are directly observable from active markets or recent trades of similar
    securities in inactive markets. However, the pricing models used do entail a certain amount of
    subjectivity and therefore differing judgments in how the underlying inputs are modeled could
    result in different estimates of fair value.
    &lt;/div&gt;&lt;/td&gt;
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Company reaffirms its understanding of the valuation techniques used by its pricing services at
    least annually. In addition, the Company corroborates the prices provided by its pricing services
    to test their reasonableness by comparing their prices to valuations from different pricing sources
    as well as comparing prices to the sale prices received from sold securities. Refer to Note 6 for
    additional fair value information.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Retained Subordinated Securities&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As of December&amp;#160;31, 2009, the Company determined the fair value of its retained subordinated
    securities using discounted cash flow models. The discount rate used was based on an interest rate
    curve that was observable in the marketplace plus an unobservable credit spread commensurate with
    the risk of these securities and similar financial instruments. The Company classified such
    securities in Level 3 of the fair value hierarchy because the applicable credit spreads were not
    observable due to the illiquidity in the market with respect to these securities and similar
    financial instruments.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Interest-only Strip&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As of December&amp;#160;31, 2009, the fair value of the interest-only strip was the present value of
    estimated future positive excess spread expected to be generated by the securitized loans over the
    estimated remaining life of those loans. Management utilized certain estimates and assumptions to
    determine the fair value of the interest-only strip asset, including estimates for finance charge
    yield, credit losses, London Interbank Offered Rate (LIBOR) (which determined future certificate
    interest costs), monthly payment rate and discount rate. On a quarterly basis, the Company compared
    the assumptions it used in calculating the fair value of its interest-only strip to observable
    market data when available, and to historical trends. The interest-only strip was classified within
    Level 3 of the fair value hierarchy due to the significance of the unobservable inputs used in
    valuing this asset.
    &lt;/div&gt;
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    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Derivative Financial Instruments&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The fair value of the Company&amp;#8217;s derivative financial instruments, which could be assets or
    liabilities on the Consolidated Balance Sheets, is estimated by using either a third-party
    valuation service that uses proprietary pricing models, or by using internal pricing models,
    neither of which contain a high level of subjectivity as the valuation techniques used do not
    require significant judgment and inputs to those models are readily observable from actively quoted
    markets. In each case, the valuation models used are consistently applied and reflect the
    contractual terms of the derivatives, including the period of maturity, and market-based parameters
    such as interest rates, foreign exchange rates, equity indices or prices, and volatility.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Credit valuation adjustments are necessary when the market parameters (for example, a benchmark
    curve) used to value derivatives are not indicative of the credit quality of the Company or its
    counterparties. The Company considers the counterparty credit risk by applying an observable
    forecasted default rate to the current exposure. Refer to Note 9 for additional fair value
    information.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The fair values of these financial instruments are estimates based upon market conditions and
    perceived risks as of June&amp;#160;30, 2010 and December&amp;#160;31, 2009, and require management judgment. These
    figures may not be indicative of their future fair values. The fair value of the Company cannot be
    estimated by aggregating the amounts presented.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The following methods were used to determine estimated fair values:
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Financial Assets for Which Carrying Values Equal or Approximate Fair Value&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Financial assets for which carrying values equal or approximate fair value include cash and cash
    equivalents, cardmember receivables, accrued interest and certain other assets. For these assets,
    the carrying values approximate fair value because they are short-term in duration or variable rate
    in nature.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Financial Assets Carried at Other than Fair Value&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;b&gt;&lt;i&gt;Loans, net&lt;/i&gt;&lt;/b&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Loans are recorded at historical cost, less reserves, on the Consolidated Balance Sheets. In
    estimating the fair value for the Company&amp;#8217;s loans, the principal market is assumed to be the
    securitization market, and the Company uses the hypothetical securitization price to determine the
    fair value of the portfolio. The securitization price is estimated from the assumed proceeds of the
    hypothetical securitization in the current market, adjusted for securitization uncertainties such
    as market conditions and liquidity.
    &lt;/div&gt;
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    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Financial Liabilities for Which Carrying Values Equal or Approximate Fair Value&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Financial liabilities for which carrying values equal or approximate fair value include accrued
    interest, customer deposits (excluding certificates of deposit, which are described further below),
    Travelers Cheques outstanding, short-term borrowings and certain other liabilities for which the
    carrying values approximate fair value because they are short-term in duration, variable rate in
    nature, or have no defined maturity.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Financial Liabilities Carried at Other than Fair Value&lt;/b&gt;&lt;/u&gt;
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;b&gt;&lt;i&gt;Certificates of Deposit&lt;/i&gt;&lt;/b&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Certificates of deposit (CDs) are recorded at their historical issuance cost on the Consolidated
    Balance Sheets. Fair value is estimated using a discounted cash flow methodology based on the
    Company&amp;#8217;s current borrowing rates for similar types of CDs.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;b&gt;&lt;i&gt;Long-term Debt&lt;/i&gt;&lt;/b&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Long-term debt is recorded at historical issuance cost on the Consolidated Balance Sheets. Fair
    value is estimated using either quoted market prices or discounted cash flows based on the
    Company&amp;#8217;s current borrowing rates for similar types of borrowings.
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