Okay, so here we're asked to calculate the P/E ratio, the price to book value, and the price to tangible net asset value for this bank. So let's calculate the P/E ratio. Now, before we actually do that calculation, what we'll need to think about is arriving at the earnings per share, the EPS. Let's go and grab the net income and divide that net income by the shares outstanding number of 1,501.2, that gives us EPS of three. So now, we're ready to calculate the P/E ratio. P/E being price over earnings, so we're going to go and grab the share price and divide that by the earnings per share, gives us 17.3 times. We're also asked to calculate the price to book value, so we need the book value per share. Let's say equals, go and grab the book value of shareholders equity, and divide that again by the share count number above, and we get 43.8. Now, I want the price to book value, so we're going to go and grabagain the share price from above and we're going to divide thatby the book value per share, gives us 1.2. Let's essentially do the same calculation, but calculate the tangible net asset value. So if we say equals, open bracket, and go and grab the shareholder's equity number, we're going to subtract from that anything that looks like it might be an intangible asset. And so, at the top of the balance sheet, we've got the intangible assets. I'm going to divide that by, again, the share count number from above.

And now what we can do is calculate the price, so we're going to get theshare price from above and divide that by that tangible value per share that we just calculated. We're asked to comment on that. Now, what I'd observe is that the price to book value and the price to tangible net asset value are both above one. Why could this be? Well, it could be that the balance sheet values of assets are below their market value, for example, PP&E, or because certain assets like human capital are just not reflected on the balance sheet.