Partner Advisors Complimentary Benchmarking Review This document was prepared by, and is the copyrighted material of, Partner Advisors LLC. Payment Strategy ∙ Contract Negotiation ∙ Program Marketing Revenue Optimization ∙ Product Development

2 This document was prepared by, and is the copyrighted material of, Partner Advisors LLC. Benchmarking Outline 1.Program performance review: Quantitative performance benchmarking along key performance dimensions including penetration, activation, spend, and other metrics relative to other retail and non-retail cobrand credit cards. 2.Bank P&L: our estimate of the issuer’s P&L and commentary on key drivers; discussion of alternative participation models to consider. This is important to understand to hit valuation levers. 3.Agreement review: identification of key strengths and weaknesses of the contracts with both issuer and payment network, with a focus on key areas of member value, BJ’s control over the program, financial terms, and exit/portfolio conveyance terms. 4.Strategy going forward: a)Our projection of quantitative and qualitative program value (i.e. upside); b)Product line changes we would recommend further exploring; c)Marketing channel expansion opportunities; d)Other resources and bandwidth required to “win” in this space in the real world. e)Other payment vehicles to consider beyond credit 5.Issuer and payment network considerations and likely interested parties 6.Detailed workplan and steps to get there.

3 Partner Advisors If you have any questions, please contact us. Kerri Moriarty Associate (781)