Michael R. Grillo, Vice President American Express Business Insights September 19 th, 2011

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express.  American Express Business Insights  The US Consumer Post Recession  The New Normal  Lodging Industry Trends, Domestic and International Visitors  Key Traveler Segments to Focus on for 2011 and Beyond  Final Thoughts and Q&A Agenda 2

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. American Express Cardmembers 3 Approximately 90M Cards5B+ Annual Transactions 127 Markets$713B Overall Spend

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. US SPEND TRENDS Recession & Recovery 4

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. OVERALL SPEND GROWTH 5 Pre RecessionRecessionRecovery Spend Growth by Card Type

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Dining THE GREAT RECESSION Retail Entertainment 6 YOY Spend Growth by Quarter Q1 -09Q2-09Q3-09Q4-09 Travel

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Dining THE UNEVEN RECOVERY Entertainment YOY Spend Growth by Quarter 7 Retail Travel Q1 -10Q2-10 Q3-10Q4-10

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. THE UNEVEN RECOVERY? Entertainment YOY Spend Growth by Quarter 8 Travel Q Q Retail Dining

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. US CONSUMER BEHAVIOR The New Normal 9

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. THOUGHTS ABOUT THE NEW NORMAL Smart and wireless phone and service have increased through the recession Necessities Are Being Redefined Spending shifted from dining to supermarkets while affluent consumers shopped more with discount retail Value Is Sticking Generations Matter Boomers and Seniors cut back first and haven’t come back as strong while Gen X and Y have returned to spending Luxury fashion spending returned first but consumers are deal seeking; newcomers are younger and less affluent Luxury Is Back Dining Out is Changing QSR increased its share of restaurant spending by more than 15% and bars have seen greater than 40% increase since the start of the recession 10 Affluent consumers and Gen Y have prioritized a healthy lifestyle of fitness, high-quality foods, and caring for oneself since the pre- recession period Health Matters

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. LODGING INDUSTRY TRENDS 11

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Lodging Spend has Picked Up and Maintains its Trajectory for the Luxury and Upscale Segments 12 Spend index Base Period: 2008=100 Domestic Visitor Spend Index in Lodging Recession Recovery Recession Recovery International Visitor Spend Index in Lodging

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Gen Y Travelers are Leading the Road to Recovery 13 Spend index Base Period: 2008=100 Consumer Spend on Lodging Recession Recovery

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. 14 Gen Y Gen X Boomers Seniors TravelRetailDining Gen Y, are Growing ALL tiers of the Lodging industry, especially on the high and low ends H YOY Visitor Growth by Lodging Tiers 6% 0% -4% -10% 6% -1% -4% -9% 7% 10% 2% -8% 9% 2% 0% -4% LUXURY UPSCALE MIDSCALE ECONOMY

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. 15 Gen Y Gen X Boomers Seniors TravelRetailDining …..and Spending! H YOY Visitor Growth by Lodging Tiers 3% 14% 2% -5% 8% 2% -3% -7% 40% 43% 30% 9% 22% 6% 3% -2% LUXURY UPSCALE MIDSCALE ECONOMY

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Who are the key Traveler Segments to Focus on for 2011?

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Spend Index H1 2007=100 Business and Visitor Spending observes strong rebound in 2011 Business Leisure Visitor Domestic

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. % Business vs. Leisure (H1 2011) +4% Domestic Business Travellers Remain Valuable Business Leisure Spend -5%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. % Business vs. Leisure (H1 2011) +2% International Travelers For Business Are Also Rebounding Business Leisure Spend -2%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Top International Feeder Markets CanadaUnited KingdomMexicoAustraliaFrance Business 17% 19% 11% Leisure MAPS to be UPDATED 11% 17% 30% 18% 3%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Top International Feeder Markets CanadaUnited KingdomMexicoAustraliaFrance Business Amex Overall Leisure Amex Overall 1% 3% 1.3% 0.9% 0.1% 0.9% 0.7% 0.0% MAPS to be UPDATED

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Top International Growth Markets AustraliaBrazilCanadaJapanFrance Business Amex Overall Leisure Amex Overall 22% 30% 17% 18% 13% 19% 17% 14% 11% MAPS to be UPDATED

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Newcomers in the Recovery Period Have Gained Share 23 Spend Share for All Lodging

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. Younger Consumers (Gen X and Gen Y) Are Becoming More Important 24 Spend Share for All Lodging

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. The “Recession Proof” Traveler is Showing Resilience 25 CORERETURNINGNEWCOMER RECESSION PROOF % Leisure/# and Spend 56%/46%72%/63%75%/63%76%/63% Luxury & Upscale Share of Visitors/Spend 59%/73%54%/69%51%/65%52%/66% YOY Change in Luxury Spend (H1 2011) -2%-4%-2%+61% YOY Change in Upscale Spend (H1 2011) -1%-2%+1%+58%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. 28 Gen Y Gen X Boomers Seniors TravelRetailDiningEntertainment SPEND BEHAVIORS BY GENERATION 2010 YOY Spend Growth by Industry 15% 8% 4% 2% 0% -2% -5% -6% 0% -3% -6% 4% 1% -2%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. 29 Gen Y Gen X Boomers Seniors TravelRetailDiningEntertainment SPEND BEHAVIORS BY GENERATION H Spend Growth by Industry 6% 2% -1% -7% -6% -5% -7% -10% 6% -7% -1% -9% 1% -2% -5%

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. RETAIL BEHAVIOR 30

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. THE PRE-RECESSION LUXURY FASHION CONSUMER 31 Spend Growth

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. NEWCOMERS ARE DRIVING GROWTH IN THE RECOVERY 32 Spend Growth by Consumer Segment

© 2010 American Express Travel Related Services Company, Inc. All rights reserved. CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION. This document contains confidential, proprietary, and trade secret information of American Express Company and its subsidiaries and affiliates ("American Express"), and may not be disclosed in whole or in part to any third parties without prior written consent of American Express. GENERATIONAL TRENDS - LODGING 2010 YOY Spend Growth EconomyMidscaleUpscaleLuxury Gen Y 4%14%23%24% Gen X (7%)8%10% Baby Boomers (12%)3%6% Seniors (15%)(1%)0%1% 33