POD - Opportunities to Better Utilize Existing Systems Option Benefit Comments Treasury Workstations (TWS, Treasura & XRT) Review options for netting/ automated cross sweeps Efficiency - Reduced number of intercompany payments Improved Cash Utilization EMEA currently utilizes this function Treasury Workstations (TWS, Treasura & XRT) Review options for Debt Management Modules Potentially replace end user spreadsheets Accuracy and Efficiency - automates numerous processes associated with Intercompany Loans (accrual calculations, cash flows, journal entries, and payment execution) Efficiency - Halves the work for Intercompany Loans (1st legal entity posts on behalf of both entitles, with the 2nd entity reviewing and approving) All regions manage IC loans via Excel except JAPA Canada and JAPA have additional loan activity that can be entered Review options for Investment Modules Accuracy and Efficiency - Automates numerous manual processes associated with investments Chase – Insight and Access Consolidate into one (these are 3 versions of the same service) Expense Reduction – eliminates two systems Improves consistency Can be done immediately 1

POD - Opportunities to Better Utilize Existing Systems, cont. Option Benefits Comments Phoenix Rollout of Phoenix to AMEX banks & EMEA region Automation – Elimination of manual tracking spreadsheets Reporting – Enhanced reporting and accounting capabilities Establish automated link into Treasury workstations Accuracy – STP decreases error rates Efficiency – Elimination of manual input Migrate FACTS functionality to Phoenix Efficiency – Eliminate maintenance and enhancements to multiple systems Adaptive Perform assessment of existing functionality versus current functionality being utilized Risk Management Improvement – understanding of calculations Expense Reduction – potential elimination of other systems Efficiency – potential elimination/streamlining of manual processes Conclusion – While opportunities exist to enhance and consolidate individual systems within the POD AMEX Treasury architecture this approach will not address the key issues of numerous disparate systems and manual processes and the inability to provide timely analysis to downstream consumers. As such our recommendation is to focus on the core underlying problems as opposed to attempting to enhance the existing infrastructure. 2 2

System Functional Needs – Instruments Debt Short-term debt Commercial paper Short-term loans Bank overdrafts Negative cash balances at banks Repos Insured Network Deposits Overnight credit lines Master notes CDs (Retail & Brokered) High yield saving accounts Sweep Long-term debt (Unsecured) Capitalize leases Syndicated credit facility Long-term credit facility Medium term notes Retail notes Investments Liquidity portfolio Cash products Investment Portfolio State & municipal securities Mortgage back securities Other Retained portion of ABS issuances Retail notes US government treasuries & agencies Foreign government bonds Mutual funds Equities Intercompany loans Intercompany purchase of A/R (CC receivables) Intercompany loan collateralized by A/R Derivatives FX instruments FX forwards, non deliverable forwards & spots Window forwards Cross currency swaps & non deliverable CCY swaps Interest rate swaps Credit derivatives – CDS & Equity TRS Embedded derivatives Leases with foreign denominated Embedded equity derivative

System Functional Needs – Functionality Trading Paperless trade entry through trading platforms Robust trade workflow and approval process Automated process to capture both sides of intercompany loans Real-time position monitoring Middle Office Valuation of all financial instruments Industry standard forward curves Strong trade compliance (i.e. trade limits and counterparty exposure monitoring) Automated trade confirmation capabilities Sensitivity risk analysis Collateral management Back Office/Accounting Compliance - FAS 91, 115,133 & 157/159 Ability to capture and account for all trade events Monthly accounting close process Segregation of accounting by legal entity and ability to account for multiple accounting basis Cash Management Bank Account Management & Fee Administration Automated input of bank statements Cash Polling, Reporting, Positioning & Forecasting Netting and Pooling Options Payment Capabilities Intercompany Loan Management Reporting Collateral Management Position Daily Average Balances Regulatory reporting & analysis GAAP disclosure reports Data access for custom reporting by user Interfaces Standard Interfaces (Banks, trading platforms, market data providers, pricing sources, etc.) Interface with Oracle Technology Segregate users based on security permissions Data audit trails capturing data entry, modification and deletion ASP deployment model

POA – Treasury Technology Conversion Cost Overview High Estimate 2012 2013 2014 2015 2016 2017 Incremental Costs - Integrated TW ($600,000) ($500,000) Implementation & Related Expenses (1,226,280) (3,272,880) - Technology Exp./System Savings 216,800 1,391,800 1,681,974 Net Savings ($1,609,480) ($2,382,080) $1,181,974 Cumulative Savings ($3,991,560) ($2,809,586) ($1,627,612) ($445,638) $736,336 High Estimate has break-even of 5.6 years Low Estimate 2012 2013 2014 2015 2016 Incremental Costs - Integrated TW ($400,000) ($150,000) Implementation & Related Expenses (1,226,280) (3,273,880) - Technology Exp./System Savings 216,800 1,391,800 1,681,974 Net Savings ($1,409,480) ($2,032,080) $1,531,974 Cumulative Savings ($3,441,560) ($1,909,586) ($377,612) $ 1,154,362 Low Estimate has break-even of 4.25 years Assumptions: Year 1 System’s Retired - TWS, Chase Insight, Adaptive and Chatham Year 2 System’s Retired - XRT, Treasura, Phoenix, FACTS and JAPA Loan System Interface to Oracle and Treasury Data Repository not included in costs 5

POA Systems/Functions Retained System/Interfaces Purpose Comment JPM Access/ Other Bank Websites Bank websites used to import files and make payments Function not available in treasury workstation Market Data Vendors Obtain valuation metrics Trading Platforms Execute transactions EMS (Internal System) FX Contract Acctg; Card member Currency Acctg. and Inter-Center spending payment lags Unique functionality and analytics - not readily available in treasury workstations MISYS FX Confirmation Reconciliation System Possible to replicate in Treasury Workstation, but requires customized builds and interconnects IPA Banks Issuing and Paying Agent Banks DTCC Depository/Industry Utility BlackRock Investment Mgt and related analytics and accounts Expertise not in house and costly to replicate Deloitte Valuation – TRS; Embedded Derivatives, Non-FV instruments High expertise investments – analytics not readily available in Treasury Workstations