1. STRICTLY PRIVATE AND CONFIDENTIAL United Club Card Concept Test - Research Proposal - Prepared by: FRC Research Corp. September 28, 2012

2. STRICTLY PRIVATE AND CONFIDENTIAL BACKGROUND AND OBJECTIVES  Chase currently offers the United Club Card is targeted to United Mileage Plus members who travel frequently, have high incomes and are high credit card spenders. The card currently offers several benefits: −United Club membership −50% mileage bonus, or a 100% mileage bonus on United tickets −Premier access −Free checked bags −No foreign transaction fees The card carries a relatively high fee ($395, with a $95 statement credit after the first purchase)  Chase is concerned that the current language describing the mileage bonus benefit (“Earn 1.5 award miles per dollar spent – a 50% bonus on the 1 mile per dollar you typically earn. Earn even more on United tickets – 2 miles per dollar.”) is too wordy and confusing to consumers and as such is suppressing interest in the card. To remedy this, they have revised the description of this benefit and are now seeking guidance as to whether the revised wording is, in fact, less confusing to consumers than the current language -- and to see if it is, in fact, more likely to boost interest in acquiring the United Club Card. 2

3. STRICTLY PRIVATE AND CONFIDENTIAL METHOD  Online interviews will be conducted among a national sample of 300 adults ages 30- 65 who are: −United Mileage Plus members −Financial decision makers −Travel at least twice a year on United −Spend $1,000 or more per month on credit cards −Have household incomes of $100K or more  Each respondent will see one of two “concepts” for the United Club Card -- they will differ only in the language used to describe the mileage bonus benefit −Test Language o Earn 2 points per dollar spend on United o Earn 1.5 points per dollar spent for all other purchases −Current Language o Earn 1.5 award miles per dollar spent – a 50% bonus on the 1 mile per dollar you typically earn o Earn even more on United tickets – 2 miles per dollar  For bidding purposes, based on all the parameters cited above, we are estimating an incidence for this research of about 20% of what? 3

4. STRICTLY PRIVATE AND CONFIDENTIAL QUESTION AREAS The interview will take 15-20 minutes to complete. Respondents will be exposed to one of two concepts (“test” or “current”) and be queried on:  Interest in acquiring the United Club Card  Open ended likes and dislikes  Card uniqueness  Attribute ratings of the card  Frequency would use (not sure we need this)  Usage of text highlighter to indicate which words or phrases, if any, are confusing or hard to understand (can do it more than once – how bout word phrases they particularly like and/or would induce someone to get the card  If positive or neutral toward acquiring the card, rank order of importance of the card benefits if they were to acquire the card (not sure we need this) Respondents will then be asked limited(?) background information with respect to the cards they currently own (which ones, share of wallet, frequency of use, average monthly spend) to ensure sample comparability. For each airline card they own they will additionally be asked:  Number of reward miles currently accrued on each one  Number of times flown that airline in last 12 months The interview will conclude with respondents’ demographic profiles. 4 Open ended hard to understand? Value? Overall believability and relevance?

5. STRICTLY PRIVATE AND CONFIDENTIAL ANALYSIS Initially, the samples exposed to the two concepts will be “balanced” based on their demographics and current card-related behavior. In this way, we can ensure that any differences uncovered in the analysis will be based on true reactions to the concepts rather than as a result of sample differences. The bulk of the analysis will then be done based on thoughtful cross tabulations of the data – Comparison of reactions to each concept, particularly the stated level of confusion and which elements are contributing to it – Understanding of the relative importance of the mileage benefit as a driver of card acquisition, and whether this varies based on concept 5

6. STRICTLY PRIVATE AND CONFIDENTIAL COST AND TIMING  The charge for this research is $24,700  A draft questionnaire can delivered within three business days of project authorization. Once we receive questionnaire approval the time line would be as follows: Questionnaire programming1 week Interviewing1 week Top line results 1-1/2 weeks Final report/presentation1 week 6