1. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company 2010 US Online Business Travel Benchmarking Study

2. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company 1 2010 Online Travel Benchmarking Group Study Methodology ■Compared airfares, hotel rates and car rental rates of: American Express Expedia.com Orbitz.com Travelocity.com ■Analyzed 440 business travel itineraries (110 tests x 4 rounds) ■Utilized comprehensive business travel booking behaviors ■Route by route simultaneous testing was conducted across all four systems controlling for all variables which were tested in proportion to their actual occurrence based on travel data ■Testing occurred during November/December 2010 Study found that American Express delivers a lower overall cost per trip vs. online travel agencies

3. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company 2 Lowest Air Fares Within all types of air fares, American Express offers the lowest available air fares versus the OTAs International Air Domestic Air Air % Difference in Airfare vs. American Express* Unrestricted Fare (1) Lowest Available Fare (1) Business Fare (1) – Domestic *% difference is how much GREATER OTA fare versus American Express fare 6% More expensive 2% More expensive 3% More expensive 22% More expensive 1% More expensive 3% More expensive 4% More expensive 9% More expensive ExpediaOrbitzTravelocity 2% More expensive 4% More expensive 1% More expensive Best in Class American Express Best in Class 7% More expensive 52% More expensive Best in Class 5% More expensive 3% More expensive Best in Class

4. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Overall Fare Differential % difference between American Express fare and online travel agency fare 3 American Express delivers lower fares vs. OTAs Best in Class American Express ExpediaOrbitzTravelocity 3% more expensive 4% more expensive 9% more expensive

5. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Domestic Fare Differential % difference between American Express fare and online travel agency fare 4 American Express delivers lower domestic fares vs. OTAs American Express ExpediaOrbitzTravelocity Best in Class 6% more expensive 6% more expensive 22% more expensive

6. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company International Fare Differential % difference between American Express fare and online travel agency fare 5 American Express delivers lower international fares vs. OTAs American Express ExpediaOrbitzTravelocity Best in Class 2% more expensive 3% more expensive 1% more expensive

7. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Business Class Fare Differential % difference between American Express fare and online travel agency fare 6 American Express ExpediaTravelocity Best in Class 2% more expensive 4% more expensive 1% more expensive American Express delivers lower business class fares vs. OTAs Orbitz

8. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Unrestricted Fare Differential % difference between American Express fare and online travel agency fare 7 American Express delivers lower unrestricted fares vs. OTAs American Express ExpediaOrbitzTravelocity Best in Class 7% more expensive 7% more expensive 52% more expensive

9. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Lowest Available Fare Differential % difference between American Express fare and online travel agency fare 8 American Express ExpediaOrbitzTravelocity Best in Class 5% more expensive 3% more expensive 5% more expensive American Express delivers lower lowest available fares vs. OTAs

10. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Impact of Low Cost Carriers 9 On Southwest routes, American Express average ticket price was significantly lower.  15% of all domestic travel bookings tested were on Southwest routes*  Southwest Airlines accounted for 6% of comparable domestic routes  Where all 3 OTAs have valid fares  Axiom average of $416 vs. average OTA fare $648 or 56% savings  Axiom also performed well in non-Southwest** LCC routes Saving 8% American Express Average of 3 OTAs 11% More Expensive 9% More Expensive 56% More Expensive % difference is how much GREATER OTA fare versus American Express Axiom fare ** Routes where Frontier or AirTran were found to have the lowest fares * Defined as routes where Southwest fares were selected as lowest by Axiom Routes w/ Southwest Routes w/o Southwest ALL Routes*

11. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Impact of Advanced Purchase 10 ■American Express offers lower fares versus all of the OTAs regardless of advance purchase American Express Average of 3 OTAs <=3 days advance 4-7 days advance 20% of routes 8-10 days advance +10 days advance 40% of routes 15% of routes 25% of routes ALL Routes* 4% More Expensive 5% More Expensive 13% More Expensive 5% More Expensive *382 travel itineraries were tested vs. All 3 OTAs*% difference is how much GREATER OTA fare versus American Express Axiom fare

12. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Hotel Rate Summary 11 American Express delivers lower overall hotel room rates vs. online travel agencies International Hotel Domestic Hotel Hotel % Difference in Airfare vs. American Express* 5% More expensive 7% More expensive 6% More expensive 7% More expensive 5% More expensive 6% More expensive ExpediaOrbitzTravelocity Best in Class American Express Best in Class *% difference is how much GREATER OTA rate versus American Express rate

13. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Overall Hotel Room Rate Differential % difference between American Express rate and online travel agency rate 12 American Express ExpediaOrbitzTravelocity Best in Class 6% more expensive 6% more expensive 5% more expensive American Express delivers lower overall hotel room rates vs. online travel agencies

14. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Domestic Hotel Room Rate Differential % difference between American Express rate and online travel agency rate 13 American Express ExpediaOrbitzTravelocity Best in Class 5% more expensive 6% more expensive 5% more expensive American Express offers lower domestic hotel rates vs. OTAs

15. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company International Hotel Room Rate Differential % difference between American Express rate and online travel agency rate 14 American Express ExpediaOrbitzTravelocity 7% more expensive 5% more expensive 7% more expensive Best in Class American Express offers lower international hotel rates vs. OTAs

16. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Hotel Inventory 15 American Express Expedia Orbitz Travelocity * % of instances where hotel being tested was found and returned an available valid rate. 100%* valid rates 87%* valid rates 13% invalid rates 86%* valid rates 14% invalid rates 89%* valid rates 11% invalid rates American Express found more hotels with available valid rates vs. online travel agencies – same hotel property for all systems

17. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Lowest Car Rental Rates 16 American Express offers competitive car rental rates with the OTAs Domestic Car Car Rental % Difference in Airfare vs. American Express* 41% More expensive 32% More expensive 31% More expensive ExpediaOrbitzTravelocity Best in Class American Express International Car 4% Less expensive 9% Less expensive Competitive 30% More expensive *% difference is how much GREATER OTA rate versus American Express rate

18. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Overall Car Rental Rate Differential % difference between American Express rate and online travel agency rate 17 American Express ExpediaOrbitzTravelocity Best in Class 31% more expensive 32% more expensive 30% more expensive American Express offers lowest car rental rates compared to rates offered by the OTAs

19. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Lowest Total Cost Per Trip 18 American Express provides the lowest total cost per trip versus the OTAs HOTEL CAR RENTAL AIRFARE ExpediaOrbitzTravelocity TOTAL TRIP** 3% More Expensive 4% More Expensive 9% More Expensive 5% More Expensive 6% More Expensive 32% More Expensive 31% More Expensive 7% More Expensive 11% More Expensive American Express Best in Class 30% More Expensive American Express provides lowest overall travel rates available online *% difference is how much GREATER OTA fare versus American Express **Includes itineraries where air, hotel and car were all available

20. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company Overall Cost Per Trip* Differential % difference between American Express rate and online travel agency rate 19 American Express ExpediaOrbitzTravelocity Best in Class 7% more expensive 7% more expensive 11% more expensive American Express delivers a lower overall cost per trip vs. OTAs

21. This document contains unpublished confidential and proprietary information of American Express. No disclosure or use of any portion of these materials may be made without the express written consent of American Express. © 2010 American Express Company 20 Confidentiality Statement By viewing and/or reading this American Express Travel Related Services Company, Inc. (“American Express”) document, [CLIENT NAME] (“Company”) acknowledges and agrees to comply with the following confidentiality obligations (“Obligations”): Company agrees to treat as confidential all information about American Express obtained by Company in connection with this proposal, related presentations and discussions (“Confidential Information”). Confidential information does not include information that: (i) becomes publicly available without Company’s fault or; (ii) developed by Company, without reference to or use of the Confidential Information. Without first obtaining written consent of American Express, Company will not disclose the Confidential Information to any third party, except that Company may only disclose Confidential Information to those of its employees and agents that require such material to evaluate this proposal and the potential business relationship, and for no other purpose. Notwithstanding the foregoing, Company may disclose Confidential Information to the extent that such disclosure is required by an order or a court or by any law or regulation: provided, however, that, where legally possible, Company will give prompt written notice of any such requirements to American Express. Company will cooperate with American Express, at American Express’ expense, with any reasonable efforts of American Express to avoid or minimize such disclosure. In the event of a breach or threatened breach of the Obligations by Company, Company will promptly give notice thereof to American Express and will take reasonable steps to enforce the Obligations, and American Express reserves all of its rights and remedies at law and equity in connection with such a breach. Company will indemnify American Express for all loss or damage to American Express caused by Company’s breach of these Obligations. No representative or warranty, express or implied, is made as to the accuracy or completeness of any information that is provided in this proposal. These Obligations will survive any expiration of this proposal. At any time and upon American Express’ request, Company agrees either to return or destroy the originals (and all copies) of such information, documents and/or materials which are in its possession or under its control.