2010 US Online Business Travel Benchmarking Study

1. 2010 US Online Business Travel Benchmarking Study

2. 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. Lowest Air Fares Within all types of air fares, American Express offers the lowest available air fares versus the OTAs AmericanExpress % Difference in Airfare vs. American Express* Expedia Orbitz Travelocity Air Best in Class 3%More expensive 4%More expensive 9%More expensive Best in Class 6%More expensive 6%More expensive 22%More expensive Domestic Air Best in Class 2%More expensive 3%More expensive 1%More expensive International Air Best in Class 2%More expensive 4%More expensive 1%More expensive Business Fare Unrestricted Fare (1) Best in Class 7%More expensive 7%More expensive 52%More expensive Best in Class 5%More expensive 5%More expensive 3%More expensive Lowest Available Fare (1) (1) – Domestic*% difference is how much GREATER OTA fare versus American Express fare

4. Overall Fare Differential% difference between American Express fare and online travel agency fare 9% more expensive 4% more expensive 3% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower fares vs. OTAs

5. Domestic Fare Differential% difference between American Express fare and online travel agency fare 22% more expensive 6% more expensive 6% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower domestic fares vs. OTAs

6. International Fare Differential% difference between American Express fare and online travel agency fare 3% more expensive 2% more expensive 1% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower international fares vs. OTAs

7. Business Class Fare Differential% difference between American Express fare and online travel agency fare 4% more expensive 2% more expensive 1% more expensive Best in Class Orbitz American Express Expedia Travelocity American Express delivers lower business class fares vs. OTAs

8. Unrestricted Fare Differential% difference between American Express fare and online travel agency fare 52% more expensive 7% more expensive 7% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower unrestricted fares vs. OTAs

9. Lowest Available Fare Differential% difference between American Express fare and online travel agency fare 5% more expensive 5% more expensive 3% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower lowest available fares vs. OTAs

10. Impact of Low Cost Carriers American Express Average of 3 OTAs • 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% % difference is how much GREATER OTA fare versus American Express Axiom fare 56%More Expensive 9%More Expensive 11%More Expensive * Defined as routes where Southwest fares were selected as lowest by Axiom ** Routes where Frontier or AirTran were found to have the lowest fares Routes w/ Southwest Routes w/o Southwest ALL Routes*

11. Impact of Advanced Purchase • American Express offers lower fares versus all of the OTAs regardless of advance purchase 4%More Expensive American Express Average of 3 OTAs 5%More Expensive 13%More Expensive 5%More Expensive ALL Routes* <=3 days advance 8-10 days advance 4-7 days advance +10 days advance 20% of routes 40% of routes 25% of routes 15% of routes *382 travel itineraries were tested vs. All 3 OTAs *% difference is how much GREATER OTA fare versus American Express Axiom fare

12. Hotel Rate Summary • American Express delivers lower overall hotel room rates vs. online travel agencies AmericanExpress % Difference in Airfare vs. American Express* Expedia Orbitz Travelocity Hotel Best in Class 5%More expensive 6%More expensive 6%More expensive 5%More expensive Domestic Hotel Best in Class 5%More expensive 6%More expensive Best in Class 5%More expensive 7%More expensive 7%More expensive International Hotel *% difference is how much GREATER OTA rate versus American Express rate

13. Overall Hotel Room Rate Differential% difference between American Express rate and online travel agency rate 6% more expensive 6% more expensive 5% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers lower overall hotel room rates vs. online travel agencies

14. Domestic Hotel Room Rate Differential% difference between American Express rate and online travel agency rate 6% more expensive 5% more expensive 5% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express offers lower domestic hotel rates vs. OTAs

15. International Hotel Room Rate Differential% difference between American Express rate and online travel agency rate 7% more expensive 7% more expensive 5% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express offers lower international hotel rates vs. OTAs

16. Hotel Inventory 100%* valid rates 11% invalid rates 13% invalid rates 14% invalid rates 89%* valid rates 87%* valid rates 86%* valid rates Orbitz Expedia American Express Travelocity * % of instances where hotel being tested was found and returned an available valid rate. American Express found more hotels with available valid rates vs. online travel agencies – same hotel property for all systems

17. Lowest Car Rental Rates American Express offers competitive car rental rates with the OTAs AmericanExpress % Difference in Airfare vs. American Express* Expedia Orbitz Travelocity Car Rental Best in Class 32%More expensive 31%More expensive 30%More expensive Best in Class 41%More expensive 41%More expensive 41%More expensive Domestic Car Competitive 4%Less expensive 9%Less expensive 9%Less expensive International Car *% difference is how much GREATER OTA rate versus American Express rate

18. Overall Car Rental Rate Differential% difference between American Express rate and online travel agency rate 31% more expensive 32% more expensive 30% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express offers lowest car rental rates compared to rates offered by the OTAs

19. Lowest Total Cost Per Trip American Express provides the lowest total cost per trip versus the OTAs American Express Expedia Orbitz Travelocity AIRFARE Best in Class 3%More Expensive 4% More Expensive 9% More Expensive HOTEL Best in Class 5%More Expensive 6%More Expensive 6%More Expensive CAR RENTAL Best in Class 32%More Expensive 31%More Expensive 30%More Expensive TOTAL TRIP** Best in Class 7%More Expensive 7%More Expensive 11%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. Overall Cost Per Trip* Differential% difference between American Express rate and online travel agency rate 11% more expensive 7% more expensive 7% more expensive Best in Class American Express Expedia Orbitz Travelocity American Express delivers a lower overall cost per trip vs. OTAs

21. 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.