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<SEC-DOCUMENT>0000930413-08-003699.txt : 20080609
<SEC-HEADER>0000930413-08-003699.hdr.sgml : 20080609
<ACCEPTANCE-DATETIME>20080609172716
ACCESSION NUMBER:		0000930413-08-003699
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080605
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080609
DATE AS OF CHANGE:		20080609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS CO
		CENTRAL INDEX KEY:			0000004962
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				134922250
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		08888999

	BUSINESS ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
		BUSINESS PHONE:		2126402000

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c53913_8k.htm
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<FONT size=5 face="serif">UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION </FONT><br>
<FONT size=2 face="serif">Washington, D.C. 20549</FONT><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=5 face="serif">FORM 8-K</FONT><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">CURRENT REPORT</FONT><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">Pursuant to Section 13 or 15(d) of the <br>
Securities Exchange Act of 1934</FONT><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">Date of Report (Date of earliest event reported): June 5, 2008</FONT><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=5 face="serif">AMERICAN EXPRESS COMPANY</FONT><br>
<FONT size=2 face="serif">(Exact name of registrant as specified in its charter)</FONT><FONT face="serif"> </FONT></P>
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<TR valign="bottom">
  <TD width=29% align=center style="border-bottom:solid 1px #010000;">
<FONT size=2 face="serif">New York</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=40% style="border-bottom:solid 1px #010000;">
<FONT size=2 face="serif">1-7657</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=29% style="border-bottom:solid 1px #010000;">
<FONT size=2 face="serif">13-4922250</FONT>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=center width=29%>
<FONT size=2 face="serif">(State or other jurisdiction</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=40%>
<FONT size=2 face="serif">(Commission File Number)</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=29%>
<FONT size=2 face="serif">(IRS Employer</FONT>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=29%>
<FONT size=2 face="serif">of incorporation</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=left width=40%>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=29%>
<FONT size=2 face="serif">Identification No.)</FONT>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=29%>
<FONT size=2 face="serif">or organization)</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=left width=40%>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=left width=29%>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
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  <TD align=center colspan=3>
<FONT size=2 face="serif">200 Vesey Street, World Financial Center</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=left width=29%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3 style="border-bottom:solid 1px #010000;">
<FONT size=2 face="serif">New York, New York</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=29% style="border-bottom:solid 1px #010000;">
<FONT size=2 face="serif">10285</FONT>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=center colspan=3>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=29%>
<FONT size=2 face="serif">(Zip Code)</FONT>&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="3" align=center><font size=2 face="serif">Registrant&#146;s telephone
    number, including area code: (212) 640-2000</font>&nbsp;</TD>
  </TR>
<TR>
  <TD width="35%">&nbsp;</TD>
  <TD width="30%" style="border-bottom:solid 1px #010000;">&nbsp;</TD>
  <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=center><font size=2 face="serif">(Former name or former
    address, if changed since last report)</font>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</FONT><FONT face="serif"> </FONT></P>
<P align="left">
  <font face="Wingdings 2">&#163;</font>&nbsp;&nbsp; <FONT size=2 face="serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></p>
<P align="left">
  <font face="Wingdings 2">&#163;</font>&nbsp;&nbsp; <FONT size=2 face="serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></p>
<P align="left">
  <font face="Wingdings 2">&#163;</font>&nbsp;&nbsp; <FONT size=2 face="serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></p>
<P align="left">
  <font face="Wingdings 2">&#163;</font>&nbsp;&nbsp; <FONT size=2 face="serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></p>
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<FONT size=2 face="serif">Item 8.01 Other Events.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">On June 5, 2008, we remarketed &#36;1,994,978,000 aggregate principal amount of floating rate notes due 2033 pursuant to a prospectus supplement dated June 5, 2008 to the prospectus dated October 16, 2006, filed as part of
our registration statement on Form S-3 (Registration No. 333-138032). We remarketed the notes pursuant to a remarketing agreement among us, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated dated June 5, 2008.
</FONT></P>
<P align="left">
<FONT size=2 face="serif">Item 9.01 Financial Statements and Exhibits</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">(d)</FONT><FONT face="serif"> </FONT><FONT size=2 face="serif">Exhibits</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.1</FONT> <FONT size=2 face="serif">Remarketing Agreement
among us, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner &amp; Smith
Incorporated dated June 5,  2008</FONT><FONT face="serif"> </FONT></P>
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<FONT size=2 face="serif">SIGNATURE</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT><FONT face="serif"> </FONT></P>
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<TR valign="bottom">
  <TD align=left width=60%>&nbsp;</TD>
  <TD colspan="3" align=left><b><font size=2 face="serif">AMERICAN EXPRESS COMPANY</font></b>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><b><font size=2 face="serif">(REGISTRANT)</font></b>&nbsp; </TD>
</TR>
<TR>
  <TD colspan="4">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="2%" align=left><font size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  <TD width="19%" align=left style="border-bottom:solid 1px #010000;"><font size=2 face="serif">&nbsp; /s/ Stephen P.
    Norman</font>&nbsp; </TD>
  <TD width="19%" align=left>&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Name: </font></TD>
  <TD align=left><font size=2 face="serif">Stephen P. Norman</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Title: </font></TD>
  <TD align=left><font size=2 face="serif">Secretary</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
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<FONT size=2 face="serif">DATE: June 9, 2008</FONT> </P>


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<TYPE>EX-1.1
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<FILENAME>c53913_ex1-1.htm
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<P align="right">
<FONT face="serif"><b>Exhibit 1.1</b></FONT></P>
<P align="center">
<FONT face="serif">REMARKETING AGREEMENT </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">REMARKETING AGREEMENT, dated as of June 5, 2008 (the &#147;</FONT><B><FONT face="serif">Remarketing Agreement</FONT></B><FONT face="serif">&#148;), by and between American Express Company, a New York
corporation (the &#147;</FONT><B><FONT face="serif">Company</FONT></B><FONT face="serif">&#148;), and J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (the &#147;</FONT><B><FONT face="serif">Remarketing
Agents</FONT></B><FONT face="serif">&#148;). </FONT></P>
<P align="center">
<FONT face="serif">W I T N E S S E T H : </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">WHEREAS, the Company has issued &#36;2,000,000,000 principal amount of its 1.85% Convertible Senior Debentures due 2033, of which &#36;1,999,978,000 principal amount remains outstanding (the
&#147;</FONT><B><FONT face="serif">Notes</FONT></B><FONT face="serif">&#148;), under the Purchase Agreement, dated as of November 17, 2003, by and between the Company, the Remarketing Agents and the other initial purchasers named therein (the
&#147;</FONT><B><FONT face="serif">Purchase Agreement</FONT></B><FONT face="serif">&#148;), pursuant to the provisions of an Indenture between the Company and U.S. Bank National Association, as Trustee (the &#147;</FONT><B><FONT face="serif">Original Indenture</FONT></B><FONT face="serif">&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">WHEREAS, the Company has published notice to the effect that on June 5, 2008 there will be a remarketing, pursuant to the Indenture, of the Notes with the terms set forth on Schedule A hereto.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">WHEREAS, the Remarketing Agents, severally and not jointly, will attempt to remarket in the manner provided herein, all of the Notes tendered or deemed tendered for remarketing as provided in the
Original Indenture, as amended by the First Supplemental Indenture dated as of May 21, 2008 (together with the Original Indenture, the &#147;</FONT><B><FONT face="serif">Indenture</FONT></B><FONT face="serif">&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">WHEREAS, in the event of a successful remarketing, as provided herein, the applicable interest rate on the Notes will, on June 5, 2008 (the &#147;</FONT><B><FONT face="serif">Reset
Date</FONT></B><FONT face="serif">&#148;), be reset to the Reset Rate (as defined herein), which will be the rate the Notes must bear in order for the Notes being remarketed to be sold by the Remarketing Agents on the Reset Date at a price equal to
100% of the accreted principal amount of Notes being remarketed, plus the Remarketing Fee, as defined herein (the &#147;</FONT><B><FONT face="serif">Remarketing Value</FONT></B><FONT face="serif">&#148;), provided that the Reset Rate shall in no
event exceed the maximum permitted by applicable law and shall not be less than 0% per annum. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">NOW, THEREFORE, for and in consideration of the covenants herein made, and subject to the conditions herein set forth, the parties hereto agree as follows: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 1</FONT><I><FONT face="serif">. Definitions. </FONT></I><FONT face="serif">Capitalized terms used and not defined in this Remarketing Agreement shall have the meanings assigned to them in the
Indenture. </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 2</FONT><I><FONT face="serif">. Appointment and Obligations of Remarketing Agents: Remarketing.</FONT></I><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Appointment and Obligations</FONT></U><FONT face="serif">. The Company hereby appoints the Remarketing Agents, and the Remarketing
Agents, severally and not jointly, hereby accept such appointment, to remarket the Notes tendered or deemed tendered for remarketing on June 5, 2008 in the manner specified in Section 2(b) below and in connection therewith to determine, in
consultation with the Company and in the manner provided for in the Indenture and the Notes, the reset interest rate that the Remarketing Agents believe will, when applied to the Notes, enable the aggregate principal amount of the Notes being
remarketed to be sold at a price equal to the Remarketing Value (the &#147;</FONT><B><FONT face="serif">Reset Rate</FONT></B><FONT face="serif">&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Pursuant to this Remarketing Agreement, the Remarketing Agents, severally and not jointly, agree, subject to the terms and conditions set
forth herein, to use their reasonable efforts to remarket the Notes, in whole but not in part, in accordance with the </FONT><U><FONT face="serif">provisions</FONT></U><FONT face="serif"> of the Notes and the Indenture, on June 5, 2008 such that the
aggregate price at which such Notes are being remarketed will equal the Remarketing Value. Notwithstanding the preceding sentence, the Remarketing Agents shall not remarket any Notes for a price less than the price (the &#147;</FONT><B><FONT face="serif">Minimum Price</FONT></B><FONT face="serif">&#148;) necessary for the aggregate principal amount of the Notes being remarketed to have an aggregate price equal to the Remarketing Value. The Remarketing Agents shall not be obligated to
remarket any Notes if a condition precedent set forth herein to such remarketing is not fulfilled or if the remarketing of such Notes would violate applicable law. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Upon a successful remarketing, after deducting the Remarketing Fee specified in Section 3 below, the proceeds of remarketing shall promptly be paid by the Remarketing Agents to The Depository Trust
Company. In the event the remarketing is unsuccessful, the Company shall issue a press release stating the aggregate principal amount of Notes that the Company will repurchase, in accordance with the terms of the Indenture. For the purposes of this
Remarketing Agreement, an unsuccessful remarketing shall mean the failure of any condition set forth in Section 9 hereof to be satisfied. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Remarketing Agents shall not have any obligation whatsoever to purchase any Notes, whether in connection with a remarketing or
otherwise, and shall in no way be obligated to provide funds to make payment upon tender of Notes for remarketing or to otherwise expend or risk its own funds or incur or be exposed to financial liability in the performance of its duties under this
Remarketing Agreement. The Company shall not be obligated in any case to provide funds to make payment upon tender of Notes for remarketing. </FONT></P>
<P align="center">
<FONT face="serif">2</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 3</FONT><I><FONT face="serif">. Fees and Expenses.</FONT></I><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Upon a successful remarketing of the Notes, the Remarketing Agents are entitled to a remarketing fee (the &#147;</FONT><B><FONT face="serif">Remarketing Fee</FONT></B><FONT face="serif">&#148;) equal to 5 basis points (0.05%) of the aggregate principal amount of the remarketed Notes. Each Remarketing Agent shall be entitled to the percentage of Remarketing Fee set forth
opposite its name in Schedule C hereto. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Remarketing Agents may deduct the Remarketing Fee from the proceeds of the successful remarketing to be remitted to The Depository Trust Company, </FONT><I><FONT face="serif">provided</FONT></I><FONT face="serif">, </FONT><I><FONT face="serif">however</FONT></I><FONT face="serif">, that under no circumstances may the Remarketing Agents deduct an amount greater than the excess of such proceeds over the
Minimum Price. Any resulting shortfall in the recovery of the Remarketing Fee shall by payable by the Company on the Reset Date in immediately available funds or, upon the instructions of the Remarketing Agents, by certified or official bank check
or checks or by wire transfer. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In connection with the remarketing pursuant to this Remarketing Agreement, the Company shall pay all expenses in connection therewith, as
specified in Section 8(f). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4</FONT><I><FONT face="serif">. Delivery and Payment. </FONT></I><FONT face="serif">In the event of a successful remarketing, delivery of payment for the Notes by the purchasers thereof
identified by the Remarketing Agents and payment of the Remarketing Fee shall be made on the Closing Date (or such later date not later than five Business Days after such date as the Remarketing Agents shall designate in consultation with the
Company), which date and time may be postponed by agreement between the Remarketing Agents and the Company (such time of payment and delivery being herein called the &#147;</FONT><B><FONT face="serif">Closing Time</FONT></B><FONT face="serif">&#148;
and such date of payment and delivery being herein called the &#147;</FONT><B><FONT face="serif">Closing Date</FONT></B><FONT face="serif">&#148;). Delivery of the remarketed Notes and payment of the Remarketing Fee shall be made to the Remarketing
Agents against payment by the respective purchasers of the remarketed Notes of the consideration therefor as specified herein (equal to the Remarketing Value of the remarketed Notes plus accrued interest thereon at the Reset Rate from and including
June 5, 2008 to but excluding the Closing Date), which consideration shall be paid to The Depository Trust Company for the account of the persons entitled thereto in immediately available funds by wire transfer to an account or accounts designated
by The Depository Trust Company. Any amount of the Remarketing Fee that cannot be deducted from the funds received from such purchasers shall be payable by the Company at the Closing Time in immediately available funds or, upon the instructions of
the Remarketing Agents, by certified or official bank check or checks or by wire transfer.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">With respect to Notes not represented by a Global Security held by or on behalf of The Depository Trust Company, certificates for the Notes shall be registered in such names and denominations as the
Remarketing Agents may request not less than one full Business Day in advance of the Closing Date, and the Company, the Trustee and the registered holder or holders thereof agree to</FONT></P>
<P align="center">
<FONT face="serif">3</FONT></P>

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<FONT face="serif">have such certificates available for inspection, packaging and checking by the Remarketing Agents in New York, New York not later than 1:00 p.m. on the Business Day prior to the Closing Date. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5</FONT><I><FONT face="serif">. Dealing in the Notes; Purchase of Notes by the Company.</FONT></I><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Each Remarketing Agent, when acting hereunder or acting in its individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold or deal in any of the Notes. With respect to any Notes or other securities of the Company owned by it, each Remarketing Agent may exercise any vote or join in any action with like effect as if it did not act in any capacity hereunder.
Each Remarketing Agent, in its individual capacity, either as principal or agent, may also engage in or have an interest in any financial or other transaction with the Company as freely as if it did not act in any capacity hereunder. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Remarketing Agents will determine the Reset Rate without regard to any purchase of Notes by the Company in the remarketing. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6</FONT><I><FONT face="serif">. Registration Statement and Prospectus.</FONT></I><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company has filed with the Securities and Exchange Commission (the &#147;</FONT><B><FONT face="serif">SEC</FONT></B><FONT face="serif">&#148;) a shelf registration statement on Form S-3 (No. 333-138032) and post-effective amendment to such registration statement for the registration of the Notes and other securities to be issued from time to time under the Securities
Act of 1933, as amended (the &#147;</FONT><B><FONT face="serif">1933 Act</FONT></B><FONT face="serif">&#148;). Such registration statement and post-effective amendment thereto have been declared effective by the SEC. Promptly after execution and
delivery of this Remarketing Agreement, the Company will prepare and file a prospectus in accordance with the provisions of Rule 430B (</FONT><B><FONT face="serif">&#147;Rule 430B</FONT></B><FONT face="serif">&#148;) of the rules and regulations of the SEC under the 1933 Act (the &#147;</FONT><B><FONT face="serif">1933 Act Regulations</FONT></B><FONT face="serif">&#148;) and paragraph (b) of Rule 424 of the 1933 Act Regulations (&#147;</FONT><B><FONT face="serif">Rule 424(b)</FONT></B><FONT face="serif">&#148;). Any information included in such prospectus that was omitted from such registration
statement or post-effective amendment thereto at the time each became effective but that is deemed to be part of and included in such registration statement pursuant to Rule 430B is referred to as &#147;</FONT><B><FONT face="serif">Rule 430B
Information</FONT></B><FONT face="serif">.&#148; Any prospectus used in connection with the offering of the Notes that omitted Rule 430B Information is herein called a &#147;preliminary prospectus.&#148; Such registration statement, at any given
time, including the amendments thereto at such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at such time and the documents otherwise
deemed to be a part thereof or included therein by 1933 Act Regulations, is herein called the &#147;</FONT><B><FONT face="serif">Registration Statement</FONT></B><FONT face="serif">.&#148; The Registration Statement at the time it originally became
effective is herein called the &#147;</FONT><B><FONT face="serif">Original Registration Statement</FONT></B><FONT face="serif">.&#148; The final prospectus in the form first furnished to the Remarketing Agents for use in connection with the offering
of the Notes, including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at the time of the execution of this Remarketing Agreement and any preliminary prospectuses that form a part thereof, is
herein called the &#147;</FONT><B><FONT face="serif">Prospectus</FONT></B><FONT face="serif">.&#148; For purposes of this Remarketing</FONT></P>
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<FONT face="serif">4</FONT></P>

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<FONT face="serif">Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its
Electronic Data Gathering, Analysis and Retrieval system (&#147;<B>EDGAR</B>&#148;).</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">All references in this Remarketing Agreement to financial statements and schedules and other information which is &#147;contained,&#148;
&#147;included&#148; or &#147;stated&#148; (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to mean and include all such financial statements and schedules and other
information which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be; and all references in this
Remarketing Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934, as amended (the
&#147;</FONT><B><FONT face="serif">1934 Act</FONT></B><FONT face="serif">&#148;) and the rules and regulations of the SEC thereunder (the &#147;</FONT><B><FONT face="serif">1934 Act Regulations</FONT></B><FONT face="serif">&#148;), which is
incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company has provided copies of the Registration Statement, any preliminary prospectus, the General Disclosure Package (as defined
below) and the Prospectus to the Remarketing Agents, and hereby consents to the use of any preliminary prospectus, the General Disclosure Package and the Prospectus in connection with the remarketing of the Notes. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7</FONT><I><FONT face="serif">. Representations and Warranties of the Company. </FONT></I><FONT face="serif"> </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company represents and warrants to, and agrees with, each Remarketing Agent as of the date hereof, as of the Applicable Time (as
defined below) and as of the Closing Time, that: </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company meets the requirements for use of Form S-3 under the 1933 Act. The Original Registration Statement has been declared effective
under the 1933 Act and no stop order suspending the effectiveness of the Registration Statement has been issued under the 1933 Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are
contemplated by the SEC, and any request on the part of the SEC for additional information has been complied with. The Company has paid all required SEC filing fees relating to the Notes. </FONT></P></div>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">At the respective times the Original Registration Statement and each amendment thereto became effective, at each deemed effective date with respect to the Remarketing Agents pursuant to Rule
430B(f)(2) of the 1933 Act Regulations and at the Closing Time, the Registration Statement complied and will comply in all </FONT></P></div>
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<FONT face="serif">5</FONT></P>

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<FONT face="serif">material respects with the requirements of the 1933 Act and 1933 Act Regulations and the Trust Indenture Act of 1939, as amended (the &#147;</FONT><B><FONT face="serif">1939 Act</FONT></B><FONT face="serif">&#148;) and the rules
and regulations of the SEC under the 1939 Act, and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Neither the Prospectus nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was distributed and at the Closing Time, included or will include an
untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Each preliminary prospectus (including the prospectus or prospectuses filed as part of the Original Registration Statement or any amendment thereto) complied when so filed in all material respects
with the 1933 Act Regulations.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As of the Applicable Time, neither (x) the Issuer General Use Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time, the Statutory Prospectus (as defined below) and
the information included on Schedule A hereto, all considered together (collectively, the &#147;</FONT><B><FONT face="serif">General Disclosure Package</FONT></B><FONT face="serif">&#148;), nor (y) any individual Issuer Limited Use Free Writing
Prospectus (as defined below), when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As used in this subsection and elsewhere in this Remarketing Agreement: </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><B><FONT face="serif">Applicable Time</FONT></B><FONT face="serif">&#148; means 4:00 pm (Eastern time) on June 5, 2008 or such other time as agreed by the Company and the Remarketing
Agents. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><B><FONT face="serif">Issuer Free Writing Prospectus</FONT></B><FONT face="serif">&#148; means any &#147;issuer free writing prospectus,&#148; as defined in Rule 433 of the 1933 Act
Regulations (&#147;</FONT><B><FONT face="serif">Rule 433</FONT></B><FONT face="serif">&#148;). </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><B><FONT face="serif">Issuer General Use Free Writing Prospectus</FONT></B><FONT face="serif">&#148; means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors, as evidenced by its being specified in Schedule A hereto. </FONT></P></div>
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<FONT face="serif">6</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><B><FONT face="serif">Issuer Limited Use Free Writing Prospectus</FONT></B><FONT face="serif">&#148; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free
Writing Prospectus and are listed on Schedule B. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><B><FONT face="serif">Statutory Prospectus</FONT></B><FONT face="serif">&#148; as of any time means the prospectus relating to the Notes that is included in the Registration Statement
immediately prior to that time, including any document incorporated by reference therein and any preliminary or other prospectus deemed to be a part thereof. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the remarketing of the Notes did not, does not and will not include any information that
conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein and any preliminary or other prospectus deemed to be a part thereof that
has not been superseded or modified. The Company did not participate in any &#147;road show&#148; (as defined in Rule 433(h)). </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus made in
reliance upon and in conformity with written information furnished to the Company by the Remarketing Agents expressly for use therein. </FONT></P></div>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Incorporated Documents</FONT></U><FONT face="serif">. The documents incorporated by reference in the Registration Statement, the
General Disclosure Package and the Prospectus, when they were filed with the SEC under the 1934 Act, conformed, and any further documents so filed and incorporated by reference in the Registration Statement, the General Disclosure Package and the
Prospectus on or before the Closing Date will, when they are filed with the SEC, conform, in all material respects to the requirements of the 1934 Act and the 1934 Act Regulations. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Financial Statements</FONT></U><FONT face="serif">. The audited consolidated financial statements and schedules of the Company and its
consolidated Subsidiaries included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly present the financial condition of the Company and its consolidated Subsidiaries (which, as used
herein, means any corporation of which the Company at the time owns or controls, directly or through an intervening medium, more than 50% of each class of outstanding voting stock) as of the dates indicated and the results of operations, changes in
shareholders&#146; equity and cash flows for the periods therein specified; and said financial statements have been prepared in accordance with generally accepted</FONT></P></div>
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<FONT face="serif">7</FONT></P>

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<FONT face="serif">principles of accounting, applied on a consistent basis throughout the periods involved (except for changes in accounting principles or the application thereof with which the Company&#146;s independent public accountants shall
have concurred). The unaudited consolidated financial statements of the Company, incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus and the related notes are true, complete and correct, subject
to normally recurring changes resulting from year-end audit adjustments, and have been prepared in accordance with the instructions to Form 10-Q. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Due Incorporation and Qualification</FONT></U><FONT face="serif">. The Company and each of its Principal Subsidiaries have been duly
incorporated, are validly existing and in good standing under the laws of their respective jurisdictions of incorporation, are duly qualified to do business and in good standing as foreign corporations in each jurisdiction in which their respective
ownership of property or the conduct of their respective businesses requires such qualification (except where the failure so to qualify would not be material to the Company and its Subsidiaries taken as a whole), and have the corporate power and
authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged. As used herein, the term &#147;</FONT><B><FONT face="serif">Principal Subsidiaries</FONT></B><FONT face="serif">&#148; shall mean
American Express Travel Related Services Company, Inc., American Express Bank, FSB, American Express Centurion Bank, American Express Credit Corporation, American Express Limited, American Express International, Inc., and American Express Banking
Corp., but shall not include any such company from and after the time it ceases to be a company of which the Company owns or controls, directly or indirectly, more than 50% of each class of outstanding voting stock. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Accountants</FONT></U><FONT face="serif">. The accountants who issued their reports on the financial statements included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus are each an independent registered public accounting firm within the meaning of the 1933 Act and the 1933 Act Regulations. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Authorization and Validity of the Indenture and the Notes</FONT></U><FONT face="serif">. The Indenture and the Notes have been duly
authorized; the Original Indenture is qualified under the 1939 Act; and the Indenture constitutes, and the Notes, when duly executed, authenticated, issued and delivered as contemplated hereby and by the Indenture and paid for as provided herein
will constitute, valid and legally binding obligations of the Company enforceable in accordance with their respective terms subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or
affecting creditors&#146; rights and to general principles of equity and to an implied covenant of good faith and fair dealing. </FONT></P></div>
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<FONT face="serif">8</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Not an Ineligible Issuer</FONT></U><FONT face="serif">. At the earliest time after the filing of the Registration Statement that the
Company or another offering participant made a </FONT><I><FONT face="serif">bona fide</FONT></I><FONT face="serif"> offer (within the meaning of Rule 164(h)(2) under the 1933 Act) of the Notes, the Company was not and is not an Ineligible Issuer, as
defined in Rule 405 under the 1933 Act (&#147;</FONT><B><FONT face="serif">Rule 405</FONT></B><FONT face="serif">&#148;), without taking account of any determination by the SEC pursuant to Rule 405 that it is not necessary that the Company be
considered an Ineligible Issuer. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(viii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Authorization of this Remarketing Agreement</FONT></U><FONT face="serif">. This Remarketing Agreement has been duly authorized,
executed and delivered by the Company.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ix)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Violation or Default</FONT></U><FONT face="serif">. Neither the Company nor any of its Principal Subsidiaries is in violation of its
corporate charter or by-laws or in default under any agreement, indenture or instrument, the effect of which violation or default would be material to the Company and its Subsidiaries taken as a whole. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(x)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Corporate Authority</FONT></U><FONT face="serif">. The Company has all necessary corporate power to issue and deliver the Notes.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xi)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Conflict</FONT></U><FONT face="serif">. Neither the issuance or sale of the Notes, nor the execution, delivery and performance of
this Remarketing Agreement, the Indenture and the Notes, and the consummation of any other transactions contemplated herein and therein will conflict with, or result in a breach or violation of, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the assets of the Company or any of its Subsidiaries pursuant to the terms of, or constitute a default under, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party or by
which it or its properties is bound, or result in a violation of the corporate charter or by-laws of the Company or any of its Subsidiaries or any order, rule or regulation (applicable to the Company, any of its Subsidiaries or any of their
respective properties) of any court or governmental agency having jurisdiction over the Company, any of its Subsidiaries or their respective properties, the effect of any of which would be material to the Company and its Subsidiaries taken as a
whole. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Regulatory Approvals</FONT></U><FONT face="serif">. The Company has made all necessary filings and obtained all necessary consents,
orders or approvals in connection with the remarketing of the Notes, and no consent, approval, authorization, order or decree of any other court or governmental agency or body is required for the consummation by the Company of the transactions
contemplated by this Remarketing Agreement, the Indenture and the Notes, except such as may be required under state securities laws. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xiii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Investment Company Act</FONT></U><FONT face="serif">. The Company is not and, after giving effect to the offering and sale of the
Notes and the application of </FONT></P></div>
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<FONT face="serif">9</FONT></P>

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<FONT face="serif">the proceeds thereof as described in the Registration Statement, the General Disclosure Package and the Prospectus, will not be required to register as an &#147;investment company&#148; as such term is defined in the Investment
Company Act of 1940, as amended. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xiv)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Material Adverse Change</FONT></U><FONT face="serif">. Except as described or incorporated by reference in or contemplated by the
Registration Statement, the General Disclosure Package and the Prospectus, there has not been any material change in the capital stock or long-term debt of the Company or any of its Principal Subsidiaries, or any material adverse change in, or any
adverse development which materially affects, the business, properties, financial condition or results of operations of the Company and its Subsidiaries taken as a whole from the respective dates as of which information is given or incorporated by
reference in the Registration Statement, the General Disclosure Package and the Prospectus. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xv)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Legal Proceedings</FONT></U><FONT face="serif">. Except as described or incorporated by reference in the Registration Statement, the
General Disclosure Package and the Prospectus, there is no material litigation or governmental proceeding pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries which might result in any material
adverse change in the financial condition, results of operations or business of the Company and its Subsidiaries taken as a whole. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xvi)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Internal Controls</FONT></U><FONT face="serif">. The Company and each of the Subsidiaries (A) make and keep accurate books and records
and (B) maintain internal accounting controls which provide reasonable assurance that (i) transactions are executed in accordance with management&#146;s authorization, (ii) transactions are recorded as necessary to permit preparation of its
financial statements and to maintain accountability for its assets, (iii) access to its assets is permitted only in accordance with management&#146;s authorization and (iv) the reported accountability for its assets is compared with existing assets
at reasonable intervals. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the end of the Company&#146;s most recent audited fiscal year, there has been no change in the Company&#146;s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xvii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Sarbanes-Oxley</FONT></U><FONT face="serif">. The Company is in compliance, in all material respects, with all applicable provisions
of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans, and the requirement that the Company and its consolidated subsidiaries maintain the following, among other,
controls and procedures: </FONT></P></div>
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<FONT face="serif">10</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(A)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">a system of &#147;internal accounting controls&#148; as contemplated in Section 13(b)(2)(B) of the 1934 Act; </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(B)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&#147;disclosure controls and procedures&#148; as such term is defined in Rule 13a-15(e) under the 1934 Act Regulations; and </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(C)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&#147;internal control over financial reporting&#148; as such term is defined in Rule 13a-15(f) under the 1934 Act Regulations. </FONT></P></div>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xviii)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Legends</FONT></U><FONT face="serif">. Consistent with the applicable provisions in the Indenture, the Company has removed from the
remarketed Notes any legend relating to restrictions on transfer of the remarketed Notes and provided for the &#147;unrestricted&#148; CUSIP to apply to all of the remarketed Notes. </FONT></P></div>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Additional Certifications</FONT></U><FONT face="serif">. Any certificate signed by any officer of the Company and delivered to the
Remarketing Agents or to counsel for the Remarketing Agents shall be deemed a representation and warranty by the Company to the Remarketing Agents as to the matters covered thereby on the date of such certificate and, unless subsequently amended or
supplemented, at each representation date subsequent thereto. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 8. </FONT><I><FONT face="serif">Covenants of the Company</FONT></I><FONT face="serif">. The Company covenants and agrees with the Remarketing Agents as follows: </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Compliance with Securities Regulations and SEC Requests; Payment</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">of Filing
Fees</FONT></U><FONT face="serif">. The Company, subject to Section 8(b), will comply with the requirements of Rule 430B and will notify the Remarketing Agents immediately, and confirm the notice in writing (which shall include notice by e-mail),
until the Closing Time, (i) when any post-effective amendment to the Registration Statement or new registration statement relating to the Notes shall become effective, or any supplement to the Prospectus or any amended Prospectus shall have been
filed, (ii) of any request by the SEC for any amendment to the Registration Statement or the filing of a new registration statement or any amendment or supplement to the Prospectus or any document incorporated by reference therein or otherwise
deemed to be a part thereof or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or such new registration statement or of any order preventing or suspending the
use of any preliminary prospectus, or of the suspension of the qualification of the Notes for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to
Section 8(e) of the 1933 Act concerning the Registration Statement, (iv) any withdrawal or lowering of the rating assigned by Moody&#146;s Investors Service, Inc. or Standard &amp; Poor&#146;s Rating Group (each, a &#147;</FONT><B><FONT face="serif">Rating Agency</FONT></B><FONT face="serif">&#148;) to any debt securities of the Company or the public announcement by any Rating Agency that it has under surveillance or review, with possible negative implications, its rating of such
debt securities, but only to the extent such Rating Agency has notified the Company of such </FONT></P>
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<FONT face="serif">surveillance or review, and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering of the Notes. The Company will effect the filings required under Rule 424(b), in
the manner and within the time period required by Rule 424(b). The Company will make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof as soon as practicable.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Filing of Amendments and 1934 Act Documents</FONT></U><FONT face="serif">. The Company will furnish the Remarketing Agents with copies
of any amendment to the Registration Statement or new registration statement relating to the Notes or any amendment, supplement or </FONT><U><FONT face="serif">revision</FONT></U><FONT face="serif"> to either any preliminary prospectus (including
any prospectus included in the Original Registration Statement or amendment thereto at the time it became effective) or to the Prospectus, whether pursuant to the 1933 Act, the 1934 Act or otherwise a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file or use any such document to which the Remarketing Agents or counsel for the Remarketing Agents shall reasonably object. The Company has given the Remarketing Agents notice of any filings made
pursuant to the 1934 Act or 1934 Act Regulations; the Company will give the Remarketing Agents notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Remarketing Agents with copies of any
such documents a reasonable amount of time prior to such proposed filing and will not file or use any such document to which the Remarketing Agents or counsel for the Remarketing Agents shall reasonably object.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Amendments to the Registration Statement, the General Disclosure</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Package or
the Prospectus</FONT></U><FONT face="serif">. If, at any time prior to the completion of the remarketing of the Notes by the Remarketing Agents, as evidenced by a notice in writing from the Remarketing Agents to the Company, any event occurs as a
result of which the Registration Statement, the General Disclosure Package or the Prospectus, as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement, the General Disclosure Package or the Prospectus to comply with applicable law, the
Company will notify the Remarketing Agents and promptly amend or supplement the Registration Statement, the General Disclosure Package or the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such
compliance and furnish to the Remarketing Agents such amendments or supplements to the Registration Statement, the General Disclosure Package or the Prospectus. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Blue Sky Qualifications</FONT></U><FONT face="serif">. The Company will use its best efforts to qualify the Notes for sale under the
securities laws of such jurisdictions as the Remarketing Agents reasonably designate, to maintain such qualifications in effect so long as required for the distribution of the Notes, except that the Company shall not be required in connection
therewith to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which</FONT></P>

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<FONT face="serif">would subject it to general or unlimited service of process or to taxation in any jurisdiction where it is not now so subject. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Delivery of Registration Statements, General Disclosure Packages and</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Prospectuses</FONT></U><FONT face="serif">. The Company will furnish to the Remarketing Agents copies of the Registration Statement, the General Disclosure Package or the Prospectus (including all documents incorporated by reference
therein), and all amendments and supplements to the Registration Statement, the General Disclosure Package or the Prospectus, in each case in such quantities as the Remarketing Agents may from time to time reasonably request. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Expenses</FONT></U><FONT face="serif">. The Company, whether or not the transactions contemplated hereunder are consummated or this
Remarketing Agreement is terminated, will pay all expenses incident to the performance of its obligations hereunder, including, without limiting the generality of the foregoing, all costs, taxes (including any transfer taxes) and expenses incident
to the issue and delivery of the Notes, all fees and expenses of the Company&#146;s counsel and accountants, and all costs and expenses incident to the preparing, printing and distributing of all documents relating to the offering, and will
reimburse the Remarketing Agents for certain expenses and disbursements (including fees and disbursements of counsel for the Remarketing Agents) incurred by them in connection with the remarketing of the Notes,the preparation of memoranda relating
thereto, for any filing fee of the Financial Industry Regulatory Authority, Inc. relating to the Notes, and for any fees charged by investment rating agencies for rating the Notes. If the sale of Notes provided for in this Remarketing Agreement is
not consummated by reason of any failure, refusal or inability on the part of the Company to perform any agreement on its part to be performed, or because any other condition of the Remarketing Agents&#146; obligations hereunder required to be
fulfilled by the Company is not fulfilled, the Company will reimburse the Remarketing Agents for all reasonable out-of-pocket disbursements (including fees and disbursements of counsel) incurred by the Remarketing Agents in connection with the
proposed purchase and sale of the Notes. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Issuer Free Writing Prospectuses</FONT></U><FONT face="serif">. Unless it obtains the prior consent of the Remarketing Agents, the
Company, and each Remarketing Agent, severally and not jointly, agrees with the Company, that it has not made and will not make any offer relating to the Notes that would constitute an Issuer Limited Use Free Writing Prospectus or that would
otherwise constitute a &#147;free writing prospectus&#148; as defined in Rule 405, required to be filed with the SEC. The Company has treated or will treat each Issuer General Use Free Writing Prospectus as an &#147;issuer free writing
prospectus,&#148; as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Issuer General Use Free Writing Prospectus, including timely filing with the SEC where required, legending and record
keeping. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9. </FONT><I><FONT face="serif">Conditions to the Remarketing Agent&#146;s Obligations. </FONT></I><FONT face="serif">Anything herein to the contrary notwithstanding, the parties hereto agree
(and the holders and beneficial owners of the Notes will be deemed to agree) that the obligations</FONT></P>
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<FONT face="serif">13</FONT></P>

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<FONT face="serif">of the Remarketing Agents under this Remarketing Agreement are subject to (i) the accuracy of the representations and warranties of the Company contained herein and the statements in any certificates furnished by the Company or
any Subsidiary of the Company hereunder as of the date hereof, the Applicable Time and the Closing Time, (ii) the performance by the Company of its obligations in connection with the remarketing in this Remarketing Agreement, the Indenture or any
other agreement relating to such remarketing, (iii) the Remarketing Agents are able to find a purchaser or purchasers for the Notes being remarketed at the applicable Minimum Price, (iv) no Event of Default (as defined in the Indenture), and no
event that with the passage of time or the giving of notice or both would become an Event of Default, shall be continuing, (v) this Remarketing Agreement has not been terminated and (vi) the satisfaction, at the Closing Time, of each of the
following conditions. The Remarketing Agents may in their sole discretion waive in writing compliance with any condition to their obligations hereunder. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Registration Statement</FONT></U><FONT face="serif">. Prior to the Closing Time, no stop order suspending the effectiveness of the
Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Company or the Remarketing Agents, shall be threatened by the SEC. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Material Changes and Transactions</FONT></U><FONT face="serif">. Except as contemplated in the Registration Statement, the General
Disclosure Package and the Prospectus, since the dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus and up to the Closing Time, there shall not have been (i) any material change,
on a consolidated basis, in the shareholders&#146; equity, long-term debt, total assets, total revenue or total net income of the Company and its Subsidiaries, in the condition (financial or other) or in the earnings of the Company and its
Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business, or (ii) any withdrawal or lowering of the rating assigned by a Rating Agency to any debt securities of the Company or the public announcement by any Rating
Agency that it has under surveillance or review, with possible negative implications, its rating of such debt securities, but only to the extent such Rating Agency has notified the Company of such surveillance or review, which, in each case referred
to in clause (i) or (ii) above, in the Remarketing Agents&#146; reasonable judgment, makes it impractical or inadvisable to offer or deliver the Notes on the Closing Date, on the terms and in the manner contemplated in the Registration Statement,
the General Disclosure Package and the Prospectus. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Cleary Gottlieb Steen &amp; Hamilton LLP, special counsel for the Company, shall have furnished to the Remarketing Agents their written
opinion, dated the Closing Date, in form and substance satisfactory to the Remarketing Agents, to the effect that: </FONT></P>
<div style="margin-left:20px"><P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the Company has corporate power to issue the Notes, to enter into this Remarketing Agreement and the Indenture and to perform its
obligations thereunder;</FONT></P></div>
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<FONT face="serif">14</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the execution and delivery of this Remarketing Agreement has been duly authorized by all necessary corporate action of the Company; this
Remarketing Agreement has been duly executed and delivered by the Company; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the execution and delivery of the Notes have been duly authorized by all necessary corporate action of the Company and the Notes have
been duly executed and delivered by the Company and are the valid, binding and enforceable obligations of the Company entitled to the benefits of the Indenture; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the execution and delivery of the Indenture has been duly authorized by all necessary corporate action of the Company; the Indenture has
been duly executed and delivered by the Company and is a valid, binding and enforceable obligation of the Company; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof, will
not be an &#147;investment company&#148;, as such term is defined in the Investment Company Act; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the statements in the Registration Statement, the General Disclosure Package and the Prospectus under the caption &#147;Description of the
Remarketed Notes&#148;, insofar as such statements purport to summarize certain provisions of the Notes and the Indenture, provide a fair summary of such provisions; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the statements made in the Registration Statement, the General Disclosure Package and the Prospectus under the headings &#147;Certain
United States Federal Income Tax Considerations&#148; and &#147;Certain U.S. Federal Income Tax Consequences&#148;, insofar as such statements purport to summarize certain federal income tax laws of the United States, constitute a fair summary of
the principal U.S. federal income tax consequences of an investment in the Notes. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In addition, Cleary, Gottlieb, Steen &amp; Hamilton, special counsel for the Company, shall have furnished to the Remarketing Agents a letter, dated the Closing Date, to the effect that, based on such
counsel&#146;s participation in certain telephone conversations in connection with the preparation of the Registration Statement, the General Disclosure Package and the Prospectus, such counsel&#146;s review of certain corporate records and
documents of the Company and such counsel&#146;s understanding of the U.S. federal securities laws and the experience they have gained in their practice thereunder, such counsel has no reason to believe that (except for financial statements and
schedules and other financial and statistical data and management&#146;s report on the effectiveness of internal control over financial reporting as to which such counsel need not express any belief) the Registration Statement (including the
information, if any, deemed </FONT></P></div>
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<FONT face="serif">15</FONT></P>

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<FONT face="serif">pursuant to Rule 430A, 430B or 430C of the 1933 Act to be part of the Registration Statement at the time of effectiveness) and the Prospectus as of the date thereof and the General Disclosure Package as of the Applicable Time
contained, or as of the date such letter is delivered contains, any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In rendering such opinion and letter as aforesaid, such counsel may, as to factual matters, rely upon written certificates or statements of officers of the Company, public and stock exchange
officials. In addition, such counsel may state that (x) such opinion is limited to the federal law of the United States and the law of the State of New York, (y) they have assumed, among other things, the accuracy as to factual matters of each
document they have reviewed and that the Notes conform to the form thereof they have reviewed and will be duly authenticated in accordance with the terms of the Indenture and (z) insofar as such opinions relate to the validity, binding effect or
enforceability of any agreement or obligation of the Company, (1) they have assumed that the Company and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to
make such agreement or obligation enforceable against it (other than as to the Company regarding matters of the federal law of the United States or the law of the State of New York that in such counsel&#146;s experience are normally applicable to
general business entities in relation to the transactions contemplated in this Remarketing Agreement, the Indenture and the Notes) and (2) such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights
generally and to general principles of equity. </FONT></P></div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company shall have furnished to the Remarketing Agents the opinion of Louise M. Parent, Esq., Executive Vice President and General
Counsel to the Company, dated the Closing Date, to the effect that: </FONT></P>
<div style="margin-left:20px"><P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the Company and each of its Principal Subsidiaries have been duly incorporated and are validly existing and in good standing under the laws
of their respective jurisdictions of incorporation, and have all corporate power and authority necessary to own their respective properties and conduct the businesses in which they are engaged as described in the Registration Statement, the General
Disclosure Package and the Prospectus; and except as may be disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, all outstanding shares of capital stock of each of the Principal Subsidiaries are owned by the
Company directly, or indirectly through wholly-owned Subsidiaries, free and clear of any lien, pledge and encumbrance or, to the best of such counsel's knowledge, any claim of any third party, except as permitted by the Indenture;</FONT></P></div>
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<FONT face="serif">16</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">to the best of such counsel's knowledge, neither the Company nor any of its Principal Subsidiaries is in violation of its corporate
charter or by-laws, or, to the best of such counsel's knowledge, in default under any agreement, indenture or instrument the effect of any of which would be material to the Company and its Subsidiaries taken as a whole;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">neither the issuance or sale of the Notes nor the execution, delivery and performance of this Remarketing Agreement and the Indenture by
the Company and the consummation by the Company of any other transactions contemplated by this Remarketing Agreement and the Indenture will conflict with, or result in a breach or violation of, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the assets of the Company or any of its Subsidiaries pursuant to the terms of, or constitute a default under, any agreement, indenture or instrument known to such counsel to which the Company or any of its
Subsidiaries is a party or by which it or its properties is bound, or result in a violation of the corporate charter or by-laws of the Company or any of its Subsidiaries or any order, rule or regulation (applicable to the Company, any of its
Subsidiaries or any of their respective properties) (other than United States Federal securities laws or any state securities or Blue Sky laws) of any court or governmental agency having jurisdiction over the Company, any of its Subsidiaries or
their respective properties, the effect of any of which would be material to the Company and its Subsidiaries taken as a whole; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">such counsel (A) has no reason to believe that any document incorporated by reference in the Registration Statement, the General
Disclosure Package and the Prospectus (except for financial statements and schedules and other financial and statistical data included therein as to which such counsel need express no opinion), as of the respective date of its filing with the SEC,
was not appropriately responsive in all material respects to the requirements of the 1934 Act and the 1934 Act Regulations and (B) has no reason to believe that (except for financial statements and schedules and other financial and statistical data
as to which such counsel need not express any belief) the Registration Statement, the General Disclosure Package and the Prospectus as of the date thereof contained, or as of the date such opinion is delivered contains, any untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">such counsel does not know of any litigation or any governmental proceeding pending or threatened against the Company or any of its
Subsidiaries, other than as set forth, incorporated by reference or contemplated in the Registration Statement, the General Disclosure Package and the Prospectus, which affect the subject matter of this Remarketing Agreement or the Indenture and the
performance by the</FONT></P></div>
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<FONT face="serif">17</FONT></P>

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<FONT face="serif">Company of its obligations pursuant to and in the manner contemplated by the Registration Statement, the General Disclosure Package, the Prospectus, this Remarketing Agreement or the Indenture, or which would reasonably be
expected to result in a material adverse change in the financial condition, results of operations or business of the Company and its Subsidiaries considered as a whole; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">no consent, approval, authorization or qualification of or with any governmental authority of the United States or the State of New York
is required for the issue and sale of the Notes to the Remarketing Agents pursuant to this Remarketing Agreement or the performance by the Company of its obligations under this Remarketing Agreement or the Indenture (other than federal securities
laws, as to which such counsel expresses no opinion in this paragraph, and state securities or blue sky laws, as to which such counsel expresses no opinion). </FONT></P></div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In rendering such opinion as aforesaid, such counsel may rely upon, the representations and warranties as to factual matters made in written certificates or statements of officers of the Company and
the originals, or copies certified or otherwise identified to such counsel&#146;s satisfaction, of such records, documents, certificates and other instruments as in the judgment of such counsel are necessary or appropriate. In addition, such counsel
may state that (x) such opinion is limited to the federal law of the United States and the law of the State of New York and (y) insofar as the foregoing opinions relate to matters concerning American Express Banking Corp., such counsel may rely
upon, to the extent such counsel deems proper and to the extent specified in such opinion, opinions (reasonably satisfactory to Remarketing Agents&#146; counsel) of the General Counsel of American Express Banking Corp. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Remarketing Agents shall have received from their counsel, Sidley Austin </FONT><FONT size=2 face="serif">LLP</FONT><FONT face="serif">, an opinion to the effect that: </FONT></P>
<div style="margin-left:20px"><P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">assuming the Notes have been duly authenticated by the Trustee in accordance with the provisions of the Indenture, the Notes are valid and
binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors&#146; rights generally and general principles of equity, and are entitled to the
benefits of the Indenture; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">this Remarketing Agreement has been duly authorized, executed and delivered by the Company; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the Indenture has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors&#146; rights generally and general principles of equity and except as rights to indemnification and contribution may be
limited under applicable law; </FONT></P></div>
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<FONT face="serif">18</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the statements in the Registration Statement, the General Disclosure Package and the Prospectus under the caption &#147;Description of the
Remarketed Notes&#148; insofar as such statements constitute summaries of the legal matters, documents or proceedings referred to therein, fairly summarize the matters referred to therein; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">such counsel has no reason to believe that (except for financial statements and schedules and other financial and statistical data as to
which such counsel need not express any belief) the Registration Statement (including the information, if any, deemed pursuant to Rule 430A, 430B or 430C of the 1933 Act to be part of the Registration Statement at the time of effectiveness) and the
Prospectus as of the date thereof and the General Disclosure Package as of the Applicable Time contained, or as of the date such opinion is delivered contains, any untrue statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </FONT></P></div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">With respect to paragraph (v) above, Sidley Austin </FONT><FONT size=2 face="serif">LLP</FONT><FONT face="serif"> may state that their beliefs are based upon their review of the Registration Statement
and their participation in the preparation of the General Disclosure Package and the Prospectus (and any amendments or supplements thereto) and review and discussion of the contents thereof (including the review of, but not participation in the
preparation of, the incorporated documents), but are without independent check or verification except as specified. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company shall have furnished to the Remarketing Agents a certificate of the Chairman of the Board of Directors, President or any Vice
President and of the Chief Financial Officer, the Treasurer or an Assistant Treasurer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the General
Disclosure Package, the Prospectus and this Remarketing Agreement and that: </FONT></P>
<div style="margin-left:20px"><P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the representations and warranties of the Company in this Remarketing Agreement are true and correct in all material respects on and as of
the Closing Date with the same effect as if made on the Closing Date and the Company has complied, in all material respects, with all the agreements and satisfied, in all material respects, all the conditions on its part to be performed or satisfied
at or prior to the Closing Date; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the Registration Statement, General Disclosure Package and the Prospectus do not contain any untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and since the date of the Prospectus there has not occurred any event concerning which information
would be required to be contained in an amended or supplemented Prospectus in order to make the statements </FONT></P></div>
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<FONT face="serif">19</FONT></P>

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<FONT face="serif">in the Prospectus, in the light of the circumstances under which they were made, not misleading; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no
proceedings for that purpose have been instituted or, to the Company&#146;s knowledge, threatened; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">there has not occurred any change in the rating assigned by any nationally recognized securities rating agency to any securities of the
Company. </FONT></P></div>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">On the date of the issuance of the Prospectus and also on the Closing Date, PricewaterhouseCoopers LLP shall have furnished to the
Remarketing Agents letters, dated the respective dates of delivery thereof, in form and substance satisfactory to the Remarketing Agents, containing statements and information of the type customarily included in accountants&#146; &#147;comfort
letters&#148; with respect to the financial statements and certain financial information contained in or incorporated by reference into the Registration Statement, General Disclosure Package and the Prospectus. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Prior to the Closing Date, the Company shall have furnished to the Remarketing Agents such further information, certificates and documents
as they may reasonably request. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10</FONT><I><FONT face="serif">. Termination of Remarketing Agreement. </FONT></I><FONT face="serif">The Remarketing Agents shall have the right to terminate this Remarketing Agreement by
giving notice as hereinafter specified at any time at or prior to the Closing Date if (i) the Company shall have failed, refused or been unable, at or prior to the Closing Date, to perform, in any material respect, any agreement on its part to be
performed hereunder, (ii) any other condition of the Remarketing Agents&#146; obligations is not fulfilled in all material respects, (iii) trading on the New York Stock Exchange shall have been wholly suspended, (iv) minimum or maximum prices for
trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the New York Stock Exchange by such Exchange or by order of the SEC or any other governmental authority having jurisdiction, (v) a general
banking moratorium shall have been declared by federal or New York authorities, (vi) an outbreak of major hostilities in which the United States is involved has occurred, a declaration of war or national emergency had been made by Congress, or (vii)
there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) which, in the Remarketing
Agents&#146; reasonable judgment, makes it impractical or inadvisable to proceed with the offer, sale or delivery of the Notes on the terms and in the manner contemplated in the Registration Statement, the General Disclosure Package and the
Prospectus. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8(f) and Section 12 shall at all times be effective. If the Remarketing Agents elect to</FONT></P>
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<FONT face="serif">20</FONT></P>

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<FONT face="serif">terminate this Remarketing Agreement as provided in this Section 10, the Company shall be notified promptly by the Remarketing Agents by telephone or telegram, confirmed by letter. Notwithstanding any such termination, the
obligations set forth in Section 2 (insofar as such Section relates to the payment of the Remarketing Fee) and Section 3 hereof shall survive and remain in full force and effect until all amounts payable under such Sections shall have been paid in
full. In addition, each former Remarketing Agent shall be entitled to the rights and benefits under Sections 11 and 12 of this Remarketing Agreement notwithstanding the replacement or resignation of such Remarketing Agent. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11</FONT><I><FONT face="serif">. Remarketing Agents&#146; Performance; Duty of Care. </FONT></I><FONT face="serif">The duties and obligations of each Remarketing Agent shall be determined
solely by the express provisions of this Remarketing Agreement. No implied covenants or obligations of or against the Remarketing Agents shall be read into this Remarketing Agreement. In the absence of bad faith on the part of the Remarketing
Agents, the Remarketing Agents may conclusively rely upon any document furnished to them which purports to conform to the requirements of this Remarketing Agreement as to the truth of the statements expressed therein. The Remarketing Agents shall be
protected in acting upon any document or communication reasonably believed by them to be signed, presented or made by the proper party or parties. The Remarketing Agents shall not have any obligation to determine whether there is any limitation
under applicable law on the Reset Rate on the Notes or, if there is any such limitation, the maximum permissible Reset Rate on the Notes, and the Remarketing Agents shall rely solely upon written notice from the Company as to whether or not there is
any such limitation and, if so, the maximum permissible Reset Rate. The Remarketing Agents shall not incur any liability under this Remarketing Agreement to the Company, any beneficial owner or holder of Notes, or other securities, either in its
individual capacity or as Remarketing Agent, for any action or failure to act in connection with any remarketing or otherwise in connection with the transactions contemplated by this Remarketing Agreement, except to the extent that it shall have
been determined by a court of competent jurisdiction by final and nonappealable judgment that such liability has resulted from the willful misconduct, bad faith or gross negligence of such Remarketing Agent or from their intentional breach of their
express obligations hereunder. The provisions of this Section 11 shall survive any termination of this Remarketing Agreement and shall also continue to apply to every Remarketing Agent notwithstanding their resignation or removal. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 12</FONT><I><FONT face="serif">. Indemnification and Contribution. </FONT></I><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Company will indemnify and hold harmless each Remarketing Agent against any losses, claims, damages or liabilities, joint or several,
to which such Remarketing Agent may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) (i) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or arise out of or are based upon the</FONT></P>
<P align="center">
<FONT face="serif">21</FONT></P>

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<FONT face="serif">omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) in the event any Remarketing Agent is named as a defendant in any
proceeding relating to the remarketing of the Notes, except to the extent finally judicially determined to be due to its gross negligence or willful misconduct; and will reimburse each Remarketing Agent for any legal or other expenses reasonably
incurred by it in connection with investigating or defending against such loss, claim, damage, liability or action; </FONT><I><FONT face="serif">provided, however</FONT></I><FONT face="serif">, that the Company shall not be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Company by or on behalf of any Remarketing Agent, specifically for use in the preparation thereof;</FONT><I><FONT face="serif"> provided, further,</FONT></I><FONT face="serif"> that the foregoing indemnity agreement with respect to
the Registration Statement, General Disclosure Package or Prospectus shall not inure to the benefit of any Remarketing Agent from whom the person asserting any such losses, claims, damages or liabilities purchased Notes, or any person controlling
such Remarketing Agent where it shall have been determined by a court of competent jurisdiction by final and nonappealable judgment that (i) prior to the time when sales of the Notes are first made (the &#147;</FONT><B><FONT face="serif">Time of
Sale</FONT></B><FONT face="serif">&#148;) the Company shall have notified such Remarketing Agent that the Registration Statement, General Disclosure Package or Prospectus contains an untrue statement of material fact or omits to state therein a
material fact required to be stated therein in order to make the statements therein not misleading, (ii) such untrue statement or omission of a material fact was corrected in an amended or supplemented Registration Statement, General Disclosure
Package, Prospectus or, where permitted by law, an Issuer Free Writing Prospectus and such corrected Registration Statement, General Disclosure Package, Prospectus or Issuer Free Writing Prospectus was provided to such Remarketing Agent far enough
in advance of the Time of Sale so that such corrected Registration Statement, General Disclosure Package, Prospectus or Issuer Free Writing Prospectus could have been provided to such person prior to the Time of Sale, (iii) the Remarketing Agent did
not send or give such corrected Registration Statement, General Disclosure Package, Prospectus or Issuer Free Writing Prospectus to such person at or prior to the Time of Sale of the Securities to such person, and (iv) such loss, claim, damage or
liability would not have occurred had the Remarketing Agent delivered the corrected Registration Statement, General Disclosure Package, Prospectus or Issuer Free Writing Prospectus to such person as provided for in clause (iii) above. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Each Remarketing Agent, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages or
liabilities to which the Company may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the extent,</FONT></P>
<P align="center">
<FONT face="serif">22</FONT></P>

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<FONT face="serif">but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf
of any Remarketing Agent, specifically for use in the preparation thereof; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending against any such loss, claim,
damage, liability or action.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party hereunder otherwise than under such subsection. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party, similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal
or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the Remarketing Agents shall have the right to employ one separate counsel
to represent jointly the Remarketing Agents and their respective controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Remarketing Agents against the Company under this
Section 12 if, in the reasonable judgment of the Remarketing Agents, it is advisable for the Remarketing Agents and controlling persons to be jointly represented by separate counsel, and in that event, the fees and expenses of such counsel shall be
paid by the Company. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding on terms reasonably
satisfactory to such indemnified party. An indemnifying party shall not be liable under this Section 12 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding to which such indemnified party is or could have been a party and in respect of which indemnification or contribution is intended to be sought hereunder unless such settlement, compromise or consent is consented to
by such indemnifying party (such consent not to be unreasonably withheld), in which case such indemnifying party agrees to indemnify and hold harmless the indemnified parties from and against any loss or liability by reason of such settlement,
compromise or consent. </FONT></P>
<P align="center">
<FONT face="serif">23</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If the indemnification provided for in this Section 12 is unavailable or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Remarketing Agents on the other from the offering of the Notes, or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Remarketing Agents on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Remarketing Agents on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering of the Notes (before deducting expenses) received by the Company bear to the total discounts and commissions (before deducting expenses) received or realized by
the Remarketing Agents. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or the Remarketing Agents and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Remarketing Agents agree that it
would not be just and equitable if contributions pursuant to this subsection (d) were to be determined by </FONT><I><FONT face="serif">pro rata </FONT></I><FONT face="serif">allocation (even if the Remarketing Agents were treated as one entity for
such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim
(which shall be limited as provided in subsection (c) above if the indemnifying party has assumed the defense of any such action in accordance with the provisions thereof) which is the subject of this subsection (d). Notwithstanding the provisions
of this subsection (d), no Remarketing Agent shall be required to contribute any amount which, in the aggregate, exceeds the aggregate fees received by it under Section 3 hereof. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Remarketing Agents&#146; obligations in this subsection (d) to contribute shall be several in respective
proportions as the aggregate principal amount of the Notes which are remarketed bears to the aggregate fees actually received by such Remarketing Agent under Section 3 hereof, and not joint. Promptly after receipt by an indemnified party under this
subsection (d) of notice of the commencement of any action against such party in respect of which a claim for contribution may be made against an indemnifying </FONT></P>
<P align="center">
<FONT face="serif">24</FONT></P>

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<P align="left">
<FONT face="serif">party under this subsection (d), such indemnified party shall notify the indemnifying party in writing of the commencement thereof if the notice specified in subsection (c) above has not been given with respect to such action; but
the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under this subsection (d). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The obligations of the Company under this Section 12 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if
any, who controls any Remarketing Agent within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act; and the obligations of the Remarketing Agents under this Section 12 shall be in addition to any liability which the
respective Remarketing Agents may otherwise have and shall extend, upon the same terms and conditions, to each director of the Company (including any person who is named in the Registration Statement, General Disclosure Package or the Prospectus as
about to become a director of the Company) to each officer of the Company and to each person, if any, who controls the Company within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 13</FONT><I><FONT face="serif">. Representations, Warranties and Agreements to Survive Delivery. </FONT></I><FONT face="serif">All representations, warranties, and agreements of the Company
herein or in certificates delivered pursuant hereto, and the agreements of the several Remarketing Agents contained in Section 12 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any
Remarketing Agent or any controlling persons, or the Company or any of its officers, directors or any controlling persons, and shall survive delivery of and payment for the Notes. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 14</FONT><I><FONT face="serif">. Tax Disclosure. </FONT></I><FONT face="serif">Notwithstanding any other provision of this Remarketing Agreement, immediately upon commencement of discussions
with respect to the transactions contemplated hereby, the Company and the Remarketing Agents (and each employee, representative or other agent of the Company and the Remarketing Agents) may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the transactions contemplated by this Remarketing Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to the Company or the Remarketing Agents relating to
such tax treatment and tax structure. For purposes of the foregoing, the term &#147;tax treatment&#148; is the purported or claimed federal income tax treatment of the transactions contemplated hereby, and the term &#147;tax structure&#148; includes
any fact that may be relevant to understanding the purported or claimed federal income tax treatment of the transactions contemplated hereby. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 15</FONT><I><FONT face="serif">. No Advisory or Fiduciary Relationship. </FONT></I><FONT face="serif">The Company acknowledges and agrees that (i) the remarketing of the Notes pursuant to this
Remarketing Agreement, the Indenture and the Notes, including the determination of the terms of the Notes and the Remarketing Fee, is an arm&#146;s-length commercial</FONT></P>
<P align="center">
<FONT face="serif">25</FONT></P>

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<FONT face="serif">transaction between the Company, on the one hand, and the Remarketing Agents, on the other hand, (ii) in connection with the remarketing contemplated hereby and the process leading to such transaction, each Remarketing Agent is
and has been acting solely as a principal and is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the Remarketing Agents have not assumed and will not assume an advisory or fiduciary
responsibility in favor of the Company with respect to the remarketing contemplated hereby or the process leading thereto (irrespective of whether any Remarketing Agent has advised or is currently advising the Company on other matters) and the
Remarketing Agents have no obligation to the Company with respect to the remarketing contemplated hereby except the obligations expressly set forth in this Remarketing Agreement, (iv) each Remarketing Agent and its affiliates may be engaged in a
broad range of transactions that involve interests that differ from those of the Company, and (v) the Remarketing Agents have not provided any legal, accounting, regulatory or tax advice with respect to the remarketing contemplated hereby and the
Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 16</FONT><I><FONT face="serif">. Governing Law. </FONT></I><FONT face="serif">This Remarketing Agreement shall be governed by and construed in accordance with the law of the State of New York.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 17</FONT><I><FONT face="serif">. Successors and Assigns. </FONT></I><FONT face="serif">The rights and obligations of the Company hereunder may not be assigned or delegated to any other person
without the prior written consent of the Remarketing Agents. The rights and obligations of the Remarketing Agents hereunder may not be assigned or delegated to any other person without the prior written consent of the Company. This Remarketing
Agreement shall inure to the benefit of and be binding upon the Company and the Remarketing Agents and their respective successors and assigns. The terms &#147;</FONT><B><FONT face="serif">successors</FONT></B><FONT face="serif">&#148; and
&#147;</FONT><B><FONT face="serif">assigns</FONT></B><FONT face="serif">&#148; shall not include any purchaser of Notes merely because of such purchase. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 18</FONT><I><FONT face="serif">. Headings. </FONT></I><FONT face="serif">Section headings have been inserted in this Remarketing Agreement as a matter of convenience of reference only, and it
is agreed that such section headings are not a part of this Remarketing Agreement and will not be used in the interpretation of any provision of this Remarketing Agreement. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 19</FONT><I><FONT face="serif">. Severability. </FONT></I><FONT face="serif">If any provision of this Remarketing Agreement shall be held or deemed to be or shall, in fact, be invalid,
inoperative or unenforceable as applied in any particular case in any or all jurisdictions because it conflicts with any provisions of any constitution, statute, rule or public policy or for any other reason, such circumstances shall not have the
effect of rendering the provision in question invalid, inoperative or unenforceable in any other case, circumstances or jurisdiction, or of rendering any other provision or provisions of this Remarketing Agreement invalid, inoperative or
unenforceable to any extent whatsoever. </FONT></P>
<P align="center">
<FONT face="serif">26</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 20</FONT><I><FONT face="serif">. Counterparts. </FONT></I><FONT face="serif">This Remarketing Agreement may be executed in counterparts, each of which shall be regarded as an original and all
of which shall constitute one and the same document. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 21</FONT><I><FONT face="serif">. Amendments. </FONT></I><FONT face="serif">This Remarketing Agreement may be amended by any instrument in writing signed by the parties hereto. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 22</FONT><I><FONT face="serif">. Notices. </FONT></I><FONT face="serif">Unless otherwise specified, any notices, requests, consents or other communications given or made hereunder or pursuant
hereto shall be made in writing or transmitted by any standard form of telecommunication, including telephone, telegraph or telecopy, and confirmed in writing. All written notices and confirmations of notices by telecommunication shall be deemed to
have been validly given or made when delivered or mailed, registered or certified mail, return receipt requested and postage prepaid. All such notices, requests, consents or other communications shall be addressed as follows. </FONT></P>
<TABLE width="522" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD colspan="2" align=left>
<FONT face="serif">If to the Company:</FONT>&nbsp;  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left width=10%>&nbsp;</TD>
  <TD align=left width=75%><font face="serif">American Express Company</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD width=10% align=left>&nbsp;</TD>
  <TD width=75% align=left><font face="serif">American Express Tower</font>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">World Financial Center</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">200 Vesey Street</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left><font face="serif">New York, New York 10285</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Attention: Chief Financial Officer</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Facsimile: 212-640-2409</font>&nbsp; </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD colspan="2" align=left>
<FONT face="serif">If to the Remarketing Agents:</FONT>&nbsp;  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">J.P. Morgan Securities Inc.</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">270 Park Avenue</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">New York, New York 10172</font>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Facsimile No.: (212) 834-6081</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=15%>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left><font face="serif">Attention: Investment Grade Syndicate Desk</font></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="2">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Merrill Lynch, Pierce, Fenner &amp; Smith
    Incorporated</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Global Transaction Management Group</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">4 World Financial Center, Floor 15</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">New York, New York 10080</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Facsimile No.: (212) 449-2234</font>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15%>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font face="serif">Attention: Scott Primrose</font>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif">or to such other address as any of the above shall specify to the other by notice duly given in accordance with the terms of this Section 22.</FONT></P>
<P align="center">
<FONT face="serif">27</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, each of the Company and the Remarketing Agents has caused this Remarketing Agreement to be executed in its name and on its behalf by one of its duly authorized officers as of the
date first above written. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left width=60%>&nbsp;</TD>
  <TD colspan="3" align=left><font face="serif">AMERICAN EXPRESS COMPANY</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="4">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="3%" align=left><font size=2 face="serif"></font><font face="serif">By:</font></TD>
  <TD colspan="2" align=left style="border-bottom:solid 1px #010000;"><font face="serif">/s/
    David L. Yowan</font>&nbsp; </TD>
  </TR>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="3%" align=left>&nbsp;</TD>
  <TD width="3%" align=left><font face="serif">Name:&nbsp;&nbsp;</font></TD>
  <TD align=left><font face="serif">David L. Yowan</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="3%" align=left>&nbsp;</TD>
  <TD width="3%" align=left><font face="serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  <TD align=left><font face="serif"> Treasurer</font></TD>
</TR>
</TABLE>
<font face="serif"><br>
CONFIRMED AND ACCEPTED:</font>&nbsp; <br>
<br>
<br>
<font face="serif">J.P.
MORGAN SECURITIES INC.</font>&nbsp;<br><br>
<br>
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="2%" align=left><font size=2 face="serif"></font><font face="serif">By:</font></TD>
  <TD width="20%" align=center style="border-bottom:solid 1px #010000;"><font face="serif">/s/
      Stephen L. Sheiner</font></TD>
  <TD width="8%" align=left style="border-bottom:solid 1px #010000;">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD width="2%" align=center>&nbsp; </TD>
  <TD width="20%" align=center><font face="serif">Authorized Signatory</font>&nbsp;&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR><br>
<br>

<P align="left">
<FONT face="serif">MERRILL LYNCH, PIERCE, FENNER &amp; SMITH<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </FONT></P>
<br>
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="2%" align=left><font size=2 face="serif"></font><font face="serif">By:</font></TD>
  <TD width="20%" align=center style="border-bottom:solid 1px #010000;"><font face="serif">/s/ Ian Simmonds</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="8%" align=left style="border-bottom:solid 1px #010000;">&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD width="2%" align=center>&nbsp; </TD>
  <TD width="20%" align=center><font face="serif">Authorized Signatory</font></TD>
  <TD colspan="2" align=left>&nbsp;</TD>
</TR>
</TABLE>
<HR noshade align="center" width="100%" size=2>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="right">
<B><FONT face="serif">Schedule A </FONT></B></P>
<P align="center"><b><font face="serif">Issuer General Use Free Writing Prospectus</font></b></P>
<P align="left"><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary
    of Final Terms of Remarketed Notes, dated June 5, 2008</font></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="right">&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">&nbsp;</P>


<DIV align="center">
<IMG src="c53913_fwpx1x1.jpg" border=0>
</DIV>
<P align="center">
<B><FONT face="sans-serif">American Express Company </FONT></B><BR>
<B><FONT face="sans-serif">Summary of Final Terms of Remarketed Notes </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=5 cellspacing=0>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;border-top:1px solid #000000">
<B><FONT size=2 face="sans-serif">Issuer:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;border-top:1px solid #000000">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;border-top:1px solid #000000">
<FONT size=2 face="sans-serif">American Express Company</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Ratings (Moody&#8217;s/S&amp;P/Fitch)</FONT></B><B><SUP><FONT size=2 face="sans-serif">1</FONT></SUP></B><B><FONT size=2 face="sans-serif">:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="middle" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">A1/A+/A+</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Currency:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">USD</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Type:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SEC Registered Senior Notes</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Remarketing Size:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">$1,994,978,000 of $1,999,978,000 outstanding</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Trade Date:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">June 5, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Settlement Date:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">June 10, 2008 (T+3)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Next Remarketing Reset Date:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">June 10, 2009 (or if such day is not a business
day, the next business day)</FONT>  </TD>
</TR>

<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">If Next Remarketing Fails:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Putable to the Issuer at par if the remarketing
on June 10, 2009 is not successful</FONT>  </TD>
</TR>

<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Final Maturity:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">December 1, 2033</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Re-offer Spread to 3m LIBOR:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">149.888 bps</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Offer Price (Price to Public):</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">100.05%
plus accrued interest from and including June 5, 2008 to but excluding the Settlement
Date at the Coupon rate</FONT>  </TD>
</TR>

<TR valign="bottom">
  <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Coupon:</FONT></B>  </TD>
  <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3m LIBOR + 155 bps</FONT>  </TD>
</TR>
    <TD width=30% align=right valign="top" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Initial Interest Rate for Period <br>
June 5, 2008
to September 10, 2008:</FONT></B>  </TD>
      <TD width=5% valign="top" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=65% align=left valign="top" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4.22313%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="30%" align=right valign="top" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Coupon
    Frequency: </FONT></B></TD>
  <TD valign="top" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="65%" align=left valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">Quarterly,
      paying on March 10, June 10, September 10 and December 10, subject to modified
    following business day convention, commencing on September 10, 2008 </FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="30%" align=right valign="top" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Day
    Count: </FONT></B></TD>
  <TD valign="top" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="65%" align=left valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">ACT/360 </FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="30%" align=right valign="top" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">U.S.
    Federal Income Tax: </FONT></B></TD>
  <TD valign="top" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="65%" align=left valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">The
      notes are subject to the Treasury regulations governing contingent payment
      debt instruments (see discussion of &#8220;Certain United States Federal
    Income Tax Considerations&#8221; in the Preliminary Prospectus Supplement) </FONT></TD>
</TR>
</TABLE>
<BR>
<P align="left">&nbsp;</P>
<div style="border-bottom:1px solid #000000; width:160px">&nbsp;</div>
<P align="left"><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif"> An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such
  of their own investigations, studies and assumptions, as they deem appropriate. The ratings of the notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell
  or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. </FONT></P>
<HR noshade align="center" width="100%" size=2>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">&nbsp;</P>
<div style="border-bottom:1px solid #000000"> &nbsp;</div>
<TABLE width="100%" border=0 cellpadding=5 cellspacing=0>
  <TR valign="bottom">
    <TD width="30%" align=right valign="top" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Proposed
          Amendment</FONT></B><BR>
      <B><FONT size=2 face="sans-serif">Information:</FONT></B></TD>
    <TD width="5%" valign="top" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="65%" align=left valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">The
        proposed amendments to the original indenture and the first supplemental
        indenture, as described in the above-referenced Preliminary Prospectus
    Supplement, will not be adopted </FONT></TD>
  </TR>

  <TR valign="bottom">
    <TD width="30%" align=right valign="top" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">CUSIP: </FONT></B></TD>
    <TD valign="top" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="65%" align=left valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">025816AS8 </FONT></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=5 cellspacing=0>
<TR valign="bottom">
  <TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=2 face="sans-serif">Remarketing
    Agents:</FONT></B><FONT size=2 face="sans-serif"> </FONT></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;JPMorgan</FONT>  </TD>
  <TD width=98% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch &amp; Co.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
</TR>
</TABLE>
<BR>
<blockquote>
  <p align="left">
    <FONT face="serif">THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;) FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD
      READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT
      WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY REMARKETING AGENT OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING J.P. MORGAN SECURITIES INC. COLLECT AT 1-212-834-4533 OR MERRILL LYNCH,
    PIERCE, FENNER &amp; SMITH INCORPORATED TOLL-FREE AT 1-866-500-5408. </FONT></p>
  <p align="left">
  <FONT face="serif">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT
    VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</FONT><FONT size=2 face="serif"> </FONT></p>
</blockquote>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>
<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">Schedule B </FONT></B></P>

<P align="center">
<B><FONT face="serif">Issuer Limited Use Free Writing Prospectus</FONT></B></P>

<P align="left">
<FONT face="serif">None.</FONT></P>

<HR noshade align="center" width="100%" size=2>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="right"><B><FONT face="serif">Schedule C </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%><B><FONT face="serif">Percentage of</FONT></B>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left><div style="margin-left:130px"><B><FONT face="serif">Remarketing Agent</FONT></B></div></TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%><B><FONT face="serif">Remarketing Fee</FONT></B>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=24%>&nbsp;</TD>
  <TD align=left width=45%><div style="margin-left:10px"><font face="serif">J.P. Morgan Securities Inc.</font></div></TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%>
<FONT face="serif">50.0%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=24% align=left>&nbsp;</TD>
  <TD width=45% align=left><div style="margin-left:10px"><font face="serif">Merrill Lynch, Pierce, Fenner &amp; Smith</font></div></TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><div style="margin-left:85px"><FONT face="serif">Incorporated</FONT></div></TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%><U><FONT face="serif">50.0%</FONT></U></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD align=center width=30%>
<FONT face="serif">100.0%</FONT>&nbsp;&nbsp;&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=2>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
