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<SEC-DOCUMENT>0000930413-09-002795.txt : 20090522
<SEC-HEADER>0000930413-09-002795.hdr.sgml : 20090522
<ACCEPTANCE-DATETIME>20090519171956
ACCESSION NUMBER:		0000930413-09-002795
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090518
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090519
DATE AS OF CHANGE:		20090519

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:		09840347

	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>c57673_8k.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c57673_8k.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<tr>
    <td width=32%></td>
    <td width=2%></td>
    <td width=32%></td>
    <td width=2%></td>
    <td width=32%></td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=4 face="serif">UNITED STATES</font>&nbsp; </td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap colspan=5><font size=4 face="serif">SECURITIES AND
        EXCHANGE COMMISSION</font>&nbsp; </td>
    </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">Washington, D.C. 20549</font>&nbsp; </td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=4 face="serif">FORM 8-K</font>&nbsp; </td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">CURRENT REPORT</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">Pursuant to Section 13
        or 15(d) of the</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">Securities Exchange Act
        of 1934</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">Date of Report (Date of
        earliest event reported): May 18, 2009</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center colspan=5><font size=4 face="serif">AMERICAN EXPRESS
        COMPANY</font></td>
    </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">(Exact name of registrant
        as specified in its charter)</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">New
        York</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">1-7657</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">13-4922250</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap><font size=2 face="serif">(State or other jurisdiction</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">(Commission File Number)</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">(IRS Employer</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap><font size=2 face="serif">of incorporation</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">Identification No.)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap><font size=2 face="serif">or organization)</font><font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap colspan=3><font size=2 face="serif">200 Vesey Street,
        World Financial Center</font><font size="2">&nbsp; </font></td>
    <td align=center nowrap>&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="3" align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">New
        York, New York</font><font size="2">&nbsp;</font> </td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">10285</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap colspan=3><font size=2 face="serif">(Address of principal
        executive offices)</font><font size="2">&nbsp; </font></td>
    <td align="center">&nbsp;</td>
    <td align=center nowrap><font size=2 face="serif">(Zip Code)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap colspan=5><font size=2 face="serif">Registrant&#146;s
        telephone number, including area code: (212) 640-2000</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap colspan=3>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center style="border-bottom:1px solid #000000;"><font size="2"><font face="serif">None</font>&nbsp; </font></td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=center colspan=5><font size=2 face="serif">(Former name or former
        address, if changed since last report)</font> </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></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><FONT size="2" FACE=WINGDINGS>o</FONT></td>
    <td><FONT size=2 face="serif">Written communications pursuant to Rule 425
    under the Securities Act (17 CFR 230.425)</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size="2" FACE=WINGDINGS>o</FONT></td>
    <td><FONT size=2 face="serif">Soliciting material pursuant to Rule 14a-12
    under the Exchange Act (17 CFR 240.14a-12)</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size="2" FACE=WINGDINGS>o</FONT></td>
    <td><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></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size="2" FACE=WINGDINGS>o</FONT></td>
    <td><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></td>
  </tr>
</table>

<P align="justify">&nbsp;</P>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
  <FONT size=2 face="serif">Item 8.01 Other Events.<br>
On May 18, 2009, we issued U.S.&#36; 1,250,000,000 aggregate principal amount of our 7.25% Notes due May 20, 2014 (the &#147;2014 Notes&#148;) and U.S.&#36; 1,750,000,000 aggregate principal amount of our 8.125% Notes due
May 20, 2019 (the &#147;2019 Notes&#148; and, together with the 2014 Notes, the &#147;Securities&#148;) pursuant to a Prospectus Supplement dated May 13, 2009 to the Prospectus dated October 16, 2006, filed as part of our Registration Statement on
Form S-3 (Registration No. 333-138032) filed with the Securities and Exchange Commission on October 16, 2006. We sold the Securities pursuant to a Terms Agreement (the &#147;Terms Agreement&#148;) among us, Banc of America Securities LLC, Citigroup
Global Markets Inc., Goldman, Sachs &amp; Co., J.P. Morgan Securities Inc. and
UBS Securities LLC as representatives of the underwriters named in Schedule I
to the Terms Agreement. The Securities were sold to the underwriters at 99.492%
and 99.225% of the aggregate principal amount of the 2014 and 2019 Notes, respectively.
The Securities were issued under the Senior Debt Indenture, dated as of August
1, 2007, between us and The Bank of New York Mellon, as trustee (successor in
interest to The Bank of New York). </FONT></P>
<P align="left">
  <FONT size=2 face="serif">The preceding is a summary of the terms of the Terms Agreement and the Securities, and is qualified in its entirety by reference to the Terms Agreement attached as Exhibit 1.0 and the Forms of Global Notes attached as
Exhibit 4.1 and Exhibit 4.2, and each is incorporated herein by reference as though it were fully set forth herein. </FONT></P>
<P align="left">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><FONT size=2 face="serif">Item 9.01 &nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap><FONT size=2 face="serif">(d)</FONT></TD>
    <TD><FONT size=2 face="serif">Exhibits</FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
<TD width="3%" valign=top nowrap>
  <FONT size=2 face="serif">1.0</FONT><font size="2">&nbsp; &nbsp; &nbsp; 	</font></TD>
	<TD width=97%>
<P align="justify"><FONT size=2 face="serif">Terms Agreement among the Registrant,
    Banc of America Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs &amp; Co.,
    J.P. Morgan Securities Inc. and UBS Securities LLC dated May 13, 2009</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="3%" valign=top nowrap>
  <FONT size=2 face="serif">4.1</FONT><font size="2">&nbsp; &nbsp; &nbsp; 	</font></TD>
	<TD width=97%>
<P align="justify"><FONT size=2 face="serif">Form of Global Note for &#36;1,250,000,000
    principal amount of 7.25% Notes due May 20, 2014</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="3%" valign=top nowrap>
  <FONT size=2 face="serif">4.2</FONT><font size="2">&nbsp; &nbsp; &nbsp; 	</font></TD>
	<TD width=97%>
<P align="justify"><FONT size=2 face="serif">Form of Global Note for &#36;1,750,000,000
    principal amount of 8.125% Notes due May 20, 2019</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
  <FONT size=2 face="serif">SIGNATURE</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></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="50%"></TD>
  <TD width="22%"></TD>
     <TD width="25%"></TD>
</TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="22%" align=left nowrap>
      <font size="2"><B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B>&nbsp;	</font></TD>
    <TD width="25%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="22%" align=left nowrap>
      <font size="2"><B><FONT face="serif">(REGISTRANT)</FONT></B>&nbsp;	</font></TD>
    <TD width="25%" align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="50%">&nbsp;</TD>
  <TD width="22%">&nbsp;	</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="22%" align=left nowrap style="border-bottom:1px solid #000000">
      <FONT size=2 face="serif">By: /s/ Carol V. Schwartz</FONT>	</TD>
    <TD width="25%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="22%" align=left nowrap>
      <FONT size=2 face="serif">Name: Carol V. Schwartz</FONT><font size="2">&nbsp;	</font></TD>
    <TD width="25%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="50%" align=left nowrap>&nbsp;</TD>
  <TD width="22%" align=left nowrap>
      <FONT size=2 face="serif">Title: Secretary</FONT><font size="2">&nbsp;	</font></TD>
    <TD width="25%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><font size="2"><BR>
  </font>
    <P align="left"> <FONT size=2 face="serif"><U>DATE: May 19, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<P align="left">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.0
<SEQUENCE>2
<FILENAME>c57673_ex1-0.htm
<TEXT>

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<P align="right"><B><FONT size=2 face="serif">Exhibit 1.0</FONT></B></P>
<P align="right"><B><FONT face="serif">EXECUTION VERSION </FONT></B></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center"><B><FONT size=2 face="serif">TERMS AGREEMENT </FONT></B></P>
<P align="left">&nbsp;</P>
<P align="right"><FONT size=2 face="serif">May 13, 2009 </FONT></P>
<P align="left">
<FONT size=2 face="serif">American Express Company </FONT><BR>
<FONT size=2 face="serif">200 Vesey Street</FONT><BR>
<FONT size=2 face="serif">New York, New York 10285 </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Attention: Treasurer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Ladies and Gentlemen: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We (the &#147;</FONT><U><FONT size=2 face="serif">Representatives</FONT></U><FONT size=2 face="serif">&#148;) understand that American Express Company, a New York corporation (the
&#147;</FONT><U><FONT size=2 face="serif">Company</FONT></U><FONT size=2 face="serif">&#148;), proposes to issue and sell U.S.&#36; 1,250,000,000 aggregate principal amount of its 7.250% Notes due May 20, 2014 (the &#147;</FONT><U><FONT size=2 face="serif">2014 Notes</FONT></U><FONT size=2 face="serif">&#148;) and U.S.&#36; 1,750,000,000 aggregate principal amount of its 8.125% Notes due May 20, 2019 (the &#147;</FONT><U><FONT size=2 face="serif">2019 Notes</FONT></U><FONT size=2 face="serif">&#148; and, together with the 2014 Notes, the &#147;</FONT><U><FONT size=2 face="serif">Securities</FONT></U><FONT size=2 face="serif">&#148;) pursuant to the Company&#146;s Registration Statement on Form S-3 (No. 333-138032) (the
&#147;</FONT><U><FONT size=2 face="serif">Registration Statement</FONT></U><FONT size=2 face="serif">&#148;).</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Subject to the terms and conditions set forth herein or incorporated by reference herein, the underwriters named in Schedule I hereto (the &#147;</FONT><U><FONT size=2 face="serif">Underwriters</FONT></U><FONT size=2 face="serif">&#148;) offer to purchase, severally and not jointly, the principal amount of Securities set forth therein opposite their respective names at 99.492% of the principal amount of the 2014
Notes and 99.225% of the principal amount of the 2019 Notes, together with accrued interest, if any, thereon from May 18, 2009 to the Closing Date. The Closing Date shall be May 18, 2009, at 9:30 a.m. at the offices of Cleary Gottlieb Steen &amp;
Hamilton LLP, One Liberty Plaza, New York, New York, or at such other time or place on the same or such other date as the Representatives and the Company may agree upon in writing, and shall occur in Federal (same day) funds. The Securities shall be
represented by one or more global securities (the &#147;</FONT><U><FONT size=2 face="serif">Global Securities</FONT></U><FONT size=2 face="serif">&#148;) registered in the name of Cede &amp; Co., the nominee of The Depository Trust Company, New
York, New York (the &#147;</FONT><U><FONT size=2 face="serif">Depository</FONT></U><FONT size=2 face="serif">&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Securities shall have the following terms: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Title:</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">U.S.&#36; 1,250,000,000 aggregate principal amount of its 7.250%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Notes due May 20, 2014.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">U.S.&#36; 1,750,000,000 aggregate principal amount of its 8.125%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Notes due May 20, 2019.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Maturity:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">May 20, 2014 for the 2014 Notes.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><div align="left"><FONT size=2 face="serif">May 20, 2019 for the 2019
    Notes.</FONT> </div></TD>
</TR>
</TABLE>
<BR>

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<P STYLE="page-break-before:always"></P><PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Interest Payment Dates:</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">May 20 and November 20 of each year, beginning November 20,</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2009.</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Initial Price to Public:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">99.842% of the principal amount of the 2014 Notes and 99.675%</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">of the principal amount of the 2019 Notes, plus accrued interest, if</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">any, from May 18, 2009.</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Underwriting Discount:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">0.350% for the 2014 Notes.</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">0.450% for the 2019 Notes.</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Net Proceeds Before</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Expenses to Company:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">U.S&#36; 2,980,087,500.</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Delayed Delivery</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">None.</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Contracts:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Redemption provisions:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">The Company may not redeem the Securities prior to maturity</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">unless certain events occur involving United States taxation.</FONT>      </div></TD>
  </TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indenture:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Senior Debt Indenture dated as of August 1, 2007 among the</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Company and The Bank of New York Mellon, as trustee.</FONT>      </div></TD>
  </TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Counsel for the</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Underwriters:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Cleary Gottlieb Steen &amp; Hamilton
    LLP</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Additional terms:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">As set forth in the Prospectus Supplement dated May 13, 2009 to</FONT>      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">the Prospectus dated October 16, 2006 relating to the Securities.</FONT>      </div></TD>
  </TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Except as expressly set forth below, all the provisions contained in the document entitled &#147;American Express Company&#150;&#150;Debt Securities&#150;&#150;Underwriting Agreement Basic
Provisions&#148; filed as an exhibit to the Registration Statement on October 16, 2006 (the &#147;</FONT><U><FONT size=2 face="serif">Basic Provisions</FONT></U><FONT size=2 face="serif">&#148;), a copy of which you have previously received, are
herein incorporated by reference in their entirety and shall be deemed to be a part of this Terms Agreement, except as provided herein, to the same extent as if the Basic Provisions had been set forth in full herein. Terms defined in the Basic
Provisions, except as otherwise defined herein, are used herein as therein defined. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Amendments to the Basic Provisions: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Each Underwriter hereby represents to and agrees with the Company that:</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="left"><FONT size=2 face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &#147;</FONT><U><FONT size=2 face="serif">Relevant Member State</FONT></U><FONT size=2 face="serif">&#148;), each Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the &#147;</FONT><U><FONT size=2 face="serif">Relevant Implementation Date</FONT></U><FONT size=2 face="serif">&#148;), it has not made and will not make an offer of Securities to the public in that Relevant Member State prior to the publication of a prospectus in relation to the
Securities which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance
with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of Securities to the public in that Relevant Member State at any time: (a) to legal entities which are authorized or
regulated to operate in the financial markets or, if not so authorized or</FONT></P>
  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT face="serif">2 </FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>


<div style="margin-left:70px">
  <p align="left"><font size=2 face="serif">regulated, whose corporate purpose
      is solely to invest in securities; (b) to any legal entity which has two
      or more of (1) an average of at least 250 employees during the last financial
      year; (2) a total balance sheet of more than &#128;43,000,000; and (3)
      an annual net turnover of more than &#128;50,000,000, as shown in its last
      annual or consolidated accounts; (c) to fewer than 100 natural or legal
      persons (other than qualified investors as defined in the Prospectus Directive)
      subject to obtaining the prior consent of the Representatives for any such
      offer; or (d) in any other circumstances which do not require the publication
      by the issuer of a prospectus pursuant to Article 3 of the Prospectus Directive.
      For the purposes of this provision, the expression an &#147;offer of Securities
      to the public&#148; in relation to any Securities in any Relevant Member
      State means the communication in any form and by any means of sufficient
      information on the terms of the offer and the Securities to be offered
      so as to enable an investor to decide to purchase or subscribe the Securities,
      as the same may be varied in that Member State by any measure implementing
      the Prospectus Directive in that Member State and the expression Prospectus
      Directive means Directive 2003/71/EC and includes any relevant implementing
      measure in each Relevant Member State. </font></p>
  <p align="left"> <font size=2 face="serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    It has (a) only communicated
    or caused to be communicated and will only communicate or cause to be communicated
    an invitation or inducement to engage in investment activity (within the
    meaning of Section 21 of the Financial Services and Markets Act 2000 (the &#147;</font><u><font size=2 face="serif">FSMA</font></u><font size=2 face="serif">&#148;))
      received by it in connection with the issue or sale of the Securities in
      circumstances in which Section 21(1) of the FSMA does not apply to the
      Company; and (b) complied and will comply with all applicable provisions
      of the FSMA with respect to anything done by it in relation to the Securities
      in, from or otherwise involving the United Kingdom. </font></p>
  <p align="left"> <font size=2 face="serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;    It
      has not offered, sold or delivered and will not offer, sell or deliver
      any of the Securities directly or indirectly, or distribute the Prospectus
      or any other offering material relating to the Securities, in or from any
      jurisdiction outside the United States or the jurisdictions described in
      paragraphs (i)-(ii) of this Section 1 except under circumstances that will
      result in compliance with the applicable laws and regulations thereof and
      that will not impose any obligations on the Company except as set forth
      herein. </font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fourth subclause of Section 1(b) of the Basic Provisions is amended and restated as follows:</FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;and
      on the date of any filing pursuant to Rule 424(b), as of its date and on
      the Closing Date, the Final Prospectus (together with any supplement thereto)
      will not include any untrue statement of a material fact or 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;&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 1(c) of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;As
      of the Applicable Time, the Disclosure Package, when considered as a whole,
      did not contain any untrue statement of a material fact or omit 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.&#148;</font></p>
</div>
<P align="center"><FONT face="serif">3 </FONT></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 1(f) of the Basic Provisions is amended to delete the words &#147;listed on the schedule to the Terms Agreement&#148; immediately following the words &#147;Each
Issuer Free Writing Prospectus.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1(o) of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;Neither
      the Company nor any of American Express Banking Corp., American Express
      Travel Related Services Company, American Express Bank, FSB, American Express
      Centurion Bank, American Express Credit Corporation, American Express Limited
      and American Express International (the &#147;</font><u><font size=2 face="serif">Principal
      Subsidiaries</font></u><font size=2 face="serif">&#148;) is in violation
      or default of (i) any provision of its charter or bylaws or other constitutive
      documents, (ii) the terms of any indenture, contract, lease, mortgage,
      deed of trust, note agreement, loan agreement or other agreement, obligation,
      condition, covenant or instrument to which it is a party or bound or to
      which its property is subject, or (iii) any statute, law, rule, regulation,
      judgment, order or decree of any court, regulatory body, administrative
      agency, governmental body, arbitrator or other authority having jurisdiction
      over the Company or such Principal Subsidiary or any of its properties,
      as applicable, except, in the case of (ii) or (iii), where such violation
      or default would not, individually or in the aggregate, have a material
      adverse effect on the condition (financial or otherwise), earnings, business
      or properties of the Company and its subsidiaries, taken as a whole.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1 of the Basic Provisions is amended to insert the following at the end of the existing provisions: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(t)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    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 of 1940, as amended (the &#147;</font><u><font size=2 face="serif">Investment
      Company Act</font></u><font size=2 face="serif">&#148;). </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">(u)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    The Company maintains disclosure controls and procedures (as such term
    is defined in Rule 13a-15(e) under the Exchange Act) that comply with the
    requirements of the Exchange Act; such disclosure controls and procedures
    have been designed to ensure that material information relating to the
    Company and its subsidiaries is made known to the Company&#146;s principal
      executive officer and principal financial officer by others within those
      entities; and such disclosure controls and procedures are effective.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5(c) of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior
      to the termination of the offering of the Securities, if there occurs an
      event or development as a result of which the Disclosure Package or any
      Issuer Free Writing Prospectus would include an untrue statement of a material
      fact or would omit to state a material fact necessary in order to make
      the statements therein, in the light of the circumstances then prevailing,
      not misleading, the Company will notify promptly the Representatives so
      that any use of the Disclosure Package or any Issuer Free Writing Prospectus
      may cease until it is amended or supplemented, and will amend or supplement,
      at the expense of the Company, the Disclosure Package or any such Issuer
      Free Writing Prospectus, as the case may be, to correct any such misstatements
      or omissions and supply any amendment or supplement to you in such quantities
      as you may reasonably request.&#148;</font></p>
</div>
<P align="center"><FONT face="serif">4 </FONT></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first subclause of Section 5(g) of the Basic Provisions is amended and restated to read as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;The
      Company will arrange, if necessary, for the qualification of the Securities
      for sale under the laws of such jurisdictions as the Representatives may
      designate, will maintain such qualifications in effect so long as required
      for the distribution of the Securities and will pay any fee of the Financial
      Industry Regulatory Authority, Inc. </font><font size=2 face="serif">(&#147;<u>FINRA</u>&#148;),
      in connection with its review of the offering;&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 5(h) of the Basic Provisions is amended and restated to read as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;The
      Company, whether or not the transactions contemplated hereunder are consummated
      or this 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 and expenses incident to
      the issue and delivery of the Securities, all fees and expenses of the
      Company's counsel and accountants, and all costs and expenses incident
      to the preparing, printing, filing and distributing of all documents relating
      to the offering, and will reimburse the Underwriters for any expenses and
      disbursements (including fees and disbursements of counsel not exceeding
      the amount, if any, specified in the Terms Agreement) incurred by them
      in connection with the matters referred to in Section 5(g) hereof and the
      preparation of memoranda relating thereto, for any filing fee of FINRA
      relating to the Securities, and for any fees charged by investment rating
      agencies for rating the Securities.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">10.&nbsp;&nbsp;&nbsp;&nbsp; The
    first subclause of Section 5(j) of the Basic Provisions is amended and restated
    to read as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;The
      Company agrees that, unless it obtains the prior written consent of the
      Representatives, and each Underwriter, severally and not jointly, agrees
      with the Company that, unless it has obtained or will obtain, as the case
      may be, the prior written consent of the Company, it has not made and will
      not make any offer relating to the Securities that would constitute an
      Issuer Free Writing Prospectus or that would otherwise constitute a &#147;free
      writing prospectus&#148; (as defined in Rule 405) required to be filed
      by the Company with the Commission or retained by the Company under Rule
      433, other than a free writing prospectus containing the information contained
      in the final term sheet prepared and filed pursuant to Section 5(b) hereto;&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">11.&nbsp;&nbsp;&nbsp;&nbsp; Paragraph
    (vi) of Section 6(c) of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(vi)
      Such counsel has no reason to believe that the documents specified in a
      schedule to such counsel&#146;s letter, consisting of those included in
      the Disclosure Package and the final term sheet prepared and filed pursuant
      to Section 5(b) hereto, when taken together as a whole, at the Applicable
      Time contained 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 circumstances under which they were made, not misleading;&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">12.&nbsp;&nbsp;&nbsp;&nbsp; Paragraph
    (xi) of Section 6(c) of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(xi)
      Neither the execution and delivery of the Indenture, the issue and sale
      of the Securities, nor the consummation of any other of the transactions
      herein contemplated </font></p>
</div>
<P align="center"><FONT face="serif">5 </FONT></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<div style="margin-left:70px">
  <font size=2 face="serif">nor the fulfillment of the terms
      hereof will conflict with, result in a breach or violation of, or imposition
      of any lien, charge or encumbrance upon any property or assets of the Company
      or any of its subsidiaries pursuant to (i) the charter or by-laws of the
      Company or any of its Principal Subsidiaries, (ii) the terms of any indenture,
      contract, lease, mortgage, deed of trust, note agreement, loan agreement
      or other agreement, obligation, condition, covenant or instrument known
      to such counsel to which the Company or any of its subsidiaries is a party
      or bound or to which its or their property is subject, or (iii) any statute,
      law, rule, regulation, judgment, order or decree applicable to the Company,
      any of its subsidiaries or any of their respective properties of any court,
      regulatory body, administrative agency, governmental body, arbitrator or
      other authority having jurisdiction over the Company or its subsidiaries
      or any of its or their properties, except, in the case of (ii) and (iii),
      where any such breach, violation or default would not be material to the
Company and its subsidiaries, taken as a whole;&#148;</font></div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">13.&nbsp;&nbsp;&nbsp;&nbsp; Section
    6(c) of the Basic Provisions is amended to insert the following at the end
    of the existing provisions:</FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(xiv)
      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.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">14.&nbsp;&nbsp;&nbsp;&nbsp;  In
    the eleventh line of Section 8(a) of the Basic Provisions the words &#147;Permitted
    Free Writing Prospectus&#148; are replaced with the words &#147;any Issuer
    Free Writing Prospectus,  any issuer information filed or required to be
    filed pursuant to Rule 433(d)&#148;. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8(a) of the Basic Provisions is revised to delete the following language:</FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;</font><u><font size=2 face="serif">provided</font></u><font size=2 face="serif">, </font><u><font size=2 face="serif">further</font></u><font size=2 face="serif"> that
      the foregoing indemnity with respect to any Preliminary Final Prospectus,
      the Final Prospectus or any Permitted Free Writing Prospectus shall not
      inure to the benefit of any Underwriter from whom the person asserting
      any losses, claims, damages or liabilities otherwise covered by this paragraph
      purchased Securities, or to the benefit of any person controlling such
      Underwriter, if a copy of the Preliminary Final Prospectus, Final Prospectus
      or Permitted Free Writing Prospectus (as then amended and supplemented
      if the Company shall have furnished any amendments or supplements thereto)
      was not sent or given by or on behalf of such Underwriter to such person
      if required so to have been delivered, at or prior to the entry into the
      contract of sale of Securities with such person, and if the Preliminary
      Final Prospectus, Final Prospectus or Permitted Free Writing Prospectus
      (as so amended or supplemented) would have cured the defect giving rise
      to such loss, claim, damage or liability.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">16.&nbsp;&nbsp;&nbsp;&nbsp; The
    last sentence of Section 8(c) of the Basic Provisions is amended to insert
    the following at the end of the existing sentence: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;and
      does not include a statement as to, or an admission of, fault, culpability
      or a failure to act by or on behalf of an indemnified party.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">17.&nbsp;&nbsp;&nbsp;&nbsp; Paragraph (i) of Section 10 of the Basic Provisions is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147;(i)
      trading in the Company&#146;s common stock shall have been suspended by
      the Commission or the New York Stock Exchange or trading in securities
      generally shall </font></p>
</div>
<P align="center"><FONT face="serif">6 </FONT></P>
<HR noshade align="center" width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="margin-left:70px">
  <p align="left"><font size=2 face="serif">have been suspended or materially
      limited or minimum prices shall have been established on such Exchange.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">18.&nbsp;&nbsp;&nbsp;&nbsp;  In
    the 10th line of the first sentence of Section 10 of the Basic Provisions,
    the words &#147;in the judgment of the Representatives&#148; are replaced
    with &#147;in the reasonable judgment
of the Representatives.&#148; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">19.&nbsp;&nbsp;&nbsp;&nbsp; Pursuant
to Section 12 of the Basic Provisions, notices to the Representatives of the
Underwriters shall be sent to: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Name:</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Banc of America Securities LLC</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Address:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Bank of America Tower</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">One Bryant Park</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York 10036</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Attention:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">High Grade Debt Capital Markets Transaction</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Management/Legal</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Facsimile Number:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(212) 901-7881</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Name:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Citigroup Global Markets Inc.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Address:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">388 Greenwich Street</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York 10013</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Attention:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">General Counsel</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Facsimile Number:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(212) 816-7912</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Name:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Goldman, Sachs &amp; Co.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Address:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">85 Broad Street, 20</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">Floor</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York 10004</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Attention:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Registration Department</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Facsimile Number:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(212) 902-3000</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Name:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">J.P. Morgan Securities Inc.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Address:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">270 Park Avenue</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York 10017</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Attention:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">High Grade Syndicate Desk</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Facsimile Number:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(212) 834-6081</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Name:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">UBS Securities LLC</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Address:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">677 Washington Boulevard</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Stamford, Connecticut 06901</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Attention:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fixed Income Syndicate</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Facsimile Number:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(203) 719-0495</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">20.&nbsp;&nbsp;&nbsp;&nbsp; The
definition of &#147;Disclosure Package&#148; in Section 19 of the Basic Provisions
is amended and restated as follows: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147; &#147;Disclosure
      Package&#148; shall mean (i) the Base Prospectus, (ii) the Preliminary
      Final Prospectus used most recently prior to the Execution Time, (iii)
      the Issuer Free Writing Prospectus identified in Schedule II of this Terms
      Agreement (excluding the treasury benchmark, treasury price, treasury yield,
      re-offer spread to benchmark, and reoffer yield included therein) and (iv)
      any other Free Writing Prospectus that the parties </font></p>
</div>
<P align="center"><FONT face="serif">7 </FONT></P>
<HR noshade align="center" width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<div style="margin-left:70px">
  <p align="left"><font size=2 face="serif">hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">21.&nbsp;&nbsp;&nbsp;&nbsp; The following
    definitions shall be added to Section 19 of the Basic Provisions: </FONT></P>
<div style="margin-left:70px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147; &#147;Applicable
      Time&#148; shall mean 5:48 p.m., New York City time, on the date of this
      Terms Agreement.&#148; </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">&#147; &#147;Counsel
      to the Underwriters&#148; shall mean Cleary Gottlieb Steen &amp; Hamilton
      LLP.&#148;</font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">22.&nbsp;&nbsp;&nbsp;&nbsp;  In
    addition to the legal opinions required by Sections 6(c) and 6(d) of the
    Basic Provisions, the Underwriters shall have received an opinion of Tammy
    Fried, Vice President-Tax Counsel of  the Company, dated the Closing Date,
    to the effect that such counsel has reviewed the statements in the Prospectus
    Supplement under the heading &#147;Certain United States Federal Income Tax
    Considerations&#148; and, insofar as they are, or refer
to, statements of United States tax law or legal conclusions, such statements
    are accurate in all material respects, subject in the case of the opinion
    and other statements to qualifications set forth therein. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Please accept this offer by signing a copy of this Terms Agreement in the space set forth below and returning the signed copy to us, or by sending us a written acceptance in the following form:
</FONT></P>
<P align="center">
<FONT size=2 face="serif">[</FONT><I><FONT size=2 face="serif">The remainder of this page has been intentionally left blank.</FONT></I><FONT size=2 face="serif">] </FONT></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT face="serif">8 </FONT></P>

<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;We hereby accept your
offer, set forth in the Terms Agreement, dated May <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2009, to purchase the Securities on the terms set forth therein.&#148;</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">Very truly yours,</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">For itself and as Representative
        of the Underwriters</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">BANC OF AMERICA SECURITIES LLC</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Christopher Hogg</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;&nbsp;Christopher Hogg</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;Managing Director</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">CITIGROUP GLOBAL MARKETS INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">GOLDMAN, SACHS &amp; CO.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">J.P. MORGAN SECURITIES INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">UBS SECURITIES LLC</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>

  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;We hereby accept your
offer, set forth in the Terms Agreement, dated May <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2009, to purchase the Securities on the terms set forth therein.&#148;</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">Very truly yours,</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">For itself and as Representative
        of the Underwriters</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">BANC OF AMERICA SECURITIES LLC</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">CITIGROUP GLOBAL MARKETS INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Jack D. McSpadden, Jr.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;&nbsp;Jack D. McSpadden, Jr.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;Managing Director</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">GOLDMAN, SACHS &amp; CO.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">J.P. MORGAN SECURITIES INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">UBS SECURITIES LLC</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>

  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>




<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;We hereby accept your
offer, set forth in the Terms Agreement, dated May <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2009, to purchase the Securities on the terms set forth therein.&#148;</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">Very truly yours,</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">For itself and as Representative
        of the Underwriters</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">BANC OF AMERICA SECURITIES LLC</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">CITIGROUP GLOBAL MARKETS INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">GOLDMAN, SACHS &amp; CO.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><font size="2">/s/ Goldman,
    Sachs &amp; Co.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Goldman, Sachs &amp; Co.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">J.P. MORGAN SECURITIES INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">UBS SECURITIES LLC</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>

  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="right">&nbsp;</P>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>




<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;We hereby accept your
offer, set forth in the Terms Agreement, dated May <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2009, to purchase the Securities on the terms set forth therein.&#148;</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">Very truly yours,</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">For itself and as Representative
        of the Underwriters</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">BANC OF AMERICA SECURITIES LLC</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">CITIGROUP GLOBAL MARKETS INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">GOLDMAN, SACHS &amp; CO.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">J.P. MORGAN SECURITIES INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Stephen L. Sheiner</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name: Stephen L. Sheiner</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title: Vice President</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">UBS SECURITIES LLC</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>

  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="right">&nbsp;</p>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;We hereby accept your
offer, set forth in the Terms Agreement, dated May <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2009, to purchase the Securities on the terms set forth therein.&#148;</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">Very truly yours,</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">For itself and as Representative
        of the Underwriters</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">BANC OF AMERICA SECURITIES LLC</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name:&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title:&nbsp;&nbsp;</FONT></td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">CITIGROUP GLOBAL MARKETS INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title:</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><FONT size=2 face="serif">GOLDMAN, SACHS &amp; CO.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">J.P. MORGAN SECURITIES INC.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name: </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title: </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">UBS SECURITIES LLC</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Scott Yeager</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name: Scott Yeager</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title: Managing Director<br>
    UBS Securities LLC</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>

  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Khalid Azim</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Name: Khalid Azim</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Title: Executive Director<br>
Debt Capital Markets</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="right">&nbsp;</p>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><FONT size=2 face="serif"><i>Accepted</i></FONT></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td width="21%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><FONT size=2 face="serif">AMERICAN EXPRESS COMPANY</FONT></td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><font size="2" face="serif">By</font></td>
    <td style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ David
    L. Yowan</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Name: David L. Yowan</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td><FONT size=2 face="serif">Title: Senior Vice President<br>
and Corporate Treasurer</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="right">&nbsp;</p>
<P align="left">&nbsp;</P>
<BR>
<br>


<HR noshade align="center" width="100%" size=4>

<P STYLE="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">SCHEDULE I </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=95% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="serif">Principal Amount of</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="serif">Principal Amount of</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Name</FONT></B>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">2014 Notes</FONT></B> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">2019 Notes</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Banc of America Securities LLC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218,750,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306,250,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Citigroup Global Markets Inc</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">218,750,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">306,250,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Goldman, Sachs &amp; Co</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">218,750,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">306,250,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">J.P. Morgan Securities Inc</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">218,750,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">306,250,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">UBS Securities LLC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">218,750,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">306,250,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Credit Suisse Securities (USA) LLC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34,375,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">48,125,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Mitsubishi UFJ Securities (USA), Inc</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34,375,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">48,125,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Mizuho Securities USA Inc</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34,375,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">48,125,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">RBS Securities Inc</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34,375,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">48,125,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">BNY Mellon Capital Markets, LLC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,250,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,750,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">CastleOak Securities, L.P</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,250,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,750,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">The Williams Capital Group, L.P</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,250,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,750,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=2 face="serif">Total</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
    <div align="right"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,250,000,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
    <div align="right"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,750,000,000</FONT>  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>

</p>
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<P STYLE="page-break-before:always"></P><PAGE>
<P align="center">
<B><FONT size=2 face="serif">SCHEDULE II </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">1. &#36; 1,250,000,000 7.250% Notes due May 20, 2014 </FONT></P>
<P align="left">
<FONT size=2 face="serif">2. &#36; 1,750,000,000 8.125% Notes due May 20, 2019 </FONT></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
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</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>c57673_ex4-1.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="right"><B><FONT size=2 face="serif">Exhibit 4.1</FONT></B></P>
<P align="center"><FONT face="serif">Permanent Global Registered Fixed Rate Note </FONT></P>
<P align="justify">
<FONT face="serif">THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO A NOMINEE FOR DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO AMERICAN EXPRESS COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B><FONT face="serif"> </FONT></P>
<P align="center">
<B><FONT face="serif">7.25% Senior Notes due May 20, 2014 </FONT></B></P>
<P align="center">
<B><FONT face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT face="serif">No.</FONT></B>  </TD>
  <TD width=99%>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT face="serif">CUSIP: 025816BA6</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=99%>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT face="serif">ISIN: US025816BA65</FONT></B>  </TD>
</TR>
</TABLE><BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">AMERICAN EXPRESS COMPANY, a New York corporation (hereinafter called the &#147;Company,&#148; which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE &amp; CO., or registered assigns, the principal sum of &#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on May 20, 2014, and to pay interest (computed on the basis of a 360-day year and of twelve 30-day months) thereon from May 18, 2009, or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, on May 20 and November 20 in each year, commencing November 20, 2009 and at maturity, at the rate per annum specified in the title of this Note, until
the principal hereof is paid or made available for payment (and, in the case of a default in the payment of principal or interest, at the rate of 7.25% per annum on such overdue principal and (to the extent that the payment of such interest shall be
legally enforceable) on such overdue interest which shall accrue from the date of such default to the date payment of such principal or interest has been made or duly provided for). The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in said Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on May 5 or November 5, as the case may be, next preceding
such Interest Payment Date. In any case where such Interest Payment Date shall not be a Business Day, then (notwithstanding any other provision of said </FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<FONT face="serif">Indenture or the Notes) payment of such interest need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such date, and, if such payment is so made, no
interest shall accrue for the period from and after such date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on May 20 or November 20, as the case may be, and may be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given
to Holders of Notes not less than 10 days prior to such record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of and interest on this Note will be made by U.S. dollar check drawn on a bank in The City of New York and mailed to the Person in whose name
this Note is registered at such Person&#146;s address as provided in Securities Register. For Holders of at least &#36;1,000,000 in aggregate principal amount of this Note, payment will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in The City of New York or in Europe, provided that the Trustee receives a written request from such Holder to such effect designating such account no later than the May 5 or November 5, as the case may be, immediately
preceding such interest payment date. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Additional provisions of this Note are contained on the reverse hereof and such provisions shall have the same effect as though fully set forth in this place. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose. </FONT></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 face="serif">2 </FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, AMERICAN EXPRESS COMPANY has caused this instrument to be duly executed under its corporate seal. </FONT></P>
<P align="left">
<FONT face="serif">Dated: May 18, 2009 </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">TRUSTEE&#146;S CERTIFICATE</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD colspan="2" nowrap><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">OF AUTHENTICATION</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD width="3%">&nbsp;  </TD>
  <TD width="16%" align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="2%" align=left nowrap>&nbsp;</TD>
  <TD width="20%" align=left nowrap>&nbsp;  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD><FONT face="serif">By:</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">This is one of the Securities described</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <FONT face="serif">David L. Yowan</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">in the within-mentioned Indenture.</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <FONT face="serif">Treasurer</FONT>  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">THE BANK OF NEW YORK MELLON</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD colspan="2"><FONT face="serif">Attest:</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=right nowrap>
    <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    As
    Trustee</FONT> </div></TD>
  <TD width="59%">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #FFFFFF;"><FONT face="serif">By:</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="59%">&nbsp;</TD>
  <TD colspan="2"><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">Authorized Signatory</FONT>  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD colspan="2">
    <FONT face="serif">Carol V. Schwartz</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="59%">&nbsp;</TD>
  <TD colspan="2">
    <FONT face="serif">Secretary</FONT>  </TD>
  </TR>
</TABLE>
<BR>
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<P align="center">
<FONT face="serif">REVERSE OF GLOBAL NOTE </FONT></P>
<P align="center"><B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B><FONT face="serif"> </FONT></P>
<P align="center"><B><FONT face="serif">7.25% Senior Notes due May 20, 2014 </FONT></B></P>
<P align="center"><B><FONT face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<P align="left"><B><FONT face="serif"> No.</FONT></B><FONT face="serif"> </FONT><B><FONT face="serif">&nbsp;&nbsp;</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the &#147;Securities&#148;) of the Company of the series hereinafter specified,
which series is initially limited in aggregate principal amount to &#36;1,250,000,000, all such Securities issued and to be issued under an indenture dated as of August 1, 2007, between the Company and The Bank of New York Mellon, as Trustee (the
&#147;Indenture&#148;), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights and limitation of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and
immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may be denominated in currencies other than U.S. dollars (including composite currencies), may mature at different times, may bear interest, if any, at different rates, may
be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Note is one of a series of the Securities designated 7.25% Senior Notes due May 20, 2014 (the &#147;Notes&#148;). Additional notes on the same terms and conditions and with the same CUSIP number as those of the Notes may be issued by
the Company without the consent of the Holders of the Notes. Such further notes shall be consolidated and form a single series with the Notes. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes may not be redeemed prior to Stated Maturity unless certain events occur involving United States taxation: If as a result of (a) any change in (including any announced prospective change),
or amendment to, the laws (including any regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in (including any announced prospective change), or
amendment to, any official position regarding the application or interpretation of such laws, which change or amendment is announced or becomes effective on or after May 13, 2009, or (b) a taxing authority of the United States taking any action, or
such action becoming generally known, on or after May 13, 2009, whether or not such action is taken with respect to the Company or any of its affiliates, there is in either case a material increase in the probability that the Company will or may be
required to pay additional amounts as provided for below, then the Company may in either case, at its option, redeem, in whole or in part, the Notes, at a redemption price equal to the principal amount of the notes being redeemed, together with any
accrued and unpaid interest thereon to the date fixed for redemption (the &#147;Redemption Date&#148;);
provided that the Company determines, in its business judgment, that the obligation
to pay such additional </FONT></P>
<P align="center">
<FONT face="serif">R-1 </FONT></P>

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<P align="left">
<FONT face="serif">amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the Notes. Prior
to the publication of any notice of redemption, the Company will deliver to the
Trustee an officer&#146;s certificate stating that the Company is entitled to
effect a redemption  and setting forth a statement of facts showing that the
conditions precedent to the Company&#146;s right to redeem have occurred and
an opinion of counsel to that effect based on that statement of facts.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Notice of redemption shall be mailed to the registered Holders of the Notes designated for redemption at their addresses as the same shall appear on the Securities Register, not less than 30 days nor
more than 60 days prior to the Redemption Date, subject to all the conditions and provisions of the Indenture. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In the event of redemption of this Note in part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Note, such additional amounts as are necessary in order that the net payment by the
Company or a paying agent of the principal of and interest on the Note to a Holder who is a Non-United States Holder (as defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a
political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable had no such withholding or deduction been required.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company&#146;s obligation to pay additional amounts shall not apply (1) to a tax, assessment or governmental charge that would not have been imposed but for the beneficial owner or the Holder, or
a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Holder if the Holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate
or trust administered by a fiduciary Holder, being considered as (a) being or having been present or engaged in a trade or business in the United States or having or having had a permanent establishment in the United States, (b) having a current or
former relationship with the United States, including a relationship as a citizen or resident thereof, (c) being or having been a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation
with respect to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organization or (d) being or having been a &#147;10-percent shareholder&#148; of the
Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
or any successor provision or being or having been a bank whose receipt of interest
on a note is described in section 881(c)(3)(A) of the Code or any successor provision;
(2) to any beneficial owner that is not the sole beneficial owner of the Note,
or a portion thereof, or that is a fiduciary, partnership, limited liability
company or other fiscally transparent entity, but only to the extent that a beneficiary
or settlor with respect to the fiduciary, or a beneficial owner or member of
the partnership, limited liability company or other fiscally transparent entity,
would not have been entitled to the payment of an additional amount had the beneficiary,
settlor, beneficial owner or member received directly its beneficial or distributive
share of the payment;  </FONT></P>
<P align="center">
<FONT face="serif">R-2 </FONT></P>

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<FONT face="serif">(3) to a tax, assessment or governmental charge (including
backup withholding) that would not have been imposed but for the failure of the
Holder or any other person to comply with certification, information, documentation,
reporting or other similar requirements concerning the nationality, residence,
identity or connection with the  United States of the Holder or beneficial owner
of such note, if compliance is required by statute or by regulation of the United
States Treasury Department, without regard to any tax treaty, or by an applicable
income tax treaty to which the United  States is a party as a precondition to
partial or complete relief or exemption from such tax, assessment or other governmental
charge (including, but not limited to, the failure to provide United States Internal
Revenue Service (&#147;IRS&#148;),
Form W-8BEN, W-8ECI or any subsequent versions thereof), or any other certification,
information, documentation, reporting or other similar requirement under United
States income tax laws or regulations that would establish entitlement to otherwise
 applicable relief or exemption from any tax, assessment or governmental charge;
(4) to a tax, assessment or governmental charge that is imposed otherwise than
by withholding by the Company or a paying agent from the payment; (5) to a tax,
assessment  or governmental charge that would not have been imposed or withheld
but for a change in law, regulation, or administrative or judicial interpretation
that becomes effective more than 10 days after the payment becomes due or is
duly provided for,  whichever occurs later; (6) to a tax, assessment or governmental
charge that is imposed or withheld by reason of the presentation of a note for
payment more than 30 days after the date on which such payment becomes due or
is duly provided for,  whichever occurs later; (7) to an estate, inheritance,
gift, sales, excise, transfer, wealth or personal property tax or a similar tax,
assessment or governmental charge; (8) to any tax, assessment or other governmental
charge required to be  withheld by any paying agent from any payment of principal
of or interest on any note, if such payment can be made without such withholding
by any other paying agent; (9) to any withholding or deduction which is imposed
on a payment to an individual  and is required to be made pursuant to any European
Union Directive on the taxation of savings implementing the conclusions of the
European Union&#146;s Economic and Finance Ministers Council meeting of 26-27
November 2000, or any law implementing  or complying with, or introduced in order
to conform to, any such directive (including the Council Directive 2003/48/EC
adopted on June 3, 2003) or (10) in the case of any combination of items (1),
(2), (3), (4), (5), (6), (7), (8) and  (9).</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. Except as specifically provided for herein, the
Company shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As used herein, the term &#147;United States Holder&#148; means a beneficial owner of a note that is (i) a citizen or resident of the United States, (ii) a corporation or other entity taxable as a
corporation organized in or under the laws of the United States or any political supervision thereof, (iii) an estate, the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust if (A) a U.S.
court is able to exercise primary supervision over the trust&#146;s administration and (B) one or more United States persons have the authority to control all of the trust&#146;s substantial decisions. If a partnership holds a note, the tax
treatment of partners will generally depend upon the status of the partners and activities of the partnership. As used here, the term &#147;Non-United States Holder&#148; means a beneficial owner of the Note that is not a United States Holder.
</FONT></P>
<P align="center">
<FONT face="serif">R-3 </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Indenture contains provisions for defeasance and discharge of the entire principal of all the Notes of any series upon compliance by the Company with certain conditions set forth therein.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If an Event of Default with respect to the Notes, as defined in the Indenture, shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes
under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences with respect to a series, provided that the Holders of at least a majority in
principal amount of the Notes at the time Outstanding of any series affected by a waiver consent to such waiver. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As provided in the Indenture and subject to certain exceptions therein set forth, this Note is transferable on the Securities Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company to be maintained for that purpose in the City of New York, New York, or, at the option of the Holder, at the office or agency of the Company to be maintained for that purpose in the City of New York,
New York, or at any other office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes are issuable only in registered form without coupons in denominations of &#36;2,000.00 and integral multiples of &#36;1,000.00 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder surrendering the same. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No service charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the
registration of such transfer or exchange, other than certain exchanges not involving any transfer. </FONT></P>
<P align="center">
<FONT face="serif">R-4 </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Certain terms used in this Note that are defined in the Indenture have the meanings set forth therein. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company, the Trustee for the Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary. </FONT></P>
<P align="left">&nbsp;</P>
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<P align="center"><FONT face="serif">R-5 </FONT></P>
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<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>c57673_ex4-2.htm
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<P align="right"><B><FONT size=2 face="serif">Exhibit 4.2</FONT></B></P>
<P align="center"><FONT face="serif">Permanent Global Registered Fixed Rate Note </FONT></P>
<P align="justify">
<FONT face="serif">THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO A NOMINEE FOR DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO AMERICAN EXPRESS COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B><FONT face="serif"> </FONT></P>
<P align="center"><B><FONT face="serif">8.125% Senior Notes due May 20, 2019 </FONT></B></P>
<P align="center"><B><FONT face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT face="serif">No.</FONT></B>  </TD>
  <TD width=99%>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT face="serif">CUSIP: 025816BB4</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=99%>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT face="serif">ISIN: US025816BB49</FONT></B>  </TD>
</TR>
</TABLE><BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">AMERICAN EXPRESS COMPANY, a New York corporation (hereinafter called the &#147;Company,&#148; which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE &amp; CO., or registered assigns, the principal sum of &#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on May 20, 2019, and to pay interest (computed on the basis of a 360-day year and of twelve 30-day months) thereon from May 18, 2009, or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, on May 20 and November 20 in each year, commencing November 20, 2009 and at maturity, at the rate per annum specified in the title of this Note, until
the principal hereof is paid or made available for payment (and, in the case of a default in the payment of principal or interest, at the rate of 8.125% per annum on such overdue principal and (to the extent that the payment of such interest shall
be legally enforceable) on such overdue interest which shall accrue from the date of such default to the date payment of such principal or interest has been made or duly provided for). The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in said Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on May 5 or November 5, as the case may be, next
preceding such Interest Payment Date. In any case where such Interest Payment Date shall not be a Business Day, then (notwithstanding any other provision of said </FONT></P>

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<P align="left">
<FONT face="serif">Indenture or the Notes) payment of such interest need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such date, and, if such payment is so made, no
interest shall accrue for the period from and after such date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on May 20 or November 20, as the case may be, and may be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given
to Holders of Notes not less than 10 days prior to such record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of and interest on this Note will be made by U.S. dollar check drawn on a bank in The City of New York and mailed to the Person in whose name
this Note is registered at such Person&#146;s address as provided in Securities Register. For Holders of at least &#36;1,000,000 in aggregate principal amount of this Note, payment will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in The City of New York or in Europe, provided that the Trustee receives a written request from such Holder to such effect designating such account no later than the May 5 or November 5, as the case may be, immediately
preceding such interest payment date. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Additional provisions of this Note are contained on the reverse hereof and such provisions shall have the same effect as though fully set forth in this place. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose. </FONT></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
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<P align="center">
<FONT face="serif">2 </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, AMERICAN EXPRESS COMPANY has caused this instrument to be duly executed under its corporate seal. </FONT></P>
<P align="left">
<FONT face="serif">Dated: May 18, 2009 </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" align=left nowrap>&nbsp;</TD>
  <TD width="20%" align=left nowrap>&nbsp;</TD>
  <TD width="59%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="17%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">TRUSTEE&#146;S CERTIFICATE</FONT>  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD colspan="2" nowrap>
    <FONT face="serif">AMERICAN EXPRESS COMPANY</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">OF AUTHENTICATION</FONT>  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD><FONT face="serif">By:</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">This is one of the Securities described</FONT>  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><FONT face="serif">David L. Yowan</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">in the within-mentioned Indenture.</FONT>  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <FONT face="serif">Treasurer</FONT>  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT face="serif">THE BANK OF NEW YORK MELLON</FONT>  </TD>
  <TD width=59%>&nbsp;</TD>
  <TD colspan="2">
    <FONT face="serif">Attest:</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=right nowrap>
    <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    As
    Trustee</FONT> </div></TD>
  <TD width=59%>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #FFFFFF;"><FONT face="serif">By:</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=59%>&nbsp;</TD>
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    <FONT face="serif">Authorized Signatory</FONT>  </TD>
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    <FONT face="serif">Carol V. Schwartz</FONT>  </TD>
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    <FONT face="serif">Secretary</FONT>  </TD>
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<P align="center">
<FONT face="serif">REVERSE OF GLOBAL NOTE </FONT></P>
<P align="center"><B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B><FONT face="serif"> </FONT></P>
<P align="center"><B><FONT face="serif">8.125% Senior Notes due May 20, 2019 </FONT></B></P>
<P align="center"><B><FONT face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>
<P align="left"><B><FONT face="serif">No.</FONT></B><FONT face="serif"> </FONT><B><FONT face="serif">&nbsp;</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the &#147;Securities&#148;) of the Company of the series hereinafter specified,
which series is initially limited in aggregate principal amount to &#36;1,750,000,000, all such Securities issued and to be issued under an indenture dated as of August 1, 2007, between the Company and The Bank of New York Mellon, as Trustee (the
&#147;Indenture&#148;), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights and limitation of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and
immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may be denominated in currencies other than U.S. dollars (including composite currencies), may mature at different times, may bear interest, if any, at different rates, may
be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Note is one of a series of the Securities designated 8.125% Senior Notes due May 20, 2019 (the &#147;Notes&#148;). Additional notes on the same terms and conditions and with the same CUSIP number as those of the Notes may be issued
by the Company without the consent of the Holders of the Notes. Such further notes shall be consolidated and form a single series with the Notes. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes may not be redeemed prior to Stated Maturity unless certain events occur involving United States taxation: If as a result of (a) any change in (including any announced prospective change),
or amendment to, the laws (including any regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in (including any announced prospective change), or
amendment to, any official position regarding the application or interpretation of such laws, which change or amendment is announced or becomes effective on or after May 13, 2009, or (b) a taxing authority of the United States taking any action, or
such action becoming generally known, on or after May 13, 2009, whether or not such action is taken with respect to the Company or any of its affiliates, there is in either case a material increase in the probability that the Company will or may be
required to pay additional amounts as provided for below, then the Company may in either case, at its option, redeem, in whole or in part, the Notes, at a redemption price equal to the principal amount of the notes being redeemed, together with any
accrued and unpaid interest thereon to the date fixed for redemption (the &#147;Redemption Date&#148;);
provided that the Company determines, in its business judgment, that the obligation
to pay such additional </FONT></P>
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<FONT face="serif">R-1  </FONT></P>

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<FONT face="serif">amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the Notes. Prior
to the publication of any notice of redemption, the Company will deliver to the
Trustee an officer&#146;s certificate stating that the Company is entitled to
effect a redemption  and setting forth a statement of facts showing that the
conditions precedent to the Company&#146;s right to redeem have occurred and
an opinion of counsel to that effect based on that statement of facts.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Notice of redemption shall be mailed to the registered Holders of the Notes designated for redemption at their addresses as the same shall appear on the Securities Register, not less than 30 days nor
more than 60 days prior to the Redemption Date, subject to all the conditions and provisions of the Indenture. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In the event of redemption of this Note in part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Note, such additional amounts as are necessary in order that the net payment by the
Company or a paying agent of the principal of and interest on the Note to a Holder who is a Non-United States Holder (as defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a
political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable had no such withholding or deduction been required.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company&#146;s obligation to pay additional amounts shall not apply (1) to a tax, assessment or governmental charge that would not have been imposed but for the beneficial owner or the Holder, or
a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Holder if the Holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate
or trust administered by a fiduciary Holder, being considered as (a) being or having been present or engaged in a trade or business in the United States or having or having had a permanent establishment in the United States, (b) having a current or
former relationship with the United States, including a relationship as a citizen or resident thereof, (c) being or having been a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation
with respect to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organization or (d) being or having been a &#147;10-percent shareholder&#148; of the
Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
or any successor provision or being or having been a bank whose receipt of interest
on a note is described in section 881(c)(3)(A) of the Code or any successor provision;
(2) to any beneficial owner that is not the sole beneficial owner of the Note,
or a portion thereof, or that is a fiduciary, partnership, limited liability
company or other fiscally transparent entity, but only to the extent that a beneficiary
or settlor with respect to the fiduciary, or a beneficial owner or member of
the partnership, limited liability company or other fiscally transparent entity,
would not have been entitled to the payment of an additional amount had the beneficiary,
settlor, beneficial owner or member received directly its beneficial or distributive
share of the payment;  </FONT></P>
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<FONT face="serif">(3) to a tax, assessment or governmental charge (including
backup withholding) that would not have been imposed but for the failure of the
Holder or any other person to comply with certification, information, documentation,
reporting or other similar requirements concerning the nationality, residence,
identity or connection with the  United States of the Holder or beneficial owner
of such note, if compliance is required by statute or by regulation of the United
States Treasury Department, without regard to any tax treaty, or by an applicable
income tax treaty to which the United  States is a party as a precondition to
partial or complete relief or exemption from such tax, assessment or other governmental
charge (including, but not limited to, the failure to provide United States Internal
Revenue Service (&#147;IRS&#148;),
Form W-8BEN, W-8ECI or any subsequent versions thereof), or any other certification,
information, documentation, reporting or other similar requirement under United
States income tax laws or regulations that would establish entitlement to otherwise
 applicable relief or exemption from any tax, assessment or governmental charge;
(4) to a tax, assessment or governmental charge that is imposed otherwise than
by withholding by the Company or a paying agent from the payment; (5) to a tax,
assessment  or governmental charge that would not have been imposed or withheld
but for a change in law, regulation, or administrative or judicial interpretation
that becomes effective more than 10 days after the payment becomes due or is
duly provided for,  whichever occurs later; (6) to a tax, assessment or governmental
charge that is imposed or withheld by reason of the presentation of a note for
payment more than 30 days after the date on which such payment becomes due or
is duly provided for,  whichever occurs later; (7) to an estate, inheritance,
gift, sales, excise, transfer, wealth or personal property tax or a similar tax,
assessment or governmental charge; (8) to any tax, assessment or other governmental
charge required to be  withheld by any paying agent from any payment of principal
of or interest on any note, if such payment can be made without such withholding
by any other paying agent; (9) to any withholding or deduction which is imposed
on a payment to an individual  and is required to be made pursuant to any European
Union Directive on the taxation of savings implementing the conclusions of the
European Union&#146;s Economic and Finance Ministers Council meeting of 26-27
November 2000, or any law implementing  or complying with, or introduced in order
to conform to, any such directive (including the Council Directive 2003/48/EC
adopted on June 3, 2003) or (10) in the case of any combination of items (1),
(2), (3), (4), (5), (6), (7), (8) and  (9).</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. Except as specifically provided for herein, the
Company shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As used herein, the term &#147;United States Holder&#148; means a beneficial owner of a note that is (i) a citizen or resident of the United States, (ii) a corporation or other entity taxable as a
corporation organized in or under the laws of the United States or any political supervision thereof, (iii) an estate, the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust if (A) a U.S.
court is able to exercise primary supervision over the trust&#146;s administration and (B) one or more United States persons have the authority to control all of the trust&#146;s substantial decisions. If a partnership holds a note, the tax
treatment of partners will generally depend upon the status of the partners and activities of the partnership. As used here, the term &#147;Non-United States Holder&#148; means a beneficial owner of the Note that is not a United States Holder.
</FONT></P>
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<FONT face="serif">R-3  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Indenture contains provisions for defeasance and discharge of the entire principal of all the Notes of any series upon compliance by the Company with certain conditions set forth therein.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If an Event of Default with respect to the Notes, as defined in the Indenture, shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes
under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences with respect to a series, provided that the Holders of at least a majority in
principal amount of the Notes at the time Outstanding of any series affected by a waiver consent to such waiver. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As provided in the Indenture and subject to certain exceptions therein set forth, this Note is transferable on the Securities Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company to be maintained for that purpose in the City of New York, New York, or, at the option of the Holder, at the office or agency of the Company to be maintained for that purpose in the City of New York,
New York, or at any other office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Notes are issuable only in registered form without coupons in denominations of &#36;2,000.00 and integral multiples of &#36;1,000.00 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder surrendering the same. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No service charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the
registration of such transfer or exchange, other than certain exchanges not involving any transfer. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Certain terms used in this Note that are defined in the Indenture have the meanings set forth therein. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company, the Trustee for the Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary. </FONT></P>
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<FONT face="serif">R-5 </FONT></P>

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