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<SEC-DOCUMENT>0000930413-09-003114.txt : 20090605
<SEC-HEADER>0000930413-09-003114.hdr.sgml : 20090605
<ACCEPTANCE-DATETIME>20090605161648
ACCESSION NUMBER:		0000930413-09-003114
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090601
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090605
DATE AS OF CHANGE:		20090605

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:		09877323

	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>c57844_8k.htm
<TEXT>

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<P align="center">
  <FONT size=4 face="serif">UNITED STATES<br>
  SECURITIES AND EXCHANGE
  COMMISSION </FONT><br>
  <FONT face="serif">Washington, D.C. 20549 </FONT><br>
  <FONT size=4 face="serif">FORM 8-K</FONT></P>
<P align="center">
  <FONT face="serif">CURRENT REPORT </FONT></P>
<P align="center">
  <FONT face="serif">Pursuant to Section 13 or 15(d) of the<br>
  Securities Exchange
  Act of 1934 </FONT></P>
<P align="center">
  <FONT face="serif">Date of Report (Date of earliest event reported): June 1, 2009 </FONT></P>
<P align="center">
  <FONT size=4 face="serif">AMERICAN EXPRESS COMPANY</FONT><FONT face="serif"><br>
  </FONT><FONT face="serif">(Exact
  name of registrant as specified in its charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="30%" align=center nowrap style="border-bottom:1px solid #000000;">
      <FONT face="serif">New York</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=center nowrap style="border-bottom:1px solid #000000;">
      <FONT face="serif">1-7657</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=center nowrap style="border-bottom:1px solid #000000;">
      <FONT face="serif">13-4922250</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=center nowrap>
      <FONT face="serif">(State or other jurisdiction</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=center nowrap>
      <FONT face="serif">(Commission File Number)</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=center nowrap>
      <FONT face="serif">(IRS Employer</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=center nowrap>
      <FONT face="serif">of incorporation</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=left nowrap>&nbsp;	</TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=center nowrap>
      <FONT face="serif">Identification No.)</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=center nowrap>
      <FONT face="serif">or organization)</FONT> </TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=left nowrap>&nbsp;	</TD>
	<TD width="5%">&nbsp;	</TD>
	<TD width="30%" align=left nowrap>&nbsp;	</TD>
</TR>
</TABLE>
<BR>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=65% align=center nowrap>
      <FONT face="serif">200 Vesey Street, World Financial Center</FONT> </TD>
	<TD  width=5% align="center">&nbsp;	</TD>
	<TD width=30% align=center nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=65% align=center nowrap style="border-bottom:1px solid #000000;">
      <FONT face="serif">New York, New York</FONT> </TD>
	<TD  width=5% align="center">&nbsp;	</TD>
	<TD width=30% align=center nowrap style="border-bottom:1px solid #000000;">
      <FONT face="serif">10285</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD width=65% align=center nowrap>
      <FONT face="serif">(Address of principal executive offices)</FONT> </TD>
	<TD  width=5% align="center">&nbsp;	</TD>
	<TD width=30% align=center nowrap>
      <FONT face="serif">(Zip Code)</FONT> </TD>
</TR>
</TABLE>
<BR>

<TABLE width="65%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
      <FONT face="serif">Registrant&#146;s telephone number, including
      area code: (212) 640-2000</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=center nowrap style="border-bottom:1px solid #000000;"> <FONT face="serif">None</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=center nowrap> <FONT face="serif">(Former name or former address, if changed since last report)</FONT> </TD>
</TR>
</TABLE>
<BR>

<P align="left">
  <FONT 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>
<P align="left">
  <font face=WINGDINGS>o</font> <FONT face="serif">Written communications pursuant
  to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>
<P align="left">
  <font face=WINGDINGS>o</font><FONT face="serif"> Soliciting material pursuant
  to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>
<P align="left">
  <font face=WINGDINGS>o</font><FONT face="serif"> Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>
<P align="left">
  <font face=WINGDINGS>o</font><FONT face="serif"> Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>

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<P align="left" style="page-break-before:always"></P>

<PAGE>
<P align="left">
  <FONT face="serif">Item 8.01 Other Events. </FONT></P>
<P align="left">
  <FONT face="serif">On June 1, 2009, we entered into an underwriting
  agreement (the &#147;Underwriting Agreement&#148;) with Goldman, Sachs &amp; Co.,
  as representative of the underwriters named therein, for the issuance and sale
  of 19,801,981  shares of our common stock, par value &#36;0.20 per share (the &#147;Common
  Stock&#148;), at a price to the public of &#36;25.25
per share, pursuant to a Prospectus Supplement dated June 1, 2009 to the Prospectus
dated October 16, 2006, filed as part of our Registration Statement on Form S-3
(Registration No. 333-138032). Pursuant to the Underwriting Agreement, we granted
the underwriters a 30-day option to purchase an additional 2,970,296 shares of
Common Stock. </FONT></P>
<P align="left">
  <FONT face="serif">The preceding is a summary of the terms of the Underwriting
  Agreement and is qualified in its entirety by reference to the Underwriting
  Agreement attached as Exhibit 1.0, which is incorporated herein by reference. </FONT></P>
<P align="left">
  <FONT face="serif">Item 9.01 Financial Statements and Exhibits <br>
</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><FONT face="serif">(d)</FONT></td>
    <td width="2%">&nbsp;</td>
    <td width="95%"><FONT face="serif">Exhibits</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="serif">1.0</FONT></td>
    <td>&nbsp;</td>
    <td><FONT face="serif">Underwriting Agreement between the Registrant and
    Goldman, Sachs &amp; Co. dated June 1, 2009</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="serif">5.0</FONT></td>
    <td>&nbsp;</td>
    <td><FONT face="serif">Opinion and Consent of Cleary Gottlieb Steen &amp; Hamilton
        LLP</FONT></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
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<P align="left" style="page-break-before:always"></P>

<PAGE>
<P align="center">
  <FONT face="serif">SIGNATURE </FONT></P>
<P align="left">
  <FONT 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 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=65% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap>
      <B><FONT face="serif">AMERICAN EXPRESS COMPANY</FONT></B> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap>
      <B><FONT face="serif">(REGISTRANT)</FONT></B> </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="29%">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><FONT face="serif">By:</FONT></TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT face="serif">/s/
	    Carol V. Schwartz</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><FONT face="serif">Name:</FONT></TD>
	<TD align=left nowrap>
      <FONT face="serif"> Carol V. Schwartz</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><FONT face="serif">Title:</FONT></TD>
	<TD align=left nowrap>
      <FONT face="serif"> Secretary</FONT> </TD>
</TR>
</TABLE>
<BR>

<P align="left">
  <FONT face="serif">DATE: June 5, 2009 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>c57844_ex1.htm
<TEXT>

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<P align="right">
<B><FONT face="serif">EXHIBIT 1.0</FONT></B></P>
<P align="center"><B><FONT face="serif">American Express Company</FONT></B></P>
<P align="center">
<B><FONT face="serif">19,801,981 Common Shares, par value &#36;0.20 per share</FONT></B></P>
<P align="center">
<B><FONT face="serif">___________<U><br>
</U></FONT></B></P>
<P align="center"><B><U><FONT face="serif">  Underwriting Agreement</FONT></U></B></P>
<P align="center" style="margin-left:80%">
  <FONT face="serif">June 1, 2009</FONT></P>
<P align="left">
<FONT face="serif">Goldman, Sachs &amp; Co., </FONT><br>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
representative of the several Underwriters <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;named in Schedule
I hereto, <br>
85 Broad Street, <br>
New York, New York 10004. </FONT></P>
<P align="left">
  <FONT face="serif">Ladies and Gentlemen:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">American
Express Company, a New York corporation (the &#147;Company&#148;), proposes, subject to the terms and conditions stated herein, to issue and sell to the Underwriters named in Schedule I
hereto (the &#147;Underwriters&#148;) an aggregate of 19,801,981 Common Shares, par value &#36;0.20 per share, of the Company (the &#147;Firm Securities&#148;) and, at the election of the Underwriters, up to 2,970,296 additional Common Shares, par
value &#36;0.20 per share, of the Company (the &#147;Optional Securities&#148;)(the Firm Securities and the Optional Securities that the Underwriters elect to purchase pursuant to Section 2 hereof being collectively called the
&#147;Securities&#148;). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants to, and agrees with, each of the Underwriters
that: </FONT></P>
<div style="margin-left:40px">
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;automatic shelf
registration statement&#148; as defined under Rule 405 under the Securities Act
of 1933, as amended (the &#147;Act&#148;) on
Form S-3 (File No. 333-138032) in respect of the Securities has been filed with
the Securities and Exchange Commission (the &#147;Commission&#148;)
not earlier than three years prior to the date hereof; such registration statement,
and any post-effective amendment thereto, became effective on filing; and no
stop order suspending the effectiveness of such registration statement or any
part thereof has been issued and no proceeding for that purpose has been instituted
or threatened by the Commission, and no notice of objection of the Commission
to the use of such registration statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Act has been received by the Company (the
base prospectus filed as part of such registration statement,</FONT></P>
</div>
<P align="center">
  <FONT face="serif">-1-</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<div style="margin-left:40px">
<P align="justify">
  <FONT face="serif">in the form in which it has most recently been filed with
  the Commission on or prior to the date of this Agreement, is hereinafter called
  the &#147;Basic Prospectus&#148;; any preliminary prospectus (including any preliminary
prospectus supplement) relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter called a &#147;Preliminary Prospectus&#148;; the various parts of such registration statement, including all exhibits
thereto but excluding Form T-1 and including any prospectus supplement relating to the Securities that is filed with the Commission and deemed by virtue of Rule 430B to be part of such registration statement, each as amended at the time such part of
the registration statement became effective, are hereinafter collectively called the &#147;Registration Statement&#148;; the Basic Prospectus, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(c) hereof),
is hereinafter called the &#147;Pricing Prospectus&#148;; the form of the final prospectus relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof is hereinafter called the
&#147;Prospectus&#148;; any reference herein to the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of
Form S-3 under the Act, as of the date of such prospectus; any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any post-effective amendment to the
Registration Statement, any prospectus supplement relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act and any documents filed under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), and incorporated therein, in each case after the date of the Basic Prospectus, such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment to the Registration Statement shall be deemed to refer to
and include any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement; and any &#147;issuer
free writing prospectus&#148; as defined in Rule 433 under the Act relating to the Securities is hereinafter called an &#147;Issuer Free Writing Prospectus&#148; (for
the avoidance of doubt, a written communication prepared by an Underwriter other
than with the prior consent of the Company shall not be deemed to be an Issuer
Free Writing Prospectus); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order preventing or suspending the use of any Preliminary Prospectus or any Issuer
Free Writing Prospectus has been issued by the Commission, and each Preliminary
Prospectus, at the time of filing thereof, conformed in all material respects
to the requirements of the Act and the rules and regulations of the Commission
thereunder, and</FONT></P>
</div>
<P align="center">
  <FONT face="serif">-2-</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:40px">
<P align="justify">
  <FONT face="serif">did not contain an untrue statement of a material fact or
  omit to state a material fact required to be stated therein or necessary to
  make the statements therein, in the light of the circumstances under which
  they were made, not misleading; provided, however, that this representation
  and warranty shall not apply to any statements or omissions made in reliance
  upon and in conformity with information furnished in writing to the Company
by an Underwriter through Goldman, Sachs &amp; Co. expressly for use therein; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Agreement, the &#147;Applicable Time&#148; is 7:00 p.m.
(Eastern time) on the date of this Agreement. The Pricing Prospectus, as of the
Applicable Time,</FONT> <FONT face="serif">did
not include 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; and each Issuer Free Writing Prospectus
listed on Schedule II(a) hereto does not conflict with the information contained
in the Registration Statement, the Pricing Prospectus or the Prospectus and each
such Issuer Free Writing Prospectus, as supplemented by and taken together with
the Pricing Prospectus as of the Applicable Time, did not include 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; provided, however, that this representation
and warranty shall not apply to statements or omissions made in an Issuer Free
Writing Prospectus in reliance upon and in conformity with information furnished
in writing to the Company by an Underwriter through Goldman, Sachs &amp; Co.
expressly for use therein; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement conforms, and the Prospectus and any further amendments
or supplements to the Registration Statement and the Prospectus will conform,
in all material respects to the requirements of the Act and the rules and regulations
of the Commission thereunder and do not and will not, as of the applicable effective
date as to each part of the Registration Statement and as of the applicable filing
date as to the Prospectus and any amendment or supplement thereto, contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading;
provided, however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Company by an Underwriter through Goldman, Sachs
&amp; Co. expressly for use therein; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated historical financial statements and schedules of the Company included
in the Pricing Prospectus present fairly, in all material respects the financial
condition, the results of</FONT></P>
</div>
<P align="center">
  <FONT face="serif">-3-</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:40px">
<P align="justify">
  <FONT face="serif">operations and cash flows of the Company and its consolidated subsidiaries as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of the Act and have been prepared in
conformity with generally accepted accounting principles, applied on a consistent basis throughout the periods involved (except as otherwise noted therein); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the respective dates as of which information contained in the Registration
Statement and the Pricing Prospectus is given, except as disclosed in the Pricing
Prospectus, (i) there has not been any material adverse change in the condition
(financial or other), earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business, (ii) neither the Company nor any of its subsidiaries
has entered into any transaction not in the ordinary course of business material
to the Company and its subsidiaries, taken as a whole, and (iii) neither the
Company nor any of its subsidiaries has incurred any liabilities or obligations,
direct or contingent, not in the ordinary course of business that are material
in relation to the Company and its subsidiaries, taken as a whole; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and its subsidiaries has been duly incorporated or otherwise constituted
and is validly existing as a corporation or other legal entity in good standing
under the laws of the jurisdiction in which it is chartered or organized with
full corporate power and authority to own or lease, as the case may be, and to
operate its properties and conduct its business as described in the Pricing Prospectus;
and each of the Company and its subsidiaries is duly qualified to do business
as a foreign corporation or other entity and is in good standing under the laws
of each jurisdiction that, in the opinion of counsel for the Company, requires
such qualification, except where the failure to be so qualified 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; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has an authorized capitalization as set forth in the Pricing Prospectus
and all of the issued shares of capital stock of the Company have been duly and
validly authorized and issued and are fully paid and non-assessable and conform
in all material respects to the description of the Common Shares contained in
the Pricing Prospectus and Prospectus; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unissued Securities to be issued and sold by the Company to the Underwriters
hereunder have been duly and validly authorized and, when issued and delivered
against payment therefor as </FONT></P>
</div>
<P align="center">
  <FONT face="serif">-4-</FONT></P>

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<div style="margin-left:40px">
<P align="justify">
  <FONT face="serif">provided herein, will be duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Securities contained in the Prospectus; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the issuance or sale of the Securities, nor the execution, delivery and performance of this Agreement and the consummation of any other transactions contemplated herein will conflict with, or result in a breach
or violation of, or result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of the Company or any of its subsidiaries pursuant to (i) the charter or bylaws or other constitutive documents of the Company or any
of its 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 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) to the best knowledge of the Company, 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 agency, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties, except, in the case of (ii) or
(iii), where such conflict, breach or imposition of any lien, charge or encumbrance 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; and no consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein, except such as may be
required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in the manner contemplated herein; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;Principal Subsidiaries&#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</FONT></P>
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  <FONT face="serif">-5-</FONT></P>

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  <FONT face="serif">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; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best knowledge of the Company, no material action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries or its or their property is pending or threatened that (i) could reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated
hereby or (ii) could reasonably be expected to 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, whether or not arising from transactions
in the ordinary course of business, except as set forth in or contemplated in the Pricing Prospectus; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(m)&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;Investment Company Act&#148;); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (i) At the time of filing
the Registration Statement, (ii) at the time of the most recent amendment thereto
for the purposes of complying with Section 10(a)(3) of the Act (whether such
amendment was by post-effective amendment, incorporated report filed pursuant
to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at
the time the Company or any person acting on its behalf (within the meaning,
for this clause only, of Rule 163(c)) made any offer relating to the Securities
in reliance on the exemption in Rule 163, the Company was a &#147;well-known seasoned issuer&#148; as
defined in Rule 405 under the Act; and (B) at the earliest time after the filing
of the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of
the Securities, the Company was not an Ineligible Issuer (as defined in Rule
405 under the Act); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP are independent public accountants with respect to the Company within the meaning of the Act and the applicable published
rules and regulations thereunder; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its
  subsidiaries maintain a system of internal accounting controls sufficient to
  provide reasonable assurance that (i) transactions are executed in accordance
  with management&#146;s general or specific authorizations; (ii) transactions
are recorded as</FONT></P>
</div>
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  <FONT face="serif">-6-</FONT></P>

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  <FONT face="serif">necessary to permit preparation of financial statements
  in conformity with generally accepted accounting principles and to maintain
  asset accountability; (iii) access to assets is permitted only in accordance
  with management&#146;s general or specific authorization; and (iv) the recorded
  accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(q)&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; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is and has been no failure on the part of the
  Company and any of the Company&#146;s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith (the &#147;Sarbanes Oxley Act&#148;),
including Section 402 related to loans and Sections 302 and 906 related to certifications.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, any stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operations of the Company are currently in compliance
  with applicable financial recordkeeping and reporting requirements of the Currency
  and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
  statutes of all jurisdictions, the rules and regulations thereunder and any
  related or similar rules, regulations or guidelines, issued, administered or
  enforced by any governmental agency (collectively, the &#147;Money Laundering
Laws&#148;) in all material respects and any instances of non-compliance have
been resolved with the applicable governmental agency and no formal action, suit
or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company with respect to the Money Laundering
Laws is pending or, to the best knowledge of the Company, is threatened;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or other person acting on behalf of the Company or any of its subsidiaries, has (i)</FONT></P>
</div>
<P align="center">
  <FONT face="serif">-7-</FONT></P>

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  <FONT face="serif">used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any of its subsidiaries or, to
  the knowledge of the Company, any director, officer, agent, employee or affiliate
  of the Company or any of its subsidiaries is currently subject to any U.S.
  sanctions administered by the Office of Foreign Assets Control of the U.S.
  Department of the Treasury (&#147;OFAC&#148;); and the Company will not directly
  or indirectly use the proceeds of the offering of the Securities hereunder,
  or lend, contribute or otherwise make available such proceeds to any subsidiary,
  joint venture partner or other person or entity, for the purpose of financing
  the activities of any person currently subject to any U.S. sanctions administered
by OFAC. </FONT></P>
</div>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions herein set forth, (a)</FONT> <FONT face="serif">the
Company agrees to issue and sell to each of the Underwriters, and each of the
Underwriters agrees, severally and not jointly, to purchase from the Company,
at a purchase price per share of &#36;24.41675, the number of Firm</FONT> <FONT
face="serif">Securities set forth opposite the name of such Underwriter in Schedule
I hereto and (b) in the event and to the extent that the Underwriters shall exercise
the election to purchase Optional Securities as provided below, the Company
agrees to issue and sell to each of the Underwriters, and each of the Underwriters
agrees, severally and not jointly, to purchase from the Company, at the purchase
price per share set forth in clause (a) of this Section 2, that portion of the
number  of Optional Securities as to which such election shall have been exercised
(to be adjusted by you so as to eliminate fractional shares) determined by multiplying
such number of Optional Securities by a fraction, the numerator of which is the
maximum  number of Optional Securities which such Underwriter is entitled to
purchase as set forth opposite the name of such Underwriter in Schedule I hereto
and the denominator of which is the maximum number of Optional Securities that
all of the  Underwriters are entitled to purchase hereunder.</FONT> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Company hereby grants to the Underwriters the right to purchase at their election up to 2,970,296 Optional Securities, at the purchase price per share set forth in the paragraph above, for
the sole purpose of covering sales of shares in excess of the number of Firm Securities, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and
payable on the Firm Securities but not payable on the Optional Securities. Any such election to purchase Optional Securities may be exercised only by written notice from you</FONT></P>

<P align="center">
  <FONT face="serif">-8-</FONT></P>

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  <FONT face="serif">to the Company, given within a period of 30 calendar days after the date of this Agreement, setting forth the aggregate number of Optional Securities to be purchased and the date on which such Optional Securities are to be
delivered, as determined by you but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless you and the Company otherwise agree in writing, earlier than two or later than ten business days after the date of
such notice. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the authorization by you of the release of the Firm</FONT> <FONT face="serif">Securities, the several
Underwriters propose to offer the Firm</FONT> <FONT face="serif">Securities for sale upon the terms and conditions set forth in the Prospectus. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Securities to be purchased by each Underwriter hereunder in such authorized
denominations and registered in such names as Goldman, Sachs &amp; Co.
may request upon at least forty-eight hours&#146; prior notice to the Company
shall be delivered by or on behalf of the Company to Goldman, Sachs &amp; Co.,
through the facilities of the Depository Trust Company (&#147;DTC&#148;), for
the account of  such Underwriter, against payment by or on behalf of such Underwriter
of the purchase price therefor by wire transfer of Federal (same-day) funds to
the account specified by the Company to Goldman, Sachs &amp; Co. at least forty-eight
hours in  advance. The time and date of such delivery and payment shall be, with
respect to the Firm Securities, 9:30 a.m., New York City time, on June 5, 2009
or such other time and date as Goldman, Sachs &amp; Co. and the Company may agree
upon in writing,  and, with respect to the Optional Securities, 9:30 a.m., New
York time, on the date specified by Goldman, Sachs &amp; Co. in the written notice
given by Goldman, Sachs &amp; Co. of the Underwriters&#146; election to purchase
such Optional  Securities, or such other time and date as Goldman, Sachs &amp; Co.
and the Company may agree upon in writing. Such time and date for delivery of
the Firm Securities is herein called the &#147;First Time of Delivery&#148;,
such time and date for  delivery of the Optional Securities, if not the First
Time of Delivery, is herein called the &#147;Second Time of Delivery&#148;, and
each such time and date for delivery is herein called a &#147;Time of Delivery&#148;.</FONT> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents to be delivered at each Time of Delivery by or on behalf of the parties
hereto pursuant to Section 8 hereof, including the cross-receipt for the Securities
and any additional documents requested by the Underwriters pursuant to Section
8(k) hereof, will be delivered at the offices of Sullivan &amp; Cromwell LLP,
125 Broad Street, New York, NY 10004 (the &#147;Closing Location&#148;),
and the Securities will be delivered to the Underwriters through DTC, all at
such Time of Delivery. A meeting will be held at the Closing Location at 3:00
p.m., New York City time, on the New York Business Day next preceding such Time
of Delivery,  at which meeting the final drafts of the documents to be delivered
pursuant to the preceding sentence will be available for review by the parties
hereto. For the purposes of this Section 4, &#147;New York Business Day&#148; shall
mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a</FONT></P>
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  <FONT face="serif">-9-</FONT></P>

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  <FONT face="serif">day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company</FONT> <FONT face="serif">agrees with each of the Underwriters:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prepare the Prospectus in a form approved by you and to file such Prospectus
pursuant to the applicable paragraph of Rule 424(b) under the Act within the
time period prescribed; to make no further amendment or any supplement to the
Registration Statement, the Basic Prospectus or the Prospectus prior to the last
Time of Delivery unless the Company has furnished you a copy for your review
prior to filing and will not file any such proposed amendment or supplement to
which you reasonably object; to advise you, promptly after it receives notice
thereof, of the time when any amendment to the Registration Statement has been
filed or becomes effective or any amendment or supplement to the Prospectus has
been filed and to furnish you with copies thereof; to file promptly all other
material required to be filed by the Company with the Commission pursuant to
Rule 433(d) under the Act; to advise you, promptly after it receives notice thereof,
of the issuance by the Commission of any stop order or of any order preventing
or suspending the use of any Preliminary Prospectus or other prospectus in respect
of the Securities, of any notice of objection of the Commission to the use of
the Registration Statement or any post-effective amendment thereto pursuant to
Rule 401(g)(2) under the Act, of the suspension of the qualification of the Securities
for offering or sale in any jurisdiction, of the institution or threatening of
any proceeding for any such purpose, or of any request by the Commission for
the amending or supplementing of the Registration Statement or the Prospectus
or for additional information; and, in the event of the issuance of any stop
order or of any order preventing or suspending the use of any Preliminary Prospectus
or other prospectus or suspending any such qualification, to promptly use its
best efforts to obtain the withdrawal of such order; and in the event of any
such issuance of a notice of objection, promptly to take such steps including,
without limitation, amending the Registration Statement or filing a new registration
statement, at its own expense, as may be necessary to permit offers and sales
of the Securities by the Underwriters (references herein to the Registration
Statement shall include any such amendment or new registration statement); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If required by Rule 430B(h)
under the Act, to prepare a form of prospectus in a form approved by you and
to file such form of prospectus pursuant to Rule 424(b) under the Act not later
than may be required by Rule 424(b) under the Act; and to make no further amendment
or supplement to such form of prospectus unless the Company has furnished you
a copy for your review prior to filing and will not file any such proposed amendment
or supplement to which you reasonably object; </FONT></P>
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  <FONT face="serif">-10-</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
arrange, if necessary, for the qualification of the Securities for sale under
the laws of such jurisdictions as you may designate, to maintain such qualification
in effect so long as required for the distribution of the Securities and to pay
any fee of the Financial Industry Regulatory Authority, Inc, in connection with
its review of the offering; provided, however, that in no event shall the Company
be obligated to qualify to do business in any jurisdiction where it is not now
so qualified or to take any action that would subject it to service of process
in suits, other than those arising out of the offering and sale of the Securities,
in any jurisdiction where it is not now so subject; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
furnish the Underwriters with written and electronic copies of the Prospectus
in New York City in such quantities as you may reasonably request, and, if the
delivery of a prospectus (or in lieu thereof, the notice referred to in Rule
173(a) under the Act) is required at any time prior to the expiration of nine
months after the time of issue of the Prospectus in connection with the offering
or sale of the Securities and if at such time any event shall have occurred as
a result of which the Prospectus as then amended or supplemented would include
an 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 when such Prospectus (or in lieu thereof, the notice referred
to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any
other reason it shall be necessary during such same period to amend or supplement
the Prospectus or to file under the Exchange Act any document incorporated by
reference in the Prospectus in order to comply with the Act or the Exchange Act,
to notify you and upon your request to file such document and to prepare and
furnish without charge to each Underwriter and to any dealer in securities as
many written and electronic copies as you may from time to time reasonably request
of an amended Prospectus or a supplement to the Prospectus which will correct
such statement or omission or effect such compliance; and in case any Underwriter
is required to deliver a prospectus (or in lieu thereof, the notice referred
to in Rule 173(a) under the Act) in connection with sales of any of the Securities
at any time nine months or more after the time of issue of the Prospectus, upon
your request but at the expense of such Underwriter, to prepare and deliver to
such Underwriter as many written and electronic copies as you may request of
an amended or supplemented Prospectus complying with Section 10(a)(3) of the
Act; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
make generally available to its securityholders as soon as practicable an earnings
statement of the Company and its subsidiaries (which need not be audited) complying
with Section 11(a) of the Act and the rules and regulations of the Commission
thereunder (including, at the option of the Company, Rule 158); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period beginning from the date hereof and continuing to and including the
date 90 days after the date of the Prospectus, not to offer, sell,</FONT></P>
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  <FONT face="serif">-11-</FONT></P>

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  <FONT face="serif">contract to sell, pledge, grant any option to purchase,
  make any short sale or otherwise dispose, except as provided hereunder, of
  any securities of the Company that are substantially similar to the Securities,
  including but not limited to any options or warrants to purchase Common Shares
  or any securities that are convertible into or exchangeable for, or that represent
  the right to receive, Common Shares or any such substantially similar securities,
  without your prior written consent other than (i) the Securities to be sold
  hereunder, (ii) the issuance of Common Shares upon the exercise of an option
  or warrant or conversion of a security outstanding on the date of this Agreement,
  (iii) grants and issuances of Common Shares, options to acquire Common Shares
  or other derivative securities pursuant to stock-based compensation or incentive
  plans of the Company, (iv) the issuance of Common Shares pursuant to the Company&#146;s
  dividend reinvestment plans or employee stock purchase plans, and (v) the issuance
  of Common Shares upon the conversion or exchange of convertible or exchangeable
securities outstanding as of the date of this Agreement; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
pay the required Commission filing fees relating to the Securities within the
time required by Rule 456(b)(1) under the Act without regard to the proviso therein
and otherwise in accordance with Rules 456(b) and 457(r) under the Act; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
use its best efforts to list, subject to notice of issuance, the Securities on
the New York Stock Exchange (the &#147;Exchange&#148;); and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not take, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected to cause or result in,
under the Exchange Act or otherwise, stabilization or manipulation of the price
of any security of the Company to facilitate the sale or resale of the Securities</FONT> </P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and agrees that, without the prior consent of Goldman, Sachs &amp; Co.,
it has not made and will not make any offer relating to  the Securities that
would constitute a &#147;free writing prospectus&#148; as defined in Rule 405
under the Act; each Underwriter represents and agrees that, without the prior
consent of the Company and Goldman, Sachs &amp; Co., it has not made and
will not make any offer relating to the Securities that would constitute a free
writing prospectus; any such free writing prospectus the use of which has been
consented to by the Company and Goldman, Sachs &amp; Co.
is listed on Schedule II(a) hereto; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has complied and will comply with the requirements of Rule 433 under
the Act applicable to any Issuer Free Writing Prospectus, including timely filing
with the Commission or retention where required and legending; and </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that if at any time following issuance of an Issuer Free Writing
Prospectus any event occurred or occurs as a result of which such Issuer Free
Writing Prospectus would conflict with the information in the Registration Statement,
the Pricing Prospectus or the Prospectus or would include an 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 then prevailing, not
misleading, the Company will give prompt notice thereof to Goldman, Sachs &amp; Co.
and, if requested by Goldman, Sachs &amp; Co., will prepare and furnish
without charge to each Underwriter an Issuer Free Writing Prospectus or other
document which will correct such conflict, statement or omission; provided, however,
that this representation and warranty shall not apply to any statements or omissions
 in an Issuer Free Writing Prospectus made in reliance upon and in conformity
with information furnished in writing to the Company by an Underwriter through
Goldman, Sachs &amp; Co.
expressly for use therein. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants and agrees with the several Underwriters that the Company will
pay or cause to be paid the following: (i) the fees, disbursements and expenses
of the Company's counsel and accountants in connection with the registration
of the Securities under the Act and all other expenses in connection with the
preparation, printing, reproduction and filing of the Registration Statement,
the Basic Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus
and the Prospectus and amendments and supplements thereto and the mailing and
delivering of copies thereof to the Underwriters and dealers; (ii) the cost of
printing or producing any Agreement among Underwriters, this Agreement, the Blue
Sky Memorandum, closing documents (including any compilations thereof) and any
other documents in connection with the offering, purchase, sale and delivery
of the Securities; (iii) all expenses in connection with the qualification of
the Securities</FONT> <FONT face="serif">for offering and sale under state securities laws as provided in Section 5(c) hereof, including the fees and
disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; (iv) all fees and expenses in connection with listing the Securities on the Exchange; (v) the filing fees incident to,
and the fees and disbursements of counsel for the Underwriters in connection with, any required review by the Financial Industry Regulatory Authority, Inc. of the terms of the sale of the Securities; (vi) the cost of preparing the Securities; (vii)
the cost and charges of any transfer agent or registrar; and (viii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however,
that, except as provided in this Section, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them, and any
advertising expenses connected with any offers they may make. </FONT></P>
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  <FONT face="serif">-13-</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Underwriters hereunder, as to the Securities to be delivered
at each Time of Delivery, shall be subject, in their discretion, to the condition
that all representations and warranties and other statements of the Company herein
are, at and as of such Time of Delivery, true and correct in all material respects
(unless such representation and warranty or other statement is otherwise qualified
by materiality, in which case such representation and warranty or other statement
shall be true and correct), the condition that the Company shall have performed
all of its obligations in all material respects (unless such obligation is otherwise
qualified by materiality, in which case the Company shall have performed such
obligation) hereunder theretofore to be performed, and the following additional
conditions: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus shall have been filed with the Commission pursuant to Rule 424(b)
under the Act within the applicable time period prescribed for such filing by
the rules and regulations under the Act and in accordance with Section 5(a) hereof;
all material required to be filed by the Company pursuant to Rule 433(d) under
the Act shall have been filed with the Commission within the applicable time
period prescribed for such filings by Rule 433; no stop order suspending the
effectiveness of the Registration Statement or any part thereof shall have been
issued and no proceeding for that purpose shall have been instituted or threatened
by the Commission and no notice of objection of the Commission to the use of
the Registration Statement or any post-effective amendment thereto pursuant to
Rule 401(g)(2) under the Act shall have been received; no stop order suspending
or preventing the use of the Prospectus or any Issuer Free Writing Prospectus
shall have been instituted or threatened by the Commission; and all requests
for additional information on the part of the Commission shall have been complied
with to your reasonable satisfaction; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sullivan &amp; Cromwell
LLP, counsel for the Underwriters, shall have furnished to you such written opinion
or opinions, dated such</FONT> <FONT face="serif">Time of Delivery, in form and
substance satisfactory to you, with respect to such matters as you may reasonably
request, and such counsel shall have received such papers and information as
they  may reasonably request to enable them to pass upon such matters; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleary
Gottlieb Steen &amp; Hamilton
LLP, counsel for the Company, shall have furnished to you their written opinion,
dated such Time of Delivery, in form and substance satisfactory to you, in substantially
the form of Annex II(a) hereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louise
M. Parent, Executive Vice President and General Counsel for the Company, shall
have furnished to you her written opinion, dated such Time of Delivery, in form
and substance satisfactory to you, in substantially the form of Annex II(b) hereto. </FONT></P>
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  <FONT face="serif">-14-</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the date of the Prospectus at a time prior to the execution of this Agreement,
at 9:30 a.m., New York City time, on the effective date of any post effective
amendment to the Registration Statement filed subsequent to the date of this
Agreement and also at each Time of Delivery, PricewaterhouseCoopers LLP shall
have furnished to you a letter or letters, dated the respective dates of delivery
thereof, in form and substance satisfactory to you, to the effect set forth in
Annex I hereto (the executed copy of the letter delivered prior to the execution
of this Agreement is attached as Annex I(a) hereto); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the dates as of which information is given in the Pricing Prospectus, there
shall not have been (i) any material change or decrease in capital stock or long-term
debt; (ii) any material change, or any development involving a prospective change,
in or affecting the condition (financial or otherwise), earnings, business or
properties of the Company and its subsidiaries, taken as a whole, whether or
not arising from transactions in the ordinary course of business, except as set
forth in or contemplated in the Pricing Prospectus or (iii) any decrease in the
rating of any of the Company&#146;s debt securities by any
&#147;nationally recognized statistical rating organization&#148; (as defined
for purposes of Rule 436(g) under the Act) or any notice given of any intended
or potential decrease in any such rating or of a possible change in any such
rating that does not indicate the direction of the possible change the effect
of which, in any case referred to in clause (i), (ii) or (iii) above, in your
judgment, makes it impractical or inadvisable to proceed with the offering or
delivery of the Securities as contemplated by the Prospectus. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or after the Applicable Time there shall not have occurred any of the following:
(i) a suspension in trading by the Exchange or the Commission in the Company&#146;s Common Shares
or in securities generally, or the establishment of minimum or maximum prices
on the Exchange; (ii) a banking moratorium declared by either Federal or New
York State authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States; or (iii) the outbreak
of major hostilities in which the United States is involved, declaration by the
United States of a national emergency or war, or other substantial national or
international calamity or crisis the effect of which on financial markets that
in your judgment makes it impracticable or inadvisable to proceed with the public
offering or the delivery of the Securities being delivered at such Time of Delivery</FONT> <FONT face="serif">on the terms and in the manner contemplated in the Prospectus; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have complied with the provisions of Section 5(e) hereof with respect
to the furnishing of prospectuses on the New York Business Day next succeeding
the date of this Agreement; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall have been duly listed, subject to notice of issuance, on the Exchange;</FONT></P>
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  <FONT face="serif">-15-</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has obtained and delivered to the Underwriters executed copies of an
agreement from the directors and executive officers listed on Schedule III hereto,
substantially to the effect set forth in Section 5(f)  hereof in form and substance
satisfactory to you; and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished or caused to be furnished to you at such</FONT> <FONT face="serif">Time
of Delivery certificates of  officers of the Company satisfactory to you as to
the accuracy of the representations and warranties of the Company herein at and
as of such time, as to the performance by the Company of all of its obligations
hereunder to be performed at or prior  to such time, as to the matters set forth
in subsections (a), (f)(1) and (f)(2) of this Section and as to such other matters
as you may reasonably request.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Company will indemnify and hold harmless each Underwriter against any losses,
claims, damages or liabilities, joint or several, to which such Underwriter may
become subject, under the Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus,
the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto,
any Issuer Free Writing Prospectus or any &#147;issuer information&#148;
filed or required to be filed pursuant to Rule 433(d) under the Act, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each Underwriter for any legal or
other expenses reasonably incurred by such Underwriter in connection with investigating
or defending any such action or claim as such expenses are incurred; <U>provided</U>, <U>however</U>,
that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
the Registration Statement, the Basic Prospectus, any Preliminary Prospectus,
the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto,
or any Issuer Free Writing Prospectus, in reliance upon and in conformity with
written information furnished to the Company by any Underwriter through Goldman,
Sachs &amp; Co. expressly for use therein; <U>provided</U>, <U>further</U>, that
the foregoing indemnity with respect to any Preliminary Prospectus, the Pricing
 Prospectus, the Prospectus or any Issuer 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 Prospectus, Pricing Prospectus, Prospectus or Issuer
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</FONT></P>
<P align="center">
  <FONT face="serif">-16-</FONT></P>

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<P align="justify">
  <FONT face="serif">the contract of sale of Securities with such person, and if the Preliminary Prospectus, Final Prospectus or I Free Writing Prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss,
claim, damage or liability. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter will indemnify and hold harmless the Company against any losses,
claims, damages or liabilities to which the Company may become subject, under
the Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus
or the Prospectus, or any amendment or supplement thereto, or any Issuer Free
Writing Prospectus, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in the Registration Statement, the Basic
Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus
or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus,
in reliance upon and in conformity with written information furnished to the
Company by such Underwriter through Goldman, Sachs &amp; Co. expressly for use
therein; and will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with investigating or defending any such
action or claim as such expenses are incurred. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an indemnified party under subsection (a) or (b) above of notice
of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party under such subsection,
notify the indemnifying party in writing of the commencement thereof; but the
omission so to notify the indemnifying party (i) shall not relieve it from any
liability which it may have to any indemnified party otherwise than under such
subsection unless and to the extent it did not otherwise learn of such action
and such failure results in the forfeiture by the indemnifying party of substantial
rights and defenses, and (ii) shall not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification
obligation provided in subsection (a) or (b) above. In case any such action shall
be brought against any indemnified party and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such
subsection for any legal expenses of other counsel or any other</FONT></P>
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  <FONT face="serif">-17-</FONT></P>

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<P align="justify">
  <FONT face="serif">expenses, in each case subsequently incurred by such indemnified
  party, in connection with the defense thereof other than reasonable costs of
  investigation. Notwithstanding the indemnifying party&#146;s election to appoint
  counsel to represent the indemnified party in an action, the indemnified party
  shall have the right to employ separate counsel (including local counsel),
  and the indemnifying party shall bear the reasonable fees, costs and expenses
  of such separate counsel if (i) the use of counsel chosen by the indemnifying
  party to represent the indemnified party would present such counsel with a
  conflict of interest, (ii) the actual or potential defendants in, or targets
  of, any such action include both the indemnified party and the indemnifying
  party and the indemnified party shall have reasonably concluded that there
  may be legal defenses available to it and/or other indemnified parties that
  are different from or additional to those available to the indemnifying party,
  (iii) the indemnifying party shall not have employed counsel satisfactory to
  the indemnified party to represent the indemnified party within a reasonable
  time after notice of the institution of such action or (iv) the indemnifying
  party shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
indemnifying party shall, without the written consent of the indemnified party,
effect the settlement or compromise of, or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any indemnified party. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section 9 is unavailable to or insufficient
to hold harmless an indemnified party under subsection (a) or (b) above in respect
of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then the Company and the Underwriters shall severally contribute
to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such proportion
as is appropriate to reflect the relative benefits received by the Company on
the one hand and the Underwriters on the other from the offering of the Securities.
If, however, the allocation provided by the immediately preceding sentence is
not permitted by applicable law or if the indemnified party failed to give the
notice required under subsection (c) above, then the Company and the Underwriters
shall severally contribute to such amount paid or payable by such indemnified
party in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company on the one hand and the Underwriters
on the other in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof),
as well as any other relevant equitable considerations. The relative</FONT></P>
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  <FONT face="serif">-18-</FONT></P>

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<P align="justify">
  <FONT face="serif">benefits received by the Company on the one hand and the
  Underwriters on the other shall be deemed to be in the same proportion as the
  total net proceeds from the offering (before deducting expenses) received by
  the Company bear to the total underwriting discounts and commissions received
  by the Underwriters, in each case as set forth in the table on the cover page
  of the Prospectus. The relative fault shall be determined by reference to,
  among other things, whether the untrue or alleged untrue statement of a material
  fact or the omission or alleged omission to state a material fact relates to
  information supplied by the Company on the one hand or the Underwriters on
  the other and the parties' relative intent, knowledge, access to information
  and opportunity to correct or prevent such statement or omission. The Company
  and the Underwriters agree that it would not be just and equitable if contribution
  pursuant to this subsection (d) were determined by pro rata allocation (even
  if the Underwriters were treated as one entity for such purpose) or by any
  other method of allocation which does not take account of the equitable considerations
  referred to above in this subsection (d). The amount paid or payable by an
  indemnified party as a result of the losses, claims, damages or liabilities
  (or actions in respect thereof) referred to above in this subsection (d) shall
  be deemed to include any legal or other expenses reasonably incurred by such
  indemnified party in connection with investigating or defending any such action
  or claim. Notwithstanding the provisions of this subsection (d), no Underwriter
  shall be required to contribute any amount in excess of the amount by which
  the total price at which the Securities underwritten by it and distributed
  to the public were offered to the public exceeds the amount of any damages
  which such Underwriter has otherwise been required to pay by reason of such
  untrue or alleged untrue statement or omission or alleged omission. No person
  guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
  of the Act) shall be entitled to contribution from any person who was not guilty
  of such fraudulent misrepresentation. The Underwriters' obligations in this
  subsection (d) to contribute are several in proportion to their respective
underwriting obligations and not joint. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Company under this Section 9 shall be in addition to any liability
which the Company may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls any Underwriter within the meaning
of the Act and each broker-dealer affiliate of any Underwriter; and the obligations
of the Underwriters under this Section 9 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the
same terms and conditions, to each officer and director of the Company</FONT> <FONT face="serif">and to each
person, if any, who controls the Company within the meaning of the Act. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
If any Underwriter shall default in its obligation to purchase the Securities
which it has agreed to purchase hereunder at a Time of Delivery, you may in your
discretion arrange for you or another party or other parties to purchase such
Securities on the terms contained herein. If within thirty six hours</FONT></P>
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  <FONT face="serif">-19-</FONT></P>

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<P align="justify">
  <FONT face="serif">after such default by any Underwriter you do not arrange
  for the purchase of such Securities, then the Company shall be entitled to
  a further period of thirty six hours within which to procure another party
  or other parties satisfactory to you to purchase such Securities on such terms.
  In the event that, within the respective prescribed periods, you notify the
  Company that you have so arranged for the purchase of such Securities, or the
  Company notifies you that it has so arranged for the purchase of such Securities,
  you or the Company shall have the right to postpone such Time of Delivery for
  a period of not more than seven days, in order to effect whatever changes may
  thereby be made necessary in the Registration Statement or the Prospectus,
  or in any other documents or arrangements, and the Company agrees to file promptly
  any amendments or supplements to the Registration Statement or the Prospectus
  which in your opinion may thereby be made necessary. The term &#147;Underwriter&#148; as
  used in this Agreement shall include any person substituted under this Section
  with like effect as if such person had originally been a party to this Agreement
with respect to such Securities. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after giving effect to any arrangements for the purchase of the Securities of
a defaulting Underwriter or Underwriters by you and the Company as provided in
subsection (a) above, the  aggregate number of such Securities which remains
unpurchased does not exceed one eleventh of the aggregate number of all the Securities
to be purchased at such Time of Delivery, then the Company shall have the right
to require each non-defaulting  Underwriter to purchase the number of shares
which such Underwriter agreed to purchase hereunder at such Time of Delivery
and, in addition, to require each non-defaulting Underwriter to purchase its
pro rata share (based on the number of Securities  which such Underwriter agreed
to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters
for which such arrangements have not been made; but nothing herein shall relieve
a defaulting Underwriter from liability for its  default to the Company and to
any non-defaulting Underwriter for damages occasioned by its default hereunder. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after giving effect to any arrangements for the purchase of the Securities of
a defaulting Underwriter or Underwriters by you and the Company as provided in
subsection (a) above, the  aggregate number of such Securities which remains
unpurchased exceeds one eleventh of the aggregate number of all the Securities
to be purchased at such Time of Delivery, or if the Company shall not exercise
the right described in subsection (b)  above to require non-defaulting Underwriters
to purchase Securities of a defaulting Underwriter or Underwriters, then this
Agreement (or, with respect to the Second Time of Delivery, the obligations of
the Underwriters to purchase and of the Company  to sell the Optional Securities)
shall thereupon terminate, without liability on the part of any non-defaulting
Underwriter or the Company, except for the expenses to be borne by the Company
and the Underwriters as provided in Section 7 hereof and  the indemnity and contribution
agreements in Section 9 hereof; but nothing herein shall relieve a defaulting
Underwriter from liability for its default to the</FONT></P>
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  <FONT face="serif">-20-</FONT></P>

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<P align="justify">
  <FONT face="serif">Company and to any non-defaulting Underwriter for damages occasioned by its default hereunder. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
respective indemnities, agreements, representations,</FONT> <FONT face="serif">warranties
and other statements of the Company and the several Underwriters, as set forth
in this Agreement or made by or on behalf of them, respectively, pursuant to
this Agreement, shall remain in full force and effect,  regardless of any investigation
(or any statement as to the results thereof) made by or on behalf of any Underwriter
or any controlling person of any Underwriter, or the Company, or any officer
or director or controlling person of the Company, and  shall survive delivery
of and payment for the Securities. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Agreement shall be terminated pursuant to Section 10 hereof, the Company
shall not then be under any liability to any Underwriter except as provided in
Sections 7 and 9 hereof; but, if for any other reason, any</FONT> <FONT face="serif">of</FONT> <FONT face="serif">the
Securities are not delivered by  or on behalf of the Company as provided herein,
the Company will reimburse the Underwriters through you for all out of pocket
expenses approved in writing by you, including fees and disbursements of counsel,
reasonably incurred by the Underwriters  in making preparations for the purchase,
sale and delivery of the Securities not so delivered, but the Company shall then
be under no further liability to any Underwriter except as provided in Sections
7 and 9 hereof. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all dealings hereunder, you shall act on behalf of each of the Underwriters,
and the parties hereto shall be entitled to act and rely upon any statement,
request, notice or agreement on behalf of any Underwriter made or given by you. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to you as the
representative at 85 Broad Street, 20th Floor, New York, New York 10004, Attention: Registration Department; and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth in the
Registration Statement, Attention: Secretary; provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in
its Underwriters' Questionnaire, or telex constituting such Questionnaire, which address will be supplied to the Company by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the underwriters are required to obtain, verify and record information
that identifies their respective clients, including the Company, which information may include the name and address of</FONT></P>
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  <FONT face="serif">-21-</FONT></P>

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<P align="justify">
  <FONT face="serif">their respective clients, as well as other information that will allow  the underwriters to properly identify their respective clients. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters,
the Company and, to the extent provided in Sections 9 and 11 hereof, the officers
and directors of the Company and each person who controls the Company or any
Underwriter, and their respective heirs, executors, administrators, successors
and assigns, and no other person shall acquire or have any right under or by
virtue of this Agreement. No purchaser of any of the Securities from any Underwriter
shall be deemed a successor or assign by reason merely of such purchase. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
shall be of the essence of this Agreement. As used herein, the term &#147;business day&#148; shall mean
any day when the Commission's office in Washington, D.C. is open for business. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company acknowledges and agrees that (i) the purchase and sale of the Securities
pursuant to this Agreement is an arm's-length commercial transaction between
the Company, on the one hand, and the several Underwriters, on the other, (ii)
in connection therewith and with the process leading to such transaction each
Underwriter is acting solely as a principal and not the agent or fiduciary of
the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility
in favor of the Company with respect to the offering contemplated hereby or the
process leading thereto (irrespective of whether such Underwriter has advised
or is currently advising the Company on other matters) or any other obligation
to the Company except the obligations expressly set forth in this Agreement and
(iv) the Company has consulted its own legal and financial advisors to the extent
it deemed appropriate. The Company agrees that it will not claim that the Underwriters,
or any of them, has rendered advisory services of any nature or respect, or owes
a fiduciary or similar duty to the Company, in connection with such transaction
or the process leading thereto.</FONT> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement supersedes all prior agreements and</FONT> <FONT face="serif">understandings
(whether written or oral) between the Company and the Underwriters, or any of
them, with respect to the subject matter hereof.</FONT> </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This Agreement shall be governed by and construed in accordance with the laws of the State of New York. </B></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of the Underwriters hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed by any one or more of the parties hereto in any number
of counterparts, each of which shall be deemed to be an</FONT></P>
<P align="center">
  <FONT face="serif">-22-</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
  <FONT face="serif">original, but all such respective counterparts shall together constitute one and the same instrument. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, the Company is authorized to disclose to any
persons the U.S. federal and state income tax treatment and tax structure of
the potential transaction and all materials of any kind (including tax opinions
and other tax analyses) provided to the Company relating to that treatment and
structure, without the Underwriters&#146; imposing any limitation of any
kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose,
&#147;tax structure&#148; is limited to any facts that may be relevant to that
treatment. </FONT></P>
<P align="center">
  <FONT face="serif">-23-</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If
the foregoing is in accordance with your understanding, please sign and return
to us counterparts hereof, and upon the acceptance hereof by you, on behalf of
each of the Underwriters, this letter and such acceptance hereof shall constitute
a binding agreement between each of the Underwriters and the Company. It is understood
that your acceptance of this letter on behalf of each of the Underwriters is
pursuant to the authority set forth in a form of Agreement among Underwriters,
the form of which shall be submitted to the Company for examination upon request,
but without warranty on your part as to the authority of the signers thereof. </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="69%"><font face="serif">&nbsp;</font></td>
    <td colspan="2"><font face="serif">Very truly yours,</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td width="3%"><font face="serif">&nbsp;</font></td>
    <td width="28%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td colspan="2"><font face="serif"><b>American Express Company</b></font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">By:</font></td>
    <td style="border-bottom:1px solid #000000;"><font face="serif">/s/ David
    Yowan</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">Name:</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">Title:</font></td>
  </tr>
</table>
<br>
<table width="30%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%"><font face="serif">Accepted as of the date hereof:</font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif"><b>Goldman, Sachs &amp; Co.</b></font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="30%" style="border-bottom:1px solid #000000;"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="30%"><div align="center"><font face="serif">(Goldman, Sachs &amp; Co.)</font></div></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div align="center"><font face="serif">On behalf of each of the Underwriters</font></div></td>
  </tr>
</table>
<P align="center">&nbsp;</P>

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


<P align="left" style="page-break-before:always"></P><PAGE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If
the foregoing is in accordance with your understanding, please sign and return
to us counterparts hereof, and upon the acceptance hereof by you, on behalf of
each of the Underwriters, this letter and such acceptance hereof shall constitute
a binding agreement between each of the Underwriters and the Company. It is understood
that your acceptance of this letter on behalf of each of the Underwriters is
pursuant to the authority set forth in a form of Agreement among Underwriters,
the form of which shall be submitted to the Company for examination upon request,
but without warranty on your part as to the authority of the signers thereof. </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="69%"><font face="serif">&nbsp;</font></td>
    <td colspan="2"><font face="serif">Very truly yours,</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td width="3%"><font face="serif">&nbsp;</font></td>
    <td width="28%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td colspan="2"><font face="serif"><b>American Express Company</b></font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">By:</font></td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">Name:</font></td>
  </tr>
  <tr>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">&nbsp;</font></td>
    <td><font face="serif">Title:</font></td>
  </tr>
</table>
<br>
<table width="30%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%"><font face="serif">Accepted as of the date hereof:</font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif"><b>Goldman, Sachs &amp; Co.</b></font></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="30%" style="border-bottom:1px solid #000000;"><font face="serif">/s/
    Goldman, Sachs &amp; Co.</font></td>
  </tr>
  <tr>
    <td width="30%"><div align="center"><font face="serif">(Goldman, Sachs &amp; Co.)</font></div></td>
  </tr>
  <tr>
    <td width="30%"><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div align="center"><font face="serif">On behalf of each of the Underwriters</font></div></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<HR noshade align="center" width="100%" size=4>


<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="5" align=left nowrap>
      <div align="center"><B><FONT face="serif">SCHEDULE I</FONT></B> </div></TD>
  </TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%" align=left nowrap>&nbsp;	</TD>
	<TD width="16%">&nbsp;	</TD>
	<TD width="23%" align=center nowrap>&nbsp;	</TD>
	<TD width="2%" align="center">&nbsp;	</TD>
	<TD width="25%" align=center nowrap>
<B><FONT face="serif">Number of</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Total Number of</FONT></B>	</TD>
	<TD align="center">&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Optional</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap> <div align="center"><B><U><FONT face="serif">Underwriter</FONT></U></B> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Firm Securities</FONT></B>	</TD>
	<TD align="center">&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Securities to be</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">to be</FONT></B>	</TD>
	<TD align="center">&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Purchased if</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Purchased</FONT></B>	</TD>
	<TD align="center">&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT face="serif">Maximum Option</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align="center">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Exercised</FONT></B>	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
	<TD align=left nowrap>
      <FONT face="serif">Goldman, Sachs &amp; Co</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">13,465,349</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">2,019,802</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
      <FONT face="serif">Credit Suisse Securities (USA) LLC</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">1,584,158</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">237,624</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
	<TD align=left nowrap>
      <FONT face="serif">Deutsche Bank Securities Inc</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">1,584,158</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">237,624</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
      <FONT face="serif">Barclays Capital Inc</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">752,475</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">112,871</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
	<TD align=left nowrap>
      <FONT face="serif">Citigroup Global Markets Inc.</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">752,475</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">112,871</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
      <FONT face="serif">Merrill Lynch, Pierce Fenner &amp; Smith Incorporated</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap><FONT face="serif">752,475</FONT> </TD>
	<TD>&nbsp;</TD>
	<TD align=right nowrap><FONT face="serif">112,871</FONT> </TD>
</TR>

<TR valign="bottom">
	<TD align=left nowrap bgcolor="#E5FFFF">
      <FONT face="serif">ABN AMRO Incorporated</FONT>	</TD>
	<TD bgcolor="#E5FFFF">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#E5FFFF">
      <FONT face="serif">752,475</FONT>	</TD>
	<TD bgcolor="#E5FFFF">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#E5FFFF">
      <FONT face="serif">112,871</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
      <FONT face="serif">The Williams Capital Group, L.P.</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">79,208</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>
      <FONT face="serif">11,881</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap bgcolor="#E5FFFF">
      <FONT face="serif">Utendahl Capital Group, L.L.C.</FONT>	</TD>
	<TD bgcolor="#E5FFFF">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
      <FONT face="serif">79,208</FONT>	</TD>
	<TD bgcolor="#E5FFFF">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
      <FONT face="serif">11,881</FONT>	</TD>
</TR>

<TR valign="bottom">
	<TD align=center nowrap>
      <FONT face="serif">Total</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
      <FONT face="serif">19,801,981</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
      <FONT face="serif">2,970,296</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
  <FONT face="serif">-1-</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT face="serif">SCHEDULE II</FONT></B></P>
<br>
<br>
<br>

<P align="center">
  <FONT face="serif">&nbsp;</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT face="serif">SCHEDULE III</FONT></B></P>
<br>
<br>
<br>
<br>

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

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right"><B><FONT face="serif">ANNEX I</FONT></B></P>
<P align="center">
<B><FONT face="serif">Form of Comfort Letter</FONT></B></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">-1-</FONT></P>
<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">ANNEX II(a)</FONT></B></P>
<P align="center">
<B><FONT face="serif">Form of Opinion of Cleary Gottlieb Steen &amp; Hamilton
LLP</FONT></B> </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>
<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">ANNEX II(b)</FONT></B></P>
<P align="center">
<B><FONT face="serif">Form of Opinion of Louise M. Parent</FONT></B></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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>c57844_ex5.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>



<P align="right">
<B><FONT face="serif">EXHIBIT 5.0</FONT></B></P>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>[CLEARY GOTTLIEB STEEN &amp; HAMILTON LLP LETTERHEAD]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=1>Writer&#146;s Direct Dial:  (212) 225-2018</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>E-Mail: kblacklow@cgsh.com</font></p>

<p style=' margin-bottom:24pt; margin-top:12pt; margin-left:53.85%;text-align:left;'><font size=2>June 5, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>American Express Company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>200 Vesey Street</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>New York, New York  10285</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p align="left" style=' margin-bottom:12pt; margin-top:0pt; text-indent:10%;text-align:left;'><font size=2>We have acted as special counsel to American Express Company, a New York corporation (the &#147;</font><u><font size=2>Company</font></u><font size=2>&#148;), in connection with the Registration Statement on Form S-3, Registration No. 333-138032 (the &#147;</font><u><font size=2>Registration Statement</font></u><font size=2>&#148;), filed on October 16, 2006 with the Securities and Exchange Commission (the &#147;</font><U><font SIZE=2>SEC</font></U><font size=2>&#148;) pursuant to the Securities Act of 1933, as amended (the &#147;</font><u><font size=2>Securities Act</font></u><font size=2>&#148;), and the proposed sale pursuant to a prospectus supplement dated June 1, 2009 to the prospectus dated October 16, 2006 (together, the &#147;</font><u><font size=2>Prospectus</font></u><font size=2>&#148;) of shares of the Company&#146;s common stock, par value $0.20 per share (the
&#147;</font><u><font size=2>Common Shares</font></u><font size=2>&#148;).</font></p>

<p align="left" style=' margin-bottom:12pt; margin-top:0pt; text-indent:10%;text-align:left;'><font size=2>We have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such corporate records of the Company and such other documents and other certificates of public officials, officers and representatives of the Company and such other persons, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinion expressed below.  In rendering the opinion expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies.  In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed.</font></p>

<p align="left" style=' margin-bottom:12pt; margin-top:0pt; text-indent:10%;text-align:left;'><font size=2>Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that the Common Shares have been duly authorized by all necessary corporate action of the Company, have been validly issued and are fully paid and, except as may otherwise be provided by Section 630 of the Business Corporation Law of the State of New York, are non-assessable.  </font></p>

<p align="left" style=' margin-bottom:12pt; margin-top:0pt; text-indent:10%;text-align:left;'><font size=2>The foregoing opinion is limited to the law of the State of New York.</font></p>

<p align="left" style=' margin-bottom:12pt; margin-top:0pt; text-indent:10%;text-align:left;'><font size=2>We hereby consent to the filing of this opinion with the SEC as an exhibit to the Company&#146;s 8-K dated June 5, 2009 and to the use of our name under the caption &#147;Validity of the Shares&#148; in the Registration Statement and the Prospectus.  In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the SEC. </font></p>




<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="3" align="left" valign="bottom" nowrap><font size=2>Very
    truly yours,</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="3" align="left" valign="bottom" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="3" align="left" valign="bottom" nowrap><font size=2>CLEARY
    GOTTLIEB STEEN &amp; HAMILTON LLP</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" nowrap>&nbsp;</td>
    <td width="1%" align="left" valign="bottom" nowrap><font size=2>By</font></td>
    <td width="3%" align="left" valign="bottom" nowrap style="border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="46%" align="left" valign="bottom" nowrap style="border-bottom:1px solid #000000"><font size=2>/s/ </font><small>KIMBERLY</small> <small>BROWN</small> <small>BLACKLOW</small></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
    <td align="left" valign="bottom" nowrap><font size=2>Kimberly
    Brown Blacklow, a Partner</font></td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:50%; text-indent:-7.69%;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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