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    &lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
    &lt;!-- Begin Block Tagged Note 7 - axp:AssetSecuritizationsTextBlock--&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
    &lt;div style="margin-top: 10pt"&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;7.&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;&lt;b&gt;Asset Securitizations&lt;/b&gt;
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Charge Trust and Lending Trust&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Company periodically securitizes cardmember receivables and loans arising from its card
    business through the transfer of those assets to securitization trusts. The trusts then issue
    securities to third-party investors, collateralized by the transferred assets.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Cardmember receivables are transferred to the American Express Issuance Trust (the Charge Trust),
    and cardmember loans are transferred to the American Express Credit Account Master Trust (the
    Lending Trust). As of December&amp;#160;31, 2009 and for all prior periods, cardmember receivables
    transferred to the Charge Trust did not qualify as accounting sales and, accordingly, the Charge
    Trust was consolidated by the Company. As a result, securitized cardmember receivables and the
    related debt securities issued to third parties by the Charge Trust were included on the Company&amp;#8217;s
    Consolidated Balance Sheets. The Lending Trust met the criteria of a QSPE for GAAP in effect
    through December&amp;#160;31, 2009 and, accordingly, cardmember loans transferred to the Lending Trust
    qualified as accounting sales. As a result, when cardmember loans were sold through
    securitizations, the Company removed the loans from its Consolidated Balance Sheets and recognized
    a gain or loss on sale, recorded certain retained interests in the securitization (i.e., retained
    subordinated securities and an interest-only strip asset) and received an undivided pro-rata
    interest in the excess loans held in the Lending Trust (historically referred to as &amp;#8220;seller&amp;#8217;s
    interest&amp;#8221;).
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Upon adoption of new GAAP effective January&amp;#160;1, 2010, the Company continues to consolidate the
    Charge Trust. In addition, the Company was required to change its accounting for the Lending Trust,
    which is now consolidated. As a result, beginning January&amp;#160;1, 2010, the securitized cardmember loans
    and the related debt securities issued to third parties by the Lending Trust are included on the
    Company&amp;#8217;s Consolidated Balance Sheets. Prior period Consolidated Financial Statements have not been
    revised for this accounting change.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Charge Trust and the Lending Trust are consolidated by American Express Travel Related Services
    Company, Inc. (TRS), which is a consolidated subsidiary of the Company. The trusts are considered
    VIEs as they have insufficient equity at risk to finance their activities, which are to issue
    securities that are collateralized by the underlying cardmember receivables and loans.
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;TRS, in its role as servicer of the Charge Trust and the Lending Trust, has the power to direct the
    most significant activity of the trusts, which is the collection of the underlying cardmember
    receivables and loans in the trusts. In addition, TRS owns approximately $1.5&amp;#160;billion of
    subordinated securities issued by the Lending Trust as of June&amp;#160;30, 2010. These subordinated
    securities have the obligation to absorb losses of the Lending Trust and provide the right to
    receive benefits from the Lending Trust, both of which are
    significant. TRS&amp;#8217; role as servicer for the Charge Trust does not provide it with a significant
    obligation to absorb losses or a significant right to receive benefits. However, TRS&amp;#8217; position as
    the parent company of the entities that transferred the receivables to the Charge Trust makes it
    the party most closely related to the Charge Trust. Based on these considerations, TRS was
    determined to be the primary beneficiary of both the Charge Trust and the Lending Trust.
    &lt;/div&gt;
    &lt;!-- Folio --&gt;
    &lt;!-- /Folio --&gt;
    &lt;/div&gt;
    &lt;!-- PAGEBREAK --&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The debt securities issued by the Charge Trust and the Lending Trust are non-recourse to the
    Company. Securitized cardmember receivables and loans held by the Charge Trust and the Lending
    Trust are available only for payment of the debt securities or other obligations issued or arising
    in the securitization transactions. The long-term debt of each trust is payable only out of
    collections on their respective underlying securitized assets.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;There was approximately $10&amp;#160;million and $1.8&amp;#160;billion of restricted cash held by the Charge Trust as
    of June&amp;#160;30, 2010 and December&amp;#160;31, 2009, respectively, and approximately $1.4&amp;#160;billion of restricted
    cash held by the Lending Trust as of June&amp;#160;30, 2010, included in other assets on the Company&amp;#8217;s
    Consolidated Balance Sheets. Also, as of December&amp;#160;31, 2009, other receivables on the Company&amp;#8217;s
    Consolidated Balance Sheet included $1.9&amp;#160;billion of cash held in the Lending Trust. These amounts
    relate to collections of cardmember receivables and loans to be used by the trusts to fund future
    expenses, and obligations, including interest paid on investor certificates, credit losses and
    upcoming debt maturities.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Lending Trust &amp;#8212; Impact on the Consolidated Balance Sheet&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The following table summarizes the major balance sheet impacts, including adjustments associated
    with the adoption of new GAAP effective January&amp;#160;1, 2010, for the consolidation of the Lending
    Trust:
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 1px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="right"&gt;
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    &lt;!-- Begin Table Head --&gt;
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    &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Balance&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Adjusted Balance&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;i&gt;(Billions)&lt;/i&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;December 31, 2009&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;Adjustments&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;January 1, 2010&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Head --&gt;
    &lt;!-- Begin Table Body --&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Cardmember loans
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;32.8&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;29.0&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;61.8&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Loss reserves (cardmember loans)
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(3.3&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(2.5&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(5.8&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Investment securities
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;24.3&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(3.6&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;20.7&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Other receivables
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;5.1&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(1.9&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;3.2&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Other assets
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;13.2&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;2.2&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;15.4&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Long-term debt
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;52.3&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;25.0&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;77.3&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Shareholders&amp;#8217; equity
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;14.4&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(1.8&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;12.6&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Body --&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 2px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The primary changes to the Company&amp;#8217;s Consolidated Balance Sheets were:
    &lt;/div&gt;
    &lt;div style="margin-top: 10pt"&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;An increase to cardmember loans and long-term debt for the (i)&amp;#160;cardmember loans
    held by the Lending Trust and (ii)&amp;#160;debt securities issued by the Lending Trust;
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div style="margin-top: 10pt"&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;Establishment of a cardmember reserve for losses for the additional cardmember
    loans;
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div style="margin-top: 10pt"&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;The elimination in consolidation of the Company&amp;#8217;s retained subordinated securities
    against the debt securities issued by the Lending Trust;
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div style="margin-top: 10pt"&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
    &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;A reduction to shareholders&amp;#8217; equity, primarily for the after-tax effect of
    establishing the additional reserve for losses on cardmember loans.
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;!-- Folio --&gt;
    &lt;!-- /Folio --&gt;
    &lt;/div&gt;
    &lt;!-- PAGEBREAK --&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Lending Trust Long-term Debt&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As previously discussed, consolidation of the Lending Trust on January&amp;#160;1, 2010 resulted in an
    increase to long-term debt on the Company&amp;#8217;s Consolidated Balance Sheet. The Lending Trust&amp;#8217;s
    long-term debt outstanding, defined as debt with original maturities of one year or greater, as of
    June&amp;#160;30, 2010 was as follows:
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 1px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="right"&gt;
    &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%"&gt;
    &lt;!-- Begin Table Head --&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Quarter-End&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Maturity&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Outstanding&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Stated Rate&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;i&gt;(Millions, except percentages)&lt;/i&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;Dates&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;Balance&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;on Debt&lt;sup style="font-size: 85%; vertical-align: text-top"&gt;(a)&lt;/sup&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Head --&gt;
    &lt;!-- Begin Table Body --&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fixed Rate Senior Notes
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;438&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;5.35&lt;/b&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fixed Rate Subordinated Notes
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;62&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;5.61&lt;/b&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Floating Rate Senior Notes
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right"&gt;&lt;b&gt;2010-2018&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;19,502&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;0.95&lt;/b&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Floating Rate Subordinated Notes
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right"&gt;&lt;b&gt;2010-2018&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;1,539&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;0.73&lt;/b&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;21,541&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;1.04&lt;/b&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Body --&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 2px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr style="font-size: 6pt"&gt;
    &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="90"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="top"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;For floating rate debt issuances, the stated interest rates are based on the floating rates
    in effect as of June&amp;#160;30, 2010. These rates may not be indicative of future interest rates.
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Aggregate annual maturities on long-term debt obligations for the Lending Trust (based on
    final maturity dates) as of June&amp;#160;30, 2010 were as follows:
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 1px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="right"&gt;
    &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%"&gt;
    &lt;!-- Begin Table Head --&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td width="86%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;i&gt;(Millions)&lt;/i&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"&gt;Amount&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Head --&gt;
    &lt;!-- Begin Table Body --&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;2010
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;2,250&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;5,330&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;5,222&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;2,904&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;2,685&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;3,150&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
    &lt;td align="right"&gt;&lt;b&gt;21,541&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Body --&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 2px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Charge Trust and Lending Trust Triggering Events&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;Under the respective terms of the Charge Trust and the Lending Trust agreements, the occurrence of
    certain events could result in establishment of reserve funds, or in a worst-case scenario, early
    amortization of investor certificates. As of June&amp;#160;30, 2010, no triggering events have occurred
    resulting in funding of reserve accounts or early amortization.
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Securitization Income&lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As a result of the adoption of new GAAP effective January&amp;#160;1, 2010, the Company no longer recognizes
    securitization income, net. The components of securitization income, net for the cardmember loans
    and long-term debt are now recorded in other commissions and fees, interest income and interest
    expense.
    &lt;/div&gt;
    &lt;!-- Folio --&gt;
    &lt;!-- /Folio --&gt;
    &lt;/div&gt;
    &lt;!-- PAGEBREAK --&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
    &lt;/div&gt;
    &lt;div style="font-family: 'Times New Roman',Times,serif"&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The following table summarizes the activity related to securitized loans reported in securitization
    income, net, prior to adoption of the new accounting standards:
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 1px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="right"&gt;
    &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%"&gt;
    &lt;!-- Begin Table Head --&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Three Months&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Six Months&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Ended&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="right" colspan="2"&gt;Ended&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 10pt" valign="bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;June 30, 2009&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;June 30, 2009&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Head --&gt;
    &lt;!-- Begin Table Body --&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Excess spread, net&lt;sup style="font-size: 85%; vertical-align: text-top"&gt;(a)&lt;/sup&gt;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;(139&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;(137&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Servicing fees
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;140&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;279&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Losses on securitizations&lt;sup style="font-size: 85%; vertical-align: text-top"&gt;(b)&lt;/sup&gt;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(3&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;(3&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Securitization income, net
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;(2&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="left"&gt;$&lt;/td&gt;
    &lt;td align="right"&gt;139&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 1px"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;!-- End Table Body --&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;div align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;
    &lt;div style="border-bottom: 2px solid #000000; font-size: 1px"&gt;&amp;#160;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="right"&gt;
    &lt;table width="96%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
    &lt;tr style="font-size: 6pt"&gt;
    &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="96"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="top"&gt;
    &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;Excess spread, net was the net cash flow from interest and fee collections allocated to the
    investors&amp;#8217; interests after deducting the interest paid on investor certificates, credit
    losses, contractual servicing fees, other expenses, and the changes in the fair value of the
    interest-only strip. This amount excludes issuer rate fees on the securitized accounts, which
    were recorded in discount revenue in the Company&amp;#8217;s Consolidated Statements of Income.
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr style="font-size: 3pt"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="top"&gt;
    &lt;td nowrap="nowrap" align="left"&gt;(b)&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;
    &lt;div style="text-align: justify"&gt;Excludes $82&amp;#160;million and $(48) million of impact from cardmember loan sales and maturities
    for the three months ended June&amp;#160;30, 2009, reflected in the provisions for losses for the
    period. Excludes $82&amp;#160;million and $(141) million of impact from cardmember loan sales and
    maturities for the six months ended June&amp;#160;30, 2009, reflected in the provisions for losses for
    the period.
    &lt;/div&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;/table&gt;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;&lt;u&gt;&lt;b&gt;Retained Interests in Securitized Assets &lt;/b&gt;&lt;/u&gt;
    &lt;/div&gt;
    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;As of December&amp;#160;31, 2009, the Company retained subordinated interests in the securitized cardmember
    loans. These interests included one or more A-rated, BBB-rated and unrated investments in tranches
    of the securitization (subordinated securities) of $3.6&amp;#160;billion and an interest-only strip of $20
    million. The subordinated securities were accounted for at fair value as available-for-sale
    investment securities and were reported in investments on the Company&amp;#8217;s Consolidated Balance Sheets
    with unrealized gains (losses)&amp;#160;recorded in AOCI. The interest-only strip was accounted for at fair
    value and was reported in other assets on the Company&amp;#8217;s Consolidated Balance Sheets with changes in
    fair value recorded in securitization income, net in the Company&amp;#8217;s Consolidated Statements of
    Income.
    &lt;/div&gt;
    &lt;div align="left"&gt;
    &lt;/div&gt;
    &lt;/div&gt;
    &lt;/div&gt;
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  <SharesRoundingLevel>UnKnown</SharesRoundingLevel>
  <PerShareRoundingLevel>UnKnown</PerShareRoundingLevel>
  <HasPureData>false</HasPureData>
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