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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Company is under continuous examination by the Internal Revenue Service (IRS)&amp;#160;and tax
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    2004. However, all of these years continue to remain open as a consequence of certain issues under
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The Company believes it is reasonably possible that its unrecognized tax benefits could decrease
    within the next 12&amp;#160;months by as much as $681&amp;#160;million principally as a result of potential
    resolutions of prior years&amp;#8217; tax items with various taxing authorities. The prior years&amp;#8217; tax items
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    the deductibility of certain expenses or losses, and the attribution of taxable income to a
    particular jurisdiction or jurisdictions. Of the $681&amp;#160;million of unrecognized tax benefits,
    approximately $304&amp;#160;million are temporary differences that, if recognized, would only impact the
    effective rate due to net interest assessments and state tax rate differentials. With respect to
    the remaining $377&amp;#160;million, it is not possible to quantify the impact that the decrease could have
    on the effective tax rate and net income due to the inherent complexities and the number of tax
    years open for examination in multiple jurisdictions. Resolution of the prior years&amp;#8217; items that
    comprise this remaining amount could have an impact on the effective tax rate and on net income
    over the next 12&amp;#160;months, either favorably (principally as a result of settlements that are less
    than the liability for unrecognized tax benefits) or unfavorably (if such settlements exceed the
    liability for unrecognized tax benefits).
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    &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"&gt;The following table summarizes the Company&amp;#8217;s effective tax rate:
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    &lt;div style="border-bottom: 1px solid #000000; font-size: 1px"&gt;&amp;#160;
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    &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;June 30, 2010&lt;/td&gt;
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    &lt;div style="text-align: justify"&gt;Each of the periods reflects recurring, permanent tax benefits in relation to the level of
    pretax income.
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    &lt;div style="text-align: justify"&gt;For the three months and six months ended June&amp;#160;30, 2010, the effective tax rate includes
    the impact of a $44&amp;#160;million valuation allowance related to deferred tax assets associated with
    certain of the Company&amp;#8217;s non-U.S. travel operations.
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    &lt;div style="text-align: justify"&gt;For the three months ended June&amp;#160;30, 2010, the effective tax rate includes
    the impact of an increase of 2010&amp;#8217;s estimated
    annual effective rate during the quarter.
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      <ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph h
 -Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 136, 172

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 43, 44, 45, 46, 47, 48, 49

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