1. STRICTLY PRIVATE AND CONFIDENTIAL 1 MILLENIALS (AGES 18-34) Analytical Note: Letter indicates significantly higher than designated card at minimum 90% confidence level

2. STRICTLY PRIVATE AND CONFIDENTIAL 2 Share of Frequent Travelers* by Age Cohort Among Consumers Age 18+ with $75K+ HHLD Income * Own a credit card, made at least 3 overnight trips that included a hotel stay in P12M, and primary mode of transportation on at least one of those trips was by air Millenials (18-34) Gen X (35-49) Boomers (50-69) GI Gen (70+) AGE COHORTS Note: Millenials are far less likely to have an income in excess of $75K than are older consumers. Because of this, the millenials who ARE $75K plus frequent travelers are less predictive of their entire cohort than Gen X or Boomers are.

3. STRICTLY PRIVATE AND CONFIDENTIAL 3 MILLENIALS KEY FINDINGS Millenials account for a very small proportion of $75K+ income frequent travelers overall, and a smaller proportion of millenials qualify as frequent travelers than is the case among older consumers. Among the relatively small group of those who DO fit the definition, nearly all belong to a travel loyalty program and half of them have achieved elite status. Airline programs are clearly their favorites, with six in ten naming one as their primary travel loyalty program. Airline memberships skew toward Delta and away from United. Millenial frequent travelers express above average interest in elite status, rebates on redemptions and being made to feel special than in more tangible benefits of loyalty programs that are desired by their older counterparts. They expect loyalty programs to provide preferential treatment, and they know how to “game” the system to get the most out of their memberships. Perhaps because they believe they are so savvy, they are less likely than others to feel that their points/miles have been devalued. With respect to credit cards, Millenials are most interested in no fee cards that offer extra reward points on entertainment purchases. They appear less concerned about travel related benefits or restrictions.

4. STRICTLY PRIVATE AND CONFIDENTIAL 4 While fewer Millennials count as frequent travelers w/$75K+ income, those that DO are actively involved in loyalty programs and are likely to have elite membership. Travel Loyalty Program Profile Q2a, 2d Continued… Millenials (183) % 84 81 72 54 50 45 61 19 4 16 Total (1,012) MILLENIALS – Travel Loyalty Program Behavior ANY AIRLINE OR HOTEL ANY AIRLINE ANY HOTEL CAR RENTAL Elite Level ANY Airline Elite Level ANY Hotel ANY AIRLINE ANY HOTEL CAR RENTAL None/Not Sure Program Membership % Of Members w/Elite Status Type of Primary Program 6 4 -2 15 8 9 -3 0 -6 Difference (Millennials minus Total)

5. STRICTLY PRIVATE AND CONFIDENTIAL 5 Their airline loyalty of choice is particularly likely to skew towards Delta, away from United. Travel Loyalty Program Profile (Cont’d) Q2a, 2d, 2f, 2g Primary Hotel Program 14 24 18 13 24 19 4 4 9 Primary Airline Program Total (1,012) MILLENIALS – Travel Loyalty Program Behavior Millenials (183) % Difference (Millennials minus Total) -6 2 1 1 0 -2 5

6. STRICTLY PRIVATE AND CONFIDENTIAL 6 Stated Importance of Travel Loyalty Program Benefits/Features (Rate 9, 10) Among Total Travel Loyalty Program Members The only loyalty benefits which are more compelling to Millenials than to older frequent travelers are those that offer elite status, rebates on redemptions, and, most notable, that make them feel special. Q3a Points/miles never expire Makes it easy to redeem points/miles Obtainable rewards No restrictions/blackout dates on redemptions Makes it easy to earn free nights/flights No caps on the points/miles you can earn Can earn free nights/flights quickly Points/miles are a good value Flights to/hotels or places I want Bonus points after certain # stays/flights w/in 1 year Flexibility to use points on hotels or airlines Free night/flight after certain # uses within 1 year Extra services to members during flights/hotel stays Easy to achieve elite status Rebate on points/miles redemptions Makes me feel special n= 821 63-10 50-16 54-11 52-9 57-4 51-9 48-12 48-12 51-8 41-3 463 42 35-4 393 439 3910 MILLENIALS – Travel Loyalty Program Attitudes Millenials (157) % Difference (Millennials minus Total)

7. STRICTLY PRIVATE AND CONFIDENTIAL 7 Ratings of Total Travel Loyalty Programs on Specific Characteristics (Satisfaction Rated 9, 10) Among Total Loyalty Club Members In Order of Derived Importance Millenials tend to rate their loyalty programs more favorably than do older travelers – particularly being more likely to please with the ease of achieving elite status and rebates on redemptions. Q3c MILLENIALS – Travel Loyalty Program Attitudes All diff

8. STRICTLY PRIVATE AND CONFIDENTIAL Total (1,012) 8 Beliefs About Travel Loyalty Programs (Rate 9, 10) Among Total Members Millenials are particularly likely to feel that membership provides preferential treatment. They also seem to like to “game” the system and to feel that points/miles have value beyond their obvious travel benefits. Q4 The value of miles/points have been shrinking Programs credit card is easiest way to accrue points/miles Rules have been revised/only biggest spenders enjoy perks Loyalty programs keep changing rules/harder to redeem It's become more difficult to reach Elite status It's difficult to move up 'tiers' -- qualifications too high I like redeeming for things other than hotel stays/flights Elite membership don’t guarantee perks like they used to You have to 'game' the system to get most value from programs Redemptions for groceries/gas/etc is helpful during tough times Membership affords preferential treatment when you travel Programs offer personalized rewards that are relevant to me We travel more often because we can use our rewards Applied for several cards for bonuses w/ diff. loyalty programs Rewards are unachievable in most loyalty programs I look for programs that have low requirements for Elite status I spend more on travel than I would in order to get points/miles It's easy to transfer points between hotel and airline programs MILLENIALS – Travel Loyalty Program Attitudes 40 43 37 35 33 39 34 38 40 33 35 34 32 28 Millenials (183) % Difference (Millennials minus Total) -6 4 1 3 2 0 6 9 5 10 13 8 9 15 14 13 12 13 All diff

9. STRICTLY PRIVATE AND CONFIDENTIAL 9 Stated Importance of Credit Card Benefits Rate 9, 10 No annual fee No travel related restrictions such as blackout dates Extra reward points on everyday purchases Bonus points when first acquire the card No foreign transaction fees Extra reward points on travel related purchases Low APR/interest rate Flexibility to redeem points for anything I want Extra cash back on travel and everyday purchases Purchase protection on new purchases for a limited time Travel related benefits High credit limit Recognizes elite/premium status Priority check-in at airport security lanes Direct access to customer service rep Transfer reward points to various airline/hotel partners of the card co. Extra reward points on entertainment related purchases Free Wi-Fi at hotels or on airline Airline lounge access Access to exclusive events/experiences offered by c co. Relative to other frequent travelers, Millenials are even more likely to claim that absence of an annual fee and extra points for entertainment are important; they are LESS concerned about restrictions on travel. Q8/8a 49-10 399 442 40-2 375 365 43-3 400 42-3 380 326 340 322 36-3 34 32-2 37-8 34-5 30-3 30-3 Total (1,012) Millenials (183) % MILLENIALS – Credit Card Attitudes Difference (Millennials minus Total)

10. STRICTLY PRIVATE AND CONFIDENTIAL 10 Ratings of Total Credit Cards on Specific Characteristics (Satisfaction Rated 9, 10) In Order of Derived Importance In part reflecting the cards they own, Millenials are more likely to be satisfied with a number of perks motivated by their cards. Any new product targeted against them would need to consider these benefits in development of their ”feature bundle”. TRULY IMPORTANT – High Derived Importance AND High Stated Importance PRICE OF ENTRY – High Stated Importance BUT NOT High Derived Importance HIDDEN MOTIVATOR – High Derived Importance BUT NOT High Stated Importance MILLENIALS – Credit Card Attitudes diff

11. STRICTLY PRIVATE AND CONFIDENTIAL 11 Top 3 Rank of Specific Credit Card Offerings Max-Diff Exercise Millennials tend to be attracted to the products described in the max-diff concepts in a manner similar to ALL frequent travelers. MILLENIALS – Credit Card Attitudes