AMERICAN EXPRESS BUSINESS TRAVEL ANNOUNCES ADJUSTED RESULTS OF FORECAST IN ANTICIPATION OF GLOBAL ECONOMIC SLOWDOWN

NEW YORK, October 22, 2008 -- American Express Business Travel today published its annual Global Business Travel Forecast and Trends report. Originally slated for release in September, the American Express Advisory Services department responsible for producing the report delayed its release in order to evaluate the impact of market activities that have occurred over the last 30 days. In the past weeks, modifications were made to reflect the potential impact of the anticipated global economic slowdown. In certain markets, the Forecast predicts a negative increase in 2009 to airfares and hotel rates. Both suppliers and buyers of travel and related services are expected to face new operating challenges in the coming year.

"Based on forecasted economic conditions for 2009 and the substantial increase in fares already experienced in 2008, it is possible that airfares in 2009 may decrease," said Hervé Sedky, vice president and general manager, Global Advisory Services, American Express Business Travel. "However, this doesn't necessarily correlate to a decrease in prices paid as airlines continue their pursuit of expanding the suite of fees charged for services such as in-flight meals and baggage. In this difficult economic environment, successful T&E management strategies will be based upon the total cost of a business trip, which takes into consideration costs such as parking fees, airline fees, meals and other related expenses."

Global Business Travel Forecast