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REWARDS PROGRAM CHANGES

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Getting cash. You can continue to redeem your points for cash through a statement credit or direct deposit into an eligible checking or savings account. However, Pay Yourself Back will no longer be available after 9/20/2014, and paper checks will no longer be available after 11/15/2014.

Earn on travel. You will continue to earn an extra point for each $1 of airfare and hotel accommodations booked through chase.com/UltimateRewards until 12/31/2015. After that, you will no longer earn an extra point. We may periodically offer you ways to earn bonus points through the program.

Phone-booked roundtrip ticket redemption. You can continue to use your points for travel with no blackout dates. However, after 9/20/2014 all options to redeem for airline tickets based on a fixed amount of points will be discontinued. All travel redemptions will be calculated based on the actual cost.

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Other changes.

We've modified existing features:

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Merchandise may be offered directly through Chase or third-partymerchants

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The Ultimate Rewards Mall will be referred to as Shop through Chase℠

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We're discontinuing underutilized features:

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Auctions

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Purchasing Ultimate Rewards points

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Ultimate Rewards Program Agreement.

Effective 9/21/2014, we've changed the name of the agreement and clarified how the program works. The new version can be found at [url=http://email.chase.com/15717f5c0layfousib3ywszaaaaaaad5fmhctc3l4p4yaaaaa]chase.com/SapphireRewards[/url] or by calling the number on the back of your card to get a copy. Along with the other changes mentioned in this communication, we have added details about how we will tell you about changes, what points are worth, when your use of Ultimate Rewards may be suspended, how you can lose your points, responsibilities related to the rewards you obtain, and the law applicable to the agreement.

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