<DOCUMENT>
<TYPE>EX-99.2 BYLAWS
<SEQUENCE>2
<FILENAME>printer.txt
<DESCRIPTION>EXHIBIT 99.2- EARNINGS SUPPLEMENT
<TEXT>
<Page>
                                                        Exhibit 99.2






                                      2001
                                  THIRD QUARTER
                               EARNINGS SUPPLEMENT








THE ENCLOSED SUMMARY SHOULD BE READ IN CONJUNCTION WITH THE TEXT AND STATISTICAL
TABLES INCLUDED IN AMERICAN EXPRESS COMPANY'S (THE "COMPANY" OR "AXP") THIRD
QUARTER 2001 EARNINGS RELEASE.


--------------------------------------------------------------------------------
THIS SUMMARY CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WHICH ARE SUBJECT TO
RISKS AND UNCERTAINTIES AND SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE.
IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THESE FORWARD-LOOKING STATEMENTS, INCLUDING THE COMPANY'S FINANCIAL AND OTHER
GOALS, ARE SET FORTH ON PAGE 16 HEREIN AND IN THE COMPANY'S 2000 10-K ANNUAL
REPORT, AND OTHER REPORTS, ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION.
--------------------------------------------------------------------------------



<Page>


                            AMERICAN EXPRESS COMPANY
                               THIRD QUARTER 2001
                                   HIGHLIGHTS


-  Third quarter diluted EPS declined 59%, net revenue (managed basis) decreased
   1%, and ROE was 14%. Results for the quarter were negatively impacted by
   $98MM ($65MM after-tax) due to various costs related to the terrorist attacks
   on September 11, 2001, as well as their impact on an already weakened economy
   and equity markets. In addition, the quarter includes a previously announced
   restructuring charge of $352MM ($232MM after-tax). Excluding the September
   11th related costs and the restructuring charge, diluted EPS declined 17%,
   and ROE was 17%.

-  Compared with the third quarter of 2000:

   - Worldwide billed business declined 3% (down 2% excluding foreign exchange
     translation). Prior to September, worldwide billed business was up
     approximately 2%;
   - TRS' worldwide lending balances on a managed asset basis of $35.0B were up
     18%;
   - Worldwide cards in force increased 9%, up 4.5MM from last year. In the
     third quarter, 600K net new cards were added; and,
   - AEFA assets owned, managed and administered of $234B were 20% lower than
     last year reflecting substantial market depreciation since 3Q '00.

-  American Express expanded its products and services during the quarter as it:

   - Launched/announced several new proprietary card products and services:
     -- The American Express Team New Zealand Credit Card, a co-branded card
        through which AXP will pay a percentage of spending to Team New Zealand
        to support the next defense of the Americas Cup;
     -- The American Express Platinum Card in India;
     -- The first smart credit card, Blue from American Express, in Australia;
     -- Travel Delay Protection, a new service offered to consumer and small
        business cardmembers that will pay for certain lodging expenses in the
        event of a missed connection, delayed flight departure, flight
        cancellation or denied boarding; and,
     -- A new option for U.S. MEMBERSHIP REWARDS and Hilton HHonors enrollees
        who can now earn both HHonors points and MEMBERSHIP REWARDS bonus points
        for the same stay at U.S. HHonors hotels.

   - Launched/announced several new network card partnerships/products:
     -- The AMP Credit Card in New Zealand;
     -- The Unibanca American Express Card in Venezuela;
     -- The Credomatic American Express Card in Panama;
     -- Capital One American Express Cards in the UK;
     -- The Dah Sing UFO American Express Card in Hong Kong; and,
     -- A partnership with Union Bank in Pakistan, transferring existing AXP
        Cards and merchant relationships to the bank.

   - Significantly increased merchant coverage in Japan through an agreement
     with JCB, Japan's largest card issuer and merchant acquirer, and are now
     expanding that partnership to Mexico, India, Australia, New Zealand and
     Canada.

   - Unveiled three products in corporate travel management:
     -- TravelBahn, a custom-built, high-speed data network connecting travel
        counselors' desktops to the tools needed to make travel reservations;
     -- Custom Information Gateway, which integrates proprietary databases and
        web-based tools into a highly-tailored customer services process; and
     -- American Express Deal Power, a tool that puts the travel manager in
        charge of integrated supplier negotiations through dynamic point-of-sale
        tools.

   - Formed a partnership between American Express Property Casualty companies
     and Costco Insurance Agency Inc., a wholly owned subsidiary of Costco
     Wholesale Corporation, to offer auto and homeowners insurance to Costco
     members in 22 states.


                                       1
<Page>

                            AMERICAN EXPRESS COMPANY
                               THIRD QUARTER 2001
                               HIGHLIGHTS (CONT'D)


   - Introduced new products at American Express Financial Advisors:

     -- The American Express Retirement Advisor Advantage Variable Annuity,
        issued by IDS Life Insurance Company, providing added security, asset
        rebalancing and new death benefit options; and,

     -- Two new international equity mutual funds:

        - AXP Partners International Aggressive Growth Fund, co-subadvised by
          American Century Investment Management and Liberty Wagner Asset
          Management L.P.; and,
        - AXP Partners International Select Value Fund, subadvised by Alliance
          Capital Management L.P.

   - Enhanced our Corporate Purchasing Card and Corporate E-Payments services in
     Europe, Asia and Latin America to provide flexible payment solutions for
     billing, invoicing, authentication, authorization, payment terms,
     reconciliation, receivables and international payments.


- Additional progress was made in broadening relationships with existing AXP
   customers as:

   - Approximately 30% of new AEFA clients came from the cardmember base; and


   - AEFA-manufactured investment certificates sold by AEB to its international
     clients continued to grow.


                                       2
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                                  CONSOLIDATED
                                   (UNAUDITED)


<Table>
<Caption>
(millions, except per share amounts)                   Quarters Ended               Percentage
                                                        September 30,                Inc/(Dec)
                                             ---------------------------------    ---------------
                                                   2001              2000
                                                   ----              ----
<S>                                          <C>                    <C>           <C>
CONSOLIDATED REVENUES:
      Net (managed basis)                        $5,478             $5,554              (1)%
                                                 ======             ======
      GAAP reporting basis                       $5,724             $5,981              (4)
                                                 ======             ======

NET INCOME:
      Reported                                     $298               $737             (60)
      Restructuring charge                          232                  -               -
      September 11th items                           65                  -               -
                                                   ----               ----
      Adjusted net income                          $595               $737             (19)
                                                   ====               ====

EPS:
      Reported -- Basic                           $0.23              $0.56             (59)
                                                  =====              =====
      Reported -- Diluted                         $0.22              $0.54             (59)
                                                  =====              =====

      Adjusted -- Diluted                         $0.45              $0.54             (17)
                                                  =====              =====
</Table>

-    Results reflect the negative effect of various items related to the
     terrorist attacks on September 11th and a previously announced
     restructuring charge due to the acceleration of several major reengineering
     initiatives that were planned for 2002.

     -   Excluding the effect of these items, net income would have been $595MM,
         19% lower than last year and diluted EPS would have been $0.45, 17%
         lower, reflecting weak economic and market conditions which
         deteriorated further after September 11th.

     -   The $98MM ($65MM after-tax) of one-time costs and business
         interruption losses related to the September 11th terrorist attacks
         include provisions related to credit exposures to travel industry
         service establishments, insurance claims, and waived finance charges
         and late fees.

         --   The Company also incurred costs of approximately $42MM since
              September 11th, which are expected to be covered by insurance
              and, consequently, did not impact the quarterly results.
              These include the cost of duplicate facilities and equipment
              associated with the relocation of offices in lower
              Manhattan and certain other business recovery expenses. Costs
              associated with the damage to the Company's offices, extra
              operating expenses and business interruption losses are still
              being evaluated. The Company expects that a substantial portion
              of such costs and losses will be covered by insurance.

     -   The restructuring charge of $352MM ($232MM after-tax) includes $184MM
         for severance relating to the elimination of approximately 6,100 jobs,
         and $168MM of other charges relating to the exit of certain locations
         and business lines. The expense savings for 2002 resulting from these
         initiatives is expected to be approximately $325MM, a portion of which
         will flow through to earnings in the form of improved operating expense
         margins. The rest is expected to be reinvested back into business areas
         with high-growth potential. These charges are further discussed within
         each operating segment's overview. The charge, estimated cost savings
         and employee reductions by segment are as follows:

<Table>
<Caption>
                                   Restructuring Charge                                   Cost Savings
                               ------------------------------      Employee         -----------------------------
                                 Pretax          After-tax        Reductions            2002              2003
                               -----------     -------------    ---------------     -----------       -----------
        <S>                    <C>              <C>             <C>                 <C>               <C>
        TRS                       $195              $127             4,700              $250              $260
        AEFA                        62                41               900                40                50
        AEB                         84                57               400                25                35
        Corporate &
         Other                      11                 7               100                10                15
                                  ----              ----              ----              ----              ----
           Total                  $352              $232             6,100              $325              $360
                                  ====              ====             =====              ====              ====
</Table>

         --   The above reduction in force is in addition to approximately 1,600
              positions, which have been or are in the process of being
              eliminated through reengineering activities initiated in the first
              half of this year. These activities in addition to other
              reengineering programs have generated realized savings in
              excess of $700MM during the first nine months of the year.


                                       3
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                              CONSOLIDATED (CONT'D)
                                   (UNAUDITED)

-    CONSOLIDATED REVENUES: Net revenues declined due to lower billed business
     volumes, lower spreads on AEFA's investment portfolio, weaker travel
     revenues, as well as lower management and distribution fees. These items
     were partially offset by an increase in cards in force, larger loan
     balances and greater insurance premiums.


-    CONSOLIDATED EXPENSES: Rose due to the special items mentioned above,
     larger provisions for losses and higher operating expenses. These increases
     were partially offset by lower marketing costs, a decline in human
     resource expenses, and other reengineering activities and expense control
     initiatives.


-    SHARE REPURCHASES: There were no share repurchases during 3Q '01; since the
     inception of repurchase programs in September 1994, 357.2MM shares have
     been acquired. The decision to substantially reduce share repurchases
     during the second half of 2001 was previously announced as a result of the
     negative capital generation impact of the second quarter charges related to
     AEFA's investment portfolio.

<Table>
<Caption>
                                                                        Millions of Shares
                                                              --------------------------------------
     <S>                                                      <C>            <C>             <C>
     -   AVERAGE SHARES:                                      3Q'01          2Q'01            3Q'00
                                                              -----          -----            -----
         Basic                                                1,324          1,321            1,326
                                                              =====          =====            =====
         Diluted                                              1,335          1,336            1,361
                                                              =====          =====            =====
     -   ACTUAL SHARES:
         Shares outstanding --  beginning of period           1,324          1,326            1,333
         Repurchase of common shares                              -             (5)              (5)
         Net settlements -- 3rd party share
          purchase agreements                                    11              1                -
         Employee benefit plans, compensation and other           1              2                1
                                                              -----          -----            -----
         Shares outstanding -- end of period                  1,336          1,324            1,329
                                                              =====          =====            =====
</Table>

                               CORPORATE AND OTHER

-    The net expense of $52MM in 3Q '01 compared with $46MM in 3Q '00 and 2Q
     '01. Included in the 3Q '01 results are $11MM ($7MM after-tax) of the
     previously discussed restructuring charges.


                                       4
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                             TRAVEL RELATED SERVICES
(preliminary)
                              STATEMENTS OF INCOME
                           (UNAUDITED, MANAGED BASIS)

<Table>
<Caption>
                                                        Quarters Ended              Percentage
(millions)                                               September 30,               Inc/(Dec)
                                                 ------------------------------    ------------
                                                     2001               2000
                                                     ----               ----
<S>                                              <C>                  <C>          <C>
Net revenues:
     Discount revenue                              $1,870             $1,963           (5)%
     Net card fees                                    423                420            1
     Lending:
          Finance charge revenue                    1,187              1,052           13
          Interest expense                            358                429          (17)
                                                    -----              -----
               Net finance charge revenue             829                623           33
     Travel commissions and fees                      358                433          (17)
     TC investment income                             103                103            -
     Other revenues                                   883                858            3
                                                    -----              -----
          Total net revenues                        4,466              4,400            2
                                                    -----              -----
Expenses:
     Marketing and promotion                          298                358          (17)
     Provision for losses and claims:
          Charge card                                 284                273            4
          Lending                                     573                386           48
          Other                                        34                 29           21
                                                    -----              -----
               Total                                  891                688           30
                                                    -----              -----
     Charge card interest expense                     365                362            1
     Human resources                                  987              1,017           (3)
     Other operating expenses                       1,335              1,254            6
     Restructuring charge                             195                  -            -
     Disaster recovery charge                          79                  -            -
                                                    -----              -----
          Total expenses                            4,150              3,679           13
                                                    -----              -----
Pretax income                                         316                721          (56)
Income tax provision                                   68                214          (68)
                                                    -----              -----
Net income                                           $248               $507          (51)
                                                    =====              =====
</Table>

Note:  Unless indicated otherwise, the following discussion addresses the
       "managed basis" Statements of Income. The GAAP Statements of Income are
       also included in the Company's Earnings Release.

-    Net income declined 51% reflecting the effect of the restructuring charge
     and the costs directly related to the 9/11 terrorist attacks, as well as
     weak economic conditions which deteriorated further after 9/11.

     -   Excluding these costs and the restructuring charge, net income
         declined 16%.

-    Net revenues rose 2% from increased cards in force and growth in cardmember
     loans outstanding, which was partially offset by lower discount revenue and
     travel commissions and fees, resulting from the terrorist attacks of 9/11
     and continued weakness in the economy.

-    The higher expenses reflect the previously mentioned restructuring and
     disaster recovery charges, as well as greater provisions for losses and
     increased operating costs, which were partially offset by reduced marketing
     and promotion costs, lower human resource expenses and expense control
     initiatives.

     -   TRS recorded a restructuring charge of $195MM ($127MM after-tax)
         in the quarter. The largest component of this charge is $128MM
         in severance costs for the elimination of approximately 4,700
         jobs. The majority of these eliminations relate to accelerating the
         transition of business travel operations to the Internet, introducing
         new technology and consolidating facilities to allow for the further
         reduction of staffing levels in light of slower travel sales, primarily
         in the U.S. The severance also reflects the relocation or outsourcing
         of certain finance, operations, customer support and technology
         functions to lower-cost overseas locations and moving certain employee
         processing and service functions, including Human Resources processes,
         expense report processing and employee travel bookings, to the
         Internet. The remaining charge of $67MM is primarily related to lease
         and equipment abandonment costs.

     -   The disaster recovery charge includes provisions related to credit
         exposures to travel industry service establishments and insurance
         claims, but excludes approximately $8MM of waived finance charges
         and late fees.


                                       5
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                        TRAVEL RELATED SERVICES (CONT'D)

-    On a GAAP reporting basis, TRS recognized pretax gains of $29MM ($19MM
     after-tax) in 3Q '01 and $26MM ($17MM after-tax) in 3Q '00 related to the
     securitization of $0.7B and $0.8B of U.S. Lending receivables,
     respectively. In both periods, these gains were offset by expenses related
     to card acquisition initiatives and, therefore, had no material impact on
     net income or total expenses in either period.

     For purposes of the above "managed basis" Statements of Income, which
     present TRS' results as if there had been no securitizations, such gains
     (reported on the GAAP Statements of Income as a $15MM reduction in the
     Lending Provision for Losses in both periods and increases in Other
     Revenues and Lending Interest Expense) and corresponding changes in
     Marketing and Promotion and Other Operating Expenses have been eliminated.

-    The pretax margin was 7.1% in 3Q '01, down from 16.4% last year due to the
     effect of weaker revenue conditions and the special charges this year.

-    The effective tax rate was 22% in 3Q '01 versus 29% in 2Q '01 and 30% in 3Q
     '00. The decline this quarter reflects the relatively higher Travelers
     Cheque contribution created by the special charges and weaker revenue
     conditions.


                                       6
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                        TRAVEL RELATED SERVICES (CONT'D)

-     DISCOUNT REVENUE: Lower billed business and a lower discount rate yielded
      a 5% decrease in discount revenue.
      -  The average discount rate in 3Q '01 and 2Q '01 was 2.67% versus 2.70%
         in 3Q '00. The decline from last year reflects the cumulative impact
         of stronger than average growth in the lower rate retail and other
         "everyday spend" merchant categories (e.g., supermarkets, discounters,
         etc.), as well as significantly weaker T&E spending within Corporate
         Services during the quarter.
         --  We believe the AXP value proposition is strong. However, continued
             changes in the mix of business, the continued shift to electronic
             data capture, volume related pricing discounts, and selective
             repricing initiatives will probably result in some rate erosion
             over time.

<Table>
<Caption>
                                                                        Quarters Ended              Percentage
                                                                         September 30,              Inc/(Dec)
                                                                ------------------------------    -------------
                                                                    2001               2000
                                                                    ----               ----
        <S>                                                     <C>                   <C>         <C>
        Card billed business (billions):
             United States                                         $54.4              $56.2             (3)%
             Outside the United States                              18.0               18.6             (3)
                                                                   -----              -----
             Total                                                 $72.4              $74.8             (3)
                                                                   =====              =====

        Cards in force (millions):
             United States                                          34.7               32.9              6
             Outside the United States                              20.2               17.5             15
                                                                    ----               ----
             Total                                                  54.9               50.4              9
                                                                    ====               ====

        Basic cards in force (millions):
             United States                                          26.9               25.8              4
             Outside the United States                              15.4               13.4             15
                                                                    ----               ----
             Total                                                  42.3               39.2              8
                                                                    ====               ====

        Spending per basic card in force (dollars) (a):
             United States                                        $2,019             $2,198             (8)
             Outside the United States                            $1,422             $1,641            (13)
             Total                                                $1,846             $2,041            (10)
</Table>

             (a) Proprietary card activity only.

      -  BILLED BUSINESS: The 3% decrease in billed business resulted from lower
         spending per basic cardmember worldwide, which was partially offset by
         growth in cards in force. The lower cardmember spending reflects the
         continuation of generally weaker economic conditions during the
         quarter, as well as a significantly lower level of spending,
         particularly within the travel related categories, subsequent to the
         9/11 terrorist attacks.
         --  U.S. billed business decreased 3% reflecting 3% growth within the
             consumer card business on 11% higher transaction volume, a slight
             decrease within small business services and a 19% decline within
             Corporate Services.
             -  Spending per basic card in force declined 8% reflecting the
                economic and industry factors cited above and the dilutive
                effect of multiple consecutive quarters of strong card growth.
         -- Excluding the impact of foreign exchange translation:
             -   Total billed business outside the U.S. was flat on slight
                 growth in Europe and Asia, offset by mid-single digit declines
                 in Canada and Latin America.
             -   Spending per proprietary basic card in force outside the U.S.
                 declined 10% reflecting the same factors present within the
                 U.S.
         --  Network partnership and Purchasing Card volumes sustained their
             stronger growth levels, in excess of the consolidated worldwide
             billed business growth rate.
         --  Non-T&E related volume categories continued to grow, but were
             offset by lower travel-related volumes. During the first 8 months
             of 2001, non-T&E related volumes in the U.S. represented
             approximately 57% of total billed business and T&E related volumes
             were 43%. U.S. non-T&E related volumes were up 10% during the
             first two months of the third quarter, but flat during September.
             U.S. T&E related volumes were down 7% during the first two months
             and declined 34% in September.
         --  Airline related volume, which represented approximately 17% of
             U.S. billed business during the first eight months of 2001,
             declined approximately 28% as both the average airline charge and
             transaction volume were down double-digits. During September,
             airline volumes were down approximately 50%.
      -  CARDS IN FORCE worldwide rose 9% versus last year.
         --  U.S. card acquisitions during the quarter (100K net new cards
             added) reflect more selective consumer card and small business
             services activities in light of economic conditions.
         --  Outside the United States, 500K cards in force were added during
             the quarter on continued proprietary card and network card growth.


                                       7
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                        TRAVEL RELATED SERVICES (CONT'D)

-     NON-AMEX BRANDED STATISTICS: Total cards in force and billed business
      exclude activities on Non-Amex Branded cards (Visa and Eurocards) issued
      in connection with joint venture activities. These are reported as
      separate line items within TRS' selected statistical information.

<Table>
<Caption>
                                               Quarters Ended            Percentage
                                               September 30,              Inc/(Dec)
                                            -------------------------   -------------
                                              2001             2000
                                              ----             ----
     <S>                                    <C>                <C>      <C>
     Cards in force (millions)                 0.7              0.6            6%
     Billed business (billions)               $0.9             $0.8           10
</Table>

-     NET CARD FEES: Rose slightly as the increase in cards in force was offset
      by the mix shift toward lower and no fee products. The average fee per
      card in force of $34 in 3Q '01 declined from $36 in 3Q '00 and was flat
      with 2Q '01.

-     NET FINANCE CHARGE REVENUE:  Rose 33% on 20% growth in average worldwide
      lending balances.

      -  The yield on the U.S. portfolio rose to 8.8% in 3Q '01 from 7.8% in
         3Q '00 and 8.6% in 2Q '01 as a decrease in the proportion of the
         portfolio on introductory rates and the benefit of lower funding costs,
         which lag in their effect on finance charge revenue, were partially
         offset by the evolving mix of products toward more lower-rate
         offerings.

-     TRAVEL COMMISSIONS AND FEES: Declined 17% on a 28% contraction in travel
      sales due to the effects of the terrorist attacks on 9/11 and the
      previously existing weaker corporate travel environment. Travel sales
      declined 35% during September. The revenue earned per dollar of sales
      increased (9.2% in 3Q '01 versus 8.7% in 2Q '01 and 8.0% in 3Q '00),
      reflecting new fees related to certain client services, which were
      partially offset by continued efforts by airlines to reduce distribution
      costs and by corporate clients to contain travel and entertainment
      expenses.

-     TC INVESTMENT INCOME: Was flat as a higher average investment was offset
      by a decline in the pretax yield. TC sales declined 5% in the quarter
      and 17% in September.

-     OTHER REVENUES: Increased 3% due to higher card-related fees and larger
      insurance premiums.

-     MARKETING AND PROMOTION EXPENSES: Decreased 17% as we rationalized certain
      marketing efforts in light of the weaker business environment.

-     CHARGE CARD INTEREST EXPENSE: Was up 1% due to a slightly higher effective
      cost of funds offset by lower billed business volumes.

-     HUMAN RESOURCE EXPENSES: Decreased 3% versus last year as a result of a
      lower average number of employees and lower levels of incentive
      compensation.

      -  The employee count at 9/01 of 74,500 was up approximately 200 versus
         last year primarily due to increased global technology business demands
         and the substitution of contract programmers with full-time employees.
         In the quarter, the number of employees declined by approximately 1,000
         primarily due to reengineering initiatives.

-     OTHER OPERATING EXPENSES: Were up 6% as higher costs related to business
      growth, cardmember loyalty programs, professional fees for outsourcing
      activities and various business building initiatives were partially
      offset by reengineering activities and cost containment efforts.


                                       8
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                        TRAVEL RELATED SERVICES (CONT'D)

-     CREDIT QUALITY:

      -  As a result of the weaker economy, overall credit quality deteriorated
         modestly in the quarter, but remained at relatively attractive levels.
         While specific quantification of the impact is difficult and
         subjective, the deterioration during the quarter appears to reflect
         some short-term impact on customers from the events of 9/11.

      -  The provision for losses on charge card products rose 4% due to the
         higher past due and write-off levels.

      -  The lending provision for losses was 48% above last year on growth in
         outstanding loans and the weaker credit environment.

      -  Reserve coverage ratios at more than 100% of past due balances remained
         strong.

      -  WORLDWIDE CHARGE CARD:

         --  The write-off rate increased from the historically low levels
             achieved last year. Past due rates also rose versus last year and
             last quarter. The increases partially reflect economic conditions,
             but also the impact of slower volume growth and a lower receivable
             base on the calculation.

<Table>
<Caption>
                                                                                  9/01           6/01           9/00
                                                                             -----------     ----------     ---------
             <S>                                                             <C>             <C>            <C>
             Loss ratio, net of recoveries                                       0.45%          0.42%          0.37%
             90 days past due as a % of receivables                               3.0%           2.9%           2.3%
</Table>

         -- Reserve coverage of past due accounts remained strong.

<Table>
<Caption>
                                                                                  9/01           6/01           9/00
                                                                             -----------     ----------     ---------
             <S>                                                             <C>             <C>            <C>
             Reserves (MM)                                                     $1,026         $1,034           $987
             % of receivables                                                     4.1%           4.0%           3.5%
             % of past due accounts                                               136%           138%           152%
</Table>

      -  U.S. LENDING:

         --  The write-off rate decreased from last quarter but increased versus
             last year. The past due rate rose versus last year and last
             quarter.

<Table>
<Caption>
                                                                                  9/01           6/01            9/00
                                                                             -----------     ----------     ---------
             <S>                                                             <C>             <C>            <C>
             Write-off rate, net of recoveries                                    5.6%          5.7%            4.3%
             30 days past due as a % of loans                                     3.2%          2.9%            2.6%
</Table>

         -- The lending reserve balance increased during the quarter.

<Table>
<Caption>
                                                                                  9/01           6/01            9/00
                                                                             -----------     ----------     ---------
             <S>                                                             <C>             <C>            <C>
             Reserves (MM)                                                     $1,018           $959            $731
             % of total loans                                                     3.3%           3.1%            2.7%
             % of past due accounts                                               101%           107%            103%
</Table>


                                       9
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                       AMERICAN EXPRESS FINANCIAL ADVISORS

(preliminary)                  STATEMENTS OF INCOME
                                   (UNAUDITED)

<Table>
<Caption>
(millions)                                                  Quarters Ended            Percentage
                                                             September 30,             Inc/(Dec)
                                                      -------------------------      -------------
                                                         2001             2000
                                                         ----             ----
<S>                                                   <C>                <C>         <C>
Revenues:
     Investment income                                   $490             $582           (16)%
     Management and distribution fees                     595              700           (15)
     Other revenues                                       307              258            18
                                                        -----            -----
          Total revenues                                1,392            1,540           (10)
     Provision for losses and benefits:
          Annuities                                       242              253            (5)
          Insurance                                       171              146            17
          Investment certificates                          71               89           (20)
                                                        -----            -----
               Total                                      484              488            (1)
                                                        -----            -----
          Total net revenues                              908            1,052           (14)
                                                        -----            -----
Expenses:
     Human resources                                      469              527           (11)
     Other operating expenses                             172              138            24
     Restructuring charge                                  62                -             -
     Disaster recovery charge                              11                -             -
                                                        -----            -----
          Total expenses                                  714              665             7
                                                        -----            -----
Pretax income                                             194              387           (50)
Income tax provision                                       49              118           (58)
                                                        -----            -----
Net income                                               $145             $269           (46)
                                                        =====            =====
</Table>

-    Net income declined 46% reflecting the effect of the restructuring, the
     9/11 related charges and the continuing effect of the weak economy and
     financial markets, which were exacerbated by the terrorist attacks on
     9/11.

     -   AEFA recorded a restructuring charge of $62MM ($41MM after-tax) during
         the quarter. This charge primarily reflects office lease and
         equipment abandonment costs and severance for the elimination of
         approximately 900 jobs as we optimize the client service organization
         and field force leadership structure, and relocate and consolidate
         finance and technology functions.
     -   Also included is an $11MM disaster recovery charge for costs related to
         life insurance claims by clients impacted by the terrorist attacks.
     -   Excluding these charges, net income declined 28%.

-    Net revenues declined 14% reflecting:
     -   Lower spreads on investment portfolio products, mostly reflecting the
         impact of the portfolio repositioning activities discussed as part of
         our 2Q '01 results;
     -   Reduced management fees from lower average managed asset levels;
     -   A decrease in distribution fees from weaker mutual fund sales levels;
         partially offset by higher insurance premiums.

-    The substantial pretax margin decline reflects the relatively weak revenue
     environment and the negative impact of the charges discussed above.

-    The effective tax rate was 25.2% in 3Q '01, versus 30.4% in 3Q '00. The
     decline reflects the relatively greater impact this quarter of tax credits
     from affordable housing project investments due to the substantially lower
     level of pretax income.

-    ASSETS OWNED, MANAGED AND ADMINISTERED:

<Table>
<Caption>
                                                                                       Percentage
     (billions)                                                 September 30,           Inc/(Dec)
                                                        --------------------------    ------------
                                                            2001             2000
                                                            ----             ----
     <S>                                                <C>                <C>        <C>
     Assets owned (excluding separate accounts)            $42.5            $40.6            5%
     Separate account assets                                24.3             36.6          (34)
     Assets managed                                        139.0            178.7          (22)
     Assets administered                                    28.6             38.0          (25)
                                                          ------           ------
                    Total                                 $234.4           $293.9          (20)
                                                          ======           ======
</Table>


                                       10
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                  AMERICAN EXPRESS FINANCIAL ADVISORS (CONT'D)

-    ASSET QUALITY:

     -   Except for modest deterioration in the high yield portfolio and
         rated structured investments, asset quality remains strong.
     -   Non-performing assets relative to invested assets were 0.1% and were
         344% covered by reserves, including those related to the impairment
         of high-yield securities.
     -   High-yield investments totaled $1.4B at 9/30/01, down from $2.7B at
         6/30/01, and represented approximately 4% of AEFA's portfolio. This
         compares to 8% as of 6/30. While most of the portfolio repositioning
         sales were completed prior to 9/11, the impact of the events on the
         market disrupted our ability to fully complete the process,
         particularly the reinvestment of proceeds.  Going forward, we plan to
         work toward a level that's more in line with industry averages of
         approximately 7%
         --   In October, the Company completed a transaction which securitized
              a large portion of its rated CDO securities. The transaction has
              the following consequences:
              -    Pools the performance of 44 separate
                   CDO securities allowing recognition of the investment return
                   related to the overall performance of the portfolio. The
                   ability to evaluate future cash flows at the portfolio
                   level, rather than on a security-by-security basis, should
                   increase the predictability of future earnings; and,
              -    Monetizes a small portion of the CDO securities by selling
                   notes in this structure to third-party investors.
     -   The SFAS No. 115 related mark-to-market adjustment on the portfolio
         (reported in assets pretax) was appreciation of $717MM at 9/01 and
         $182MM at 6/01 versus depreciation of ($808MM) at 9/00.

-    INVESTMENT INCOME:

     -   Gross investment income decreased due to a lower average yield, mostly
         due to the repositioning of the portfolio. The effect of this was
         amplified by our inability to reinvest in appropriate quality high
         yield bonds during September. In addition, there is a larger decrease
         this year in the value of options hedging outstanding stock market
         certificates, which was offset in the certificate provision. Also
         included is a modest loss related to the securitization of CDO's and
         the mark-to-market on the high yield bonds still held for sale at the
         end of September.
     -   Average invested assets of $33.9B (excluding unrealized
         appreciation/depreciation) rose 3% versus $32.9B in 3Q '00.
     -   The average yield on invested assets was 6.7% versus 7.1% in 3Q '00.
     -   Underlying spreads within the insurance and annuity products were down
         versus last year and last quarter; spreads for certificates were up
         versus both periods.

-    MANAGEMENT AND DISTRIBUTION FEES: The decrease of 15% was due to lower
     average assets under management and weaker mutual fund sales, reflecting
     the continued negative impact of weak equity market conditions.

     -  ASSETS MANAGED:

<Table>
<Caption>
                                                                                         Percentage
       (billions)                                           September 30,                 Inc/(Dec)
                                                       ----------------------------    ---------------
                                                            2001              2000
                                                            ----              ----
       <S>                                             <C>                  <C>        <C>
       Assets managed for individuals                      $91.2            $122.0           (25)%
       Assets managed for institutions                      47.8              56.7           (16)
       Separate account assets                              24.3              36.6           (34)
                                                          ------            ------
                      Total                               $163.3            $215.3           (24)
                                                          ======            ======
</Table>

       -- The decline in managed assets since 9/00 resulted from $56.1B of
          market depreciation, partially reflecting the 28% decline in the S&P
          500 during the past year, offset in part by $4.1B of net new money.

       -- The $23.9B decrease in managed assets during 3Q '01 resulted from
          market depreciation of $20.2B and net outflows of $3.7B,
          predominately within institutional and AXP related activities.

           -   Within our retail related activities outflows and redemption
               levels held steady while new money inflows decreased as investor
               activities slowed, particularly in September.

           -   Institutional related activities experienced outflows due to the
               loss of accounts, withdrawals on existing accounts and reduced
               AXP related holdings reflecting the seasonal reduction in the TC
               portfolio and a TRS liquidity oriented portfolio.


                                       11
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                  AMERICAN EXPRESS FINANCIAL ADVISORS (CONT'D)


-    PRODUCT SALES:
     -   Total gross cash sales from all products were down 33% versus 3Q '00 as
         generally weak sales conditions deteriorated even further during the
         latter part of September.
     -   Mutual fund sales decreased 37% as both proprietary and non-proprietary
         fund sales declined. The largest portion of non-proprietary fund sales
         continued to occur in "wrap" accounts. Within proprietary funds:
         --  Bond fund sales grew; sales of equity and money market funds
             declined.
         --  Redemption rates held relatively steady and continued to compare
             favorably with industry levels.
     -   Annuity sales decreased 11%, as growth in fixed annuity sales was
         offset by a decline in variable annuity sales.
     -   Sales of insurance products fell 9% reflecting lower sales of life
         products, partially offset by higher property-casualty sales, in part
         due to sales through Costco.
     -   Certificate sales increased 8% reflecting strength in both advisor
         sales and sales of certificates sold to clients outside the U.S.
         through a joint venture between AEFA and AEB.
     -   Institutional sales declined 75% versus a relatively strong third
         quarter last year, reflecting both lower new sales and lower additional
         contributions.
     -   Other sales increased 37% due to additional contributions from
         existing 401(k) plan sponsors, as well as growth in our limited
         partnership sales and wealth management account activities.
     -   Advisor product sales generated through financial planning and advice
         services were 72% of total sales in 3Q '01 versus 69% in 3Q '00.

-    OTHER REVENUES:  Were up 18% on higher life and property-casualty insurance
     -   Financial planning and advice services fees of $23.1MM fell 11% versus
         3Q '00 reflecting the reduction in the advisor force and the impact of
         the weaker environment. Fees were down in excess of 25% post-9/11.

-    PROVISIONS FOR LOSSES AND BENEFITS: Annuity product provisions decreased
     due to a smaller inforce level and a lower accrual rate. Insurance
     provisions rose due to higher inforce levels, partially offset by lower
     accrual rates. Certificate provisions decreased as higher inforce levels
     were offset by lower accrual rates and the effect on the stock market
     certificate product of greater depreciation this year in the S&P 500.

-    HUMAN RESOURCES: Expenses declined 11% reflecting lower field force
     compensation-related expenses due to the decline in advisors and the impact
     of lower volumes on advisor compensation, as well as the benefits of
     reengineering and cost containment initiatives within the home office where
     employees were down 12% versus 9/30/00.
     -   TOTAL ADVISOR FORCE:  11,385 at 9/01; down 752 advisors, or (6)%,
         versus 9/00 and down 261 advisors versus 6/01.
         --  The decrease in advisors versus 6/01 reflects reduced recruiting
             we worked to improve the advisor platform dynamics, and higher
             termination rates due to the weaker environment and proactive
             efforts to weed out unproductive advisors.
             -  Veteran advisor retention rates remain strong.
         --  In light of current challenging market conditions, we expect to
             continue to carefully manage new advisor additions in coming
             quarters to ensure overall field force costs are appropriately
             controlled and advisor production is maximized.
         --  Total production, advisor productivity and client acquisistions
             were down versus last year reflecting the more difficult selling
             environment.
             -  The total number of clients was up 4% and accounts per client
                were flat. Client retention exceeded 95%.

-    OTHER OPERATING EXPENSES: The increase reflects a relatively low level
     of expenses last year. Expenses declined 1% versus 2Q '01 reflecting the
     success of reengineering activities and continuing efforts to control core
     operating expenses.


                                       12
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                              AMERICAN EXPRESS BANK

(preliminary)                   STATEMENTS OF INCOME
                                   (UNAUDITED)

<Table>
<Caption>
(millions)                                                Quarters Ended               Percentage
                                                           September 30,                Inc/(Dec)
                                                    ----------------------------      --------------
                                                       2001            2000
                                                       ----            ----
<S>                                                 <C>                <C>
Net revenues:
     Interest income                                   $174            $188                 (8)%
     Interest expense                                    98             125                (22)
                                                       ----            ----
           Net interest income                           76              63                 20
     Commissions and fees                                51              54                 (5)
     Foreign exchange income and other revenue           38              29                 30
                                                       ----            ----
           Total net revenues                           165             146                 13
                                                       ----            ----
Expenses:
     Human resources                                     60              65                 (8)
     Other operating expenses                            69              67                  3

     Provision for losses -- ongoing                     14               6                  #
                          -- restructuring related       26               -                  -
                                                       ----            ----
     Total provision                                     40               6                  #
     Restructuring charge                                58               -                  -
                                                       ----            ----
           Total expenses                               227             138                 64
                                                       ----            ----
Pretax (loss)/income                                    (62)              8                  #
Income tax (benefit)/provision                          (19)              1                  #
                                                       ----            ----
Net (loss)/income                                      $(43)             $7                  #
                                                       ====            ====

# Denotes variance in excess of 100%.
</TABLE>

-    AEB recorded a restructuring charge of $84MM ($57MM after-tax) primarily
     reflecting plans to further scale back corporate lending activities in
     parts of Asia, Latin America and Europe. The pretax charge includes $24MM
     of currency translation losses previously recorded in shareholder's equity,
     $29MM of severance benefits for approximately 400 employees and a $26MM
     provision for losses.

-    Excluding the effect of the restructuring charges, net income was
     approximately double last year's amount.

-    Revenues grew 13% as higher net interest income and foreign exchange and
     other revenue was partially offset by lower commissions and fees. AEB's two
     individual oriented businesses continued to grow, despite a more difficult
     market environment, as Private Banking client holdings rose 20% and client
     volumes in Personal Financial Services (PFS) increased 11%. Revenues within
     Corporate Banking declined as we continued to de-emphasize these
     activities.
     - Net interest income rose 20% due to higher consumer loans and lower
       funding costs, partially offset by decreases in Corporate Banking.
     - Commissions and fees were down 5% from lower results in Corporate Banking
       and lower mutual fund fees within our third party activities in the
       Financial Institutions Group, partially offset by higher loan volumes
       in PFS.
     - Foreign exchange income and other revenue increased 30% due to higher
       joint venture earnings, partially offset by lower Corporate Banking
       revenue.

-    Human resource expenses were down reflecting the benefits of a lower
     employee level and reduced costs related to reengineering activities.

-    The ongoing provision for losses increased mostly due to PFS loan growth.

-    AEB remained "well-capitalized".

<Table>
<Caption>
                            9/01          6/01           9/00          Well-Capitalized
                          ----------   -----------    -----------    --------------------
     <S>                  <C>          <C>            <C>            <C>
     Tier 1                  9.9%         10.4%          10.4%                6.0%
     Total                  10.6%         11.1%          11.9%               10.0%
     Leverage Ratio          5.4%          5.8%           5.8%                5.0%
</Table>


                                       13
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                         AMERICAN EXPRESS BANK (CONT'D)
-    EXPOSURES
     - AEB's loans outstanding were $5.6B at 9/01, versus $5.1B at 9/00 and
       $5.5B at 6/01. Activity since 9/00 included a $650MM decrease in
       corporate banking loans and a $1.1B increase in consumer and private
       banking loans, including the transfer of $150MM of collateralized loans
       from Corporate Banking. Compared to 6/01, corporate banking loans
       decreased by $150MM, while consumer and private banking loans increased
       by $200MM. As of 9/01, consumer and private banking loans comprised 55%
       of total loans versus 53% at 6/01 and 39% at 9/00; corporate banking
       loans comprised 22% of total loans versus 24% at 6/01 and 36% at 9/00;
       and financial institution loans comprised 23% of total loans at 9/01 and
       6/01 versus 25% at 9/00.

     - In addition to the loan portfolio, there are other banking activities,
       such as forward contracts, various contingencies and market placements,
       which added approximately $8.0B to the credit exposures at 9/01, $7.6B at
       6/01 and $7.2B at 9/00. Of the $8.0B of additional exposures at 9/01,
       $5.8B were relatively less risky cash and securities related balances.

<Table>
<Caption>
       ($ in billions)                                                        9/30/01
                                                 ------------------------------------------------------------------
                                                                                Net
                                                                            Guarantees                                 6/30/01
                                                             FX and             And                       Total         Total
       Country                                    Loans    Derivatives      Contingents     Other(1)    Exposure(2)   Exposure(2)
       -------                                    -----    -----------      -----------     -----       --------      --------
       <S>                                       <C>       <C>              <C>             <C>         <C>           <C>
       Hong Kong                                   $1.0              -             $0.1      $0.1           $1.2          $1.1
       Indonesia                                      -              -                -         -            0.1           0.1
       Singapore                                    0.5              -              0.1       0.1            0.7           0.6
       Korea                                        0.1              -                -       0.2            0.3           0.5
       Taiwan                                       0.2              -                -       0.1            0.3           0.2
       Japan                                          -              -                -       0.1            0.1           0.1
       Other                                          -              -                -       0.1            0.1           0.2
                                                  -----          -----            -----     -----          -----        ------
           Total Asia/Pacific Region (2)            1.9              -              0.2       0.7            2.9           2.9
                                                  -----          -----            -----     -----          -----        ------

       Chile                                        0.2           $0.1                -       0.1            0.3           0.4
       Brazil                                       0.3              -                -         -            0.4           0.4
       Mexico                                         -              -                -         -            0.1           0.1
       Argentina                                    0.1              -                -         -            0.1           0.1
       Peru                                           -              -                -         -            0.1             -
       Other                                        0.3              -              0.2       0.1            0.7           0.6
                                                  -----          -----            -----     -----          -----        ------
           Total Latin America (2)                  0.9            0.1              0.3       0.3            1.6           1.5
                                                  -----          -----            -----     -----          -----        ------

       India                                        0.3              -              0.1       0.3            0.7           0.7
       Pakistan                                     0.1              -                -       0.1            0.2           0.2
       Other                                        0.1              -              0.1       0.1            0.2           0.2
                                                  -----          -----            -----     -----          -----        ------
           Total Subcontinent (2)                   0.4              -              0.1       0.5            1.1           1.1
                                                  -----          -----            -----     -----          -----        ------

       Egypt                                        0.2              -                -       0.2            0.4           0.4
       Other                                        0.1              -                -         -            0.2           0.2
                                                  -----          -----            -----     -----          -----        ------
           Total Middle East and Africa (2)         0.3              -              0.1       0.2            0.6           0.6
                                                  -----          -----            -----     -----          -----        ------

           Total Europe (2)                         1.6            0.1              0.4       3.0            5.0           4.8

           Total North America (2)                  0.3              -              0.3       1.7            2.3           2.1
                                                  -----          -----            -----     -----          -----        ------

       Total Worldwide (2)                         $5.6           $0.2             $1.5      $6.3          $13.6         $13.1
                                                  =====          =====            =====     =====          =====        ======
</Table>

     (1) Includes cash, placements and securities.
     (2) Individual items may not add to totals due to rounding.
         Note: Includes cross-border and local exposure and does not net local
               funding or liabilities against any local exposure.


                                       14
<Page>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2001 OVERVIEW
                         AMERICAN EXPRESS BANK (CONT'D)





-    Total non-performing loans of $133MM were down from $156MM at 9/00 and
     $159MM at 6/01 as a result of decreases within the Corporate Banking
     business. The decreases in both periods are due to loan payments and
     write-offs, mainly in Indonesia, partially offset by net downgrades of the
     risk status of various loans.

-    Other non-performing assets of $2MM at 9/01 and $4MM at 6/01, which
     primarily consisted of other real estate owned, compared with $37MM at 9/00
     which were primarily foreign exchange and derivative contracts. The
     decrease since 9/00 reflects payments/maturities and write-offs, mainly in
     Indonesia.

-    AEB's total reserves at 9/01 of $149MM compared with $130MM at 6/01 and
     $179MM at 9/00 and are allocated as follows:

<Table>
<Caption>
     (millions)                                         9/01        6/01         9/00
                                                     --------    --------     --------
     <S>                                             <C>         <C>          <C>
     Loans                                              $144        $126         $158
     Other Assets, primarily derivatives                   3           3           16
     Other Liabilities                                     2           1            5
                                                        ----        ----         ----
          Total                                         $149        $130         $179
                                                        ====        ====         ====
</Table>

     -   Reserve coverage of non-performing loans of 108% at 9/01 compared with
         79% at 6/01 and 102% at 9/00. Reserve coverage at 9/01 reflects a $26MM
         addition to reserves through the restructuring charge as we scale back
         the Corporate Banking business in certain countries.


-    Management formally reviews the loan portfolio and evaluates credit risk
     throughout the year. This evaluation takes into consideration the financial
     condition of the borrowers, fair market value of collateral, status of
     delinquencies, historical loss experience, industry trends, and the impact
     of current economic conditions. As of September 30, 2001 management
     considers the loss reserve to be appropriate.


                                       15
<Page>

               INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS


This document contains forward-looking statements that are subject to risks and
uncertainties. The words "believe", "expect", "anticipate", "intend", "aim",
"will", "should", and similar expressions are intended to identify these
forward-looking statements. The Company undertakes no obligation to update or
revise any forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include, but are not
limited to, the following:

Fluctuation in the equity markets, which can affect the amount and types of
investment products sold by AEFA, the market value of its managed assets, and
management and distribution fees received based on those assets; potential
deterioration in the high yield sector and other investment areas, which could
result in further losses in AEFA's investment portfolio; the ability of AEFA to
sell certain high yield investments at expected values and within anticipated
time frames and to maintain its high yield portfolio at certain levels in the
future; developments relating to AEFA's new platform structure for financial
advisors, including the ability to increase advisor productivity, moderate the
growth of new advisors and create efficiencies in the infrastructure; AEFA's
ability to effectively manage the economics in selling a growing volume of
non-proprietary products to clients; investment performance in AEFA's mutual
fund business; the success, timeliness and financial impact, including costs,
cost savings and other benefits, of reengineering initiatives being implemented
or considered by the Company, including cost management, structural and
strategic measures such as vendor, process, facilities and operations
consolidation, outsourcing, relocating certain functions to lower cost overseas
locations, moving internal and external functions to the internet to save costs,
the scale back of corporate lending in certain regions, and planned staff
reductions relating to certain of such reengineering actions; the ability to
control and manage operating, infrastructure, advertising and promotion and
other expenses as business expands or changes, including balancing the need for
longer term investment spending; the Company's ability to recover under its
insurance policies losses resulting from the September 11th terrorist attacks;
consumer and business spending on the Company's travel related services
products, particularly credit and charge cards and growth in card lending
balances, which depend in part on the ability to issue new and enhanced card
products and increase revenues from such products, attract new cardholders,
capture a greater share of existing cardholders' spending, sustain premium
discount rates, increase merchant coverage, retain Cardmembers after low
introductory lending rates have expired, and expand the global network
services business; successfully expanding the Company's on-line and off-line
distribution channels and cross-selling financial, travel, card and other
products and services to its customer base, both in the U.S. and abroad;
effectively leveraging the Company's assets, such as its brand, customers and
international presence, in the Internet environment; investing in and
competing at the leading edge of technology across all businesses; increasing
competition in all of the Company's major businesses; fluctuations in interest
rates, which impacts the Company's borrowing costs, return on lending products
and spreads in the investment and insurance businesses; credit trends and the
rate of bankruptcies, which can affect spending on card products, debt
payments by individual and corporate customers and returns on the Company's
investment portfolios; foreign currency exchange rates; political or economic
instability in certain regions or countries, which could affect commercial
lending activities, among other businesses; legal and regulatory developments,
such as in the areas of consumer privacy and data protection; acquisitions;
and outcomes in litigation. A further description of risks and uncertainties
can be found in the Company's 10-K Annual Report for the fiscal year ending
December 31, 2000 and other reports filed with the SEC.

                                       16

</TEXT>
</DOCUMENT>
