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<SEC-DOCUMENT>0000004962-07-000037.txt : 20070723
<SEC-HEADER>0000004962-07-000037.hdr.sgml : 20070723
<ACCEPTANCE-DATETIME>20070723161249
ACCESSION NUMBER:		0000004962-07-000037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070723
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20070723
DATE AS OF CHANGE:		20070723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS CO
		CENTRAL INDEX KEY:			0000004962
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				134922250
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		07993911

	BUSINESS ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
		BUSINESS PHONE:		2126402000

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ewrapjuly07.txt
<DESCRIPTION>AXP EARNINGS RELEASE 2ND QUARTER 2007
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported: July 23, 2007


                            AMERICAN EXPRESS COMPANY
             (Exact name of registrant as specified in its charter)

         New York                      1-7657                 13-4922250
- -----------------------------  ------------------------    -------------------
(State or other jurisdiction   (Commission File Number)     (IRS Employer
     of incorporation                                      Identification No.)
     or organization)


       200 Vesey Street, World Financial Center
                 New York, New York                        10285
       ----------------------------------------          ----------
       (Address of principal executive offices)          (Zip Code)


       Registrant's telephone number, including area code: (212) 640-2000

                                      None
               --------------------------------------------------
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

         Written communications pursuant to Rule 425 under the Securities Act
- ----     (17 CFR 230.425)

         Soliciting material pursuant to Rule 14a-12 under the Exchange Act
- ----     (17 CFR 240.14a-12)

         Pre-commencement communications pursuant to Rule 14d-2(b) under the
- ----     Exchange Act (17 CFR 240.14d-2(b))

         Pre-commencement communications pursuant to Rule 13e-4(c) under the
- ----     Exchange Act (17 CFR 240.13e-4(c))



<PAGE>
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND ITEM 7.01 REGULATION
FD DISCLOSURE

     The following information is furnished under Item 2.02 - Results of
Operations and Financial Condition and Item 7.01 - Regulation FD Disclosure:

     On July 23, 2007, American Express Company issued a press release
announcing its financial results for the second quarter of 2007. A copy of such
press release is attached to this report as Exhibit 99.1 and is hereby
incorporated herein by reference. In addition, in conjunction with the
announcement of its financial results, American Express Company distributed
additional financial information relating to its 2007 second quarter financial
results and a 2007 Second Quarter Earnings Supplement. Such additional financial
information and the 2007 Second Quarter Earnings Supplement are attached to this
report as Exhibits 99.2 and 99.3, respectively, and each is hereby incorporated
by reference.


EXHIBIT

99.1      Press Release, dated July 23, 2007, of American Express Company
          announcing its financial results for the second quarter of 2007.

99.2      Additional financial information relating to the financial results of
          American Express Company for the second quarter of 2007.

99.3      2007 Second Quarter Earnings Supplement of American Express Company.


<PAGE>

                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        AMERICAN EXPRESS COMPANY
                                        (REGISTRANT)






                                        By:    /s/ Stephen P. Norman
                                        Name:  Stephen P. Norman
                                        Title: Secretary

DATE:   July 23, 2007

<PAGE>

                                  EXHIBIT INDEX


Exhibit
No.         Description
- ---------   -----------
99.1        Press Release, dated July 23, 2007, of American Express Company
            announcing its financial results for the second quarter of 2007.

99.2        Additional financial information relating to the financial
            results of American Express Company for the second quarter of
            2007.

99.3        2007 Second Quarter Earnings Supplement of American Express Company.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pr.txt
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS

[LOGO OF AMERICAN EXPRESS COMPANY]

CONTACTS:      Media: Robert Glick                    Michael O'Neill
                      212-640-1041                    212-640-5951
                      robert.a.glick@aexp.com         mike.o'neill@aexp.com

Investors/Analysts:   Malkah Buchweitz                Ron Stovall
                      212-640-6657                    212-640-5574
                      malkah.y.buchweitz@aexp.com     ronald.stovall@aexp.com


- --------------------------------------------------------------------------------
                    AMERICAN EXPRESS REPORTS STRONG RESULTS
                        ON RECORD CARDMEMBER SPENDING.
           MORE THAN 2 MILLION CARDS-IN-FORCE ADDED IN THE QUARTER.

<TABLE>
<CAPTION>
                     (Millions, except per share amounts)

                                                  Quarters Ended   Percentage           Six Months Ended    Percentage
                                                     June 30,       Inc/(Dec)               June 30,         Inc/(Dec)
                                               ------------------  ----------        -------------------    -----------
                                                  2007      2006                         2007       2006
                                                  ----      ----                         ----       ----
<S>                                         <C>        <C>           <C>           <C>        <C>            <C>
   Revenues net of interest expense           $  7,130   $ 6,542       9%            $ 13,798   $ 12,595       10%

   Income From Continuing Operations          $  1,062   $   972       9%            $  2,127   $  1,848       15%
   Loss From Discontinued Operations          $     (5)  $   (27)    (81%)           $    (13)  $    (30)     (57%)
   Net Income                                 $  1,057   $   945      12%            $  2,114   $  1,818       16%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations       $   0.90   $  0.80      13%            $   1.80   $   1.51       19%
      Loss From Discontinued Operations       $    -     $ (0.02)      #             $  (0.01)  $  (0.02)     (50%)
      Net Income                              $   0.90   $  0.78      15%            $   1.79   $   1.49       20%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations       $   0.88   $  0.78      13%            $   1.76   $   1.48       19%
      Loss From Discontinued Operations       $     -    $ (0.02)      #             $  (0.01)  $  (0.03)     (67%)
      Net Income                              $   0.88   $  0.76      16%            $   1.75   $   1.45       21%

   Average Common Shares Outstanding
      Basic                                      1,179     1,217      (3%)              1,183      1,224      (3%)
      Diluted                                    1,203     1,242      (3%)              1,207      1,250      (3%)

   Return on Average Equity*                     37.5%      29.8%                       37.5%       29.8%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

* Computed on a trailing 12-month basis using net income over average total
  shareholders' equity (including discontinued operations) as included in
  the Consolidated Financial Statements prepared in accordance with U.S.
  generally accepted accounting principles (GAAP).

# Denotes a variance of more than 100%.

<PAGE>
         New York - July 23, 2007 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported second quarter income from continuing operations of $1.1 billion, up
9 percent from $972 million a year ago. Diluted earnings per share from
continuing operations were $0.88, up 13 percent from $0.78.
         Net income for the quarter also totaled $1.1 billion, up 12 percent
from $945 million a year ago, and $0.88 per share, up 16 percent from $0.76.
         Consolidated revenues net of interest expense rose 9 percent to $7.1
billion, up from $6.5 billion a year ago.
         Consolidated expenses totaled $4.7 billion, up 7 percent from $4.4
billion a year ago.
         The Company's return on  equity (ROE) was 37.5 percent.
         "Continued growth in Cardmember spending and excellent credit quality
generated strong earnings for the quarter," said Kenneth I. Chenault, chairman
and chief executive.
         "Spending on American Express cards rose 15 percent and we added more
than 2 million cards during the last three months.
         "As expected, interest costs increased and provisions rebounded from
the exceptionally low levels of last year. We dealt with this short-term
challenge by controlling discretionary expenses and carefully targeting our
marketing investments.
         "The result was strong performance in the second quarter and excellent
momentum as we head into the latter half of 2007.
         "Given that momentum, we will be looking to capitalize on
opportunities to further strengthen our lead in the payments industry at a time
when some key competitors may be cutting back or dealing with weakness in parts
of their business."
         The second quarter results included a $65 million tax benefit from the
IRS related to the treatment of certain prior years' card fee income. In light
of this benefit, the Company increased its investment in marketing and
promotion programs this quarter by $68 million ($42 million after-tax).


                                     -2-
<PAGE>
         Significant items in the year-ago quarter included:
         o  A $144 million ($131 million after-tax) gain related to the sale of
            the Company's card and merchant-related operations in Brazil to
            Banco Bradesco S.A.; and
         o  A $62 million ($40 million after-tax) charge associated with
            certain adjustments made to the Membership Rewards reserve model
            outside the U.S.

         Also included in the quarters ended June 30, 2007 and 2006, were $8
million ($5 million after-tax) and $53 million ($34 million after-tax) of
reengineering costs, respectively.

     DISCONTINUED OPERATIONS
         Discontinued operations (businesses sold in previous years) included
a loss of $5 million this quarter compared to a $27 million loss a year ago,
which primarily reflected losses related to last year's sale of the Company's
international banking operations in Brazil.

     SEGMENT RESULTS
         U.S. CARD SERVICES reported second quarter net income of $580 million,
down 2 percent from $594 million a year ago.
         Revenues net of interest expense for the second quarter increased 12
percent to $3.6 billion, reflecting higher spending and borrowing by consumers
and small businesses, which were partially offset by higher interest expense.
Securitization income, net decreased 11 percent primarily due to increased
write offs.
         Total expenses increased 11 percent. Marketing, promotion, rewards
and cardmember services expenses increased 16 percent from the year-ago period
primarily due to higher rewards costs and the previously mentioned increase in
marketing and promotion programs. Human resources and other operating expenses
increased 4 percent.
         Provisions for losses increased 85 percent, reflecting higher loan
volumes and an increase in write-off and delinquency rates from the unusually
low levels of a year ago.


                                     -3-
<PAGE>
         Results for the second quarter included $56 million of the previously
mentioned tax benefit.

         INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES reported second
quarter net income of $277 million, up 22 percent from $227 million a year
ago.
         Revenues net of interest expense increased 4 percent to $2.2 billion,
reflecting higher spending by corporate and international consumer
Cardmembers, as well as higher loan balances. These increases were suppressed
by last year's sale of card-related operations in Brazil, Malaysia, and
Indonesia.
         Total expenses increased 5 percent. Human resources and other
operating expenses increased 10 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 8 percent from the year-ago period,
which included the previously mentioned $62 million charge for certain
adjustments to the Membership Rewards reserve model outside the U.S. Operating
expenses for the year-ago period were reduced by the gain on the sale of the
card and merchant-related operations in Brazil.
         Provisions for losses decreased 7 percent from year-ago levels, which
had reflected industry-wide credit issues in Taiwan.
         Results for the second quarter included certain tax benefits, $9
million of which was related to the previously mentioned item.

         GLOBAL NETWORK & MERCHANT SERVICES reported second quarter net income
of $266 million, up 33 percent from $200 million a year ago.
         Revenues net of interest expense for the second quarter increased 15
percent to $966 million. The increase reflects continued strong growth in
merchant-related revenue primarily resulting from higher company-wide billed
business. The increase also reflects higher network partner-related fees.
         Spending on Global Network Services cards increased 62 percent from
year-ago levels. These increases reflect, in part, the completion in 2006 of
independent operator agreements in Brazil, Malaysia, and Indonesia.
Cards-in-force issued by bank partners increased 34 percent.


                                      -4-
<PAGE>
         Total expenses increased 6 percent, reflecting higher human resources
costs and expanded marketing and promotion activities.

         CORPORATE & OTHER reported second quarter net expenses of $61
million, compared with net expenses of $49 million a year ago.

                                      ***

              American Express Company (www.americanexpress.com) is a leading
global payments, network and travel company founded in 1850.

              Note: The 2007 Second Quarter Earnings Supplement, as well as
Executive Vice President and acting CFO Dan Henry's presentation from the
investor conference call referred to below, will be available today on the
American Express web site at http://ir.americanexpress.com. An investor
conference call to discuss second quarter earnings results, operating
performance and other topics that may be raised during the discussion will be
held at 5:00 p.m. (EST) today. Live audio of the conference call will be
accessible to the general public on the American Express web site at
http://ir.americanexpress.com. A replay of the conference call also will be
available today at the same web site address.

                                      ***


THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS
AND UNCERTAINTIES. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC,"
"INTEND," "PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY,"
AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS.
READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING
STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. 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: THE COMPANY'S ABILITY TO MEET ITS ROE TARGET RANGE OF 33 TO 36
PERCENT ON AVERAGE AND OVER TIME, WHICH WILL DEPEND IN PART ON FACTORS SUCH AS
THE COMPANY'S ABILITY TO GENERATE SUFFICIENT REVENUE GROWTH AND ACHIEVE
SUFFICIENT MARGINS, FLUCTUATIONS IN THE CAPITAL REQUIRED TO SUPPORT ITS
BUSINESSES, THE MIX OF THE COMPANY'S FINANCINGS, AND FLUCTUATIONS IN THE LEVEL
OF THE COMPANY'S SHAREHOLDERS' EQUITY DUE TO SHARE REPURCHASES, DIVIDENDS,
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME AND ACCOUNTING CHANGES,
AMONG OTHER THINGS; THE COMPANY'S ABILITY TO GROW ITS BUSINESS AND MEET OR
EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY TARGET BY REINVESTING APPROXIMATELY
35 PERCENT OF ANNUALLY-GENERATED CAPITAL, AND RETURNING APPROXIMATELY 65
PERCENT OF SUCH CAPITAL TO SHAREHOLDERS, OVER TIME, WHICH WILL DEPEND ON THE
COMPANY'S ABILITY TO MANAGE ITS CAPITAL NEEDS AND THE EFFECT OF BUSINESS MIX,
ACQUISITIONS AND RATING AGENCY REQUIREMENTS; CONSUMER AND BUSINESS SPENDING ON
THE COMPANY'S CREDIT AND CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER
PREPAID PRODUCTS AND GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON
THE ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID PRODUCTS, SERVICES AND
REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH PRODUCTS, ATTRACT NEW
CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A GREATER SHARE OF EXISTING
CARDMEMBERS' SPENDING, AND SUSTAIN PREMIUM DISCOUNT RATES ON ITS CARD PRODUCTS
IN LIGHT OF REGULATORY AND MARKET PRESSURES, INCREASE MERCHANT COVERAGE,


                                     -5-
<PAGE>

RETAIN CARDMEMBERS AFTER LOW INTRODUCTORY LENDING RATES HAVE EXPIRED, AND
EXPAND THE GLOBAL NETWORK SERVICES BUSINESS; THE SUCCESS OF THE GLOBAL NETWORK
SERVICES BUSINESS IN PARTNERING WITH BANKS IN THE UNITED STATES, WHICH WILL
DEPEND IN PART ON THE EXTENT TO WHICH SUCH BUSINESS FURTHER ENHANCES THE
COMPANY'S BRAND, ALLOWS THE COMPANY TO LEVERAGE ITS SIGNIFICANT PROCESSING
SCALE, EXPANDS MERCHANT COVERAGE OF THE NETWORK, PROVIDES GLOBAL NETWORK
SERVICES' BANK PARTNERS IN THE UNITED STATES THE BENEFITS OF GREATER
CARDMEMBER LOYALTY AND HIGHER SPEND PER CUSTOMER, AND MERCHANT BENEFITS SUCH
AS GREATER TRANSACTION VOLUME AND ADDITIONAL HIGHER SPENDING CUSTOMERS;
FLUCTUATIONS IN INTEREST RATES, WHICH IMPACT THE COMPANY'S BORROWING COSTS AND
RETURN ON LENDING PRODUCTS; THE CONTINUATION OF FAVORABLE TRENDS, INCLUDING
INCREASED TRAVEL AND ENTERTAINMENT SPENDING, AND THE OVERALL LEVEL OF CONSUMER
CONFIDENCE; THE COSTS AND INTEGRATION OF ACQUISITIONS; THE SUCCESS, TIMELINESS
AND FINANCIAL IMPACT (INCLUDING COSTS, COST SAVINGS AND OTHER BENEFITS
INCLUDING INCREASED REVENUES), AND BENEFICIAL EFFECT ON THE COMPANY'S
OPERATING EXPENSE TO REVENUE RATIO, BOTH IN THE SHORT-TERM AND OVER TIME, 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 (INCLUDING,
AMONG OTHERS, TECHNOLOGIES OPERATIONS), RELOCATING CERTAIN FUNCTIONS TO
LOWER-COST OVERSEAS LOCATIONS, MOVING INTERNAL AND EXTERNAL FUNCTIONS TO THE
INTERNET TO SAVE COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO CERTAIN OF
SUCH REENGINEERING ACTIONS; THE COMPANY'S ABILITY TO REINVEST THE BENEFITS
ARISING FROM SUCH REENGINEERING ACTIONS IN ITS BUSINESSES; THE ABILITY TO
CONTROL AND MANAGE OPERATING, INFRASTRUCTURE, ADVERTISING AND PROMOTION
EXPENSES AS BUSINESS EXPANDS OR CHANGES, INCLUDING THE ABILITY TO ACCURATELY
ESTIMATE THE PROVISION FOR THE COST OF THE MEMBERSHIP REWARDS PROGRAM; THE
COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS
LOANS, MERCHANT BANKRUPTCIES AND OTHER CREDIT TRENDS AND THE RATE OF
BANKRUPTCIES, WHICH CAN AFFECT SPENDING ON CARD PRODUCTS, DEBT PAYMENTS BY
INDIVIDUAL AND CORPORATE CUSTOMERS AND BUSINESSES THAT ACCEPT THE COMPANY'S
CARD PRODUCTS AND RETURNS ON THE COMPANY'S INVESTMENT PORTFOLIOS;
BANKRUPTCIES, RESTRUCTURINGS, CONSOLIDATIONS OR SIMILAR EVENTS AFFECTING THE
AIRLINE OR ANY OTHER INDUSTRY REPRESENTING A SIGNIFICANT PORTION OF THE
COMPANY'S BILLED BUSINESS, INCLUDING ANY POTENTIAL NEGATIVE EFFECT ON
PARTICULAR CARD PRODUCTS AND SERVICES AND BILLED BUSINESS GENERALLY THAT COULD
RESULT FROM THE ACTUAL OR PERCEIVED WEAKNESS OF KEY BUSINESS PARTNERS IN SUCH
INDUSTRIES; THE TRIGGERING OF OBLIGATIONS TO MAKE PAYMENTS TO CERTAIN CO-BRAND
PARTNERS, MERCHANTS, VENDORS AND CUSTOMERS UNDER CONTRACTUAL ARRANGEMENTS WITH
SUCH PARTIES UNDER CERTAIN CIRCUMSTANCES; A DOWNTURN IN THE COMPANY'S
BUSINESSES AND/OR NEGATIVE CHANGES IN THE COMPANY'S AND ITS SUBSIDIARIES'
CREDIT RATINGS, WHICH COULD RESULT IN CONTINGENT PAYMENTS UNDER CONTRACTS,
DECREASED LIQUIDITY AND HIGHER BORROWING COSTS; FLUCTUATIONS IN FOREIGN
CURRENCY EXCHANGE RATES; ACCURACY OF ESTIMATES FOR THE FAIR VALUE OF THE
ASSETS IN THE COMPANY'S INVESTMENT PORTFOLIO AND, IN PARTICULAR, THOSE
INVESTMENTS THAT ARE NOT READILY MARKETABLE, INCLUDING THE VALUATION OF THE
INTEREST-ONLY STRIP RELATING TO THE COMPANY'S LENDING SECURITIZATIONS; THE
COMPANY'S ABILITY TO INVEST IN TECHNOLOGY ADVANCES ACROSS ALL AREAS OF ITS
BUSINESS TO STAY ON THE LEADING EDGE OF TECHNOLOGIES APPLICABLE TO THE
PAYMENTS INDUSTRY; THE COMPANY'S ABILITY TO PROTECT ITS INTELLECTUAL PROPERTY
RIGHTS (IP) AND AVOID INFRINGING THE IP OF OTHER PARTIES; THE POTENTIAL
NEGATIVE EFFECT ON THE COMPANY'S BUSINESSES AND INFRASTRUCTURE, INCLUDING
INFORMATION TECHNOLOGY, OF TERRORIST ATTACKS, NATURAL DISASTERS OR OTHER
CATASTROPHIC EVENTS IN THE FUTURE; POLITICAL OR ECONOMIC INSTABILITY IN
CERTAIN REGIONS OR COUNTRIES, WHICH COULD AFFECT LENDING AND OTHER COMMERCIAL
ACTIVITIES, AMONG OTHER BUSINESSES, OR RESTRICTIONS ON CONVERTIBILITY OF
CERTAIN CURRENCIES; CHANGES IN LAWS OR GOVERNMENT REGULATIONS; OUTCOMES AND
COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY MATTERS; AND
COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES. A FURTHER
DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2006, AND
ITS OTHER REPORTS FILED WITH THE SEC.


                                     -6-

All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. Amounts herein reflect certain adjustments as noted in
the Company's Form 8-K dated March 30, 2007 filed with the U.S. Securities and
Exchange Commission (SEC). See also pages 2 - 3 of the 2007 Second Quarter
Earnings Supplement for a description of such adjustments. In addition,
amounts herein reflect certain modifications made to the Company's reportable
operating segment disclosures as noted in the Company's Form 8-K dated April
19, 2007 filed with the SEC.

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                              Quarters Ended                       Six Months Ended
                                                                 June 30,                               June 30,
                                                           --------------------    Percentage     --------------------   Percentage
                                                             2007        2006      Inc/(Dec)        2007        2006      Inc/(Dec)
                                                           --------    --------    ----------     --------    --------   ----------
<S>                                                        <C>         <C>                <C>     <C>         <C>               <C>
Revenues
  Discount revenue                                         $  3,670    $  3,292            11%    $  7,025    $  6,261           12%
  Net card fees                                                 500         533            (6)         984       1,053           (7)
  Travel commissions and fees                                   491         483             2          928         901            3
  Other commissions and fees                                    681         642             6        1,303       1,281            2
  Securitization income, net                                    332         372           (11)         789         758            4
  Other                                                         453         415             9          868         811            7
                                                           --------    --------                   --------    --------
     Total                                                    6,127       5,737             7       11,897      11,065            8
                                                           --------    --------                   --------    --------
  Interest income:
    Cardmember lending finance revenue                        1,514       1,100            38        2,882       2,047           41
    International banking                                       282         252            12          546         509            7
    Other                                                       276         196            41          505         384           32
                                                           --------    --------                   --------    --------
       Total                                                  2,072       1,548            34        3,933       2,940           34
                                                           --------    --------                   --------    --------
           Total revenues                                     8,199       7,285            13       15,830      14,005           13
                                                           --------    --------                   --------    --------
  Interest expense:
    Cardmember lending                                          431         277            56          816         523           56
    International banking                                       135          93            45          261         181           44
    Charge card and other                                       503         373            35          955         706           35
                                                           --------    --------                   --------    --------
       Total                                                  1,069         743            44        2,032       1,410           44
                                                           --------    --------                   --------    --------
Revenues net of interest expense                              7,130       6,542             9       13,798      12,595           10
                                                           --------    --------                   --------    --------

Expenses
  Marketing, promotion, rewards and cardmember services       1,828       1,671             9        3,292       3,193            3
  Human resources                                             1,331       1,276             4        2,611       2,516            4
  Professional services                                         698         658             6        1,327       1,219            9
  Occupancy and equipment                                       379         365             4          749         711            5
  Communications                                                116         113             3          232         226            3
  Other                                                         345         287            20          694         565           23
                                                           --------    --------                   --------    --------
     Total                                                    4,697       4,370             7        8,905       8,430            6
                                                           --------    --------                   --------    --------
Provisions for losses and benefits:
     Charge card                                                233         192            21          442         401           10
     Cardmember lending                                         638         406            57        1,212         727           67
     International banking and other (including
        investment certificates)                                122         132            (8)         205         270          (24)
                                                           --------    --------                   --------    --------
         Total                                                  993         730            36        1,859       1,398           33
                                                           --------    --------                   --------    --------
Pretax income from continuing operations                      1,440       1,442             -        3,034       2,767           10
Income tax provision                                            378         470           (20)         907         919           (1)
                                                           --------    --------                   --------    --------
Income from continuing operations                             1,062         972             9        2,127       1,848           15
Loss from discontinued operations, net of tax                    (5)        (27)          (81)         (13)        (30)         (57)
                                                           --------    --------                   --------    --------
Net income                                                 $  1,057    $    945            12     $  2,114    $  1,818           16
                                                           ========    ========                   ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -7-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                 June 30,   December 31,
                                                   2007        2006
                                                 --------   ------------
<S>                                              <C>        <C>
Assets
  Cash and cash equivalents                      $      7   $          8
  Accounts receivable                                  40             39
  Investments                                          21             21
  Loans                                                55             50
  Other assets                                         11             10
                                                 --------   ------------
    Total assets                                 $    134   $        128
                                                 ========   ============

Liabilities and Shareholders' Equity
  Short-term debt                                $     16   $         15
  Long-term debt                                       50             43
  Other liabilities                                    57             59
                                                 --------   ------------
    Total liabilities                                 123            117
                                                 --------   ------------

  Shareholders' equity                                 11             11
                                                 --------   ------------
    Total liabilities and shareholders' equity   $    134   $        128
                                                 ========   ============
</Table>

                                      -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                       Quarters Ended                       Six Months Ended
                                                          June 30,                               June 30,
                                                    --------------------    Percentage     --------------------    Percentage
                                                      2007        2006      Inc/(Dec)        2007        2006       Inc/(Dec)
                                                    --------    --------    ----------     --------    --------    ----------
<S>                                                 <C>         <C>                <C>     <C>         <C>                <C>
REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                $  3,560    $  3,170            12%    $  6,924    $  6,068            14%
  International Card & Global Commercial Services      2,159       2,083             4        4,155       4,017             3
  Global Network & Merchant Services                     966         839            15        1,843       1,587            16
                                                    --------    --------                   --------    --------
                                                       6,685       6,092            10       12,922      11,672            11

  Corporate & Other, including adjustments and
    eliminations                                         445         450            (1)         876         923            (5)
                                                    --------    --------                   --------    --------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE       $  7,130    $  6,542             9     $ 13,798    $ 12,595            10
                                                    ========    ========                   ========    ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                $    827    $    939           (12)    $  1,858    $  1,761             6
  International Card & Global Commercial Services        308         289             7          603         471            28
  Global Network & Merchant Services                     418         315            33          792         577            37
                                                    --------    --------                   --------    --------
                                                       1,553       1,543             1        3,253       2,809            16
  Corporate & Other                                     (113)       (101)           12         (219)        (42)            #
                                                    --------    --------                   --------    --------

PRETAX INCOME FROM CONTINUING OPERATIONS            $  1,440    $  1,442             -     $  3,034    $  2,767            10
                                                    ========    ========                   ========    ========

NET INCOME (LOSS)
  U.S. Card Services                                $    580    $    594            (2)    $  1,224    $  1,121             9
  International Card & Global Commercial Services        277         227            22          512         370            38
  Global Network & Merchant Services                     266         200            33          502         366            37
                                                    --------    --------                   --------    --------
                                                       1,123       1,021            10        2,238       1,857            21
  Corporate & Other                                      (61)        (49)           24         (111)         (9)            #
                                                    --------    --------                   --------    --------
  Income from continuing operations                    1,062         972             9        2,127       1,848            15
  Loss from discontinued operations, net of tax           (5)        (27)          (81)         (13)        (30)          (57)
                                                    --------    --------                   --------    --------

NET INCOME                                          $  1,057    $    945            12     $  2,114    $  1,818            16
                                                    ========    ========                   ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                       Quarters Ended                        Six Months Ended
                                                          June 30,                                June 30,
                                                    --------------------     Percentage     ---------------------     Percentage
                                                      2007        2006       Inc/(Dec)        2007         2006        Inc/(Dec)
                                                    --------    --------     ----------     --------     --------     ----------
<S>                                                 <C>         <C>                  <C>    <C>          <C>                 <C>
EARNINGS PER COMMON SHARE

BASIC
  Income from continuing operations                 $   0.90    $   0.80             13%    $   1.80     $   1.51             19%
  Loss from discontinued operations                        -       (0.02)             #        (0.01)       (0.02)           (50)
                                                    --------    --------                    --------     --------
  Net income                                        $   0.90    $   0.78             15%    $   1.79     $   1.49             20%
                                                    ========    ========                    ========     ========

  Average common shares outstanding (millions)         1,179       1,217             (3)%      1,183        1,224             (3)%
                                                    ========    ========                    ========     ========

DILUTED
  Income from continuing operations                 $   0.88    $   0.78             13%    $   1.76     $   1.48             19%
  Loss from discontinued operations                        -       (0.02)             #        (0.01)       (0.03)           (67)
                                                    ========    ========                    ========     ========
  Net income                                        $   0.88    $   0.76             16%    $   1.75     $   1.45             21%
                                                    ========    ========                    ========     ========

  Average common shares outstanding (millions)         1,203       1,242             (3)%      1,207        1,250             (3)%
                                                    ========    ========                    ========     ========

Cash dividends declared per common share            $   0.15    $   0.15              -%    $   0.30     $   0.27             11%
                                                    ========    ========                    ========     ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                       Quarters Ended                        Six Months Ended
                                                          June 30,                                June 30,
                                                    --------------------     Percentage     ---------------------     Percentage
                                                      2007        2006       Inc/(Dec)        2007         2006        Inc/(Dec)
                                                    --------    --------     ----------     --------     --------     ----------
<S>                                                 <C>         <C>                  <C>    <C>          <C>                  <C>
Return on average equity (A)                            37.5%       29.8%                       37.5%        29.8%
Common shares outstanding (millions)                   1,182       1,216             (3)%      1,182        1,216             (3)%
Book value per common share                         $   9.00    $   8.62              4%    $   9.00     $   8.62              4%
Shareholders' equity (billions)                     $   10.6    $   10.5              1%    $   10.6     $   10.5              1%
</Table>

# - Denotes a variance of more than 100%.

(A) Computed on a trailing 12-month basis using net income over average total
shareholders' equity (including discontinued operations) as included in the
Consolidated Financial Statements prepared in accordance with GAAP.

                                     -10-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2fin.txt
<DESCRIPTION>EXHIBIT 99.2 - FINANCIALS
<TEXT>
                                                                   EXHIBIT 99.2

All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. Amounts herein reflect certain adjustments as noted in
the Company's Form 8-K dated March 30, 2007 filed with the U.S. Securities and
Exchange Commission (SEC). See also pages 2 - 3 of the 2007 Second Quarter
Earnings Supplement for a description of such adjustments. In addition,
amounts herein reflect certain modifications made to the Company's reportable
operating segment disclosures as noted in the Company's Form 8-K dated April
19, 2007 filed with the SEC.

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                              Quarters Ended                       Six Months Ended
                                                                 June 30,                               June 30,
                                                           --------------------    Percentage     --------------------   Percentage
                                                             2007        2006      Inc/(Dec)        2007        2006      Inc/(Dec)
                                                           --------    --------    ----------     --------    --------   ----------
<S>                                                        <C>         <C>                <C>     <C>         <C>               <C>
Revenues
  Discount revenue                                         $  3,670    $  3,292            11%    $  7,025    $  6,261           12%
  Net card fees                                                 500         533            (6)         984       1,053           (7)
  Travel commissions and fees                                   491         483             2          928         901            3
  Other commissions and fees                                    681         642             6        1,303       1,281            2
  Securitization income, net                                    332         372           (11)         789         758            4
  Other                                                         453         415             9          868         811            7
                                                           --------    --------                   --------    --------
     Total                                                    6,127       5,737             7       11,897      11,065            8
                                                           --------    --------                   --------    --------
  Interest income:
    Cardmember lending finance revenue                        1,514       1,100            38        2,882       2,047           41
    International banking                                       282         252            12          546         509            7
    Other                                                       276         196            41          505         384           32
                                                           --------    --------                   --------    --------
       Total                                                  2,072       1,548            34        3,933       2,940           34
                                                           --------    --------                   --------    --------
           Total revenues                                     8,199       7,285            13       15,830      14,005           13
                                                           --------    --------                   --------    --------
  Interest expense:
    Cardmember lending                                          431         277            56          816         523           56
    International banking                                       135          93            45          261         181           44
    Charge card and other                                       503         373            35          955         706           35
                                                           --------    --------                   --------    --------
       Total                                                  1,069         743            44        2,032       1,410           44
                                                           --------    --------                   --------    --------
Revenues net of interest expense                              7,130       6,542             9       13,798      12,595           10
                                                           --------    --------                   --------    --------

Expenses
  Marketing, promotion, rewards and cardmember services       1,828       1,671             9        3,292       3,193            3
  Human resources                                             1,331       1,276             4        2,611       2,516            4
  Professional services                                         698         658             6        1,327       1,219            9
  Occupancy and equipment                                       379         365             4          749         711            5
  Communications                                                116         113             3          232         226            3
  Other                                                         345         287            20          694         565           23
                                                           --------    --------                   --------    --------
     Total                                                    4,697       4,370             7        8,905       8,430            6
                                                           --------    --------                   --------    --------
Provisions for losses and benefits:
     Charge card                                                233         192            21          442         401           10
     Cardmember lending                                         638         406            57        1,212         727           67
     International banking and other (including
        investment certificates)                                122         132            (8)         205         270          (24)
                                                           --------    --------                   --------    --------
         Total                                                  993         730            36        1,859       1,398           33
                                                           --------    --------                   --------    --------
Pretax income from continuing operations                      1,440       1,442             -        3,034       2,767           10
Income tax provision                                            378         470           (20)         907         919           (1)
                                                           --------    --------                   --------    --------
Income from continuing operations                             1,062         972             9        2,127       1,848           15
Loss from discontinued operations, net of tax                    (5)        (27)          (81)         (13)        (30)         (57)
                                                           --------    --------                   --------    --------
Net income                                                 $  1,057    $    945            12     $  2,114    $  1,818           16
                                                           ========    ========                   ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -1-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                 June 30,   December 31,
                                                   2007        2006
                                                 --------   ------------
<S>                                              <C>        <C>
Assets
  Cash and cash equivalents                      $      7   $          8
  Accounts receivable                                  40             39
  Investments                                          21             21
  Loans                                                55             50
  Other assets                                         11             10
                                                 --------   ------------
    Total assets                                 $    134   $        128
                                                 ========   ============

Liabilities and Shareholders' Equity
  Short-term debt                                $     16   $         15
  Long-term debt                                       50             43
  Other liabilities                                    57             59
                                                 --------   ------------
    Total liabilities                                 123            117
                                                 --------   ------------

  Shareholders' equity                                 11             11
                                                 --------   ------------
    Total liabilities and shareholders' equity   $    134   $        128
                                                 ========   ============
</Table>

                                      -2-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                       Quarters Ended                       Six Months Ended
                                                          June 30,                               June 30,
                                                    --------------------    Percentage     --------------------    Percentage
                                                      2007        2006      Inc/(Dec)        2007        2006       Inc/(Dec)
                                                    --------    --------    ----------     --------    --------    ----------
<S>                                                 <C>         <C>                <C>     <C>         <C>                <C>
REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                $  3,560    $  3,170            12%    $  6,924    $  6,068            14%
  International Card & Global Commercial Services      2,159       2,083             4        4,155       4,017             3
  Global Network & Merchant Services                     966         839            15        1,843       1,587            16
                                                    --------    --------                   --------    --------
                                                       6,685       6,092            10       12,922      11,672            11

  Corporate & Other, including adjustments and
    eliminations                                         445         450            (1)         876         923            (5)
                                                    --------    --------                   --------    --------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE       $  7,130    $  6,542             9     $ 13,798    $ 12,595            10
                                                    ========    ========                   ========    ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                $    827    $    939           (12)    $  1,858    $  1,761             6
  International Card & Global Commercial Services        308         289             7          603         471            28
  Global Network & Merchant Services                     418         315            33          792         577            37
                                                    --------    --------                   --------    --------
                                                       1,553       1,543             1        3,253       2,809            16
  Corporate & Other                                     (113)       (101)           12         (219)        (42)            #
                                                    --------    --------                   --------    --------

PRETAX INCOME FROM CONTINUING OPERATIONS            $  1,440    $  1,442             -     $  3,034    $  2,767            10
                                                    ========    ========                   ========    ========

NET INCOME (LOSS)
  U.S. Card Services                                $    580    $    594            (2)    $  1,224    $  1,121             9
  International Card & Global Commercial Services        277         227            22          512         370            38
  Global Network & Merchant Services                     266         200            33          502         366            37
                                                    --------    --------                   --------    --------
                                                       1,123       1,021            10        2,238       1,857            21
  Corporate & Other                                      (61)        (49)           24         (111)         (9)            #
                                                    --------    --------                   --------    --------
  Income from continuing operations                    1,062         972             9        2,127       1,848            15
  Loss from discontinued operations, net of tax           (5)        (27)          (81)         (13)        (30)          (57)
                                                    --------    --------                   --------    --------

NET INCOME                                          $  1,057    $    945            12     $  2,114    $  1,818            16
                                                    ========    ========                   ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -3-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                       Quarters Ended                        Six Months Ended
                                                          June 30,                                June 30,
                                                    --------------------     Percentage     ---------------------     Percentage
                                                      2007        2006       Inc/(Dec)        2007         2006        Inc/(Dec)
                                                    --------    --------     ----------     --------     --------     ----------
<S>                                                 <C>         <C>                  <C>    <C>          <C>                 <C>
EARNINGS PER COMMON SHARE

BASIC
  Income from continuing operations                 $   0.90    $   0.80             13%    $   1.80     $   1.51             19%
  Loss from discontinued operations                        -       (0.02)             #        (0.01)       (0.02)           (50)
                                                    --------    --------                    --------     --------
  Net income                                        $   0.90    $   0.78             15%    $   1.79     $   1.49             20%
                                                    ========    ========                    ========     ========

  Average common shares outstanding (millions)         1,179       1,217             (3)%      1,183        1,224             (3)%
                                                    ========    ========                    ========     ========

DILUTED
  Income from continuing operations                 $   0.88    $   0.78             13%    $   1.76     $   1.48             19%
  Loss from discontinued operations                        -       (0.02)             #        (0.01)       (0.03)           (67)
                                                    ========    ========                    ========     ========
  Net income                                        $   0.88    $   0.76             16%    $   1.75     $   1.45             21%
                                                    ========    ========                    ========     ========

  Average common shares outstanding (millions)         1,203       1,242             (3)%      1,207        1,250             (3)%
                                                    ========    ========                    ========     ========

Cash dividends declared per common share            $   0.15    $   0.15              -%    $   0.30     $   0.27             11%
                                                    ========    ========                    ========     ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                       Quarters Ended                        Six Months Ended
                                                          June 30,                                June 30,
                                                    --------------------     Percentage     ---------------------     Percentage
                                                      2007        2006       Inc/(Dec)        2007         2006        Inc/(Dec)
                                                    --------    --------     ----------     --------     --------     ----------
<S>                                                 <C>         <C>                  <C>    <C>          <C>                  <C>
Return on average equity (A)                            37.5%       29.8%                       37.5%        29.8%
Common shares outstanding (millions)                   1,182       1,216             (3)%      1,182        1,216             (3)%
Book value per common share                         $   9.00    $   8.62              4%    $   9.00     $   8.62              4%
Shareholders' equity (billions)                     $   10.6    $   10.5              1%    $   10.6     $   10.5              1%
</Table>

# - Denotes a variance of more than 100%.

(A) Computed on a trailing 12-month basis using net income over average total
shareholders' equity (including discontinued operations) as included in the
Consolidated Financial Statements prepared in accordance with GAAP.

                                      -4-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended
                                                         June 30,
                                                  ----------------------    Percentage
                                                    2007          2006       Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                               <C>          <C>                  <C>
Card billed business (A):
  United States                                   $   115.7    $   102.5            13%
  Outside the United States                            45.4         38.0            19
                                                  ---------    ---------
    Total                                         $   161.1    $   140.5            15
                                                  =========    =========
Total cards-in-force (millions) (B):
  United States                                        50.5         45.4            11%
  Outside the United States                            31.7         29.0             9
                                                  ---------    ---------
    Total                                              82.2         74.4            10
                                                  =========    =========
Basic cards-in-force (millions) (B):
  United States                                        39.2         34.8            13%
  Outside the United States                            27.0         24.1            12
                                                  ---------    ---------
    Total                                              66.2         58.9            12
                                                  =========    =========

Average discount rate (C)                              2.57%        2.57%
Average basic cardmember spending (dollars) (D)   $   3,049    $   2,821             8%
Average fee per card (dollars) (D)                $      36    $      34             6%
</Table>

(A) Card billed business includes activities (including cash advances) related
to proprietary cards, cards issued under network partnership agreements, and
certain insurance fees charged on proprietary cards.

(B) Total cards-in-force represents the number of cards that are issued and
outstanding. Proprietary basic consumer cards-in-force includes basic cards
issued to the primary account owner and does not include additional
supplemental cards issued on that account. Proprietary basic small business
and corporate cards-in-force include basic and supplemental cards issued to
employee cardmembers. Non-proprietary basic cards-in-force includes all cards
that are issued and outstanding under network partnership agreements.

(C) Computed as follows: Discount revenue from all card spending (proprietary
and Global Network Services) at merchants divided by all billed business
(proprietary and Global Network Services) generating discount revenue at such
merchants. Only merchants acquired by the Company are included in the
computation.

(D) Average basic cardmember spending and average fee per card are computed
from proprietary card activities only. Average fee per card is computed based
on net card fees excluding the amortization of deferred direct acquisition
costs.

                                      -5-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                        Quarters Ended
                                                           June 30,
                                                    -----------------------    Percentage
                                                      2007           2006       Inc/(Dec)
                                                    ---------     ---------    ----------
<S>                                                 <C>           <C>                  <C>
Worldwide cardmember receivables:
  Total receivables                                 $    38.4     $    34.7            11%
  90 days past due as a % of total                        2.7%          2.8%
  Loss reserves (millions):                         $     981     $     948             3%
    % of receivables                                      2.6%          2.7%
    % of 90 days past due                                  95%           98%
  Net loss ratio as a % of charge volume                 0.24%         0.24%

Worldwide cardmember lending - owned basis (A):
  Total loans                                       $    48.3     $    36.3            33%
  30 days past due loans as a % of total                  2.8%          2.7%
  Loss reserves (millions):
    Beginning balance                               $   1,271     $   1,053            21%
      Provision                                           606           376            61
      Net write offs                                     (473)         (331)           43
      Other                                                13           (12)            #
                                                    ---------     ---------
    Ending balance                                  $   1,417     $   1,086            30
                                                    =========     =========
    % of loans                                            2.9%          3.0%
    % of past due                                         106%          113%
  Average loans                                     $    45.6     $    35.2            30%
  Net write-off rate                                      4.1%          3.8%
  Net finance revenue(B)/average loans                    9.5%          9.4%

Worldwide cardmember lending - managed basis (C):
  Total loans                                       $    68.6     $    56.5            21%
  30 days past due loans as a % of total                  2.6%          2.5%
  Loss reserves (millions):
    Beginning balance                               $   1,787     $   1,554            15%
      Provision                                           780           478            63
      Net write offs                                     (662)         (474)           40
      Other                                                12           (12)            #
                                                    ---------     ---------
    Ending balance                                  $   1,917     $   1,546            24
                                                    =========     =========
    % of loans                                            2.8%          2.7%
    % of past due                                         106%          110%
  Average loans                                     $    65.9     $    55.3            19%
  Net write-off rate                                      4.0%          3.4%
  Net finance revenue(B)/average loans                    9.3%          9.4%
</Table>

# - Denotes a variance of more than 100%.

(A) "Owned," a GAAP basis measurement, reflects only cardmember loans included
in the Company's Consolidated Balance Sheets.

(B) Computed on an annualized basis.

(C) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information on page 19 for further discussion of
the managed basis presentation.

                                      -6-
<Page>

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006         2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
Revenues
  Discount revenue                                       $  3,670    $   3,355    $      3,458    $       3,259   $  3,292
  Net card fees                                               500          484             479              462        533
  Travel commissions and fees                                 491          437             450              427        483
  Other commissions and fees                                  681          622             654              620        642
  Securitization income, net                                  332          457             347              384        372
  Other                                                       453          415             565              431        415
                                                         --------    ---------    ------------    -------------   --------
     Total                                                  6,127        5,770           5,953            5,583      5,737
                                                         --------    ---------    ------------    -------------   --------
  Interest income:
    Cardmember lending finance revenue                      1,514        1,368           1,326            1,213      1,100
    International banking                                     282          264             279              265        252
    Other                                                     276          229             203              203        196
                                                         --------    ---------    ------------    -------------   --------
       Total                                                2,072        1,861           1,808            1,681      1,548
                                                         --------    ---------    ------------    -------------   --------
           Total revenues                                   8,199        7,631           7,761            7,264      7,285
                                                         --------    ---------    ------------    -------------   --------
  Interest expense:
    Cardmember lending                                        431          385             351              318        277
    International banking                                     135          126             123              106         93
    Charge card and other                                     503          452             417              405        373
                                                         --------    ---------    ------------    -------------   --------
       Total                                                1,069          963             891              829        743
                                                         --------    ---------    ------------    -------------   --------
Revenues net of interest expense                            7,130        6,668           6,870            6,435      6,542
                                                         --------    ---------    ------------    -------------   --------

Expenses
  Marketing, promotion, rewards and cardmember services     1,828        1,464           1,734            1,589      1,671
  Human resources                                           1,331        1,280           1,336            1,213      1,276
  Professional services                                       698          629             807              684        658
  Occupancy and equipment                                     379          370             405              375        365
  Communications                                              116          116             116              107        113
  Other                                                       345          349             358              331        287
                                                         --------    ---------    ------------    -------------   --------
     Total                                                  4,697        4,208           4,756            4,299      4,370
                                                         --------    ---------    ------------    -------------   --------
Provisions for losses and benefits:
     Charge card                                              233          209             277              257        192
     Cardmember lending                                       638          574             484              412        406
     International banking and other (including
        investment certificates)                              122           83             130              129        132
                                                         --------    ---------    ------------    -------------   --------
         Total                                                993          866             891              798        730
                                                         --------    ---------    ------------    -------------   --------
Pretax income from continuing operations                    1,440        1,594           1,223            1,338      1,442
Income tax provision                                          378          529             298              382        470
                                                         --------    ---------    ------------    -------------   --------
Income from continuing operations                           1,062        1,065             925              956        972
(Loss) Income from discontinued operations, net of tax         (5)          (8)             (3)              11        (27)
                                                         --------    ---------    ------------    -------------   --------
Net income                                               $  1,057    $   1,057    $        922    $         967   $    945
                                                         ========    =========    ============    =============   ========
</Table>

                                      -7-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006          2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                     $  3,560    $   3,364    $      3,349    $       3,203   $  3,170
  International Card & Global Commercial Services           2,159        1,996           2,034            1,929      2,083
  Global Network & Merchant Services                          966          877             916              841        839
                                                         --------    ---------    ------------    -------------   --------
                                                            6,685        6,237           6,299            5,973      6,092
  Corporate & Other, including adjustments and
    eliminations                                              445          431             571              462        450
                                                         --------    ---------    ------------    -------------   --------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE            $  7,130    $   6,668    $      6,870    $       6,435   $  6,542
                                                         ========    =========    ============    =============   ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                     $    827    $   1,031    $        723    $         839   $    939
  International Card & Global Commercial Services             308          295             245              274        289
  Global Network & Merchant Services                          418          374             297              314        315
                                                         --------    ---------    ------------    -------------   --------
                                                            1,553        1,700           1,265            1,427      1,543

  Corporate & Other                                          (113)        (106)            (42)             (89)      (101)
                                                         --------    ---------    ------------    -------------   --------

PRETAX INCOME FROM CONTINUING OPERATIONS                 $  1,440    $   1,594    $      1,223    $       1,338   $  1,442
                                                         ========    =========    ============    =============   ========

NET INCOME (LOSS)
  U.S. Card Services                                     $    580    $     644    $        473    $         558   $    594
  International Card & Global Commercial Services             277          235             216              209        227
  Global Network & Merchant Services                          266          236             201              212        200
                                                         --------    ---------    ------------    -------------   --------
                                                            1,123        1,115             890              979      1,021

  Corporate & Other                                           (61)         (50)             35              (23)       (49)
                                                         --------    ---------    ------------    -------------   --------
  Income from continuing operations                         1,062        1,065             925              956        972
  (Loss) Income from discontinued operations, net of tax       (5)          (8)             (3)              11        (27)
                                                         --------    ---------    ------------    -------------   --------

NET INCOME                                               $  1,057    $   1,057    $        922    $         967   $    945
                                                         ========    =========    ============    =============   ========
</Table>

                                      -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006          2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
EARNINGS PER COMMON SHARE

BASIC
  Income from continuing operations                      $   0.90    $    0.90    $       0.77    $        0.79   $   0.80
  (Loss) Income from discontinued operations                    -        (0.01)              -             0.01      (0.02)
                                                         --------    ---------    ------------    -------------   --------
  Net income                                             $   0.90    $    0.89    $       0.77    $        0.80   $   0.78
                                                         ========    =========    ============    =============   ========

  Average common shares outstanding (millions)              1,179        1,187           1,196            1,202      1,217
                                                         ========    =========    ============    =============   ========

DILUTED
  Income from continuing operations                      $   0.88    $    0.88    $       0.76    $        0.78   $   0.78
  (Loss) Income from discontinued operations                    -        (0.01)          (0.01)            0.01      (0.02)
                                                         --------    ---------    ------------    -------------   --------
  Net income                                             $   0.88    $    0.87    $       0.75    $        0.79   $   0.76
                                                         ========    =========    ============    =============   ========

  Average common shares outstanding (millions)              1,203        1,210           1,224            1,227      1,242
                                                         ========    =========    ============    =============   ========

Cash dividends declared per common share                 $   0.15    $    0.15    $       0.15    $        0.15   $   0.15
                                                         ========    =========    ============    =============   ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006          2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
Return on average equity (A)                                 37.5%        36.6%           34.7%            33.6%      29.8%
Common shares outstanding (millions)                        1,182        1,188           1,199            1,204      1,216
Book value per common share                              $   9.00    $    8.83    $       8.76    $        8.93   $   8.62
Shareholders' equity (billions)                          $   10.6    $    10.5    $       10.5    $        10.8   $   10.5
</Table>

(A) Computed on a trailing 12-month basis using net income over average total
shareholders' equity (including discontinued operations) as included in the
Consolidated Financial Statements prepared in accordance with GAAP.

                                      -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006          2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
Card billed business (A):
  United States                                          $  115.7    $   105.4    $      109.7    $       101.7   $  102.5
  Outside the United States                                  45.4         40.8            43.8             38.6       38.0
                                                         --------    ---------    ------------    -------------   --------
    Total                                                $  161.1    $   146.2    $      153.5    $       140.3   $  140.5
                                                         ========    =========    ============    =============   ========
Total cards-in-force (millions) (B):
  United States                                              50.5         49.3            48.1             46.8       45.4
  Outside the United States                                  31.7         30.6            29.9             29.7       29.0
                                                         --------    ---------    ------------    -------------   --------
    Total                                                    82.2         79.9            78.0             76.5       74.4
                                                         ========    =========    ============    =============   ========
Basic cards-in-force (millions) (B):
  United States                                              39.2         38.1            37.1             36.0       34.8
  Outside the United States                                  27.0         26.0            25.4             25.2       24.1
                                                         --------    ---------    ------------    -------------   --------
    Total                                                    66.2         64.1            62.5             61.2       58.9
                                                         ========    =========    ============    =============   ========

Average discount rate (C)                                    2.57%        2.58%           2.55%            2.57%      2.57%
Average basic cardmember spending (dollars) (D)          $  3,049    $   2,817    $      2,985    $       2,770   $  2,821
Average fee per card (dollars) (D)                       $     36    $      35    $         35    $          34   $     34
</Table>

(A) Card billed business includes activities (including cash advances) related
to proprietary cards, cards issued under network partnership agreements, and
certain insurance fees charged on proprietary cards.

(B) Total cards-in-force represents the number of cards that are issued and
outstanding. Proprietary basic consumer cards-in-force includes basic cards
issued to the primary account owner and does not include additional
supplemental cards issued on that account. Proprietary basic small business
and corporate cards-in-force include basic and supplemental cards issued to
employee cardmembers. Non-proprietary basic cards-in-force includes all cards
that are issued and outstanding under network partnership agreements.

(C) Computed as follows: Discount revenue from all card spending (proprietary
and Global Network Services) at merchants divided by all billed business
(proprietary and Global Network Services) generating discount revenue at such
merchants. Only merchants acquired by the Company are included in the
computation.

(D) Average basic cardmember spending and average fee per card are computed
from proprietary card activities only. Average fee per card is computed based
on net card fees excluding the amortization of deferred direct acquisition
costs.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         -----------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,   June 30,
                                                           2007        2007           2006            2006          2006
                                                         --------    ---------    ------------    -------------   --------
<S>                                                      <C>         <C>          <C>             <C>             <C>
Worldwide cardmember receivables:
  Total receivables                                      $   38.4    $    36.5    $       37.4    $        35.0   $   34.7
  90 days past due as a % of total                            2.7%         2.9%            2.8%             2.8%       2.8%
  Loss reserves (millions):                              $    981    $     979    $        981    $         947   $    948
    % of receivables                                          2.6%         2.7%            2.6%             2.7%       2.7%
    % of 90 days past due                                      95%          93%             95%              97%        98%
  Net loss ratio as a % of charge volume                     0.24%        0.23%           0.26%            0.26%      0.24%

Worldwide cardmember lending - owned basis (A):
  Total loans                                            $   48.3    $    42.3    $       43.3    $        38.3   $   36.3
  30 days past due loans as a % of total                      2.8%         3.0%            2.7%             2.8%       2.7%
  Loss reserves (millions):
    Beginning balance                                    $  1,271    $   1,171    $      1,126    $       1,086   $  1,053
      Provision                                               606          542             451              381        376
      Net write offs                                         (473)        (439)           (405)            (353)      (331)
      Other                                                    13           (3)             (1)              12        (12)
                                                         --------    ---------    ------------    -------------   --------
    Ending balance                                       $  1,417    $   1,271    $      1,171    $       1,126   $  1,086
                                                         ========    =========    ============    =============   ========
    % of loans                                                2.9%         3.0%            2.7%             2.9%       3.0%
    % of past due                                             106%         100%             98%             106%       113%
  Average loans                                          $   45.6    $    42.4    $       40.2    $        37.5   $   35.2
  Net write-off rate                                          4.1%         4.1%            4.0%             3.8%       3.8%
  Net finance revenue(B)/average loans                        9.5%         9.4%            9.6%             9.5%       9.4%

Worldwide cardmember lending - managed basis (C):
  Total loans                                            $   68.6    $    63.2    $       63.5    $        58.5   $   56.5
  30 days past due loans as a % of total                      2.6%         2.8%            2.6%             2.7%       2.5%
  Loss reserves (millions):
    Beginning balance                                    $  1,787    $   1,622    $      1,571    $       1,546   $  1,554
      Provision                                               780          797             608              512        478
      Net write offs                                         (662)        (628)           (557)            (498)      (474)
      Other                                                    12           (4)              -               11        (12)
                                                         --------    ---------    ------------    -------------   --------
    Ending balance                                       $  1,917    $   1,787    $      1,622    $       1,571   $  1,546
                                                         ========    =========    ============    =============   ========
    % of loans                                                2.8%         2.8%            2.6%             2.7%       2.7%
    % of past due                                             106%         100%             97%             101%       110%
  Average loans                                          $   65.9    $    62.8    $       60.4    $        57.6   $   55.3
  Net write-off rate                                          4.0%         4.0%            3.7%             3.5%       3.4%
  Net finance revenue(B)/average loans                        9.3%         9.5%            9.4%             9.4%       9.4%
</Table>

(A) "Owned," a GAAP basis measurement, reflects only cardmember loans included
in the Company's Consolidated Balance Sheets.

(B) Computed on an annualized basis.

(C) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information on page 19 for further discussion of
the managed basis presentation.

                                     -11-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                               Quarters Ended
                                                                  June 30,
                                                           -----------------------    Percentage
                                                             2007           2006       Inc/(Dec)
                                                           ---------     ---------    ----------
<S>                                                        <C>           <C>                 <C>
Revenues
  Discount revenue, net card fees and other                $   2,642     $   2,388            11%
  Cardmember lending finance revenue                           1,179           814            45
  Securitization income, net                                     332           372           (11)
                                                           ---------     ---------
        Total revenues                                         4,153         3,574            16
                                                           ---------     ---------
  Interest expense:
     Cardmember lending                                          363           215            69
     Charge card and other                                       230           189            22
                                                           ---------     ---------
Revenues net of interest expense                               3,560         3,170            12
                                                           ---------     ---------
Expenses
  Marketing, promotion, rewards and cardmember services        1,266         1,088            16
  Human resources and other operating expenses                   827           797             4
                                                           ---------     ---------
        Total                                                  2,093         1,885            11
                                                           ---------     ---------
Provisions for losses                                            640           346            85
                                                           ---------     ---------
Pretax segment income                                            827           939           (12)
Income tax provision                                             247           345           (28)
                                                           ---------     ---------
Segment income                                             $     580     $     594            (2)
                                                           =========     =========
</Table>

                                     -12-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION
                          MANAGED BASIS PRESENTATION

(Millions)

<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------    Percentage
                                                             2007      2006       Inc/(Dec)
                                                           -------    -------    ----------
<S>                                                        <C>        <C>               <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
    Reported for the period (GAAP)                         $ 2,642    $ 2,388            11%
    Securitization adjustments                                  80         44            82
                                                           -------    -------
    Managed discount revenue, net card fees and other      $ 2,722    $ 2,432            12
                                                           -------    -------

  Cardmember lending finance revenue:
    Reported for the period (GAAP)                         $ 1,179    $   814            45
    Securitization adjustments                                 724        726             -
                                                           -------    -------
    Managed finance revenue                                $ 1,903    $ 1,540            24
                                                           -------    -------

  Securitization income, net:
    Reported for the period (GAAP)                         $   332    $   372           (11)
    Securitization adjustments                                (332)      (372)          (11)
                                                           -------    -------
    Managed securitization income, net                     $     -    $     -             -
                                                           -------    -------

  Cardmember lending interest expense:
    Reported for the period (GAAP)                         $   363    $   215            69
    Securitization adjustments                                 274        257             7
                                                           -------    -------
    Managed cardmember lending interest expense            $   637    $   472            35
                                                           -------    -------

  Provisions for losses:
    Reported for the period (GAAP)                         $   640    $   346            85
    Securitization adjustments                                 177        127            39
                                                           -------    -------
    Managed provisions for losses                          $   817    $   473            73
                                                           -------    -------
</Table>

For U.S. Card Services, the managed basis presentation assumes that there have
been no off-balance sheet securitization transactions, i.e., all securitized
cardmember loans and related income effects are reflected as if they were in
the Company's balance sheets and income statements, respectively. For the
managed basis presentation, revenue and expenses related to securitized
cardmember loans are reflected in other commissions and fees (included above
in discount revenue, net card fees and other), cardmember lending finance
revenue, cardmember lending interest expense, and provisions for losses. On a
managed basis, there is no securitization income, net, as the managed basis
presentation assumes no securitization transactions have occurred.

The Company presents U.S. Card Services information on a managed basis because
that is the way the Company's management views and manages the business.
Management believes that a full picture of trends in the Company's cardmember
lending business can only be derived by evaluating the performance of both
securitized and non-securitized cardmember loans. Management also believes
that use of a managed basis presentation presents a more accurate picture of
the key dynamics of the cardmember lending business. Irrespective of the on
and off-balance sheet funding mix, it is important for management and
investors to see metrics for the entire cardmember lending portfolio because
they are more representative of the economics of the aggregate cardmember
relationships and ongoing business performance and trends over time. It is
also important for investors to see the overall growth of cardmember loans and
related revenue in order to evaluate market share. These metrics are
significant in evaluating the Company's performance and can only be properly
assessed when all non-securitized and securitized cardmember loans are viewed
together on a managed basis. The Company does not currently securitize
international loans.

                                     -13-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------    Percentage
                                                             2007      2006       Inc/(Dec)
                                                           -------    -------    ----------
<S>                                                        <C>        <C>                <C>
Card billed business                                       $  94.6    $  83.9            13%
Total cards-in-force (millions)                               42.1       39.1             8%
Basic cards-in-force (millions)                               31.2       28.9             8%
Average basic cardmember spending (dollars)                $ 3,054    $ 2,925             4%

U.S. Consumer Travel:
    Travel sales (millions)                                $   815    $   656            24%
    Travel commissions and fees/sales                          8.0%       8.5%

Total segment assets                                       $  76.1    $  62.3            22%
Segment capital                                            $   4.5    $   4.4             2%
Return on segment capital (A)                                 49.9%      44.4%

Cardmember receivables:
  Total receivables                                        $  19.8    $  18.5             7%
  90 days past due as a % of total                             3.6%       3.4%
  Net loss ratio as a % of charge volume                      0.30%      0.28%

Cardmember lending - owned basis (B):
  Total loans                                              $  38.3    $  27.6            39%
  30 days past due loans as a % of total                       2.7%       2.5%
  Average loans                                            $  35.9    $  26.4            36%
  Net write-off rate                                           3.7%       2.9%
  Net finance revenue(C)/average loans                         9.1%       9.1%

Cardmember lending - managed basis (D):
  Total loans                                              $  58.6    $  47.8            23%
  30 days past due loans as a % of total                       2.6%       2.4%
  Average loans                                            $  56.3    $  46.5            21%
  Net write-off rate                                           3.7%       2.9%
  Net finance revenue(C)/average loans                         9.0%       9.2%
</Table>

(A) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(B) "Owned," a GAAP basis measurement, reflects only cardmember loans included
in the Company's Consolidated Balance Sheets.

(C) Computed on an annualized basis.

(D) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information on page 19 for further discussion of
the managed basis presentation.

                                     -14-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                         ------------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,    June 30,
                                                           2007        2007           2006            2006           2006
                                                         --------    ---------    ------------    -------------    --------
<S>                                                      <C>         <C>          <C>             <C>              <C>
Revenues
  Discount revenue, net card fees and other              $  2,642    $   2,414    $      2,481    $       2,358    $  2,388
  Cardmember lending finance revenue                        1,179        1,055           1,018              928         814
  Securitization income, net                                  332          457             347              384         372
                                                         --------    ---------    ------------    -------------    --------
      Total revenues                                        4,153        3,926           3,846            3,670       3,574
                                                         --------    ---------    ------------    -------------    --------
  Interest expense:
    Cardmember lending                                        363          313             288              260         215
    Charge card and other                                     230          249             209              207         189
                                                         --------    ---------    ------------    -------------    --------
Revenues net of interest expense                            3,560        3,364           3,349            3,203       3,170
                                                         --------    ---------    ------------    -------------    --------
Expenses
  Marketing, promotion, rewards and cardmember services     1,266          944           1,220            1,117       1,088
  Human resources and other operating expenses                827          808             876              805         797
                                                         --------    ---------    ------------    -------------    --------
      Total                                                 2,093        1,752           2,096            1,922       1,885
                                                         --------    ---------    ------------    -------------    --------
Provisions for losses                                         640          581             530              442         346
                                                         --------    ---------    ------------    -------------    --------
Pretax segment income                                         827        1,031             723              839         939
Income tax provision                                          247          387             250              281         345
                                                         --------    ---------    ------------    -------------    --------
Segment income                                           $    580    $     644    $        473    $         558    $    594
                                                         ========    =========    ============    =============    ========
</Table>

                                     -15-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED FINANCIAL INFORMATION
                          MANAGED BASIS PRESENTATION

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                         ------------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,    June 30,
                                                           2007        2007           2006            2006           2006
                                                         --------    ---------    ------------    -------------    --------
<S>                                                      <C>         <C>          <C>             <C>              <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
     Reported for the period (GAAP)                      $  2,642    $   2,414    $      2,481    $       2,358    $  2,388
     Securitization adjustments                                80           87              56               51          44
                                                         --------    ---------    ------------    -------------    --------
     Managed discount revenue, net card fees and other   $  2,722    $   2,501    $      2,537    $       2,409    $  2,432
                                                         --------    ---------    ------------    -------------    --------

  Cardmember lending finance revenue:
     Reported for the period (GAAP)                      $  1,179    $   1,055    $      1,018    $         928    $    814
     Securitization adjustments                               724          757             729              749         726
                                                         --------    ---------    ------------    -------------    --------
     Managed finance revenue                             $  1,903    $   1,812    $      1,747    $       1,677    $  1,540
                                                         --------    ---------    ------------    -------------    --------

  Securitization income, net:
     Reported for the period (GAAP)                      $    332    $     457    $        347    $         384    $    372
     Securitization adjustments                              (332)        (457)           (347)            (384)       (372)
                                                         --------    ---------    ------------    -------------    --------
     Managed securitization income, net                  $      -    $       -    $          -    $           -    $      -
                                                         --------    ---------    ------------    -------------    --------

  Cardmember lending interest expense:
     Reported for the period (GAAP)                      $    363    $     313    $        288    $         260    $    215
     Securitization adjustments                               274          273             279              274         257
                                                         --------    ---------    ------------    -------------    --------
     Managed cardmember lending interest expense         $    637    $     586    $        567    $         534    $    472
                                                         --------    ---------    ------------    -------------    --------

  Provisions for losses:
     Reported for the period (GAAP)                      $    640    $     581    $        530    $         442    $    346
     Securitization adjustments                               177          205             153              144         127
                                                         --------    ---------    ------------    -------------    --------
     Managed provisions for losses                       $    817    $     786    $        683    $         586    $    473
                                                         --------    ---------    ------------    -------------    --------
</Table>

See page 19 for discussion of managed basis presentation.

                                     -16-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                         ------------------------------------------------------------------
                                                         June 30,    March 31,    December 31,    September 30,    June 30,
                                                           2007        2007           2006            2006           2006
                                                         --------    ---------    ------------    -------------    --------
<S>                                                      <C>         <C>          <C>             <C>              <C>
Card billed business                                     $   94.6    $    85.2    $       90.8    $        83.4    $   83.9
Total cards-in-force (millions)                              42.1         41.5            40.7             39.9        39.1
Basic cards-in-force (millions)                              31.2         30.7            30.1             29.5        28.9
Average quarterly basic cardmember spending (dollars)    $  3,054    $   2,801    $      3,044    $       2,852    $  2,925

U.S. Consumer Travel:
    Travel sales                                         $    0.8    $     0.7    $        0.6    $         0.6    $    0.7
    Travel commissions and fees/sales                         8.0%         7.5%            8.2%             8.5%        8.5%

Total segment assets                                     $   76.1    $    68.4    $       71.0    $        66.6    $   62.3
Segment capital                                          $    4.5    $     4.5    $        4.7    $         4.5    $    4.4
Return on segment capital (A)                                49.9%        50.2%           47.4%            46.6%       44.4%

Cardmember receivables:
  Total receivables                                      $   19.8    $    19.0    $       20.6    $        18.2    $   18.5
  90 days past due as a % of total                            3.6%         3.8%            3.3%             3.5%        3.4%
  Net loss ratio as a % of charge volume                     0.30%        0.25%           0.32%            0.33%       0.28%

Cardmember lending - owned basis (B):
  Total loans                                            $   38.3    $    33.0    $       33.6    $        29.3    $   27.6
  30 days past due loans as a % of total                      2.7%         2.9%            2.7%             2.7%        2.5%
  Average loans                                          $   35.9    $    33.1    $       30.9    $        28.6    $   26.4
  Net write-off rate                                          3.7%         3.7%            3.5%             3.1%        2.9%
  Net finance revenue(C)/average loans                        9.1%         9.1%            9.4%             9.2%        9.1%

Cardmember lending - managed basis (D):
  Total loans                                            $   58.6    $    53.9    $       53.8    $        49.5    $   47.8
  30 days past due loans as a % of total                      2.6%         2.8%            2.6%             2.6%        2.4%
  Average loans                                          $   56.3    $    53.4    $       51.1    $        48.7    $   46.5
  Net write-off rate                                          3.7%         3.7%            3.3%             3.0%        2.9%
  Net finance revenue(C)/average loans                        9.0%         9.3%            9.2%             9.3%        9.2%
</Table>

(A) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(B) "Owned," a GAAP basis measurement, reflects only cardmember loans included
in the Company's Consolidated Balance Sheets.

(C) Computed on an annualized basis.

(D) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information on page 19 for further discussion of
the managed basis presentation.

                                     -17-
<Page>

(Preliminary)

                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                               June 30,
                                                           -----------------   Percentage
                                                            2007      2006      Inc/(Dec)
                                                           -------   -------   ----------
<S>                                                        <C>       <C>              <C>
Revenues
  Discount revenue, net card fees and other                $ 2,149   $ 2,048            5%
  Cardmember lending finance revenue                           333       285           17
                                                           -------   -------
        Total revenues                                       2,482     2,333            6
                                                           -------   -------
  Interest expense:
     Cardmember lending                                        120        99           21
     Charge card and other                                     203       151           34
                                                           -------   -------
Revenues net of interest expense                             2,159     2,083            4
                                                           -------   -------
Expenses
  Marketing, promotion, rewards and cardmember services        377       408           (8)
  Human resources and other operating expenses               1,211     1,104           10
                                                           -------   -------
        Total                                                1,588     1,512            5
                                                           -------   -------
Provisions for losses                                          263       282           (7)
                                                           -------   -------
Pretax segment income                                          308       289            7
Income tax provision                                            31        62          (50)
                                                           -------   -------
Segment income                                             $   277   $   227           22
                                                           =======   =======
</Table>

                                     -18-
<Page>

(Preliminary)

                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                            Quarters Ended
                                                               June 30,
                                                           -----------------   Percentage
                                                            2007      2006      Inc/(Dec)
                                                           -------   -------   ----------
<S>                                                        <C>       <C>               <C>
Card billed business                                       $  54.6   $  49.2           11%
Total cards-in-force (millions)                               22.5      22.2            1%
Basic cards-in-force (millions)                               17.9      17.8            1%
Average basic cardmember spending (dollars)                $ 3,052   $ 2,654           15%

Global Corporate & International Consumer Travel:
  Travel sales                                             $   5.6   $   5.2            8%
  Travel commissions and fees/sales                            7.5%      8.1%

Total segment assets                                       $  41.0   $  36.3           13%
Segment capital                                            $   4.1   $   4.0            3%
Return on segment capital (A)                                 23.6%     21.5%

Cardmember receivables:
  Total receivables                                        $  18.1   $  15.8           15%
  90 days past due as a % of total                             1.7%      2.1%
  Net loss ratio as a % of charge volume                      0.16%     0.18%

Cardmember lending:
  Total loans                                              $  10.0   $   8.7           15%
  30 days past due loans as a % of total                       2.9%      3.2%
  Average loans                                            $   9.7   $   8.8           10%
  Net write-off rate                                           6.0%      6.4%
  Net finance revenue(B)/average loans                         8.9%      8.5%
</Table>

(A) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(B) Computed on an annualized basis.

                                     -19-
<Page>

(Preliminary)

                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                          --------------------------------------------------------------
                                                          June 30,   March 31,   December 31,   September 30,   June 30,
                                                            2007       2007          2006           2006          2006
                                                          --------   ---------   ------------   -------------   --------
<S>                                                       <C>        <C>         <C>            <C>             <C>
Revenues
  Discount revenue, net card fees and other               $  2,149   $   1,964   $      2,015   $       1,903   $  2,048
  Cardmember lending finance revenue                           333         310            304             286        285
                                                          --------   ---------   ------------   -------------   --------
        Total revenues                                       2,482       2,274          2,319           2,189      2,333
                                                          --------   ---------   ------------   -------------   --------
  Interest expense:
     Cardmember lending                                        120         109            105              99         99
     Charge card and other                                     203         169            180             161        151
                                                          --------   ---------   ------------   -------------   --------
Revenues net of interest expense                             2,159       1,996          2,034           1,929      2,083
                                                          --------   ---------   ------------   -------------   --------
Expenses
  Marketing, promotion, rewards and cardmember services        377         365            344             328        408
  Human resources and other operating expenses               1,211       1,116          1,197           1,085      1,104
                                                          --------   ---------   ------------   -------------   --------
        Total                                                1,588       1,481          1,541           1,413      1,512
                                                          --------   ---------   ------------   -------------   --------
Provisions for losses                                          263         220            248             242        282
                                                          --------   ---------   ------------   -------------   --------
Pretax segment income                                          308         295            245             274        289
Income tax provision                                            31          60             29              65         62
                                                          --------   ---------   ------------   -------------   --------
Segment income                                            $    277   $     235   $        216   $         209   $    227
                                                          ========   =========   ============   =============   ========
</Table>

                                     -20-
<Page>

(Preliminary)

                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                          --------------------------------------------------------------
                                                          June 30,   March 31,   December 31,   September 30,   June 30,
                                                            2007       2007          2006           2006          2006
                                                          --------   ---------   ------------   -------------   --------
<S>                                                       <C>        <C>         <C>            <C>             <C>
Card billed business                                      $   54.6   $    50.5   $       51.2   $        47.5   $   49.2
Total cards-in-force (millions)                               22.5        22.4           22.3            22.1       22.2
Basic cards-in-force (millions)                               17.9        17.9           17.9            17.7       17.8
Average quarterly basic cardmember spending (dollars)     $  3,052   $   2,832   $      2,874   $       2,642   $  2,654

Global Corporate & International Consumer Travel:
  Travel sales                                            $    5.6   $     5.0   $        4.9   $         4.5   $    5.2
  Travel commissions and fees/sales                            7.5%        7.6%           8.1%            8.3%       8.1%

Total segment assets                                      $   41.0   $    39.0   $       37.8   $        37.1   $   36.3
Segment capital                                           $    4.1   $     4.1   $        3.7   $         4.0   $    4.0
Return on segment capital (A)                                 23.6%       22.6%          20.6%           20.9%      21.5%

Cardmember receivables:
  Total receivables                                       $   18.1   $    17.1   $       16.3   $        16.4   $   15.8
  90 days past due as a % of total                             1.7%        1.9%           2.1%            2.0%       2.1%
  Net loss ratio as a % of charge volume                      0.16%       0.20%          0.19%           0.18%      0.18%

Cardmember lending:
  Total loans                                             $   10.0   $     9.3   $        9.7   $         9.0   $    8.7
  30 days past due loans as a % of total                       2.9%        3.1%           2.9%            3.1%       3.2%
  Average loans                                           $    9.7   $     9.4   $        9.3   $         8.9   $    8.8
  Net write-off rate                                           6.0%        5.7%           5.7%            5.9%       6.4%
  Net finance revenue(B)/average loans                         8.9%        8.7%           8.5%            8.3%       8.5%
</Table>

(A) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(B) Computed on an annualized basis.

                                     -21-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                               June 30,
                                                           -----------------   Percentage
                                                            2007      2006      Inc/(Dec)
                                                           -------   -------   ----------
<S>                                                        <C>       <C>              <C>
Revenues
  Discount revenue, fees and other                         $   887   $   765           16%
                                                           -------   -------
  Interest expense:
     Cardmember lending                                        (31)      (24)          29
     Other                                                     (48)      (50)          (4)
                                                           -------   -------
Revenues net of interest expense                               966       839           15
                                                           -------   -------
Expenses
  Marketing and promotion                                      150       140            7
  Human resources and other operating expenses                 389       370            5
                                                           -------   -------
       Total                                                   539       510            6
                                                           -------   -------
Provisions for losses                                            9        14          (36)
                                                           -------   -------
Pretax segment income                                          418       315           33
Income tax provision                                           152       115           32
                                                           -------   -------
Segment income                                             $   266   $   200           33
                                                           =======   =======
</Table>

                                     -22-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                            Quarters Ended
                                                               June 30,
                                                           -----------------   Percentage
                                                            2007      2006      Inc/(Dec)
                                                           -------   -------   ----------
<S>                                                        <C>       <C>              <C>
Global Card billed business (A)                            $ 161.1   $ 140.5           15%

Global Network & Merchant Services:
  Total segment assets                                     $   4.3   $   6.2          (31)%
  Segment capital (millions)                               $ 1,071   $ 1,271          (16)%
  Return on segment capital (B)                               78.0%     53.8%

Global Network Services (C):
  Card billed business                                     $  12.3   $   7.6           62%
  Total cards-in-force (millions) (D)                         17.6      13.1           34%
</Table>

(A) Global Card billed business includes activities (including cash advances)
related to proprietary cards, cards issued under network partnership
agreements, and certain insurance fees charged on proprietary cards.

(B) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(C) Billed business and cards-in-force reflect the transfer, effective January
1, 2006, to International Card & Global Commercial Services' segment of
corporate card accounts in certain emerging markets that had been managed
within Global Network Services.

(D) Cards-in-force for 2006 reflect the transfer of 1.3 million proprietary
cards in Brazil, and approximately 200,000 proprietary cards-in-force in
Malaysia and Indonesia from the International Card & Global Commercial
Services segment during second quarter 2006 and third quarter 2006,
respectively.

                                     -23-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                          --------------------------------------------------------------
                                                          June 30,   March 31,   December 31,   September 30,   June 30,
                                                            2007       2007          2006            2006         2006
                                                          --------   ---------   ------------   -------------   --------
<S>                                                       <C>        <C>         <C>            <C>             <C>
Revenues
  Discount revenue, fees and other                        $    887   $     800   $        840   $         773   $    765
                                                          --------   ---------   ------------   -------------   --------
  Interest expense:
     Cardmember lending                                        (31)        (28)           (29)            (25)       (24)
     Other                                                     (48)        (49)           (47)            (43)       (50)
                                                          --------   ---------   ------------   -------------   --------
Revenues net of interest expense                               966         877            916             841        839
                                                          --------   ---------   ------------   -------------   --------
Expenses
  Marketing and promotion                                      150         129            125             118        140
  Human resources and other operating expenses                 389         393            448             390        370
                                                          --------   ---------   ------------   -------------   --------
        Total                                                  539         522            573             508        510
                                                          --------   ---------   ------------   -------------   --------
Provisions for losses                                            9         (19)            46              19         14
                                                          --------   ---------   ------------   -------------   --------
Pretax segment income                                          418         374            297             314        315
Income tax provision                                           152         138             96             102        115
                                                          --------   ---------   ------------   -------------   --------
Segment income                                            $    266   $     236   $        201   $         212   $    200
                                                          ========   =========   ============   =============   ========
</Table>

                                     -24-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                          --------------------------------------------------------------
                                                          June 30,   March 31,   December 31,   September 30,   June 30,
                                                            2007       2007          2006           2006          2006
                                                          --------   ---------   ------------   -------------   --------
<S>                                                       <C>        <C>         <C>            <C>             <C>
Global Card billed business (A)                           $  161.1   $   146.2   $      153.5   $       140.3   $  140.5

Global Network & Merchant Services:
  Total segment assets                                    $    4.3   $     4.5   $        4.4   $         5.1   $    6.2
  Segment capital                                         $    1.1   $     1.0   $        1.3   $         1.3   $    1.3
  Return on segment capital (B)                               78.0%       69.2%          60.3%           57.9%      53.8%

Global Network Services (C):
  Card billed business                                    $   12.3   $    10.5   $       11.5   $         9.7   $    7.6
  Total cards-in-force (millions) (D)                         17.6        16.0           15.0            14.5       13.1
</Table>

(A) Global Card billed business includes activities (including cash advances)
related to proprietary cards, cards issued under network partnership
agreements, and certain insurance fees charged on proprietary cards.

(B) Computed on a trailing 12-month basis using segment income and equity
capital allocated to segments based upon specific business operational needs,
risk measures, and regulatory capital requirements.

(C) Billed business and cards-in-force reflect the transfer, effective January
1, 2006, to International Card & Global Commercial Services' segment of
corporate card accounts in certain emerging markets that had been managed
within Global Network Services.

(D) Cards-in-force for 2006 reflect the transfer of 1.3 million proprietary
cards in Brazil, and approximately 200,000 proprietary cards-in-force in
Malaysia and Indonesia from the International Card & Global Commercial
Services segment during second quarter 2006 and third quarter 2006,
respectively.

                                     -25-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3es.txt
<DESCRIPTION>EXHIBIT 99.3 - EARNINGS SUPPLEMENT
<TEXT>
                                                                    EXHIBIT 99.3

                       [LOGO OF AMERICAN EXPRESS COMPANY]






                                      2007
                                 SECOND 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") SECOND QUARTER EARNINGS RELEASE.

       -------------------------------------------------------------------------
       THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT 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 PAGES 62-63
       IN THE COMPANY'S 2006 ANNUAL REPORT TO SHAREHOLDERS AND IN ITS 2006
       ANNUAL REPORT ON FORM 10-K, AND OTHER REPORTS, ON FILE WITH THE
       SECURITIES AND EXCHANGE COMMISSION.

       -------------------------------------------------------------------------

<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                  HIGHLIGHTS


FINANCIAL RESULTS

o    Second quarter diluted EPS from continuing operations of $0.88 increased
     13% versus $0.78 last year. Revenues net of interest expense rose 9%. For
     the trailing 12 months, return on equity (ROE) was 38%.

     - 2Q '07 Income from continuing operations included:
       -- A $65MM tax benefit from the IRS related to the treatment of prior
          years' card fee income, and in light of this benefit;
       -- Increased marketing and promotion expenditures of $68MM ($42MM
          after-tax) above the level planned for the quarter.

     - 2Q '06 Income from continuing operations included:
       -- A $144MM ($131MM after-tax) gain related to the completion of the
          sale of our card and merchant-related operations in Brazil to
          Banco Bradesco S.A.; and
       -- A $62MM ($40MM after-tax) charge associated with certain adjustments
          made to the Membership Rewards reserve model outside the U.S.

     - 2Q '07 and 2Q '06 Income from continuing operations included $8MM
       ($5MM after-tax) and $53MM ($34MM after-tax), respectively, of
       reengineering costs related to restructuring efforts primarily within
       our corporate travel and prepaid services businesses in 2Q '07 and
       our international card, corporate travel and finance areas in 2Q '06.

     - On September 30, 2005, the Company completed the distribution of all
       the outstanding shares of Ameriprise Financial, Inc. (formerly
       American Express Financial Advisors) to its shareholders. In 3Q '05
       the Company also sold its Tax and Business Services ("TBS") business
       and in 2Q '06 completed the sale of its international banking
       operations in Brazil to Banco Bradesco S.A. The operating results,
       gain or loss on the sales, and assets and liabilities related to
       businesses spun-off and sold are included in discontinued operations
       in the Consolidated Financial Statements.
       -- 2Q '07 results reflected $5MM of expense from discontinued
          operations, related to the previously sold TBS business, versus
          $27MM of expense last year, primarily related to the 2Q `06 sale
          of the Brazilian banking business.
       -- Including discontinued operations, diluted EPS on a net income
          basis of $0.88 increased 16% versus last year.

BUSINESS METRICS

o Compared with the second quarter of 2006:

     -   Worldwide billed business of $161.1B increased 15% on continued
         strong growth within both the proprietary and network businesses. A
         comparatively weaker U.S. dollar resulted in a 2% benefit within the
         reported worldwide growth rate;

     -   Worldwide total cards in force of 82.2MM increased 10%, up 7.8MM from
         last year and 2.3MM during 2Q '07, as proprietary and network card
         growth remained strong;

     -   Worldwide average spending per proprietary basic card in force
         increased 8% versus last year despite the suppressing effect of
         substantial card additions over the past few years;

     -   Worldwide lending balances of $48.3B on an owned basis increased 33%;
         on a managed basis, worldwide lending balances of $68.6B were up
         21%; and

     -   Underlying card credit quality continued to be well controlled and
         reserve coverage ratios remained strong.

CAPITAL RETURNED TO SHAREHOLDERS

o    Including share repurchases and dividends, during 2Q '07 and the six
     months to-date we returned 81% and 85%, respectively, of capital
     generated to shareholders. On a cumulative basis, since 1994, we have
     returned 70% of capital generated.

     -  SHARE REPURCHASES: During 2Q '07, 15MM shares were repurchased versus
        16MM shares in 1Q '07 and 23MM shares in 2Q '06. Since the inception
        of repurchase programs in December 1994, 636MM shares have been
        acquired under cumulative Board authorizations to repurchase up to
        770MM shares, including purchases made under agreements with third
        parties.

<TABLE>
<CAPTION>
                                                                                        Millions of Shares
                                                                   --------------------------------------------------------
     -       ACTUAL SHARE ACTIVITY:                                     2Q '07                1Q '07                 2Q '06
                                                                        ------                ------                 ------
<S>                                                                   <C>                   <C>                    <C>
              Shares outstanding - beginning of period                   1,188                 1,199                  1,233
              Repurchase of common shares                                  (15)                  (16)                   (23)
              Employee benefit plans, compensation and other                 9                     5                      6
                                                                        ------                ------                 ------
              Shares outstanding - end of period                         1,182                 1,188                 1, 216
                                                                        ======                ======                 ======
</TABLE>


                                      -1-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                  HIGHLIGHTS

ADDITIONAL ITEMS OF NOTE

o    Marketing, promotion, rewards and cardmember services costs increased 9%
     versus 2Q '06, reflecting the 2Q '06 charge related to the Membership
     Rewards reserve model outside the U.S., which suppressed the reported
     growth rate by approximately 5%, higher rewards costs in 2Q '07 and
     increased marketing and promotion expenses. Marketing expenses continued
     to reflect the reduced levels of spending discussed in 1Q `07 related to
     various product-specific advertising, creative development and market
     research initiatives; however, they also reflect a higher level of
     spending in 2Q '07 on card acquisition, brand and loyalty oriented
     programs. The higher rewards costs continued to reflect volume growth, a
     higher redemption rate, and strong cardmember loyalty program
     participation.

o    Total interest expense increased 44%, reflecting increased debt funding
     levels in support of growth in cardmember receivable and lending balances
     and a higher effective cost of funds, particularly within our charge card
     activities.

o    Total provisions for losses and benefits increased 36% versus 2Q '06,
     reflecting growth in business volumes and the loan portfolio, as well as
     increased write-off and delinquency rates versus last year, that have
     been gradually rising after the unusually low levels that followed the
     enactment of the October 2005 U.S. bankruptcy legislation.

o    The 4% increase in human resources expense in 2Q '07 reflects the impact
     of merit increases and larger benefit and incentive costs, partially
     offset by lower severance-related costs versus 2Q '06.

     -   Compared with last year, the total employee count of 66,600 increased
         by 2,700 employees or 4%; compared with last quarter, the employee
         count increased by 600 employees or 1%. The increase versus last year
         primarily reflects employee additions related to customer service
         volumes and initiatives and the acquisition of Harbor Payments, Inc.
         in 4Q '06.

o    In conjunction with Delta Air Line's ("Delta") decision to file for
     protection under Chapter 11 of the Bankruptcy Code during 2005, the
     Company lent funds to Delta as part of Delta's post-petition,
     debtor-in-possession financing under the Bankruptcy Code. At March 31,
     2007, the remaining principal balance was $115MM. During 2Q '07 Delta
     received final approval of its reorganization plan and emerged from
     bankruptcy on April 30, 2007, repaying the entire principal balance
     outstanding.

o    During the quarter, the Company announced several management changes
     which reflect a reorganization of the Company into two distinct
     customer-focused groups. Effective July 1, Al Kelly was promoted to
     President of American Express Company, and is responsible for the Global
     Consumer Group, and Ed Gilligan was promoted to Vice Chairman of American
     Express Company, and is responsible for the Global Business-to-Business
     Group. The Company is still reviewing the impact of these changes on its
     reportable operating segment disclosures, and expects revisions to these
     disclosures to be reflected within our 3Q '07 financial reports.

REVISED SEGMENT AND STATEMENTS OF INCOME PRESENTATION

o    In 1Q '07, pursuant to the completion of discussions with the U.S.
     Securities and Exchange Commission ("SEC") referenced in the Company's
     Form 10-K for the year ended December 31, 2006, the Company made certain
     modifications to its reportable operating segment disclosures. The
     Travelers Cheque and Prepaid Services ("TCPS") business, previously
     included in the U.S. Card Services ("USCS") segment, and international
     banking businesses, previously included in the International Card &
     Global Commercial Services ("ICGCS") segment, are now included in the
     Corporate & Other segment. The discussion and financial data included
     herein reflect these modifications.

o    In addition, as described in the Form 8-K filed with the SEC on March 30,
     2007, beginning with 1Q `07, the Company revised the presentation of its
     Consolidated Statements of Income. The revised Consolidated Statements of
     Income include the separate presentation of certain interest income and
     interest expense amounts which previously had been reported on a net
     basis as well as the separate presentation of the provisions for losses
     and benefits from expenses. While these revisions impact the presentation
     of revenues and expenses in the Company's Consolidated Statements of
     Income, they have no impact on the Company's previously reported
     consolidated pretax income, income taxes, net income, total assets, total
     liabilities, or total shareholders' equity.

o The revised consolidated presentation includes the following:

     -   Gross cardmember lending finance charge revenue is presented in the
         line entitled "Cardmember lending finance revenue" within the new
         "Interest income" section of the Consolidated Statements of Income,
         and the related gross interest expense is presented in the line
         entitled "Cardmember lending" within the new "Interest expense"
         section of the Consolidated Statements of Income. These amounts were
         previously presented on a net basis as "Cardmember lending finance
         charge revenue, net of interest" within the "Net revenues" section;

     -   Gross investment and other interest income is presented in the lines
         entitled "International banking" or "Other" within the new "Interest
         income" section, and gross interest expense related to international
         banking is presented in "International banking" within the new
         "Interest expense" section. These amounts were previously presented
         on a net basis as "Other investment and interest income, net of
         interest" within the "Net revenues" section;

     -   Other interest expense is presented in the line entitled "Charge card
         and other" within the new "Interest expense" section, and certain
         other interest income is presented in the line entitled "Other"
         within the new "Interest income" section. These amounts were
         previously reported on a net basis in "Interest" within the
         "Expenses" section;

     -   "Provisions for losses and benefits" is presented in a new separate
         section. These amounts were previously reported in the "Provisions
         for losses and benefits" lines within the "Expenses" section; and

     -   Certain other amounts were revised to conform to the method of
         presentation or calculation that will be used in 2007.



                                      -2-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                  HIGHLIGHTS

o    Corresponding revisions to the Selected Income Statement Data
     presentation regarding the Company's reportable operating segments were
     also made.

o    "Total revenues" and "Revenues net of interest expense" are presented
     separately within the revised Consolidated Statements of Income
     presentation. "Revenues net of interest expense" is now the measure for
     the Company's long-term revenue growth rate target. This target (of at
     least 8 percent growth on average and over time) has not been changed as
     a result of the revisions to the presentation of the Consolidated
     Statements of Income.

o    The changes in the presentation of the Company's Consolidated Statements
     of Income were also made in connection with the previously mentioned
     discussions with the staff of the SEC.

o    Separately, the Company revised the method of reporting certain credit
     statistics related to the charge card business to better align these
     metrics with the way the Company manages credit risk as well as to align
     such credit statistics with the method used for reporting the Company's
     lending activities. Historically, the credit statistics for the charge
     card business have been presented using the portion of the account
     balance that was 90 days past due or more. However, the Company's
     practices for managing credit risk and establishing reserves for
     uncollectible amounts consider the entire amounts of customer accounts
     for those accounts which have any portion that is past due by 90 days or
     more, and thus certain statistics have been revised to reflect this.
     Finally, the calculation of net finance revenue divided by average loans
     for both consolidated reporting and the ICGCS segment has been corrected
     for a computational error. This correction has a minimal impact on the
     historic trends for this statistical information. For more detail
     relating to the changes and a presentation of revised historical
     financials and statistics, please see the Company's Form 8-K, filed with
     the SEC March 30, 2007.

EXPANDED PRODUCTS AND SERVICES

o During the quarter, American Express continued to invest in growth
opportunities through expanded products and services.

     In our proprietary issuing and network business we:

     -   Announced the Express Rewards Mortgage(SM) program, where for the
         first time in the credit card industry, Cardmembers will be able to
         pay monthly home mortgage payments on their American Express(R) cards
         through our partnerships with the American Home Mortgage Investment
         Corp. and IndyMac Bank, FSB.

     -   Introduced new Membership Rewards(R) program levels aligned with
         specific card products that better meet Cardmember lifestyle and
         reward program usage needs. We also announced a number of innovations
         across all levels of the Membership Rewards program, such as an
         expanded list of redemption partners, and Points Advance(SM), which
         allows Cardmembers to "advance" points against future points earned
         at the time they choose to redeem points for a reward.

     -   Added an additional benefit on the TrueEarnings(SM) Business Card
         from Costco and American Express, offering an annual gasoline rebate
         of up to 5% at Costco Gasoline and stand-alone gas stations.

     -   Reopened My WishList, the Company's popular, limited e-tail site
         which gives Cardmembers access to high demand consumer electronics,
         fashion and home design products, as well as immersive travel and
         lifestyle experiences.

     -   Developed and began marketing two new corporate purchasing solutions
         as part of the expanding S2S(SM) (Source-to-Settle) product suite.
         These include S2S(SM) Contract Audit & Recovery(SM), an analytic tool
         providing firms with best practices to achieve negotiated contract
         savings; and S2S(SM) CatalogPro(SM), an online solution integrated
         into a firm's existing e-procurement software, which enhances the
         product search experience and eases the ability to order from
         preferred suppliers at negotiated rates.

     -   Launched the Platinum Office Program with OPEN from American
         Express(R) and The Regus Group, the world's largest provider of
         workplace solutions, to provide Business Platinum Card members access
         to flexible office space, services and technology, generally only
         available to much larger corporations.

     -   Partnered with InsureMyTrip(R).com, the leading on-line travel
         insurance aggregator, to offer packages of Global Travel Shield(R), a
         collection of comprehensive travel insurance products to U.S.
         residents.

     -   Expanded our gift card product offering to include themed gift cards,
         through our partnership with General Growth Properties, one of the
         largest U.S.-based publicly traded real estate investment trusts
         (REITs) with a portfolio of more than 200 regional shopping malls in
         45 states. Additionally, we launched three new special occasion gift
         cards focused on year-round gifting, for targeted use for dining,
         wedding and entertainment occasions.

     -   Announced a global, multi-year agreement with Travelex, the world's
         largest foreign exchange specialist, to offer American Express(R)
         Travelers Cheques through its global agency network of large banks
         and travel agencies, and directly to consumers through its over 700
         retail locations.

     -   Signed three additional travel agencies in New Jersey and North
         Carolina to the American Express Travel U.S. Representative Network.

     -   Launched Quick Exchange, powered by Worldspan's Rapid Reprice(R)
         technology, to automate travel ticket repricing, reissuing and
         refunding processes across the Company's U.S. corporate travel
         reservation network, as well as for all the global distribution
         system booking platforms used by its travel counselors.


                                      -3-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                  HIGHLIGHTS



     -   Partnered with Smithsonian Journeys, the educational travel program
         of the Smithsonian Institution and the world's largest museum-based
         travel program, to exclusively offer Smithsonian Journeys' cultural
         and educational group trips to Cardmembers. This partnership marks
         the first time that an outside travel company's agents can offer the
         majority of these tours to their clients.

     -   Launched the "American Express Going Once" website, where for a limited
         time, U.S. and U.K. Cardmembers had an opportunity to purchase from
         more than 25 travel packages in a declining price auction, including a
         luxury RV trip across America, an Antarctica adventure and a South
         African safari.

     -   Announced an online initiative called The Members Project that
         enables Cardmembers to submit, share and vote on project ideas for
         making a positive impact in the world. This project is part of
         American Express' new brand campaign, "Are You a Cardmember," which
         highlights the value of being a Cardmember and part of the American
         Express community.

     -   Announced plans with Consumer Action, a non-profit consumer advocacy
         and education organization, to expand the jointly developed,
         multilingual credit card education program, "Credit Cards: What You
         Need to Know" educating consumers about how best to choose and use
         credit cards.

     In our Global Network Services ("GNS") business we:

     -   Launched a new partnership with Banco Privado in de Inversiones in
         Argentina to issue American Express-branded Standard, Gold and
         Platinum cards, which will be accepted and processed on the American
         Express network.

     -   Launched in Fiji the Westpac American Express Credit Cards, the first
         products as part of our exclusive partnership with Westpac Pacific
         Banking, to issue American Express Cards and to acquire merchants on
         the American Express global network in seven Pacific Island nations
         (namely: P.N.G., Solomon Islands, Vanuatu, Samoa, Tonga, Fiji, and
         the Cook Islands). Initially, there will be three cards offered: one
         for business clients, one for the consumer market and a Westpac
         American Express Gold Card for high net worth personal clients.

     -   With our partner Bank of America Corporation, announced the Bank of
         America Accolades(TM) American Express(R) Card, the first premium
         credit card designed exclusively for Bank of America's affluent,
         wealthy and ultra-wealthy clients.

     -   With our partner Citigroup Inc., launched the CitiChairman(SM)
         American Express(R) Card, designed to provide premium services and
         benefits, rewards experiences to a unique group of people, including
         Smith Barney and Citi Private Bank clients.

     -   With our partners, Baiduri Bank and Royal Brunei Airlines, launched
         Brunei's first airline co-brand card, the Royal Brunei Airlines
         American Express Card, which will be issued in Classic and Gold
         versions and will be accepted on American Express' global merchant
         network.

     -   With our partner, the Industrial and Commercial Bank of China Limited
         (ICBC), launched the ICBC Staples Corporate American Express Card, the
         first American Express branded co-brand corporate card in China, while
         also further enhancing the partnership between Staples Inc. and
         American Express by establishing Staples, Inc. as a strategic partner
         in global eShop, American Express Global Network Services Asia
         Pacific's online shopping platform.



                                      -4-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED

<TABLE>
<CAPTION>
          (Preliminary)

                             STATEMENTS OF INCOME
                                 (GAAP BASIS)

         (Millions, except per share amounts)                    Quarters Ended                  Percentage
                                                                    June 30,                      Inc/(Dec)
                                                           -------------------------------     ----------------
                                                                2007                 2006
                                                                ----                 ----
<S>                                                       <C>                   <C>            <C>
         Revenues
            Discount revenue                                  $3,670                $3,292         11%
            Net card fees                                        500                   533         (6)
            Travel commissions and fees                          491                   483          2
            Other commissions and fees                           681                   642          6
            Securitization income, net                           332                   372        (11)
            Other                                                453                   415          9
                                                              ------                ------
               Total                                           6,127                 5,737          7
                                                              ------                ------
             Interest income:
              Cardmember lending finance revenue               1,514                 1,100         38
              International banking                              282                   252         12
              Other                                              276                   196         41
                                                              ------                ------
               Total                                           2,072                 1,548         34
                                                              ------                ------
                 Total Revenues                                8,199                 7,285         13
                                                              ------                ------
             Interest expense:
              Cardmember lending                                 431                   277         56
              International banking                              135                    93         45
              Charge card and other                              503                   373         35
                                                              ------                ------
               Total                                           1,069                   743         44
                                                              ------                ------
          Revenues net of interest expense                     7,130                 6,542          9
                                                              ------                ------
         Expenses
            Marketing, promotion, rewards and
              cardmember services                              1,828                 1,671          9
            Human resources                                    1,331                 1,276          4
            Professional services                                698                   658          6
            Occupancy and equipment                              379                   365          4
            Communications                                       116                   113          3
            Other                                                345                   287         20
                                                              ------                ------
              Total                                            4,697                 4,370          7
                                                              ------                ------
          Provisions for losses and benefits:
              Charge card                                        233                   192         21
              Cardmember lending                                 638                   406         57
              International banking and other (including
               investment certificates)                          122                   132         (8)
                                                              ------                ------
               Total                                             993                   730         36
                                                              ------                ------

         Pretax income from continuing operations              1,440                 1,442          -
         Income tax provision                                    378                   470        (20)
                                                              ------                ------
         Income from continuing operations                     1,062                   972          9
         Loss from discontinued operations, net of tax            (5)                  (27)       (81)
                                                              ------                ------
         Net income                                           $1,057                  $945         12
                                                              ======                ======
         EPS-Basic
             Income from continuing operations                 $0.90                 $0.80         13
                                                              ======                ======
             Loss from discontinued operations                     -                ($0.02)         #
                                                              ======                ======
             Net Income                                        $0.90                 $0.78         15
                                                              ======                ======
         EPS-Diluted
             Income from continuing operations                 $0.88                 $0.78         13
                                                              ======                ======
             Loss from discontinued operations                     -                ($0.02)         #
                                                              ======                ======
             Net Income                                        $0.88                 $0.76         16
                                                              ======                ======
         Average Shares Outstanding
             Basic                                             1,179                 1,217         (3)
                                                              ======                ======
             Diluted                                           1,203                 1,242         (3)
                                                              ======                ======

</TABLE>
           Note: Amounts herein reflect certain revisions as noted on pages
           2-3 and in the Company's Form 8-K, filed with the SEC March 30,
           2007.
           # Denotes variance of more than 100%.



                                      -5-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED

o    CONSOLIDATED REVENUES NET OF INTEREST EXPENSE: Consolidated revenues net
     of interest expense increased 9%, reflecting increases versus last year
     of 12% within USCS, 4% within ICGCS and 15% within Global Network &
     Merchant Services ("GNMS"). Revenues net of interest expense increased
     due to higher interest income, greater discount revenues, higher other
     commission and fees, increased other revenues, and greater travel
     commissions and fees, partially offset by increased interest expense,
     decreased securitization income, net and lower net card fee revenue.
     Translation of foreign currency benefited the revenues net of interest
     expense growth rate by approximately 2%.

o    CONSOLIDATED EXPENSES: Consolidated expenses increased 7%, reflecting an
     increase of 11% within USCS, 5% within ICGCS, and 6% within GNMS. Expense
     growth reflected higher marketing, promotion, rewards and cardmember
     services expense, increased other expenses, greater human resources
     expense, higher professional services expense, increased occupancy and
     equipment costs and higher communication expenses. Translation of foreign
     currency contributed approximately 2% to the expense growth rate.

o    CONSOLIDATED PROVISIONS FOR LOSSES AND BENEFITS: Consolidated provisions
     for losses and benefits increased 36% versus last year, reflecting an 85%
     increase in USCS, a 36% decrease in GNMS and a 7% decrease in ICGCS.
     Provisions rose primarily due to increases in the cardmember lending and
     charge card provisions. Translation of foreign currency contributed
     approximately 2% to the provision growth rate.

o    PRE-TAX MARGIN:  Was 20.2% in 2Q '07 compared with 23.9% in 1Q '07 and
     22.0% in 2Q '06.

o    EFFECTIVE TAX RATE: Was 26% in 2Q '07 versus 33% in both 1Q '07 and 2Q
     '06. The 2Q '07 rate primarily reflects the $65MM IRS benefit, referenced
     earlier. The 2Q '06 rate reflects a relatively low effective rate on the
     Brazil gain, which was offset by higher tax expense due to uncertainty
     regarding the Company's ability to obtain tax benefits for certain
     expenses attributable to foreign subsidiaries.

o    DISCOUNT REVENUE: Rose 11% on a 15% increase in billed business. The
     slower revenue versus billed business growth reflects the relatively
     faster growth in billed business related to GNS where we share discount
     revenue with our card issuing partners, and higher cash-back rewards
     costs.

     -   The average discount rate* was 2.57% in 2Q '07 and in 2Q '06 compared
         to 2.58% in 1Q '07. As indicated in prior quarters, selective
         repricing initiatives, continued changes in the mix of business and
         volume-related pricing discounts will likely result in some erosion
         of the average discount rate over time.

<TABLE>
<CAPTION>
                                                           Quarters Ended             Percentage
                                                               June 30,                Inc/(Dec)
                                                   -----------------------------    ------------
                                                            2007         2006
                                                            ----         ----
<S>                                                     <C>          <C>               <C>
     Card billed business* (billions):

         United States                                    $115.7       $102.5            13%
         Outside the United States                          45.4         38.0            19
                                                         -------      -------
         Total                                            $161.1       $140.5            15
                                                         =======      =======
     Total cards in force (millions):

         United States                                      50.5         45.4            11
         Outside the United States                          31.7         29.0             9
                                                         -------      -------
         Total                                              82.2         74.4            10
                                                         =======      =======
     Basic cards in force (millions):

         United States                                      39.2         34.8            13
         Outside the United States                          27.0         24.1            12
                                                         -------      -------
         Total                                              66.2         58.9            12
                                                         =======      =======
     Average basic cardmember spending**
         United States                                    $3,269       $3,134             4
         Outside the United States                        $2,507       $2,137            17
         Total                                            $3,049       $2,821             8

</TABLE>
            * For additional information about billed business and discount
              rate calculations, please refer to the Second Quarter 2007
              Earnings Release, American Express Company Selected Statistical
              Information pages.
           ** Proprietary card activity only.


                                      -6-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED

- -        WORLDWIDE BILLED BUSINESS: The 15% increase in worldwide billed
         business reflected a 13% increase in USCS, an 11% increase in ICGCS
         and a 62% increase in GNS partner volume. The table below summarizes
         selected billed business related statistics for 2Q '07:

<TABLE>
<CAPTION>

                                                                                            Percentage Increase
                                                                                            Assuming No Changes
                                                                        Percentage           in Foreign Exchange
                                                                        Increase                   Rates
                                                                    ------------------    ------------------------
<S>                                                                     <C>                      <C>
     WORLDWIDE*
         Billed Business                                                   15%                      13%
         Average spending per proprietary basic card                        8                        6
         Basic cards-in-force                                              12
     U.S.*
         Billed Business                                                   13
         Average spending per proprietary basic card                        4
         Basic cards-in-force                                              13
         Proprietary consumer card billed business**                       12
         Proprietary small business billed business**                      15
         Proprietary Corporate Services billed business***                 10
     OUTSIDE THE U.S.*
         Billed Business                                                   19                       13
         Average spending per proprietary basic card                       17                       10
         Basic cards-in-force                                              12
         Proprietary consumer and small business billed business***         9                        3
         Proprietary Corporate Services billed business***                 18                       10
</TABLE>
           * Captions not designated as "proprietary" include
             both proprietary and GNS data.
          ** Included in USCS.
         *** Included in ICGCS.

     -      U.S. non-T&E-related volume categories (which represented
            approximately 68% of 2Q '07 U.S. billed business) grew 15%, while
            T&E volumes rose 9%.

     -      U.S. airline-related volume, which represented approximately 10%
            of total U.S. volumes during the quarter, increased 3% due to a 5%
            increase in transactions offset by a 2% lower average airline
            charge.

     -      Worldwide airline volumes, which represented approximately 12% of
            total volumes during the quarter, increased 8% on 6% growth in
            transactions and a 2% increase in the average airline charge.

     -      Assuming no changes in foreign exchange rates: Total billed
            business outside the U.S. reflected double-digit proprietary
            growth in Canada, high single-digit growth in Europe and Asia
            Pacific and a decline in Latin America. Excluding the impact of
            the Brazil sale, completed as of 6/30/06, and the 3Q'06 sales in
            Malaysia and Indonesia, Latin America exhibited double-digit
            proprietary growth while Asia Pacific increased at a high
            single-digit rate. Excluding the impact of all three sales, total
            proprietary growth outside the U.S. was 10%.

- -        TOTAL CARDS IN FORCE: Rose 10% worldwide due to an increase of 8% in
         USCS, a 1% increase in ICGCS and a 34% increase in GNS. Continued
         strong card acquisitions within both proprietary and GNS activities,
         as well as continued solid average customer retention levels, drove
         these results. The sale of our card activities in Malaysia and
         Indonesia in 3Q '06 resulted in the transfer of 200K cards from ICGCS
         to GNMS, moderately suppressing ICGCS' and increasing GNMS'
         respective growth rates.

         -- 1.2MM and 1.1MM net cards were added during the quarter in the U.S.
            and the non-U.S. businesses, respectively.

o    NET CARD FEES: Decreased 6% as the benefit of card growth was offset by
     the reclassification of certain card acquisition-related costs, beginning
     July 1, 2006, from other operating expense to a reduction in net card
     fees. This reclassification had no effect on net income and is not
     included in the average fee per card calculation. The average annual fee
     per proprietary card in force was $36 in 2Q '07 versus $35 in 1Q '07 and
     $34 in 2Q '06.

o    TRAVEL COMMISSIONS AND FEES:   Increased 2% reflecting a 9% increase in
     travel sales.

o    OTHER COMMISSIONS AND FEES: Increased 6% as higher card-related
     conversion revenues and assessment and service fees were partially offset
     by the 2Q '06 sale in Brazil and a reclassification in 3Q '06 of certain
     third-party merchant-related revenues from Other Commissions and Fees to
     Discount Revenue.

o    SECURITIZATION INCOME, NET: Decreased 11% as an increase in write offs
     and greater interest expense, due to a higher coupon rate paid to
     certificate holders, was partially offset by a higher portfolio yield and
     average balance of securitized loans. Securitization income, net
     represents the non-credit provision components of the gains from
     securitization activities within the USCS segment, fair value changes and
     impairment charges, if any, of the related interest-only (I/O) strip,
     excess spread related to securitized loans, net finance revenue on
     retained interests in securitized loans, and servicing income, net of
     related discounts or fees.


                                      -7-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED

- - Components of Securitization Income, Net:

<TABLE>
<CAPTION>
                                                    Quarters Ended      Percentage
                                                       June 30,          Inc/(Dec)
                                               ----------------------- -------------
                                                 2007            2006
                                                 ----            ----
                (millions)
<S>                                            <C>             <C>       <C>
        Excess spread*                           $218            $261      (16)%
        Servicing fees                            101             100        1
        Gains on sales from securitizations**      13              11       18
                                                 ----            ----
        Total securitization income              $332            $372      (11)
                                                 ----            ----
</TABLE>

         * Excess spread is the net positive cash flow from interest and fee
           collections allocated to the investor's interests after deducting
           the interest paid on investor certificates, credit losses,
           contractual servicing fees, other expenses, and the changes in the
           fair value of the I/O strip in 2007.

        ** Excludes $32MM and $(46)MM in 2007 and $35MM and $(47)MM in 2006
           of impact from cardmember loan sales and maturities, respectively,
           reflected in the credit provision.

- - The average balance of Cardmember lending securitizations was $20.3B in 2Q
  '07, compared with $20.1B in 2Q '06.

o    OTHER REVENUES: Increased 9% primarily due to higher network
     partner-related and merchant-related fees, and greater publishing and
     insurance-related revenues.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 38% due to 30% growth in
     average worldwide lending balances on an owned basis and a higher
     portfolio yield.

o    INTERNATIONAL BANKING INTEREST INCOME:  Increased 12% reflecting higher
     volumes and interest rates.

o    OTHER INTEREST INCOME: Increased 41% primarily due to the recognition of
     interest income associated with the repayment of the Company's loan to
     Delta Air Lines, previously on non-accrual status.

o    CARDMEMBER LENDING INTEREST EXPENSE:  Increased 56% reflecting increased
     loan balances and a higher cost of funds.

o    INTERNATIONAL BANKING INTEREST EXPENSE:  Increased 45% reflecting higher
     volumes and interest rates.

o    CHARGE CARD AND OTHER INTEREST EXPENSE:  Increased 35% reflecting a higher
     cost of funds and increased receivable balances.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES:  Increased
     9%, reflecting higher volume-related rewards costs and greater marketing
     and promotion expenses, partially offset by the 2Q '06 charge related to
     the Membership Rewards reserve model outside of the U.S.

o    HUMAN RESOURCES EXPENSE: Increased 4% due to merit increases and larger
     benefit and incentive costs, partially offset by lower severance-related
     costs.

o    PROFESSIONAL SERVICES EXPENSE:  Rose 6%, primarily reflecting higher
     technology-related costs and legal fees.

o    OCCUPANCY AND EQUIPMENT EXPENSE:  Rose 4% due to increased
     technology-related costs.

o    COMMUNICATIONS EXPENSE: Increased 3%.

o    OTHER EXPENSE: Increased 20%, however, excluding the $144MM pre-tax gain
     related to the completion of the sale of our operations in Brazil in 2Q
     '06, as well as the reclassification of certain card-acquisition costs to
     card fee revenue beginning July 1, 2006, underlying expenses were
     relatively flat.


                                      -8-

<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED


CHARGE CARD PROVISION FOR LOSSES:  Increased 21%, reflecting higher business
volumes and somewhat higher loss rates.


- - WORLDWIDE CHARGE CARD:*

  -- The loss ratio increased versus last quarter, but remained flat
     compared to last year. Past due rates declined versus last
     quarter and last year.

<TABLE>
<CAPTION>
                                                               6/07                    3/07                   6/06
                                                         ------------------      -----------------      ------------------
<S>                                                        <C>                     <C>                    <C>
              Net loss ratio as a % of charge volume           0.24%                   0.23%                  0.24%
              90 days past due as a % of receivables            2.7%                    2.9%                   2.8%

                                                               6/07                    3/07                   6/06
                                                         ------------------      -----------------      -----------------
              Total Receivables (billions)                    $38.4                   $36.5                  $34.7
              Reserves (millions)                              $981                    $979                   $948
              % of receivables                                  2.6%                    2.7%                   2.7%
              % of 90 day past due accounts                      95%                     93%                    98%
</TABLE>
              *There are no off-balance sheet Charge Card securitizations.
               Therefore, all credit quality statistics for the Charge Card
               portfolio are on an "Owned Basis."

               Note: Amounts herein reflect certain revisions as noted on
               pages 2-3 and in the Company's Form 8-K, filed with the SEC
               March 30, 2007.

o    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased 57% due to increased
     loan volumes and higher write-off and delinquency rates, which have been
     gradually rising after the unusually low rates that followed the October
     2005 change in the U.S. bankruptcy legislation.

     - WORLDWIDE LENDING:*

       -- The write-off rate was unchanged versus last quarter, but
          increased versus last year. The past due rate increased versus
          last year, but decreased versus last quarter.

<TABLE>
<CAPTION>

                                                         6/07                    3/07                    6/06
                                                   ------------------      ------------------      -----------------
<S>                                                   <C>                     <C>                     <C>
              Net write-off rate                          4.1%                    4.1%                    3.8%
              30 days past due as a % of loans            2.8%                    3.0%                    2.7%

                                                         6/07                    3/07                    6/06
                                                   ------------------      ------------------      -----------------
              Total Loans (billions)                    $48.3                   $42.3                   $36.3
              Reserves (millions)                      $1,417                  $1,271                  $1,086
              % of total loans                            2.9%                    3.0%                    3.0%
              % of 30 days past due accounts              106%                    100%                    113%
</TABLE>

              * All lending statistics are presented here on a GAAP or "Owned
               Basis". "Managed Basis" credit quality statistics are available
               in the Second Quarter 2007 Earnings Release on the American
               Express Company Consolidated Selected Statistical Information
               pages. Credit trends are generally consistent under both
               reporting methods.

o    INTERNATIONAL BANKING AND OTHER PROVISION FOR LOSSES AND BENEFITS:
     Decreased 8% primarily due to lower certificate provisions and a
     reduction in merchant-related reserves.



                                      -9-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                                 CONSOLIDATED


SUPPLEMENTAL INFORMATION - TANGIBLE COMMON EQUITY AND TOTAL ADJUSTED ASSETS

During the third quarter of 2006, the Company issued $750MM of 6.80%
Subordinated Debentures due 2036 ("Subordinated Debentures"), which are
automatically extendable until 2066 unless certain events occur prior to that
date. In connection with the Subordinated Debentures, the Company has
undertaken to disclose on a quarterly basis the amount of its "tangible common
equity" and "total adjusted assets". The Company's consolidated tangible
common equity amount as of the end of any fiscal quarter means the total
shareholders' equity, excluding preferred stock, of the Company as reflected
on its consolidated balance sheet prepared in accordance with GAAP as of such
fiscal quarter end minus (i) intangible assets and goodwill and (ii) deferred
acquisition costs, as determined in accordance with GAAP and reflected in such
consolidated balance sheet. The Company calculates total adjusted assets as of
the end of any fiscal quarter as the sum of (i) total consolidated assets as
reflected on the Company's balance sheet minus (ii) non-securitized Cardmember
lending receivables (without deduction for reserves), which are set forth on
the Company's balance sheet, plus (iii) managed (i.e., securitized and
non-securitized) worldwide Cardmember lending receivables as reported by the
Company for such fiscal quarter. As of June 30, 2007, the Company's tangible
common equity was $9B and its total adjusted assets were $155B. As of June 30,
2007, the consolidated assets, as reflected on the Company's balance sheet,
were $134B.

CORPORATE & OTHER

Net expense was $61MM in 2Q '07 compared with net expense of $50MM in 1Q '07
and $49MM in 2Q '06. The 2Q '07 expense includes costs related to regulatory
and legal exposures and $2MM ($1MM after-tax) of reengineering costs. The 1Q
'07 expense included a $60MM charge for a reserve established for regulatory
and legal exposure at American Express Bank International, a subsidiary of
American Express Bank Ltd., $4MM ($3MM after-tax) of reengineering costs, and
the benefit of a cash payment received in connection with the departure of our
former CFO. The 2Q '06 expense included $18MM ($11MM after-tax) of
reengineering costs.



                                     -10-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                              U.S. CARD SERVICES

<TABLE>
<CAPTION>
                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

(Preliminary)
                                                                 Quarters Ended       Percentage
                                                                    June 30,           Inc/(Dec)
                                                           -----------------------   --------------
(millions)                                                   2007           2006
                                                             ----           ----
<S>                                                      <C>            <C>             <C>
Revenues
    Discount revenue, net card fees and other              $2,642         $2,388          11%
    Cardmember lending finance revenue                      1,179            814          45
    Securitization income, net                                332            372         (11)
                                                           ------         ------
        Total revenues                                      4,153          3,574          16
    Interest expense:
     Cardmember lending                                       363            215          69
     Charge card and other                                    230            189          22
                                                           ------         ------
 Revenues net of interest expense                           3,560          3,170          12
                                                           ------         ------
Expenses
    Marketing, promotion, rewards and cardmember services   1,266          1,088          16
    Human resources and other operating expenses              827            797           4
                                                           ------         ------
     Total                                                  2,093          1,885          11
                                                           ------         ------
Provisions for losses                                         640            346          85
                                                           ------         ------

Pretax segment income                                         827            939         (12)
Income tax provision                                          247            345         (28)
                                                           ------         ------
Segment income                                               $580           $594          (2)
                                                           ------         ------
</TABLE>

  Note: Amounts herein reflect certain revisions, including the movement of
  the TCPS business results to the Corporate & Other segment, as noted on
  pages 2-3 and in the Company's Form 8-K, filed with the SEC March 30, 2007.


<TABLE>
<CAPTION>
STATISTICAL INFORMATION                            Quarters Ended        Percentage
                                                      June 30,             Inc/(Dec)
                                                --------------------    ------------
                                                    2007     2006
                                                    ----     ----
<S>                                             <C>      <C>              <C>
Card billed business (billions)                    $94.6    $83.9            13%
Total cards in force (millions)                     42.1     39.1             8
Basic cards in force (millions)                     31.2     28.9             8
Average basic cardmember spending* (dollars)                                  4
                                                  $3,054   $2,925
Segment capital (billions)                          $4.5     $4.4             2
Return on segment capital**                         49.9%    44.4%
</TABLE>

    * Proprietary cards only.
   ** Computed on a trailing 12-month basis using segment income and equity
      capital allocated to segments based upon specific business operational
      needs, risk measures and regulatory capital requirements.

      -  BILLED BUSINESS: The 13% increase in USCS billed business reflects a
         4% increase in average spending per proprietary basic card and 8%
         growth in basic cards in force.
         -- Within the U.S. consumer business, billed business grew 12%; small
            business volumes rose 15%.

      -   TOTAL CARDS IN FORCE: Increased by 3.0MM, or 8%, versus last year on
          continued strong card acquisition activity and retention levels.

P&L DISCUSSION:

o    NET INCOME: Decreased 2% as revenues net of interest expense rose 12%,
     expenses increased 11% and provisions for losses increased 85%.

     -   2Q '07 results reflect $56MM of the IRS benefit and $47MM ($29MM
         after-tax) of the increased marketing and promotion spending in the
         quarter, as referenced earlier.

     -   PRE-TAX MARGIN: Was 23.2% in 2Q '07 versus 30.6% in 1Q '07 and 29.6%
         in 2Q '06.

     -   EFFECTIVE TAX RATE: Was 30% in 2Q '07 compared to 38% in 1Q '07 and
         37% in 2Q '06. The lower tax rate in 2Q '07 reflects the IRS benefit,
         referenced earlier.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: Increased 11%,
     largely due to greater billed business volumes, higher travel revenues
     and larger other commissions and fees, in addition to the recognition of
     interest income associated with the repayment of the Company's loan to
     Delta Air Lines.



                                     -11-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                              U.S. CARD SERVICES


o    CARDMEMBER LENDING FINANCE REVENUE: Increased 45% due to 36% growth in
     average owned lending balances and a higher portfolio yield.

o    SECURITIZATION INCOME, NET: Decreased 11% as an increase in write offs
     and greater interest expense, due to a higher coupon rate paid to
     certificate holders, was partially offset by a higher portfolio yield and
     average balance of securitized loans.

o    CARDMEMBER LENDING INTEREST EXPENSE:  Increased 69% on greater loan
     balances and a higher cost of funds.

o    CHARGE CARD AND OTHER INTEREST EXPENSE:  Increased 22% due to a higher
     cost of funds and a larger receivable balance.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     16%, due to higher rewards costs and greater marketing and promotion
     expenses.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 4% primarily due
     to higher volume-related operating expenses, which were partially offset
     by the impact of the reclassification to revenues of certain card
     acquisition-related costs beginning in 3Q `06.

o    PROVISIONS FOR LOSSES: Increased 85% reflecting the impact of strong
     volume and loan growth and higher write off and delinquency rates, which
     have been gradually rising after the unusually low rates following the
     enactment of the October 2005 U.S. bankruptcy legislation.

     - CHARGE CARD: *

       -- The loss ratio increased versus last year and last quarter. The
          past due rate increased versus last year, but decreased versus
          last quarter.

<TABLE>
<CAPTION>
                                                            6/07                   3/07                 6/06
                                                      ------------------     -----------------     ----------------
<S>                                                       <C>                    <C>                  <C>
              Total Receivables (billions)                 $19.8                  $19.0                $18.5
              Net loss ratio as a % of charge volume        0.30%                  0.25%                0.28%
              90 days past due as a % of total               3.6%                   3.8%                 3.4%
</TABLE>

              Note: Amounts herein reflect certain revisions as noted on
              pages 2-3 and in the Company's Form 8-K, filed with the SEC
              March 30, 2007.

     - CARDMEMBER LENDING: **

       -- The write-off rate increased versus last year, but remained flat
          versus last quarter. The past due rate increased versus last
          year, but declined versus last quarter.

<TABLE>
<CAPTION>
                                                            6/07                   3/07                 6/06
                                                      ---------------      -----------------      ----------------
<S>                                                      <C>                    <C>                  <C>
              Total Loans (billions)                       $38.3                  $33.0                $27.6
              Net write-off rate                             3.7%                   3.7%                 2.9%
              30 days past due as a % of loans               2.7%                   2.9%                 2.5%
</TABLE>

            * There are no off-balance sheet Charge Card securitizations.
              Therefore, all credit quality statistics for the Charge Card
              portfolio are on an "Owned Basis."
           ** Owned basis. See page 13-14 for "Managed Basis" Cardmember
              lending information.



                                     -12-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                              U.S. CARD SERVICES

MANAGED BASIS

For USCS, the managed basis presentation assumes that there have been no
off-balance sheet securitization transactions, i.e., all securitized
cardmember loans and related income effects are reflected as if they were in
the Company's balance sheets and income statements, respectively. For the
managed basis presentation, revenue and expenses related to securitized
cardmember loans are reflected in net card fees and other, cardmember lending
finance revenue, cardmember lending interest expense and credit provision. On
a managed basis, there is no securitization income, net, as the managed basis
presentation assumes no securitization transactions have occurred.

     The Company presents USCS information on a managed basis because that is
the way the Company's management views and manages the business. Management
believes that a full picture of trends in the Company's cardmember lending
business can only be derived by evaluating the performance of both securitized
and non-securitized cardmember loans. Management also believes that use of a
managed basis presentation presents a more accurate picture of the key
dynamics of the cardmember lending business. Irrespective of the on- and
off-balance sheet funding mix, it is important for management and investors to
see metrics for the entire cardmember lending portfolio because they are more
representative of the economics of the aggregate cardmember relationships and
ongoing business performance and trends over time. It is also important for
investors to see the overall growth of cardmember loans and related revenue in
order to evaluate market share. These metrics are significant in evaluating
the Company's performance and can only be properly assessed when all
non-securitized and securitized cardmember loans are viewed together on a
managed basis. The Company does not currently securitize international loans.

     On a GAAP basis, revenue and expenses from securitized cardmember loans
are reflected in the Company's income statements in securitization income,
net, fees and commissions, and credit provision for cardmember lending. At the
time of a securitization transaction, the securitized cardmember loans are
removed from the Company's balance sheet, and the resulting gain on sale is
reflected in securitization income, net, as well as an impact to credit
provision (credit reserves are no longer recorded for the cardmember loans
once sold). Over the life of a securitization transaction, the Company
recognizes servicing fees and other net revenues (referred to as "excess
spread") related to the interests sold to investors (i.e. the investors'
interests). These amounts are reflected in securitization income, net, and
fees and commissions. The Company also recognizes cardmember lending finance
revenue over the life of the securitization transaction related to the
interest it retains (i.e. the seller's interest). At the maturity of a
securitization transaction, cardmember loans on the balance sheet increase,
and the impact of the incremental required loss reserves is recorded in credit
provision.

     As presented, in aggregate over the life of a securitization transaction,
the pretax income impact to the Company is the same whether or not the Company
had securitized cardmember loans or funded these loans through other financing
activities (assuming the same financing costs). The income statement
classifications, however, of specific items will differ.

   The following information reconciles the GAAP basis presentation for
certain USCS income statement line items to the managed basis presentation,
where different:

<TABLE>
<CAPTION>

                                                                          Quarters Ended                 Percentage
                                                                             June 30,                     Inc/(Dec)
                                                                 -------------------------------       ----------------
     (millions)                                                          2007              2006
                                                                         ----              ----
<S>                                                                <C>               <C>                 <C>
o DISCOUNT REVENUE, NET CARD FEES AND OTHER:
           Reported for the period (GAAP)                              $2,642            $2,388              11%
           Securitization adjustments                                      80                44              82
                                                                      -------           -------
           Managed discount revenue, net card fees and other           $2,722            $2,432              12
                                                                      =======           =======
o CARDMEMBER LENDING FINANCE REVENUE:
           Reported for the period  (GAAP)                             $1,179              $814              45
           Securitization adjustments                                     724               726               -
                                                                      -------           -------
           Managed finance revenue                                     $1,903            $1,540              24
                                                                      =======           =======
o SECURITIZATION INCOME, NET:
           Reported for the period (GAAP)                                $332              $372             (11)
           Securitization adjustments                                    (332)             (372)            (11)
                                                                      -------           -------

           Managed securitization income, net                            $  -              $  -               -
                                                                      =======           =======
o CARDMEMBER LENDING INTEREST EXPENSE:
           Reported for the period  (GAAP)                               $363              $215              69
           Securitization adjustments                                     274               257               7
                                                                      -------           -------
           Managed cardmember lending interest expense                   $637              $472              35
                                                                      =======           =======
o PROVISIONS FOR LOSSES:
           Reported for the period (GAAP)                                $640              $346              85
           Securitization adjustments                                     177               127              39
                                                                      -------           -------
           Managed provisions for losses                                 $817              $473              73
                                                                      =======           =======
</TABLE>

           Note: Amounts herein reflect certain revisions as noted on
           pages 2-3 and in the Company's Form 8-K, filed with the SEC
           March 30, 2007.



                                     -13-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                              U.S. CARD SERVICES

MANAGED P&L DISCUSSION

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: Increased 12%,
     largely due to higher billed business volumes, greater other commissions
     and fees and higher travel commissions and fees. In addition, the
     increase reflects the recognition of interest income associated with the
     repayment of the Company's loan to Delta Air Lines.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 24% due to 21% growth in
     average managed lending balances and a higher portfolio yield.

o    CARDMEMBER LENDING INTEREST EXPENSE: Increased 35% on 21% growth in average
     managed lending balances and a higher cost of funds.

o    PROVISIONS FOR LOSSES: Increased 73% due to strong volume and loan growth
     and higher write-off and delinquency rates, which have been gradually
     rising after the unusually low rates following the enactment of the
     October 2005 U.S. bankruptcy legislation.

- - CARDMEMBER LENDING: *

     -- The write-off rate increased versus last year, but was flat
        compared to last quarter. The past due rate increased versus
        last year but was lower than last quarter.

<TABLE>
<CAPTION>
                                                     6/07                   3/07                   6/06
                                                ---------------      ------------------      ----------------
<S>                                                <C>                    <C>                    <C>
              Total Loans (billions)                $58.6                  $53.9                  $47.8
              Net write-off rate                      3.7%                   3.7%                   2.9%
              30 days past due as a % of loans        2.6%                   2.8%                   2.4%
</TABLE>


              * Managed basis.  There are no off-balance sheet Charge Card
                securitizations.  Therefore, all credit quality statistics for
                the Charge Card portfolio are on an "Owned Basis" as presented
                on page 12.



                                     -14-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<TABLE>
<CAPTION>
(Preliminary)
                                                                    Quarters Ended            Percentage
                                                                       June 30,                 Inc/(Dec)
                                                             ----------------------------    -----------
(millions)                                                          2007           2006
<S>                                                           <C>            <C>              <C>
Revenues
    Discount revenue, net card fees and other                     $2,149         $2,048           5%
    Cardmember lending finance revenue                               333            285          17
                                                                 -------        -------
        Total revenues                                             2,482          2,333           6
    Interest expense:
      Cardmember lending                                             120             99          21
      Charge card and other                                          203            151          34
                                                                 -------        -------
Revenues net of interest expense                                   2,159          2,083           4
                                                                 -------        -------
Expenses
    Marketing, promotion, rewards and cardmember services            377            408          (8)
    Human resources and other operating expenses                   1,211          1,104          10
                                                                 -------        -------
         Total                                                     1,588          1,512           5
                                                                 -------        -------
Provisions for losses                                                263            282          (7)
                                                                 -------        -------
Pretax segment income                                                308            289          7
Income tax provision                                                  31             62         (50)
                                                                 -------        -------
Segment income                                                      $277           $227          22
                                                                 =======        =======
</TABLE>

  Note: Amounts herein reflect certain revisions, including the movement of
  international banking businesses to the Corporate & Other segment, as noted
  on pages 2-3 and in the Company's Form 8-K, filed with the SEC March 30,
  2007.

STATISTICAL INFORMATION
<TABLE>
<CAPTION>
                                                  Quarters Ended                            Percentage
                                                        June 30,                                Inc/(Dec)
                                             -------------------------------------     ----------------------
                                                   2007                       2006
                                                   ----                       ----
<S>                                            <C>                        <C>                       <C>
Card billed business (billions)                   $54.6                      $49.2                     11%
Total cards in force (millions)                    22.5                       22.2                      1
Basic cards in force (millions)                    17.9                       17.8                      1
Average basic cardmember spending* (dollars)     $3,052                     $2,654                      15
Segment capital (billions)                         $4.1                       $4.0                      3
Return on segment capital**                        23.6%                      21.5%

</TABLE>
   *  Proprietary cards only.

   ** Computed on a trailing 12-month basis using segment income and equity
      capital allocated to segments based upon specific business operational
      needs, risk measures and regulatory capital requirements.

- -        BILLED BUSINESS: The 11% increase in billed business reflects a 15%
         increase in average spending per proprietary basic card and a 1%
         increase in basic cards in force.

         --   Adjusting for the impacts of foreign exchange translation and
              last year's sales of our operations in Brazil, Malaysia and
              Indonesia, billed business and spending per proprietary basic
              card in force increased 10% and 8%, respectively, and all of
              AXP's major geographic regions experienced high single-digit to
              low double-digit growth.

              - International consumer and small business spending rose 7%;
                global corporate spending rose 12%.

- -        TOTAL CARDS IN FORCE: Increased by 300K, or 1%, versus last year.
         Excluding the impact of the 200K proprietary cards in Indonesia and
         Malaysia transferred to GNMS in 3Q '06, cards in force rose 2%.

P&L DISCUSSION

o    NET INCOME: Increased 22% versus last year as revenues net of interest
     expense increased 4%, expenses increased 5% and provisions for losses
     decreased 7%.

     -   2Q '07 results include $9MM of the IRS benefit and $6MM ($4MM
         after-tax) of the increased marketing and promotion spending in the
         quarter, as referenced earlier.



                                     -15-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                INTERNATIONAL CARD & GLOBAL COMMERCIAL SERVICES


   - 2Q '06 included:

     -- A $119MM ($109MM after-tax) gain related to the completion of the sale
        of our card operations in Brazil; and

     -- A $62MM ($40MM after-tax) charge associated with certain adjustments
        made to the Membership Rewards reserve model outside the U.S.

   - 2Q '07 included $6MM ($4MM after-tax) and 2Q '06 included $34MM ($22MM
     after-tax) of reengineering costs, related principally to ongoing
     restructuring activities in the corporate travel business in both
     periods and the international card business in 2Q '06.

   - PRE-TAX MARGIN:  Was 14.3% in 2Q '07 versus 14.8% in 1Q '07 and 13.9% in
     2Q '06.

   - EFFECTIVE TAX RATE: Was 10% in 2Q '07 versus 20% in 1Q '07 and 21% in
     2Q '06. The lower rate in 2Q '07 reflects the IRS benefit, referenced
     earlier, and additional benefits primarily related to the
     finalization of certain 2006 tax returns. The 2Q '06 tax rate
     reflects the relatively low effective rate on the Brazil gain, which
     was offset by higher tax expense due to uncertainty regarding the
     Company's ability to obtain tax benefits for certain expenses
     attributable to foreign subsidiaries.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: The increase of 5%
     versus 2Q '06 was driven primarily by the higher level of card spending,
     increased other revenues and greater other commissions and fees partially
     offset by decreased card-related fees due to the reclassification to this
     revenue category of certain card-related acquisition costs effective July
     1, 2006. Growth was also suppressed by the impact of the sales last year
     of card-related operations in Brazil, Malaysia and Indonesia.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 17% on 10% growth in average
     lending balances and a higher portfolio yield.

o    CARDMEMBER LENDING INTEREST EXPENSE:  Increased 21% on higher loan
     balances and an increased cost of funds.

o    CHARGE CARD AND OTHER INTEREST EXPENSE:  Increased 34% on higher volumes
     and a greater cost of funds.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     8%, reflecting the 2Q '06 $62MM charge associated with certain
     adjustments made to the non-U.S. Membership Rewards reserve and lower
     marketing and promotion costs, partially offset by greater volume-related
     rewards costs in 2Q `07.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 10%, reflecting
     last year's Brazil gain and greater human resource expenses in 2Q `07,
     which were partially offset by the impact of the reclassification to
     revenues of certain card acquisition-related costs beginning in 3Q '06,
     and the sales of card operations in Brazil, Malaysia and Indonesia.

o    PROVISIONS FOR LOSSES: Decreased 7% from a year ago as lower write-off
     and past due rates, primarily reflecting the 2Q '06 industry-wide credit
     issues in Taiwan, were partially offset by higher volumes and lending
     balances.

- - CHARGE CARD: *

- -- The loss ratio and past due rate decreased versus last year and last
quarter.

<TABLE>
<CAPTION>
                                                              6/07                  3/07                 6/06
                                                        -----------------      ----------------      ---------------
<S>                                                      <C>                   <C>                  <C>
              Total Receivables (billions)                   $18.1                 $17.1                $15.8
              Net loss ratio as a % of charge volume          0.16%                 0.20%                0.18%
              90 days past due as a % of total                 1.7%                  1.9%                 2.1%
</TABLE>
               Note: Amounts herein reflect certain revisions as noted on
           pages 2-3 and in the Company's Form 8-K, filed with the SEC March
           30, 2007.

- - CARDMEMBER LENDING:*

- --            The write-off rate decreased versus last year, but increased
              versus last quarter. The past due rate declined from last year
              and last quarter.
<TABLE>
<CAPTION>
                                                              6/07                  3/07                 6/06
                                                        -----------------      ----------------      ---------------
<S>                                                       <C>                    <C>                  <C>
              Cardmember Loans (billions)                    $10.0                  $9.3                 $8.7
              Net write-off rate                               6.0%                  5.7%                 6.4%
              30 days past due as a % of loans                 2.9%                  3.1%                 3.2%
</TABLE>

         * There are no off-balance sheet Charge Card and currently no
           off-balance sheet international lending securitizations. Therefore,
           all credit quality statistics for the Charge Card and international
           lending portfolio are on an "Owned Basis".



                                     -16-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)
<TABLE>
<CAPTION>
  (Preliminary)
                                                          Quarters Ended         Percentage
                                                             June 30,             Inc/(Dec)
                                                     ---------------------       -----------
  (millions)                                              2007     2006
<S>                                                     <C>      <C>               <C>
  Revenues
      Discount revenue, fees and other                    $887     $765              16%
      Interest expense:
        Cardmember lending                                 (31)     (24)             29
        Other                                              (48)     (50)             (4)
                                                          ----     ----
  Revenues net of interest expense                         966      839              15
  Expenses
     Marketing and promotion                               150      140               7
     Human resources and other operating expenses          389      370               5
                                                          ----     ----
       Total                                               539      510               6
                                                          ----     ----
  Provisions for losses                                      9       14             (36)
                                                          ----     ----
  Pretax segment income                                    418      315              33
  Income tax provision                                     152      115              32
                                                          ----     ----
  Segment income                                          $266     $200              33
                                                          ====     ====
</TABLE>

  Note: Amounts herein reflect certain revisions as noted on pages 2-3 and in
  the Company's Form 8-K, filed with the SEC March 30, 2007.
  # Denotes variance of more than 100%.


STATISTICAL INFORMATION
<TABLE>
<CAPTION>
                                                Quarters Ended           Percentage
                                                  June 30,                Inc/(Dec)
                                          ------------------------     --------------
                                              2007        2006
                                              ----        ----
<S>                                       <C>          <C>                <C>
  Global card billed business*(billions)    $161.1       $140.5             15%
  Segment capital (millions)                $1,071       $1,271            (16)
  Return on segment capital**                 78.0%        53.8%
  Global Network Services:***

  Card billed business (billions)            $12.3         $7.6             62
  Total cards in force (millions)             17.6         13.1             34

</TABLE>

  *  Includes activities related to proprietary cards (including cash advances),
     cards issued under network partnership agreements, and certain insurance
     fees charged on proprietary cards.
  ** Computed on a trailing 12-month basis using segment income and equity
     capital allocated to segments based upon specific business operational
     needs, risk measures and regulatory capital requirements.
 *** 2Q '07 Card billed business and total cards in force include $1.4B of
     billed business associated with the transfer of 1.3MM proprietary cards in
     Brazil as of 6/30/06 and 0.2MM proprietary cards in Malaysia and Indonesia
     during 3Q '06 from ICGCS to GNS. Excluding these transfers, billed business
     rose 41% and cards in force grew 32%.

P&L DISCUSSION

o    NET INCOME: Increased 33% on 15% growth in revenues net of interest
     expense and a 36% decrease in provisions for losses, partially offset by
     a 6% increase in total expenses.

- -    2Q '07 results include:
     -- A $27MM ($18MM after-tax) gain related to the sale of our
        merchant-related operations in Russia; and
     -- $10MM ($6MM after-tax) of the increased marketing and promotion
        spending in the quarter, referenced earlier.

- -    2Q '06 included a $25MM ($22M after-tax) gain related to the sale of
     our merchant-related operations in Brazil, partially offset by an
     adjustment in amortization relating to an overseas joint venture.

- -    2Q '07 and 2Q '06 included $1MM ($1MM after-tax) of reengineering costs
     in each period, respectively.

     - PRE-TAX MARGIN:  Was 43.3% in 2Q '07 versus 42.6% in 1Q '07 and 37.5%
       in 2Q '06.

     - EFFECTIVE TAX RATE:  Was 36% in 2Q '07 versus 37% in 1Q '07 and 2Q '06.



                                     -17-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2007 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

o    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Increased 16%, reflecting
     growth in merchant-related fees, primarily from the 15% increase in
     global card billed business, as well as higher network partner-related
     revenues. The increase also reflects the completion as of 6/30/06 of the
     independent operator agreement in Brazil and in 3Q '06 of independent
     operator agreements in Malaysia and Indonesia.

o    CARDMEMBER LENDING INTEREST EXPENSE: The expense credit increased 29% due
     to a larger volume and rate-driven interest credit related to internal
     transfer pricing which recognizes the merchant services' accounts
     payable-related funding benefit.

o    OTHER INTEREST EXPENSE: The expense credit decreased 4% as higher
     interest on capital allocations was partially offset by a larger volume
     and rate-driven interest credit related to internal transfer pricing
     which recognizes the merchant services' accounts payable-related funding
     benefit.

o    MARKETING AND PROMOTION EXPENSES: Increased 7%, reflecting an increase in
     brand, merchant and partner-related advertising costs versus last year.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES:  Increased 5% primarily due
     to greater human resources costs.

o    PROVISIONS FOR LOSSES: Decreased 36%, due to a reduction in
     merchant-related reserves, primarily related to airlines.



                                     -18-
<PAGE>
INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS
AND UNCERTAINTIES. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC,"
"INTEND," "PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY,"
AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS.
READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING
STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. 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: THE COMPANY'S ABILITY TO MEET ITS ROE TARGET RANGE OF 33 TO 36
PERCENT ON AVERAGE AND OVER TIME, WHICH WILL DEPEND IN PART ON FACTORS SUCH AS
THE COMPANY'S ABILITY TO GENERATE SUFFICIENT REVENUE GROWTH AND ACHIEVE
SUFFICIENT MARGINS, FLUCTUATIONS IN THE CAPITAL REQUIRED TO SUPPORT ITS
BUSINESSES, THE MIX OF THE COMPANY'S FINANCINGS, AND FLUCTUATIONS IN THE LEVEL
OF THE COMPANY'S SHAREHOLDERS' EQUITY DUE TO SHARE REPURCHASES, DIVIDENDS,
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME AND ACCOUNTING CHANGES,
AMONG OTHER THINGS; THE COMPANY'S ABILITY TO GROW ITS BUSINESS AND MEET OR
EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY TARGET BY REINVESTING APPROXIMATELY
35 PERCENT OF ANNUALLY-GENERATED CAPITAL, AND RETURNING APPROXIMATELY 65
PERCENT OF SUCH CAPITAL TO SHAREHOLDERS, OVER TIME, WHICH WILL DEPEND ON THE
COMPANY'S ABILITY TO MANAGE ITS CAPITAL NEEDS AND THE EFFECT OF BUSINESS MIX,
ACQUISITIONS AND RATING AGENCY REQUIREMENTS; CONSUMER AND BUSINESS SPENDING ON
THE COMPANY'S CREDIT AND CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER
PREPAID PRODUCTS AND GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON
THE ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID PRODUCTS, SERVICES AND
REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH PRODUCTS, ATTRACT NEW
CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A GREATER SHARE OF EXISTING
CARDMEMBERS' SPENDING, AND SUSTAIN PREMIUM DISCOUNT RATES ON ITS CARD PRODUCTS
IN LIGHT OF REGULATORY AND MARKET PRESSURES, INCREASE MERCHANT COVERAGE,
RETAIN CARDMEMBERS AFTER LOW INTRODUCTORY LENDING RATES HAVE EXPIRED, AND
EXPAND THE GLOBAL NETWORK SERVICES BUSINESS; THE SUCCESS OF THE GLOBAL NETWORK
SERVICES BUSINESS IN PARTNERING WITH BANKS IN THE UNITED STATES, WHICH WILL
DEPEND IN PART ON THE EXTENT TO WHICH SUCH BUSINESS FURTHER ENHANCES THE
COMPANY'S BRAND, ALLOWS THE COMPANY TO LEVERAGE ITS SIGNIFICANT PROCESSING
SCALE, EXPANDS MERCHANT COVERAGE OF THE NETWORK, PROVIDES GLOBAL NETWORK
SERVICES' BANK PARTNERS IN THE UNITED STATES THE BENEFITS OF GREATER
CARDMEMBER LOYALTY AND HIGHER SPEND PER CUSTOMER, AND MERCHANT BENEFITS SUCH
AS GREATER TRANSACTION VOLUME AND ADDITIONAL HIGHER SPENDING CUSTOMERS;
FLUCTUATIONS IN INTEREST RATES, WHICH IMPACT THE COMPANY'S BORROWING COSTS AND
RETURN ON LENDING PRODUCTS; THE CONTINUATION OF FAVORABLE TRENDS, INCLUDING
INCREASED TRAVEL AND ENTERTAINMENT SPENDING, AND THE OVERALL LEVEL OF CONSUMER
CONFIDENCE; THE COSTS AND INTEGRATION OF ACQUISITIONS; THE SUCCESS, TIMELINESS
AND FINANCIAL IMPACT (INCLUDING COSTS, COST SAVINGS AND OTHER BENEFITS
INCLUDING INCREASED REVENUES), AND BENEFICIAL EFFECT ON THE COMPANY'S
OPERATING EXPENSE TO REVENUE RATIO, BOTH IN THE SHORT-TERM AND OVER TIME, 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 (INCLUDING,
AMONG OTHERS, TECHNOLOGIES OPERATIONS), RELOCATING CERTAIN FUNCTIONS TO
LOWER-COST OVERSEAS LOCATIONS, MOVING INTERNAL AND EXTERNAL FUNCTIONS TO THE
INTERNET TO SAVE COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO CERTAIN OF
SUCH REENGINEERING ACTIONS; THE COMPANY'S ABILITY TO REINVEST THE BENEFITS
ARISING FROM SUCH REENGINEERING ACTIONS IN ITS BUSINESSES; THE ABILITY TO
CONTROL AND MANAGE OPERATING, INFRASTRUCTURE, ADVERTISING AND PROMOTION
EXPENSES AS BUSINESS EXPANDS OR CHANGES, INCLUDING THE ABILITY TO ACCURATELY
ESTIMATE THE PROVISION FOR THE COST OF THE MEMBERSHIP REWARDS PROGRAM; THE
COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS
LOANS, MERCHANT BANKRUPTCIES AND OTHER CREDIT TRENDS AND THE RATE OF
BANKRUPTCIES, WHICH CAN AFFECT SPENDING ON CARD PRODUCTS, DEBT PAYMENTS BY
INDIVIDUAL AND CORPORATE CUSTOMERS AND BUSINESSES THAT ACCEPT THE COMPANY'S
CARD PRODUCTS AND RETURNS ON THE COMPANY'S INVESTMENT PORTFOLIOS;
BANKRUPTCIES, RESTRUCTURINGS, CONSOLIDATIONS OR SIMILAR EVENTS AFFECTING THE
AIRLINE OR ANY OTHER INDUSTRY REPRESENTING A SIGNIFICANT PORTION OF THE
COMPANY'S BILLED BUSINESS, INCLUDING ANY POTENTIAL NEGATIVE EFFECT ON
PARTICULAR CARD PRODUCTS AND SERVICES AND BILLED BUSINESS GENERALLY THAT COULD
RESULT FROM THE ACTUAL OR PERCEIVED WEAKNESS OF KEY BUSINESS PARTNERS IN SUCH
INDUSTRIES; THE TRIGGERING OF OBLIGATIONS TO MAKE PAYMENTS TO CERTAIN CO-BRAND
PARTNERS, MERCHANTS, VENDORS AND CUSTOMERS UNDER CONTRACTUAL ARRANGEMENTS WITH
SUCH PARTIES UNDER CERTAIN CIRCUMSTANCES; A DOWNTURN IN THE COMPANY'S
BUSINESSES AND/OR NEGATIVE CHANGES IN THE COMPANY'S AND ITS SUBSIDIARIES'
CREDIT RATINGS, WHICH COULD RESULT IN CONTINGENT PAYMENTS UNDER CONTRACTS,
DECREASED LIQUIDITY AND HIGHER BORROWING COSTS; FLUCTUATIONS IN FOREIGN
CURRENCY EXCHANGE RATES; ACCURACY OF ESTIMATES FOR THE FAIR VALUE OF THE
ASSETS IN THE COMPANY'S INVESTMENT PORTFOLIO AND, IN PARTICULAR, THOSE
INVESTMENTS THAT ARE NOT READILY MARKETABLE, INCLUDING THE VALUATION OF THE
INTEREST-ONLY STRIP RELATING TO THE COMPANY'S LENDING SECURITIZATIONS; THE
COMPANY'S ABILITY TO INVEST IN TECHNOLOGY ADVANCES ACROSS ALL AREAS OF ITS
BUSINESS TO STAY ON THE LEADING EDGE OF TECHNOLOGIES APPLICABLE TO THE
PAYMENTS INDUSTRY; THE COMPANY'S ABILITY TO PROTECT ITS INTELLECTUAL PROPERTY
RIGHTS (IP) AND AVOID INFRINGING THE IP OF OTHER PARTIES; THE POTENTIAL
NEGATIVE EFFECT ON THE COMPANY'S BUSINESSES AND INFRASTRUCTURE, INCLUDING
INFORMATION TECHNOLOGY, OF TERRORIST ATTACKS, NATURAL DISASTERS OR OTHER
CATASTROPHIC EVENTS IN THE FUTURE; POLITICAL OR ECONOMIC INSTABILITY IN
CERTAIN REGIONS OR COUNTRIES, WHICH COULD AFFECT LENDING AND OTHER COMMERCIAL
ACTIVITIES, AMONG OTHER BUSINESSES, OR RESTRICTIONS ON CONVERTIBILITY OF
CERTAIN CURRENCIES; CHANGES IN LAWS OR GOVERNMENT REGULATIONS; OUTCOMES AND
COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY MATTERS; AND
COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES. A FURTHER
DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2006, AND
ITS OTHER REPORTS FILED WITH THE SEC.



                                     -19-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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