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<SEC-DOCUMENT>0000004962-07-000049.txt : 20071022
<SEC-HEADER>0000004962-07-000049.hdr.sgml : 20071022
<ACCEPTANCE-DATETIME>20071022162050
ACCESSION NUMBER:		0000004962-07-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20071022
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20071022
DATE AS OF CHANGE:		20071022

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:		071183358

	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>wrapearnings_oct07.txt
<DESCRIPTION>AXP EARNINGS RELEASE 3RD 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: October 22, 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 October 22, 2007, American Express Company issued a press release
announcing its financial results for the third 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 third quarter financial
results and a 2007 Third Quarter Earnings Supplement. Such additional financial
information and the 2007 Third 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 October 22, 2007, of American Express Company
          announcing its financial results for the third quarter of 2007.

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

99.3      2007 Third 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:   October 22, 2007

<PAGE>

                                  EXHIBIT INDEX


Exhibit
No.         Description
- ---------   -----------
99.1        Press Release, dated October 22, 2007, of American Express Company
            announcing its financial results for the third quarter of 2007.

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

99.3        2007 Third Quarter Earnings Supplement of American Express Company.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressreleaseex99_1.txt
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

 NEWS RELEASE      NEWS RELEASE      NEWS RELEASE      NEWS RELEASE      NEWS RE

[LOGO OF AMERICAN EXPRESS COMPANY]

CONTACTS:        Media:  Joanna Lambert                  Michael O'Neill
                         212-640-9668                    212-640-5951
                         joanna.g.lambert@aexp.com       mike.o'neill@aexp.com

    Investors/Analysts:  Alex Hopwood                    Ron Stovall
                         212-640-5495                    212-640-5574
                         alex.w.hopwood@aexp.com         ronald.stovall@aexp.com

FOR IMMEDIATE RELEASE

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                  AMERICAN EXPRESS REPORTS STRONG RESULTS
                                            ON HIGHER REVENUES AND RECORD CARDMEMBER SPENDING.
                                           2.5 MILLION CARDS-IN-FORCE ADDED IN THE QUARTER.


                                                 (Millions, except per share amounts)

                                                       Quarters Ended          Percentage         Nine Months Ended       Percentage
                                                        September 30,           Inc/(Dec)           September 30,          Inc/(Dec)
                                                        -------------           ---------           -------------          ---------
                                                      2007          2006                          2007         2006
                                                      ----          ----                          ----         ----
<S>                                         <C>            <C>               <C>        <C>           <C>               <C>
 Revenues net of interest expense              $  6,945       $ 6,265           11%        $ 20,367      $ 18,479          10%

Income From Continuing Operations              $  1,074       $   934           15%        $  3,209      $  2,716          18%
(Loss) Income From Discontinued Operations     $     (7)      $    33            #         $    (28)     $     69           #
Net Income                                     $  1,067       $   967           10%        $  3,181      $  2,785          14%

Earnings Per Common Share - Basic:
   Income From Continuing Operations           $   0.92       $  0.78           18%        $   2.72      $   2.23          22%
   (Loss) Income From Discontinued Operations  $  (0.01)      $  0.02            #         $  (0.02)     $   0.06           #
   Net Income                                  $   0.91       $  0.80           14%        $   2.70      $   2.29          18%

Earnings Per Common Share - Diluted:
   Income From Continuing Operations           $   0.90       $  0.76           18%        $   2.67      $   2.19          22%
   (Loss) Income From Discontinued Operations         -       $  0.03            #         $  (0.02)     $   0.05           #
   Net Income                                  $   0.90       $  0.79           14%        $   2.65      $   2.24          18%

Average Common Shares Outstanding
   Basic                                          1,170         1,202          (3%)           1,179         1,217         (3%)
   Diluted                                        1,192         1,227          (3%)           1,202         1,242         (3%)

Return on Average Equity*                          38.2%         33.6%                         38.2%         33.6%
- ------------------------------------------------------------------------------------------------------------------------------------
</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%.


                                      -1-
<PAGE>



     New York - October 22, 2007 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported third quarter income from continuing operations of $1.1 billion, up
15 percent from $934 million a year ago. Diluted earnings per share were
$0.90, up 18 percent from $0.76.

     As previously disclosed, the Company entered into an agreement to sell
its international banking subsidiary, American Express Bank Ltd.(AEB). Net
income, which includes AEB within discontinued operations, totaled $1.1
billion for the quarter, up 10 percent from $967 million a year ago. On a per
share basis, net income was $0.90, up 14 percent from $0.79.

     Consolidated revenues net of interest expense rose 11 percent to $6.9
billion, up from $6.3 billion a year ago.

     Consolidated expenses totaled $4.5 billion, up 9 percent from $4.2
billion a year ago.

     The Company's return on equity (ROE) was 38.2 percent.

     "Our strong earnings growth this quarter reflected a 16 percent rise in
combined spending by consumers, small businesses and corporate Cardmembers,"
said Kenneth I. Chenault, chairman and chief executive.

     "Investments that expanded our service, rewards and loyalty programs
helped to add 2.5 million cards during the quarter while also generating
excellent spending increases from existing Cardmembers.

     "While we continue to be cautious about the overall economy, our ongoing
focus on the premium sector and careful management of loan and investment
portfolios allowed us to maintain strong credit quality that compares
favorably to the industry.

     "We continued to build on the momentum of recent periods, generating
excellent revenue growth and ending the quarter in a strong competitive
position."


                                     -2-
<PAGE>


     The third quarter results included a $75 million tax benefit primarily
related to the resolution of prior years' tax items. Also included in results
was $81 million ($41 million after-tax) of previously disclosed charges
primarily related to the contracted sale of American Express International
Deposit Company (AEIDC), a wholly-owned subsidiary of the Company which issues
investment certificates to AEB's customers.

     The year-ago quarter results included a $33 million ($24 million
after-tax) gain related to the sale of the Company's card operations in
Malaysia and Indonesia.

     DISCONTINUED OPERATIONS

     Discontinued operations included a loss of $7 million primarily
reflecting the results of AEB. In the year-ago period, discontinued operations
included income of $33 million.

     SEGMENT RESULTS

     As previously announced, the Company reorganized its businesses into two
customer-focused groups - the Global Consumer Group and the Global
Business-to-Business Group. The Company will continue to report the U.S. Card
Services segment and Global Network & Merchant Services segments consistent
with previous reporting. The previously reported International Card & Global
Commercial Services segment will now be reported as two separate segments: the
International Card Services segment and the Global Commercial Services
segment. The Company's U.S. Card Services and International Card Services
segments are aligned with the Global Consumer Group and the Company's Global
Network & Merchant Services and Global Commercial Services segments are
aligned with the Global Business-to-Business Group.

     In addition, beginning with the third quarter of 2007, and for all prior
periods, AEB results have been removed from the Corporate & Other segment and
reported within the discontinued operations line on the Company's Consolidated
Statements of Income. In addition to the agreement to sell AEB to Standard
Chartered PLC, AEIDC was also contracted to be sold to Standard Chartered 18
months after the close of the AEB sale through a put/call agreement. AEIDC
will continue to be reflected in continuing operations within the Corporate &
Other segment until one year before the anticipated close of this portion of
the transaction. Based on the assumed completion of the AEB sale in the first
quarter of 2008, we expect to begin reporting AEIDC's results in the
discontinued operations line in the third quarter of 2008. The following
segment discussion, as well as the selected financial data for all periods
presented, reflect the changes noted above.


                                     -3-
<PAGE>
     U.S. CARD SERVICES reported third quarter net income of $592 million, up
6 percent from $558 million a year ago.

     Revenues net of interest expense for the third 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.

     Total expenses increased 6 percent. Marketing, promotion, rewards and
cardmember services expenses increased 7 percent from the year-ago period
primarily due to higher rewards costs partially offset by a targeted decrease
in marketing and promotion expenses. Human resources and other operating
expenses increased 5 percent.

     Strong growth in loans outstanding, along with write-off and delinquency
rates returning to levels more consistent with historical rates from the
unusually low levels of a year ago, resulted in a 44 percent increase in
provisions for losses. Results for the third quarter included $18 million of
the previously mentioned tax benefit.

     INTERNATIONAL CARD SERVICES reported third quarter net income of $140
million, up 32 percent from $106 million a year ago.

     Revenues net of interest expense increased 17 percent to $1.1 billion,
reflecting higher Cardmember spending, as well as higher loan balances.

     Total expenses increased 27 percent. Human resources and other operating
expenses increased 17 percent from a year ago when these expenses included a
gain related to the sale of the Company's card operations in Malaysia and
Indonesia. Marketing, promotion, rewards and cardmember services expenses
increased 43 percent due to an increase in rewards and higher marketing
promotion costs.

     Provisions for losses were unchanged from a year ago as growth in the
loan portfolio was offset by a lower level of write off and delinquency rates.

     Results for the third quarter included $17 million of the previously
mentioned tax benefit and certain consolidated tax benefits arising from this
segment's ongoing non-U.S. funding activities.

     GLOBAL COMMERCIAL SERVICES reported third quarter net income of $135
million, up 29 percent from $105 million a year ago. Revenues net of interest
expense increased 12 percent to $1.1 billion, reflecting higher spending by
corporate Cardmembers.

     Total expenses increased 10 percent. Human resources and other operating
expenses increased 10 percent reflecting continued growth in the business.
Marketing, promotion, rewards and cardmember services expenses increased 8
percent.

     Provisions for losses increased 24 percent from year-ago levels,
primarily reflecting higher volumes.

     Results for the third quarter included $9 million of the previously
mentioned tax benefit.


                                     -4-
<PAGE>
     GLOBAL NETWORK & MERCHANT SERVICES reported third quarter net income of
$266 million, up 25 percent from $212 million a year ago.

     Revenues net of interest expense for the third quarter increased 17
percent to $980 million. The increase reflected continued strong growth in
merchant-related revenue primarily from higher company-wide billed business.

     Spending on Global Network Services cards increased 45 percent from
year-ago levels reflecting continued growth in spending on cards issued by
bank partners. Cards-in-force issued by bank partners increased 32 percent.

     Total expenses increased 12 percent, reflecting higher human resources
costs and expanded marketing and promotion activities.

     Results for the third quarter included $22 million of the previously
mentioned tax benefit.

     CORPORATE AND OTHER reported third quarter net expenses of $59 million,
compared with net expenses of $47 million a year ago. The increase was
primarily due to the previously mentioned charges at AEIDC.

                                      ***


                                     -5-
<PAGE>
     American Express Company (www.americanexpress.com) is a leading global
payments, network and travel company founded in 1850.

     Note: The 2007 Third Quarter Earnings Supplement will be available today
on the American Express web site at HTTP://IR.AMERICANEXPRESS.COM. An investor
conference call will be held with Chief Financial Officer, Daniel T. Henry, at
5:00 p.m. (EDT) today to discuss third quarter earnings results, operating
performance and other topics that may be raised during the discussion. Live
audio of the investor 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 will be available later 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 ACTUAL AMOUNT SPENT BY THE COMPANY IN THE FOURTH
QUARTER OF 2007 ON MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED
ON MANAGEMENT'S ASSESSMENT OF COMPETITIVE OPPORTUNITIES AND OTHER FACTORS
AFFECTING ITS JUDGMENT; 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,


                                     -6-
<PAGE>
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 (INCLUDING FLUCTUATIONS IN BENCHMARKS, SUCH AS
LIBOR AND OTHER BENCHMARK RATES, USED TO PRICE LOANS AND OTHER INDEBTEDNESS,
AS WELL AS CREDIT SPREADS IN THE PRICING OF LOANS AND OTHER INDEBTEDNESS),
WHICH IMPACT THE COMPANY'S BORROWING COSTS, RETURN ON LENDING PRODUCTS AND THE
VALUE OF THE COMPANY'S INVESTMENTS; 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
UNDERLYING ASSUMPTIONS AND EXPECTATIONS RELATED TO THE SALE OF THE AMERICAN
EXPRESS BANK LTD. BUSINESSES PROVING TO BE INACCURATE OR UNREALIZED,
INCLUDING, AMONG OTHER THINGS, THE LIKELIHOOD OF AND EXPECTED TIMING FOR
COMPLETION OF THE TRANSACTION, THE PROCEEDS TO BE RECEIVED BY THE COMPANY IN
THE TRANSACTION AND THE TRANSACTION'S IMPACT ON THE COMPANY'S EARNINGS; 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; ACCOUNTING
CHANGES; 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.


                                     -7-
<PAGE>
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). Amounts have also been revised to reflect American
Express Bank Ltd. (AEB) activities as discontinued operations. 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. Segment disclosures have also been revised to
reflect the Company's organizational changes that became effective July 1,
2007 and to remove AEB from the Corporate & Other segment. See also pages 2-3
of the 2007 Third Quarter Earnings Supplement for a description of such
adjustments.

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                         CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 30,
                                                         --------------------   Percentage     --------------------   Percentage
                                                           2007        2006      Inc/(Dec)       2007        2006      Inc/(Dec)
                                                         --------    --------   ----------     --------    --------   ----------
<S>                                                      <C>         <C>               <C>     <C>         <C>                <C>
Revenues
  Discount revenue                                       $  3,659    $  3,259           12%    $ 10,684    $  9,520           12%
  Net card fees                                               522         462           13        1,506       1,515           (1)
  Travel commissions and fees                                 484         427           13        1,412       1,328            6
  Other commissions and fees                                  644         539           19        1,767       1,660            6
  Securitization income, net                                  392         384            2        1,181       1,142            3
  Other                                                       362         417          (13)       1,175       1,161            1
                                                         --------    --------                  --------    --------
    Total                                                   6,063       5,488           10       17,725      16,326            9
                                                         --------    --------                  --------    --------
  Interest income
    Cardmember lending finance revenue                      1,581       1,213           30        4,463       3,260           37
    Other (including investment certificates)                 309         291            6          969         860           13
                                                         --------    --------                  --------    --------
      Total                                                 1,890       1,504           26        5,432       4,120           32
                                                         --------    --------                  --------    --------
        Total revenues                                      7,953       6,992           14       23,157      20,446           13
                                                         --------    --------                  --------    --------
  Interest expense
    Cardmember lending                                        444         318           40        1,260         841           50
    Charge card and other                                     564         409           38        1,530       1,126           36
                                                         --------    --------                  --------    --------
      Total                                                 1,008         727           39        2,790       1,967           42
                                                         --------    --------                  --------    --------
Revenues net of interest expense                            6,945       6,265           11       20,367      18,479           10
                                                         --------    --------                  --------    --------

Expenses
  Marketing, promotion, rewards and cardmember services     1,810       1,586           14        5,098       4,772            7
  Human resources                                           1,366       1,227           11        4,001       3,679            9
  Professional services                                       539         562           (4)       1,637       1,621            1
  Occupancy and equipment                                     374         346            8        1,054       1,012            4
  Communications                                              118         104           13          342         322            6
  Other                                                       339         342           (1)         980         993           (1)
                                                         --------    --------                  --------    --------
    Total                                                   4,546       4,167            9       13,112      12,399            6
                                                         --------    --------                  --------    --------
Provisions for losses and benefits
    Charge card                                               279         257            9          721         658           10
    Cardmember lending                                        579         412           41        1,791       1,139           57
    Other (including investment certificates)                 124         118            5          306         331           (8)
                                                         --------    --------                  --------    --------
        Total                                                 982         787           25        2,818       2,128           32
                                                         --------    --------                  --------    --------
Pretax income from continuing operations                    1,417       1,311            8        4,437       3,952           12
Income tax provision                                          343         377           (9)       1,228       1,236           (1)
                                                         --------    --------                  --------    --------
Income from continuing operations                           1,074         934           15        3,209       2,716           18
(Loss) Income from discontinued operations, net of tax         (7)         33            #          (28)         69            #
                                                         --------    --------                  --------    --------
Net income                                               $  1,067    $    967           10     $  3,181    $  2,785           14
                                                         ========    ========                  ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -8-
<Page>

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                  September 30,    December 31,
                                                      2007             2006
                                                 ---------------   ---------------
<S>                                              <C>               <C>
Assets
  Cash and cash equivalents                      $             8   $             5
  Accounts receivable                                         40                39
  Investments                                                 16                18
  Loans                                                       50                43
  Other assets                                                10                 9
  Assets of discontinued operations                           17                14
                                                 ---------------   ---------------
    Total assets                                 $           141   $           128
                                                 ===============   ===============

Liabilities and Shareholders' Equity
  Short-term debt                                $            15   $            15
  Long-term debt                                              54                43
  Other liabilities                                           45                45
  Liabilities of discontinued operations                      16                14
                                                 ---------------   ---------------
    Total liabilities                                        130               117
                                                 ---------------   ---------------

  Shareholders' equity                                        11                11
                                                 ---------------   ---------------
    Total liabilities and shareholders' equity   $           141   $           128
                                                 ===============   ===============
</Table>

                                      -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 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                                     $  3,589    $  3,203            12%   $ 10,513    $  9,271            13%
  International Card Services                               1,114         952            17       3,142       2,939             7
  Global Commercial Services                                1,064         949            12       3,141       2,918             8
  Global Network & Merchant Services                          980         841            17       2,823       2,428            16
                                                         --------    --------                  --------    --------
                                                            6,747       5,945            13      19,619      17,556            12
  Corporate & Other, including adjustments and
    eliminations                                              198         320           (38)        748         923           (19)
                                                         --------    --------                  --------    --------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE            $  6,945    $  6,265            11    $ 20,367    $ 18,479            10
                                                         ========    ========                  ========    ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                     $    912    $    839             9    $  2,770    $  2,600             7
  International Card Services                                 110         121            (9)        298         236            26
  Global Commercial Services                                  187         157            19         600         549             9
  Global Network & Merchant Services                          389         314            24       1,181         891            33
                                                         --------    --------                  --------    --------
                                                            1,598       1,431            12       4,849       4,276            13
  Corporate & Other                                          (181)       (120)           51        (412)       (324)           27
                                                         --------    --------                  --------    --------

PRETAX INCOME FROM CONTINUING OPERATIONS                 $  1,417    $  1,311             8    $  4,437    $  3,952            12
                                                         ========    ========                  ========    ========

NET INCOME (LOSS)
  U.S. Card Services                                     $    592    $    558             6    $  1,816    $  1,679             8
  International Card Services                                 140         106            32         359         244            47
  Global Commercial Services                                  135         105            29         426         360            18
  Global Network & Merchant Services                          266         212            25         768         578            33
                                                         --------    --------                  --------    --------
                                                            1,133         981            15       3,369       2,861            18
  Corporate & Other                                           (59)        (47)           26        (160)       (145)           10
                                                         --------    --------                  --------    --------
  Income from continuing operations                         1,074         934            15       3,209       2,716            18
  (Loss) Income from discontinued operations, net
    of tax                                                     (7)         33             #         (28)         69             #
                                                         --------    --------                  --------    --------

NET INCOME                                               $  1,067    $    967            10    $  3,181    $  2,785            14
                                                         ========    ========                  ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 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                      $   0.92    $   0.78           18%    $   2.72    $   2.23           22%
  (Loss) Income from discontinued operations                (0.01)       0.02            #     $  (0.02)       0.06            #
                                                         --------    --------                  --------    --------
  Net income                                             $   0.91    $   0.80           14%    $   2.70    $   2.29           18%
                                                         ========    ========                  ========    ========

  Average common shares outstanding (millions)              1,170       1,202           (3)%      1,179       1,217           (3)%
                                                         ========    ========                  ========    ========
DILUTED
  Income from continuing operations                      $   0.90    $   0.76           18%    $   2.67    $   2.19           22%
  (Loss) Income from discontinued operations                    -        0.03            #        (0.02)       0.05            #
                                                         --------    --------                  --------    --------
  Net income                                             $   0.90    $   0.79           14%    $   2.65    $   2.24           18%
                                                         ========    ========                  ========    ========

  Average common shares outstanding (millions)              1,192       1,227           (3)%      1,202       1,242           (3)%
                                                         ========    ========                  ========    ========

Cash dividends declared per common share                 $   0.15    $   0.15            -%    $   0.45    $   0.42            7%
                                                         ========    ========                  ========    ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 30,
                                                         --------------------   Percentage     --------------------   Percentage
                                                           2007        2006      Inc/(Dec)       2007        2006     Inc/(Dec)
                                                         --------    --------   ----------     --------    --------   ----------
<S>                                                      <C>         <C>                <C>    <C>         <C>                <C>
Return on average equity (A)                                 38.2%       33.6%                     38.2%       33.6%
Common shares outstanding (millions)                        1,169       1,204           (3)%      1,169       1,204           (3)%
Book value per common share                              $   9.32    $   8.93            4%    $   9.32    $   8.93            4%
Shareholders' equity (billions)                          $   10.9    $   10.8            1%    $   10.9    $   10.8            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.

                                     -11-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>financialex99_2.txt
<DESCRIPTION>EXHIBIT 99.2 ??? FINANCIAL EXHIBITS
<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). Amounts have also been revised to reflect American
Express Bank Ltd. (AEB) activities as discontinued operations. 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. Segment disclosures have also been revised to
reflect the Company's organizational changes that became effective July 1,
2007 and to remove AEB from the Corporate & Other segment. See also pages 2-3
of the 2007 Third Quarter Earnings Supplement for a description of such
adjustments.

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                         CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 30,
                                                         --------------------   Percentage     --------------------   Percentage
                                                           2007        2006      Inc/(Dec)       2007        2006      Inc/(Dec)
                                                         --------    --------   ----------     --------    --------   ----------
<S>                                                      <C>         <C>               <C>     <C>         <C>                <C>
Revenues
  Discount revenue                                       $  3,659    $  3,259           12%    $ 10,684    $  9,520           12%
  Net card fees                                               522         462           13        1,506       1,515           (1)
  Travel commissions and fees                                 484         427           13        1,412       1,328            6
  Other commissions and fees                                  644         539           19        1,767       1,660            6
  Securitization income, net                                  392         384            2        1,181       1,142            3
  Other                                                       362         417          (13)       1,175       1,161            1
                                                         --------    --------                  --------    --------
    Total                                                   6,063       5,488           10       17,725      16,326            9
                                                         --------    --------                  --------    --------
  Interest income
    Cardmember lending finance revenue                      1,581       1,213           30        4,463       3,260           37
    Other (including investment certificates)                 309         291            6          969         860           13
                                                         --------    --------                  --------    --------
      Total                                                 1,890       1,504           26        5,432       4,120           32
                                                         --------    --------                  --------    --------
        Total revenues                                      7,953       6,992           14       23,157      20,446           13
                                                         --------    --------                  --------    --------
  Interest expense
    Cardmember lending                                        444         318           40        1,260         841           50
    Charge card and other                                     564         409           38        1,530       1,126           36
                                                         --------    --------                  --------    --------
      Total                                                 1,008         727           39        2,790       1,967           42
                                                         --------    --------                  --------    --------
Revenues net of interest expense                            6,945       6,265           11       20,367      18,479           10
                                                         --------    --------                  --------    --------

Expenses
  Marketing, promotion, rewards and cardmember services     1,810       1,586           14        5,098       4,772            7
  Human resources                                           1,366       1,227           11        4,001       3,679            9
  Professional services                                       539         562           (4)       1,637       1,621            1
  Occupancy and equipment                                     374         346            8        1,054       1,012            4
  Communications                                              118         104           13          342         322            6
  Other                                                       339         342           (1)         980         993           (1)
                                                         --------    --------                  --------    --------
    Total                                                   4,546       4,167            9       13,112      12,399            6
                                                         --------    --------                  --------    --------
Provisions for losses and benefits
    Charge card                                               279         257            9          721         658           10
    Cardmember lending                                        579         412           41        1,791       1,139           57
    Other (including investment certificates)                 124         118            5          306         331           (8)
                                                         --------    --------                  --------    --------
        Total                                                 982         787           25        2,818       2,128           32
                                                         --------    --------                  --------    --------
Pretax income from continuing operations                    1,417       1,311            8        4,437       3,952           12
Income tax provision                                          343         377           (9)       1,228       1,236           (1)
                                                         --------    --------                  --------    --------
Income from continuing operations                           1,074         934           15        3,209       2,716           18
(Loss) Income from discontinued operations, net of tax         (7)         33            #          (28)         69            #
                                                         --------    --------                  --------    --------
Net income                                               $  1,067    $    967           10     $  3,181    $  2,785           14
                                                         ========    ========                  ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -1-
<Page>

(Preliminary)

                             AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                  September 30,    December 31,
                                                      2007             2006
                                                 ---------------   ---------------
<S>                                              <C>               <C>
Assets
  Cash and cash equivalents                      $             8   $             5
  Accounts receivable                                         40                39
  Investments                                                 16                18
  Loans                                                       50                43
  Other assets                                                10                 9
  Assets of discontinued operations                           17                14
                                                 ---------------   ---------------
    Total assets                                 $           141   $           128
                                                 ===============   ===============

Liabilities and Shareholders' Equity
  Short-term debt                                $            15   $            15
  Long-term debt                                              54                43
  Other liabilities                                           45                45
  Liabilities of discontinued operations                      16                14
                                                 ---------------   ---------------
    Total liabilities                                        130               117
                                                 ---------------   ---------------

  Shareholders' equity                                        11                11
                                                 ---------------   ---------------
    Total liabilities and shareholders' equity   $           141   $           128
                                                 ===============   ===============
</Table>

                                      -2-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 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                                     $  3,589    $  3,203            12%   $ 10,513    $  9,271            13%
  International Card Services                               1,114         952            17       3,142       2,939             7
  Global Commercial Services                                1,064         949            12       3,141       2,918             8
  Global Network & Merchant Services                          980         841            17       2,823       2,428            16
                                                         --------    --------                  --------    --------
                                                            6,747       5,945            13      19,619      17,556            12
  Corporate & Other, including adjustments and
    eliminations                                              198         320           (38)        748         923           (19)
                                                         --------    --------                  --------    --------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE            $  6,945    $  6,265            11    $ 20,367    $ 18,479            10
                                                         ========    ========                  ========    ========

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                     $    912    $    839             9    $  2,770    $  2,600             7
  International Card Services                                 110         121            (9)        298         236            26
  Global Commercial Services                                  187         157            19         600         549             9
  Global Network & Merchant Services                          389         314            24       1,181         891            33
                                                         --------    --------                  --------    --------
                                                            1,598       1,431            12       4,849       4,276            13
  Corporate & Other                                          (181)       (120)           51        (412)       (324)           27
                                                         --------    --------                  --------    --------

PRETAX INCOME FROM CONTINUING OPERATIONS                 $  1,417    $  1,311             8    $  4,437    $  3,952            12
                                                         ========    ========                  ========    ========

NET INCOME (LOSS)
  U.S. Card Services                                     $    592    $    558             6    $  1,816    $  1,679             8
  International Card Services                                 140         106            32         359         244            47
  Global Commercial Services                                  135         105            29         426         360            18
  Global Network & Merchant Services                          266         212            25         768         578            33
                                                         --------    --------                  --------    --------
                                                            1,133         981            15       3,369       2,861            18
  Corporate & Other                                           (59)        (47)           26        (160)       (145)           10
                                                         --------    --------                  --------    --------
  Income from continuing operations                         1,074         934            15       3,209       2,716            18
  (Loss) Income from discontinued operations, net
    of tax                                                     (7)         33             #         (28)         69             #
                                                         --------    --------                  --------    --------

NET INCOME                                               $  1,067    $    967            10    $  3,181    $  2,785            14
                                                         ========    ========                  ========    ========
</Table>

# - Denotes a variance of more than 100%.

                                      -3-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 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                      $   0.92    $   0.78           18%    $   2.72    $   2.23           22%
  (Loss) Income from discontinued operations                (0.01)       0.02            #     $  (0.02)       0.06            #
                                                         --------    --------                  --------    --------
  Net income                                             $   0.91    $   0.80           14%    $   2.70    $   2.29           18%
                                                         ========    ========                  ========    ========

  Average common shares outstanding (millions)              1,170       1,202           (3)%      1,179       1,217           (3)%
                                                         ========    ========                  ========    ========
DILUTED
  Income from continuing operations                      $   0.90    $   0.76           18%    $   2.67    $   2.19           22%
  (Loss) Income from discontinued operations                    -        0.03            #        (0.02)       0.05            #
                                                         --------    --------                  --------    --------
  Net income                                             $   0.90    $   0.79           14%    $   2.65    $   2.24           18%
                                                         ========    ========                  ========    ========

  Average common shares outstanding (millions)              1,192       1,227           (3)%      1,202       1,242           (3)%
                                                         ========    ========                  ========    ========

Cash dividends declared per common share                 $   0.15    $   0.15            -%    $   0.45    $   0.42            7%
                                                         ========    ========                  ========    ========
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                            Quarters Ended                      Nine Months Ended
                                                             September 30,                        September 30,
                                                         --------------------   Percentage     --------------------   Percentage
                                                           2007        2006      Inc/(Dec)       2007        2006     Inc/(Dec)
                                                         --------    --------   ----------     --------    --------   ----------
<S>                                                      <C>         <C>                <C>    <C>         <C>                <C>
Return on average equity (A)                                 38.2%       33.6%                     38.2%       33.6%
Common shares outstanding (millions)                        1,169       1,204           (3)%      1,169       1,204           (3)%
Book value per common share                              $   9.32    $   8.93            4%    $   9.32    $   8.93            4%
Shareholders' equity (billions)                          $   10.9    $   10.8            1%    $   10.9    $   10.8            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
                                                       September 30,
                                                  ----------------------    Percentage
                                                    2007         2006       Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                               <C>          <C>                  <C>
Card billed business (A):
  United States                                   $   115.2    $   101.7            13%
  Outside the United States                            47.3         38.6            23
                                                  ---------    ---------
    Total                                         $   162.5    $   140.3            16
                                                  =========    =========
Total cards-in-force (millions) (B):
  United States                                        51.7         46.8            10%
  Outside the United States                            33.0         29.7            11
                                                  ---------    ---------
    Total                                              84.7         76.5            11
                                                  =========    =========
Basic cards-in-force (millions) (B):
  United States                                        40.1         36.0            11%
  Outside the United States                            28.3         25.2            12
                                                  ---------    ---------
    Total                                              68.4         61.2            12
                                                  =========    =========
Average discount rate (C)                              2.57%        2.57%
Average basic cardmember spending (dollars) (D)   $   3,006    $   2,782             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
                                                       September 30,
                                                  ----------------------    Percentage
                                                    2007         2006       Inc/(Dec)
                                                  ---------    ---------    ----------
<S>                                               <C>          <C>                 <C>
Worldwide cardmember receivables:
  Total receivables                               $    38.5    $    35.0            10%
  90 days past due as a % of total                      2.8%         2.8%
  Loss reserves (millions):                       $     998    $     947             5%
    % of receivables                                    2.6%         2.7%
    % of 90 days past due                                91%          97%
  Net loss ratio as a % of charge volume               0.26%        0.26%

Worldwide cardmember lending - owned basis (A):
  Total loans                                     $    50.5    $    38.3            32%
  30 days past due loans as a % of total                3.0%         2.8%
  Loss reserves (millions):
    Beginning balance                             $   1,417    $   1,086            30%
      Provision                                         543          381            43
      Net write offs                                   (499)        (353)           41
      Other                                               8           12           (33)
                                                  ---------    ---------
    Ending balance                                $   1,469    $   1,126            30
                                                  =========    =========
    % of loans                                          2.9%         2.9%
    % of past due                                        97%         106%
  Average loans                                   $    48.8    $    37.5            30%
  Net write-off rate                                    4.1%         3.8%
  Net finance revenue(B)/average loans                  9.3%         9.5%

Worldwide cardmember lending - managed basis (C):
  Total loans                                     $    72.0    $    58.5            23%
  30 days past due loans as a % of total                2.8%         2.7%
  Loss reserves (millions):
    Beginning balance                             $   1,917    $   1,546            24%
      Provision                                         762          512            49
      Net write offs                                   (696)        (498)           40
      Other                                               8           11           (27)
                                                  ---------    ---------
    Ending balance                                $   1,991    $   1,571            27
                                                  =========    =========
    % of loans                                          2.8%         2.7%
    % of past due                                        97%         101%
  Average loans                                   $    70.1    $    57.6            22%
  Net write-off rate                                    4.0%         3.5%
  Net finance revenue(B)/average loans                  9.4%         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 20 for further discussion of
the managed basis presentation.

                                      -6-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                         -------------------------------------------------------------------------
                                                         September 30,     June 30,     March 31,     December 31,    September 30,
                                                              2007           2007         2007           2006            2006
                                                         -------------    ----------   ----------    -------------   -------------
<S>                                                      <C>              <C>          <C>           <C>             <C>
Revenues
  Discount revenue                                       $       3,659    $    3,670   $    3,355    $       3,458   $       3,259
  Net card fees                                                    522           500          484              479             462
  Travel commissions and fees                                      484           491          437              450             427
  Other commissions and fees                                       644           587          536              573             539
  Securitization income, net                                       392           332          457              347             384
  Other                                                            362           426          387              528             417
                                                         -------------    ----------   ----------    -------------   -------------
    Total                                                        6,063         6,006        5,656            5,835           5,488
                                                         -------------    ----------   ----------    -------------   -------------
  Interest income
    Cardmember lending finance revenue                           1,581         1,514        1,368            1,326           1,213
    Other (including investment certificates)                      309           357          303              287             291
                                                         -------------    ----------   ----------    -------------   -------------
      Total                                                      1,890         1,871        1,671            1,613           1,504
                                                         -------------    ----------   ----------    -------------   -------------
        Total revenues                                           7,953         7,877        7,327            7,448           6,992
                                                         -------------    ----------   ----------    -------------   -------------
  Interest expense
    Cardmember lending                                             444           431          385              351             318
    Charge card and other                                          564           508          458              422             409
                                                         -------------    ----------   ----------    -------------   -------------
      Total                                                      1,008           939          843              773             727
                                                         -------------    ----------   ----------    -------------   -------------
Revenues net of interest expense                                 6,945         6,938        6,484            6,675           6,265
                                                         -------------    ----------   ----------    -------------   -------------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                                     1,810         1,826        1,462            1,732           1,586
  Human resources                                                1,366         1,334        1,301            1,361           1,227
  Professional services                                            539           580          518              648             562
  Occupancy and equipment                                          374           352          328              372             346
  Communications                                                   118           112          112              112             104
  Other                                                            339           348          293              365             342
                                                         -------------    ----------   ----------    -------------   -------------
    Total                                                        4,546         4,552        4,014            4,590           4,167
                                                         -------------    ----------   ----------    -------------   -------------
Provisions for losses and benefits
    Charge card                                                    279           233          209              277             257
    Cardmember lending                                             579           638          574              484             412
    Other (including investment certificates)                      124           106           76              137             118
                                                         -------------    ----------   ----------    -------------   -------------
      Total                                                        982           977          859              898             787
                                                         -------------    ----------   ----------    -------------   -------------
Pretax income from continuing operations                         1,417         1,409        1,611            1,187           1,311
Income tax provision                                               343           369          516              292             377
                                                         -------------    ----------   ----------    -------------   -------------
Income from continuing operations                                1,074         1,040        1,095              895             934
(Loss) Income from discontinued operations, net of tax              (7)           17          (38)              27              33
                                                         -------------    ----------   ----------    -------------   -------------
Net income                                               $       1,067    $    1,057   $    1,057    $         922   $         967
                                                         =============    ==========   ==========    =============   =============
</Table>

                                      -7-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                         -------------------------------------------------------------------------
                                                         September 30,     June 30,     March 31,     December 31,    September 30,
                                                              2007           2007         2007           2006            2006
                                                         -------------    ----------   ----------    -------------   -------------
<S>                                                      <C>              <C>          <C>           <C>             <C>
REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                     $       3,589    $    3,560   $    3,364    $       3,349   $       3,203
  International Card Services                                    1,114         1,049          979            1,026             952
  Global Commercial Services                                     1,064         1,083          994              982             949
  Global Network & Merchant Services                               980           966          877              916             841
                                                         -------------    ----------   ----------    -------------   -------------
                                                                 6,747         6,658        6,214            6,273           5,945
  Corporate & Other, including adjustments and
    eliminations                                                   198           280          270              402             320
                                                         -------------    ----------   ----------    -------------   -------------

CONSOLIDATED REVENUES NET OF INTEREST EXPENSE            $       6,945    $    6,938   $    6,484    $       6,675   $       6,265
                                                         =============    ==========   ==========    =============   =============
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                     $         912    $      827   $    1,031    $         723   $         839
  International Card Services                                      110            92           96               76             121
  Global Commercial Services                                       187           218          195              167             157
  Global Network & Merchant Services                               389           418          374              297             314
                                                         -------------    ----------   ----------    -------------   -------------
                                                                 1,598         1,555        1,696            1,263           1,431

  Corporate & Other                                               (181)         (146)         (85)             (76)           (120)
                                                         -------------    ----------   ----------    -------------   -------------

PRETAX INCOME FROM CONTINUING OPERATIONS                 $       1,417    $    1,409   $    1,611    $       1,187   $       1,311
                                                         =============    ==========   ==========    =============   =============
NET INCOME (LOSS)
  U.S. Card Services                                     $         592    $      580   $      644    $         473   $         558
  International Card Services                                      140           117          102               99             106
  Global Commercial Services                                       135           162          129              117             105
  Global Network & Merchant Services                               266           266          236              201             212
                                                         -------------    ----------   ----------    -------------   -------------
                                                                 1,133         1,125        1,111              890             981

  Corporate & Other                                                (59)          (85)         (16)               5             (47)
                                                         -------------    ----------   ----------    -------------   -------------
  Income from continuing operations                              1,074         1,040        1,095              895             934
  (Loss) Income from discontinued operations, net
    of tax                                                          (7)           17          (38)              27              33
                                                         -------------    ----------   ----------    -------------   -------------

NET INCOME                                               $       1,067    $    1,057   $    1,057    $         922   $         967
                                                         =============    ==========   ==========    =============   =============
</Table>

                                      -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                         -------------------------------------------------------------------------
                                                         September 30,     June 30,     March 31,     December 31,    September 30,
                                                              2007           2007         2007           2006            2006
                                                         -------------    ----------   ----------    -------------   -------------
<S>                                                      <C>              <C>          <C>           <C>             <C>
EARNINGS PER COMMON SHARE
BASIC
  Income from continuing operations                      $        0.92    $     0.88   $     0.92    $        0.75   $        0.78
  (Loss) Income from discontinued operations                     (0.01)         0.02        (0.03)            0.02            0.02
                                                         -------------    ----------   ----------    -------------   -------------
  Net income                                             $        0.91    $     0.90   $     0.89    $        0.77   $        0.80
                                                         =============    ==========   ==========    =============   =============

  Average common shares outstanding (millions)                   1,170         1,179        1,187            1,196           1,202
                                                         =============    ==========   ==========    =============   =============
DILUTED
  Income from continuing operations                      $        0.90    $     0.86   $     0.90    $        0.73   $        0.76
  (Loss) Income from discontinued operations                         -          0.02        (0.03)            0.02            0.03
                                                         -------------    ----------   ----------    -------------   -------------
  Net income                                             $        0.90    $     0.88   $     0.87    $        0.75   $        0.79
                                                         =============    ==========   ==========    =============   =============

  Average common shares outstanding (millions)                   1,192         1,203        1,210            1,224           1,227
                                                         =============    ==========   ==========    =============   =============

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

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                      Quarters Ended
                                                         -------------------------------------------------------------------------
                                                         September 30,     June 30,     March 31,     December 31,    September 30,
                                                              2007           2007         2007           2006            2006
                                                         -------------    ----------   ----------    -------------   -------------
<S>                                                      <C>              <C>          <C>           <C>             <C>
Return on average equity (A)                                      38.2%         37.5%        36.6%            34.7%           33.6%
Common shares outstanding (millions)                             1,169         1,182        1,188            1,199           1,204
Book value per common share                              $        9.32    $     9.00   $     8.83    $        8.76   $        8.93
Shareholders' equity (billions)                          $        10.9    $     10.6   $     10.5    $        10.5   $        10.8
</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
                                                         -------------------------------------------------------------------------
                                                         September 30,     June 30,     March 31,     December 31,    September 30,
                                                              2007           2007         2007           2006            2006
                                                         -------------    ----------   ----------    -------------   -------------
<S>                                                      <C>              <C>          <C>           <C>             <C>
Card billed business (A):
  United States                                          $       115.2    $    115.7   $    105.4    $       109.7   $       101.7
  Outside the United States                                       47.3          45.4         40.8             43.8            38.6
                                                         -------------    ----------   ----------    -------------   -------------
    Total                                                $       162.5    $    161.1   $    146.2    $       153.5   $       140.3
                                                         =============    ==========   ==========    =============   =============
Total cards-in-force (millions) (B):
  United States                                                   51.7          50.5         49.3             48.1            46.8
  Outside the United States                                       33.0          31.7         30.6             29.9            29.7
                                                         -------------    ----------   ----------    -------------   -------------
    Total                                                         84.7          82.2         79.9             78.0            76.5
                                                         =============    ==========   ==========    =============   =============
Basic cards-in-force (millions) (B):
  United States                                                   40.1          39.2         38.1             37.1            36.0
  Outside the United States                                       28.3          27.0         26.0             25.4            25.2
                                                         -------------    ----------   ----------    -------------   -------------
    Total                                                         68.4          66.2         64.1             62.5            61.2
                                                         =============    ==========   ==========    =============   =============

Average discount rate (C)                                         2.57%         2.57%        2.58%            2.55%           2.57%
Average basic cardmember spending (dollars) (D)          $       3,006    $    3,049   $    2,817    $       2,985   $       2,782
Average fee per card (dollars) (D)                       $          36    $       36   $       35    $          35   $          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
                                                        ------------------------------------------------------------------------
                                                        September 30,    June 30,     March 31,    December 31,    September 30,
                                                            2007           2007         2007           2006            2006
                                                        -------------    ---------    ---------    ------------    -------------
<S>                                                     <C>              <C>          <C>          <C>             <C>
Worldwide cardmember receivables:
  Total receivables                                     $        38.5    $    38.4    $    36.5    $       37.4    $        35.0
  90 days past due as a % of total                                2.8%         2.7%         2.9%            2.8%             2.8%
  Loss reserves (millions):                             $         998    $     981    $     979    $        981    $         947
    % of receivables                                              2.6%         2.6%         2.7%            2.6%             2.7%
    % of 90 days past due                                          91%          95%          93%             95%              97%
  Net loss ratio as a % of charge volume                         0.26%        0.24%        0.23%           0.26%            0.26%

Worldwide cardmember lending - owned basis (A):
  Total loans                                           $        50.5    $    48.3    $    42.3    $       43.3    $        38.3
  30 days past due loans as a % of total                          3.0%         2.8%         3.0%            2.7%             2.8%
  Loss reserves (millions):
    Beginning balance                                   $       1,417    $   1,271    $   1,171    $      1,126    $       1,086
      Provision                                                   543          606          542             451              381
      Net write offs                                             (499)        (473)        (439)           (405)            (353)
      Other                                                         8           13           (3)             (1)              12
                                                        -------------    ---------    ---------    ------------    -------------
    Ending balance                                      $       1,469    $   1,417    $   1,271    $      1,171    $       1,126
                                                        =============    =========    =========    ============    =============
    % of loans                                                    2.9%         2.9%         3.0%            2.7%             2.9%
    % of past due                                                  97%         106%         100%             98%             106%
  Average loans                                         $        48.8    $    45.6    $    42.4    $       40.2    $        37.5
  Net write-off rate                                              4.1%         4.1%         4.1%            4.0%             3.8%
  Net finance revenue(B)/average loans                            9.3%         9.5%         9.4%            9.6%             9.5%

Worldwide cardmember lending - managed basis (C):
  Total loans                                           $        72.0    $    68.6    $    63.2    $       63.5    $        58.5
  30 days past due loans as a % of total                          2.8%         2.6%         2.8%            2.6%             2.7%
  Loss reserves (millions):
    Beginning balance                                   $       1,917    $   1,787    $   1,622    $      1,571    $       1,546
      Provision                                                   762          780          797             608              512
      Net write offs                                             (696)        (662)        (628)           (557)            (498)
      Other                                                         8           12           (4)              -               11
                                                        -------------    ---------    ---------    ------------    -------------
    Ending balance                                      $       1,991    $   1,917    $   1,787    $      1,622    $       1,571
                                                        =============    =========    =========    ============    =============
    % of loans                                                    2.8%         2.8%         2.8%            2.6%             2.7%
    % of past due                                                  97%         106%         100%             97%             101%
  Average loans                                         $        70.1    $    65.9    $    62.8    $       60.4    $        57.6
  Net write-off rate                                              4.0%         4.0%         4.0%            3.7%             3.5%
  Net finance revenue(B)/average loans                            9.4%         9.3%         9.5%            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 20 for further discussion of
the managed basis presentation.

                                     -11-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                Quarters Ended
                                                                 September 30,
                                                              ------------------  Percentage
                                                                2007      2006     Inc/(Dec)
                                                              --------  --------  ----------
<S>                                                           <C>       <C>               <C>
Revenues
  Discount revenue, net card fees and other                   $  2,632  $  2,358          12%
  Cardmember lending finance revenue                             1,224       928          32
  Securitization income, net                                       392       384           2
                                                              --------  --------
      Total revenues                                             4,248     3,670          16
                                                              --------  --------
  Interest expense
    Cardmember lending                                             402       260          55
    Charge card and other                                          257       207          24
                                                              --------  --------
Revenues net of interest expense                                 3,589     3,203          12
                                                              --------  --------
Expenses
  Marketing, promotion, rewards and cardmember services          1,191     1,117           7
  Human resources and other operating expenses                     848       805           5
                                                              --------  --------
      Total                                                      2,039     1,922           6
                                                              --------  --------
Provisions for losses                                              638       442          44
                                                              --------  --------
Pretax segment income                                              912       839           9
Income tax provision                                               320       281          14
                                                              --------  --------
Segment income                                                $    592  $    558           6
                                                              ========  ========
</Table>

                                     -12-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                Quarters Ended
                                                                 September 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)                            $  2,632   $  2,358           12%
    Securitization adjustments                                      67         51           31
                                                              --------   --------
    Managed discount revenue, net card fees and other         $  2,699   $  2,409           12
                                                              --------   --------

  Cardmember lending finance revenue:
    Reported for the period (GAAP)                            $  1,224   $    928           32
    Securitization adjustments                                     821        749           10
                                                              --------   --------
    Managed finance revenue                                   $  2,045   $  1,677           22
                                                              --------   --------

  Securitization income, net:
    Reported for the period (GAAP)                            $    392   $    384            2
    Securitization adjustments                                    (392)      (384)           2
                                                              --------   --------
    Managed securitization income, net                        $      -    $     -            -
                                                              --------   --------

  Cardmember lending interest expense:
    Reported for the period (GAAP)                            $    402   $    260           55
    Securitization adjustments                                     302        274           10
                                                              --------   --------
    Managed cardmember lending interest expense               $    704   $    534           32
                                                              --------   --------

  Provisions for losses:
    Reported for the period (GAAP)                            $    638   $    442           44
    Securitization adjustments                                     226        144           57
                                                              --------   --------
    Managed provisions for losses                             $    864   $    586           47
                                                              --------   --------
</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
                                                  September 30,
                                               ---------------------   Percentage
                                                 2007        2006       Inc/(Dec)
                                               ---------   ---------   ----------
<S>                                            <C>         <C>                 <C>
Card billed business                           $    94.2   $    83.4           13%
Total cards-in-force (millions)                     42.9        39.9            8%
Basic cards-in-force (millions)                     31.8        29.5            8%
Average basic cardmember spending (dollars)    $   2,986   $   2,852            5%

U.S. Consumer Travel:
    Travel sales (millions)                    $     743   $     577           29%
    Travel commissions and fees/sales                8.5%        8.5%

Total segment assets                           $    79.0   $    66.6           19%
Segment capital                                $     4.5   $     4.5            -%
Return on segment capital (A)                       50.5%       46.6%

Cardmember receivables:
  Total receivables                            $    19.4   $    18.2            7%
  90 days past due as a % of total                   3.9%        3.5%
  Net loss ratio as a % of charge volume            0.34%       0.33%

Cardmember lending - owned basis (B):
  Total loans                                  $    40.0   $    29.3           37%
  30 days past due loans as a % of total             3.1%        2.7%
  Average loans                                $    38.6   $    28.6           35%
  Net write-off rate                                 3.7%        3.1%
  Net finance revenue(C)/average loans               8.5%        9.2%

Cardmember lending - managed basis (D):
  Total loans                                  $    61.5   $    49.5           24%
  30 days past due loans as a % of total             2.9%        2.6%
  Average loans                                $    60.0   $    48.7           23%
  Net write-off rate                                 3.7%        3.0%
  Net finance revenue(C)/average loans               8.9%        9.3%
</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 20 for further discussion of
the managed basis presentation.

                                     -14-
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ----------------------------------------------------------------
                                                           September 30,  June 30,   March 31,  December 31,  September 30,
                                                                2007        2007       2007         2006          2006
                                                           -------------  ---------  ---------  ------------  -------------
<S>                                                        <C>            <C>        <C>        <C>           <C>
Revenues
  Discount revenue, net card fees and other                $       2,632  $   2,642  $   2,414  $      2,481  $       2,358
  Cardmember lending finance revenue                               1,224      1,179      1,055         1,018            928
  Securitization income, net                                         392        332        457           347            384
                                                           -------------  ---------  ---------  ------------  -------------
      Total revenues                                               4,248      4,153      3,926         3,846          3,670
                                                           -------------  ---------  ---------  ------------  -------------
  Interest expense
    Cardmember lending                                               402        363        313           288            260
    Charge card and other                                            257        230        249           209            207
                                                           -------------  ---------  ---------  ------------  -------------
Revenues net of interest expense                                   3,589      3,560      3,364         3,349          3,203
                                                           -------------  ---------  ---------  ------------  -------------
Expenses
  Marketing, promotion, rewards and cardmember services            1,191      1,266        944         1,220          1,117
  Human resources and other operating expenses                       848        827        808           876            805
                                                           -------------  ---------  ---------  ------------  -------------
      Total                                                        2,039      2,093      1,752         2,096          1,922
                                                           -------------  ---------  ---------  ------------  -------------
Provisions for losses                                                638        640        581           530            442
                                                           -------------  ---------  ---------  ------------  -------------
Pretax segment income                                                912        827      1,031           723            839
Income tax provision                                                 320        247        387           250            281
                                                           -------------  ---------  ---------  ------------  -------------
Segment income                                             $         592  $     580  $     644  $        473  $         558
                                                           =============  =========  =========  ============  =============
</Table>

                                     -15-
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                                2007         2007        2007          2006            2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
    Reported for the period (GAAP)                         $       2,632   $   2,642   $   2,414   $      2,481   $       2,358
    Securitization adjustments                                        67          80          87             56              51
                                                           -------------   ---------   ---------   ------------   -------------
    Managed discount revenue, net card fees and other      $       2,699   $   2,722   $   2,501   $      2,537   $       2,409
                                                           -------------   ---------   ---------   ------------   -------------

  Cardmember lending finance revenue:
    Reported for the period (GAAP)                         $       1,224   $   1,179   $   1,055   $      1,018   $         928
    Securitization adjustments                                       821         724         757            729             749
                                                           -------------   ---------   ---------   ------------   -------------
    Managed finance revenue                                $       2,045   $   1,903   $   1,812   $      1,747   $       1,677
                                                           -------------   ---------   ---------   ------------   -------------

  Securitization income, net:
    Reported for the period (GAAP)                         $         392   $     332   $     457   $        347   $         384
    Securitization adjustments                                      (392)       (332)       (457)          (347)           (384)
                                                           -------------   ---------   ---------   ------------   -------------
    Managed securitization income, net                     $           -   $       -   $       -   $          -   $           -
                                                           -------------   ---------   ---------   ------------   -------------

  Cardmember lending interest expense:
    Reported for the period (GAAP)                         $         402   $     363   $     313   $        288   $         260
    Securitization adjustments                                       302         274         273            279             274
                                                           -------------   ---------   ---------   ------------   -------------
    Managed cardmember lending interest expense            $         704   $     637   $     586   $        567   $         534
                                                           -------------   ---------   ---------   ------------   -------------

  Provisions for losses:
    Reported for the period (GAAP)                         $         638   $     640   $     581   $        530   $         442
    Securitization adjustments                                       226         177         205            153             144
                                                           -------------   ---------   ---------   ------------   -------------
    Managed provisions for losses                          $         864   $     817   $     786   $        683   $         586
                                                           -------------   ---------   ---------   ------------   -------------
</Table>

See page 20 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
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                                2007         2007        2007          2006            2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Card billed business                                       $        94.2   $    94.6   $    85.2   $       90.8   $        83.4
Total cards-in-force (millions)                                     42.9        42.1        41.5           40.7            39.9
Basic cards-in-force (millions)                                     31.8        31.2        30.7           30.1            29.5
Average basic cardmember spending (dollars)                $       2,986   $   3,054   $   2,801   $      3,044   $       2,852

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

Total segment assets                                       $        79.0   $    76.1   $    68.4   $       71.0   $        66.6
Segment capital                                            $         4.5   $     4.5   $     4.5   $        4.7   $         4.5
Return on segment capital (A)                                       50.5%       49.9%       50.2%          47.4%           46.6%

Cardmember receivables:
  Total receivables                                        $        19.4   $    19.8   $    19.0   $       20.6   $        18.2
  90 days past due as a % of total                                   3.9%        3.6%        3.8%           3.3%            3.5%
  Net loss ratio as a % of charge volume                            0.34%       0.30%       0.25%          0.32%           0.33%

Cardmember lending - owned basis (B):
  Total loans                                              $        40.0   $    38.3   $    33.0   $       33.6   $        29.3
  30 days past due loans as a % of total                             3.1%        2.7%        2.9%           2.7%            2.7%
  Average loans                                            $        38.6   $    35.9   $    33.1   $       30.9   $        28.6
  Net write-off rate                                                 3.7%        3.7%        3.7%           3.5%            3.1%
  Net finance revenue(C)/average loans                               8.5%        9.1%        9.1%           9.4%            9.2%

Cardmember lending - managed basis (D):
  Total loans                                              $        61.5   $    58.6   $    53.9   $       53.8   $        49.5
  30 days past due loans as a % of total                             2.9%        2.6%        2.8%           2.6%            2.6%
  Average loans                                            $        60.0   $    56.3   $    53.4   $       51.1   $        48.7
  Net write-off rate                                                 3.7%        3.7%        3.7%           3.3%            3.0%
  Net finance revenue(C)/average loans                               8.9%        9.0%        9.3%           9.2%            9.3%
</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 20 for further discussion of
the managed basis presentation.

                                     -17-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                              Quarters Ended
                                                               September 30,
                                                           ---------------------  Percentage
                                                             2007        2006      Inc/(Dec)
                                                           ---------   ---------  ----------
<S>                                                        <C>         <C>                <C>
Revenues
  Discount revenue, net card fees and other                $     953   $     819          16%
  Cardmember lending finance revenue                             353         286          23
                                                           ---------   ---------
      Total revenues                                           1,306       1,105          18
                                                           ---------   ---------
  Interest expense
    Cardmember lending                                           126          99          27
    Charge card and other                                         66          54          22
                                                           ---------   ---------
Revenues net of interest expense                               1,114         952          17
                                                           ---------   ---------
Expenses
  Marketing, promotion, rewards and cardmember services          354         247          43
  Human resources and other operating expenses                   453         387          17
                                                           ---------   ---------
      Total                                                      807         634          27
                                                           ---------   ---------
Provisions for losses                                            197         197           -
                                                           ---------   ---------
Pretax segment income                                            110         121          (9)
Income tax (benefit) provision                                   (30)         15           #
                                                           ---------   ---------
Segment income                                             $     140   $     106          32
                                                           =========   =========
</Table>

# - Denotes variance of more than 100%.

                                     -18-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                              Quarters Ended
                                                               September 30,
                                                           ---------------------   Percentage
                                                             2007        2006       Inc/(Dec)
                                                           ---------   ---------   ----------
<S>                                                        <C>         <C>                 <C>
Card billed business                                       $    24.7   $    21.4           15%
Total cards-in-force (millions)                                 15.8        15.5            2%
Basic cards-in-force (millions)                                 11.2        11.1            1%
Average basic cardmember spending (dollars)                $   2,209   $   1,908           16%

International Consumer Travel:
  Travel sales (millions)                                  $     283   $     247           15%
  Travel commissions and fees/sales                              8.8%        8.3%

Total segment assets                                       $    20.8   $    18.6           12%
Segment capital (millions)                                 $   1,983   $   1,936            2%
Return on segment capital (A)                                   24.4%       16.8%

Cardmember receivables:
  Total receivables                                        $     6.1   $     5.5           11%
  90 days past due as a % of total                               1.8%        2.6%
  Net loss ratio as a % of charge volume                        0.26%       0.27%

Cardmember lending:
  Total loans                                              $    10.5   $     9.0           17%
  30 days past due loans as a % of total                         2.7%        3.1%
  Average loans                                            $    10.2   $     8.9           15%
  Net write-off rate                                             5.5%        5.9%
  Net finance revenue(B)/average loans                           8.9%        8.3%
</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 SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                               2007          2007        2007          2006           2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Revenues
  Discount revenue, net card fees and other                $         953   $     900   $     828   $        884   $         819
  Cardmember lending finance revenue                                 353         333         310            304             286
                                                           -------------   ---------   ---------   ------------   -------------
      Total revenues                                               1,306       1,233       1,138          1,188           1,105
                                                           -------------   ---------   ---------   ------------   -------------
  Interest expense
    Cardmember lending                                               126         120         109            105              99
    Charge card and other                                             66          64          50             57              54
                                                           -------------   ---------   ---------   ------------   -------------
Revenues net of interest expense                                   1,114       1,049         979          1,026             952
                                                           -------------   ---------   ---------   ------------   -------------
Expenses
  Marketing, promotion, rewards and cardmember services              354         293         281            280             247
  Human resources and other operating expenses                       453         453         418            460             387
                                                           -------------   ---------   ---------   ------------   -------------
      Total                                                          807         746         699            740             634
                                                           -------------   ---------   ---------   ------------   -------------
Provisions for losses                                                197         211         184            210             197
                                                           -------------   ---------   ---------   ------------   -------------
Pretax segment income                                                110          92          96             76             121
Income tax (benefit) provision                                       (30)        (25)         (6)           (23)             15
                                                           -------------   ---------   ---------   ------------   -------------
Segment income                                             $         140   $     117   $     102   $         99   $         106
                                                           =============   =========   =========   ============   =============
</Table>

                                     -20-
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                               2007          2007         2007         2006           2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Card billed business                                       $        24.7   $    23.6   $    21.5   $       23.6   $        21.4
Total cards-in-force (millions)                                     15.8        15.7        15.7           15.6            15.5
Basic cards-in-force (millions)                                     11.2        11.2        11.2           11.2            11.1
Average basic cardmember spending (dollars)                $       2,209   $   2,123   $   1,926   $      2,106   $       1,908

International Consumer Travel:
  Travel sales                                             $         0.3   $     0.3   $     0.2   $        0.3   $         0.2
  Travel commissions and fees/sales                                  8.8%        8.6%        8.4%           8.6%            8.3%

Total segment assets                                       $        20.8   $    19.7   $    18.5   $       18.9   $        18.6
Segment capital                                            $         2.0   $     1.9   $     1.8   $        1.7   $         1.9
Return on segment capital (A)                                       24.4%       22.8%       20.9%          17.9%           16.8%

Cardmember receivables:
  Total receivables                                        $         6.1   $     5.9   $     5.4   $        6.0   $         5.5
  90 days past due as a % of total                                   1.8%        2.0%        2.4%           2.3%            2.6%
  Net loss ratio as a % of charge volume                            0.26%       0.28%       0.29%          0.30%           0.27%

Cardmember lending:
  Total loans                                              $        10.5   $    10.0   $     9.3   $        9.7   $         9.0
  30 days past due loans as a % of total                             2.7%        2.9%        3.1%           2.9%            3.1%
  Average loans                                            $        10.2   $     9.7   $     9.4   $        9.3   $         8.9
  Net write-off rate                                                 5.5%        6.0%        5.7%           5.7%            5.9%
  Net finance revenue(B)/average loans                               8.9%        8.9%        8.7%           8.5%            8.3%
</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 COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                             Quarters Ended
                                                              September 30,
                                                           --------------------  Percentage
                                                             2007       2006      Inc/(Dec)
                                                           ---------  ---------  ----------
<S>                                                        <C>        <C>                <C>
Revenues
  Discount revenue, net card fees and other                $   1,180  $   1,045          13%
                                                           ---------  ---------
  Interest expense
    Charge card and other                                        116         96          21
                                                           ---------  ---------
Revenues net of interest expense                               1,064        949          12
                                                           ---------  ---------
Expenses
  Marketing, promotion, rewards and cardmember services           86         80           8
  Human resources and other operating expenses                   749        678          10
                                                           ---------  ---------
      Total                                                      835        758          10
                                                           ---------  ---------
Provisions for losses                                             42         34          24
                                                           ---------  ---------
Pretax segment income                                            187        157          19
Income tax provision                                              52         52           -
                                                           ---------  ---------
Segment income                                             $     135  $     105          29
                                                           =========  =========
</Table>

                                     -22-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                              Quarters Ended
                                                               September 30,
                                                           ---------------------   Percentage
                                                             2007        2006      Inc/(Dec)
                                                           ---------   ---------   ----------
<S>                                                        <C>         <C>                 <C>
Card billed business                                       $    29.9   $    26.2           14%
Total cards-in-force (millions)                                  6.8         6.6            3%
Basic cards-in-force (millions)                                  6.8         6.6            3%
Average basic cardmember spending (dollars)                $   4,389   $   3,974           10%

Global Corporate Travel:
  Travel sales                                             $     4.9   $     4.3           14%
  Travel commissions and fees/sales                              8.0%        8.3%

Total segment assets                                       $    21.8   $    18.6           17%
Segment capital (millions)                                 $   2,230   $   1,997           12%
Return on segment capital (A)                                   26.2%       27.6%

Cardmember receivables:
  Total receivables                                        $    12.5   $    10.9           15%
  90 days past due as a % of total                               1.6%        1.7%
  Net loss ratio as a % of charge volume                        0.11%       0.09%
</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.

                                     -23-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ----------------------------------------------------------------
                                                           September 30,  June 30,   March 31,  December 31,  September 30,
                                                               2007         2007        2007        2006          2006
                                                           -------------  ---------  ---------  ------------  -------------
<S>                                                        <C>            <C>        <C>        <C>           <C>
Revenues
  Discount revenue, net card fees and other                $       1,180  $   1,210  $   1,098  $      1,089  $       1,045
                                                           -------------  ---------  ---------  ------------  -------------
  Interest expense
    Charge card and other                                            116        127        104           107             96
                                                           -------------  ---------  ---------  ------------  -------------
Revenues net of interest expense                                   1,064      1,083        994           982            949
                                                           -------------  ---------  ---------  ------------  -------------
Expenses
  Marketing, promotion, rewards and cardmember services               86         83         83            63             80
  Human resources and other operating expenses                       749        746        686           721            678
                                                           -------------  ---------  ---------  ------------  -------------
      Total                                                          835        829        769           784            758
                                                           -------------  ---------  ---------  ------------  -------------
Provisions for losses                                                 42         36         30            31             34
                                                           -------------  ---------  ---------  ------------  -------------
Pretax segment income                                                187        218        195           167            157
Income tax provision                                                  52         56         66            50             52
                                                           -------------  ---------  ---------  ------------  -------------
Segment income                                             $         135  $     162  $     129  $        117  $         105
                                                           =============  =========  =========  ============  =============
</Table>

                                     -24-
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                               2007          2007         2007         2006            2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Card billed business                                       $        29.9   $    31.0   $    29.0   $       27.6   $        26.2
Total cards-in-force (millions)                                      6.8         6.8         6.7            6.7             6.6
Basic cards-in-force (millions)                                      6.8         6.8         6.7            6.7             6.6
Average basic cardmember spending (dollars)                $       4,389   $   4,583   $   4,343   $      4,170   $       3,974

Global Corporate Travel:
  Travel sales                                             $         4.9   $     5.3   $     4.8   $        4.6   $         4.3
  Travel commissions and fees/sales                                  8.0%        7.5%        7.6%           8.1%            8.3%

Total segment assets                                       $        21.8   $    21.7   $    20.5   $       18.9   $        18.6
Segment capital                                            $         2.2   $     2.1   $     2.1   $        1.9   $         2.0
Return on segment capital (A)                                       26.2%       25.3%       25.7%          25.7%           27.6%

Cardmember receivables:
  Total receivables                                        $        12.5   $    12.2   $    11.7   $       10.3   $        10.9
  90 days past due as a % of total                                   1.6%        1.6%        1.6%           1.9%            1.7%
  Net loss ratio as a % of charge volume                            0.11%       0.10%       0.10%          0.09%           0.09%
</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.

                                     -25-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                              Quarters Ended
                                                               September 30,
                                                           ---------------------   Percentage
                                                             2007        2006      Inc/(Dec)
                                                           ---------   ---------   ----------
<S>                                                        <C>         <C>                 <C>
Revenues
  Discount revenue, fees and other                         $     902   $     773           17%
                                                           ---------   ---------
  Interest expense
    Cardmember lending                                           (33)        (25)          32
    Other                                                        (45)        (43)           5
                                                           ---------   ---------
Revenues net of interest expense                                 980         841           17
                                                           ---------   ---------
Expenses
  Marketing and promotion                                        151         118           28
  Human resources and other operating expenses                   417         390            7
                                                           ---------   ---------
      Total                                                      568         508           12
                                                           ---------   ---------
Provisions for losses                                             23          19           21
                                                           ---------   ---------
Pretax segment income                                            389         314           24
Income tax provision                                             123         102           21
                                                           ---------   ---------
Segment income                                             $     266   $     212           25
                                                           =========   =========
</Table>

                                     -26-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                              Quarters Ended
                                                               September 30,
                                                           ---------------------   Percentage
                                                             2007        2006      Inc/(Dec)
                                                           ---------   ---------   ----------
<S>                                                        <C>         <C>                <C>
Global Card billed business (A)                            $   162.5   $   140.3           16%

Global Network & Merchant Services:
  Total segment assets                                     $     4.6   $     5.1          (10)%
  Segment capital (millions)                               $   1,125   $   1,262          (11)%
  Return on segment capital (B)                                 84.7%       57.9%

Global Network Services:
  Card billed business                                     $    14.1   $     9.7           45%
  Total cards-in-force (millions)                               19.2        14.5           32%
</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.

                                     -27-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                               2007          2007         2007         2006            2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Revenues
  Discount revenue, fees and other                         $         902   $     887   $     800   $        840   $         773
                                                           -------------   ---------   ---------   ------------   -------------
  Interest expense
    Cardmember lending                                               (33)        (31)        (28)           (29)            (25)
    Other                                                            (45)        (48)        (49)           (47)            (43)
                                                           -------------   ---------   ---------   ------------   -------------
Revenues net of interest expense                                     980         966         877            916             841
                                                           -------------   ---------   ---------   ------------   -------------
Expenses
  Marketing and promotion                                            151         150         129            125             118
  Human resources and other operating expenses                       417         389         393            448             390
                                                           -------------   ---------   ---------   ------------   -------------
      Total                                                          568         539         522            573             508
                                                           -------------   ---------   ---------   ------------   -------------
Provisions for losses                                                 23           9         (19)            46              19
                                                           -------------   ---------   ---------   ------------   -------------
Pretax segment income                                                389         418         374            297             314
Income tax provision                                                 123         152         138             96             102
                                                           -------------   ---------   ---------   ------------   -------------
Segment income                                             $         266   $     266   $     236   $        201   $         212
                                                           =============   =========   =========   ============   =============
</Table>

                                     -28-
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                           --------------------------------------------------------------------
                                                           September 30,   June 30,    March 31,   December 31,   September 30,
                                                               2007          2007         2007         2006            2006
                                                           -------------   ---------   ---------   ------------   -------------
<S>                                                        <C>             <C>         <C>         <C>            <C>
Global Card billed business (A)                            $       162.5   $   161.1   $   146.2   $      153.5   $       140.3

Global Network & Merchant Services:
  Total segment assets                                     $         4.6   $     4.3   $     4.5   $        4.4   $         5.1
  Segment capital                                          $         1.1   $     1.1   $     1.0   $        1.3   $         1.3
  Return on segment capital (B)                                     84.7%       78.0%       69.2%          60.3%           57.9%

Global Network Services:
  Card billed business                                     $        14.1   $    12.3   $    10.5   $       11.5   $         9.7
  Total cards-in-force (millions)                                   19.2        17.6        16.0           15.0            14.5
</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.

                                     -29-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>earnsuppex99_3.txt
<DESCRIPTION>EXHIBIT 99.3 - EARNINGS SUPPLEMENT
<TEXT>
                                                                    EXHIBIT 99.3

                      [LOGO OF AMERICAN EXPRESS COMPANY]


                                     2007
                                 THIRD QUARTER
                              EARNINGS SUPPLEMENT










        THE ENCLOSED SUMMARY SHOULD BE READ IN CONJUNCTION WITH THE TEXT AND
        STATISTICAL TABLES INCLUDED IN AMERICAN EXPRESS COMPANY'S (THE
        "COMPANY" OR "AXP") THIRD QUARTER 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
                           THIRD QUARTER 2007 OVERVIEW
                                   HIGHLIGHTS


FINANCIAL RESULTS

o    Third quarter diluted EPS from continuing operations of $0.90 increased
     18% versus $0.76 last year. Revenues net of interest expense rose 11%.
     For the trailing 12 months, return on equity (ROE) was 38%.

     - 3Q '07 Income from continuing operations included:
        -- An $81MM ($41MM after-tax) charge related to mark-to-market
           adjustments and sales within the American Express International
           Deposit Company ("AEIDC") investment portfolio resulting from
           the announced sale during the quarter of American Express Bank,
           Ltd. ("AEB") to Standard Chartered PLC ("Standard Chartered"),
           as referenced further on page 2; and
        -- A $75MM tax benefit, primarily related to the resolution of prior
           years' tax items.

     -  3Q '06 Income from continuing operations included a $33MM ($24MM
        after-tax) gain on the sales of card-related operations in Malaysia
        and Indonesia.

     -  3Q '07 and 3Q '06 Income from continuing operations included $10MM
        ($7MM after-tax) and $11MM ($7MM after-tax), respectively, of
        reengineering costs related to restructuring efforts primarily within
        our corporate travel business.

     -  The DISCONTINUED OPERATIONS line in the Consolidated Financial
        Statements contains the results, assets and liabilities related to
        various business sales. In addition to AEB, referenced above,
        discontinued operations also reflects the results from the
        international banking operations in Brazil, sold in 2Q'06, Tax and
        Business Services ("TBS"), sold in 3Q '05, and Ameriprise Financial,
        Inc. (formerly American Express Financial Advisors), for which the
        distribution of all outstanding shares was made on September 30,
        2005.

       -- 3Q '07 results reflected $7MM of losses from discontinued
          operations, related to AEB's results which include substantial
          compliance-related remediation costs, as well as the TBS
          business, versus $33MM of income last year.
       -- Including discontinued operations, diluted EPS on a net income basis
          of $0.90 increased 14% versus last year.

BUSINESS METRICS

o    Compared with the third quarter of 2006:

      - Worldwide billed business of $162.5B increased 16% 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 84.7MM increased 11%, up 8.2MM from
        last year and 2.5MM during 3Q '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 $50.5B on an owned basis  increased
        32%; on a managed  basis,  worldwide  lending  balances of $72.0B were
        up 23%.

      - 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 3Q '07 and the nine
     months to-date we returned 84% and 85%, respectively, of capital
     generated to shareholders. On a cumulative basis, since 1994, we have
     returned 70% of capital generated.

     - SHARE REPURCHASES: During both 3Q '07 and 2Q '07, 15MM shares were
       repurchased versus 16MM shares in 3Q '06. Since the inception of
       repurchase programs in December 1994, 652MM 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
                                                                       -----------------------------------------------
<S>                                                                     <C>              <C>               <C>
     -    ACTUAL SHARE ACTIVITY:                                         3Q '07           2Q '07            3Q '06
                                                                         ------           ------            ------
           Shares outstanding - beginning of period                       1,182            1,188             1,216
           Repurchase of common shares                                      (15)             (15)              (16)
           Employee benefit plans, compensation and other                     2                9                 4
                                                                         ------           ------            ------
           Shares outstanding - end of period                             1,169            1,182             1,204
                                                                          =====            =====             =====
</TABLE>


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

ADDITIONAL ITEMS OF NOTE

o    Marketing, promotion, rewards and cardmember services expenses increased
     14% versus 3Q '06, reflecting higher rewards costs in 3Q '07 and
     increased marketing and promotion expenses. The higher rewards costs
     continued to reflect volume growth, a higher redemption rate, and strong
     cardmember program participation. Marketing expenses continued to reflect
     card acquisition, brand and loyalty oriented programs, with an increased
     emphasis on our non-U.S. activities.

o    Total interest expense increased 39%, reflecting increased debt funding
     levels in support of growth in cardmember receivable and lending balances
     and a higher effective cost of funds.

o    Total provisions for losses and benefits increased 25% versus 3Q '06,
     reflecting growth in business volumes and the loan portfolio, as well as
     increased write-off and delinquency rates within the U.S. versus last
     year, which have risen from the unusually low levels during 2006
     following the enactment of the October 2005 bankruptcy legislation.

o    The 11% increase in human resources expense in 3Q '07 reflects the impact
     of a higher level of employees, merit increases and larger benefit costs.
     - Compared with last year, the total employee count of 65,100 increased
       by 3,800 employees or 6%; compared with last quarter, the employee
       count increased by 1,200 employees or 2%. The increases primarily
       reflect employee additions related to customer service volumes and
       initiatives and the acquisition of Harbor Payments, Inc. in 4Q '06
       and Farrington American Express Travel Services Ltd. ("FAE Travel")
       in 3Q '07.

o    During 3Q '07, the Company announced that it entered into an agreement to
     sell its international banking subsidiary, AEB, to Standard Chartered,
     reflecting the Company's strategic focus on the high-growth, high-return
     payments businesses that have driven its recent performance. The
     approximate value of the transaction is $1.1B. The sale is subject to
     certain regulatory approvals and is expected to be completed in 1Q '08.
     Standard Chartered will pay the Company an amount equal to the net asset
     value of the AEB businesses that are being sold at the closing date plus
     $300MM. At September 30, 2007, this would have amounted to approximately
     $825MM. The Company also expects to realize an additional amount
     representing the net asset value of AEIDC, a subsidiary which issues
     investment certificates to AEB customers. The contracted sale of AEIDC
     will occur through a put/call agreement. As of September 30, 2007, the
     net asset value of that business was $262MM. This value is expected to be
     realized through dividends from the subsidiary to American Express and by
     a subsequent payment from Standard Chartered when the business is
     transferred to them eighteen months after the completion of the sale of
     AEB. In aggregate, the transaction is expected to have an approximate
     break-even impact on the Company's earnings, although separate components
     will be recognized in different periods, such as the AEIDC charge
     referenced above.

     As a result of the agreement, beginning with 3Q '07, and for all prior
     periods, AEB results, assets and liabilities have been removed from the
     Corporate & Other segment and reported within Discontinued Operations on
     the Company's Consolidated Financial Statements. AEIDC will continue to
     be reflected in continuing operations within the Corporate & Other segment
     until one year before the anticipated close of this portion of the
     transaction. Assuming completion of the AEB sale in 1Q '08, AEIDC will be
     reported in discontinued operations beginning in 3Q '08.

     The previously mentioned $81MM ($41MM) after-tax charge related to AEIDC is
     included in the 3Q '07 results from continuing operations within the
     "Other revenues" line. The charge relates to the AEIDC investment
     portfolio and results from the AEB sale agreement's impact on the holding
     period for the investments. It principally reflects the reduction in value
     within the AEIDC investment portfolio attributable to market interest rate
     movements since the date that the investment securities were purchased.
     The reclassification of the portfolio from its previous available-for-sale
     status to its current trading status requires the Company to report
     changes in the market value of AEIDC's investment portfolio within the
     income statement until AEIDC is sold. The Company expects to report a net
     gain in subsequent quarters from the disposition of AEB and other related
     activities.

o    Within the Consolidated Statements of Income, the Company has reclassified
     certain prior period amounts from professional services and occupancy and
     equipment expense to human resources and other expense, in order to
     conform to its current presentation. This reclassification has no impact
     on total expenses, pre-tax income, or net income. Additionally, the
     historical trends of these financial statement line items remain
     consistent after the reclassification.

REVISED SEGMENT AND STATEMENTS OF INCOME PRESENTATION

o    The Company instituted organizational changes effective July 1, 2007
     which reflect a reorganization of the Company into two distinct
     customer-focused groups: the Global Consumer Group and the Global
     Business-to-Business Group. The impact of these changes on the Company's
     reportable operating segment disclosures is as follows:
      -  The Company continues to report the U.S. Card Services ("USCS")
         segment and the Global Network & Merchant Services ("GNMS") segment
         consistent with previous reporting.
      -  The previously reported International Card & Global Commercial
         Services segment is now reported as two separate segments: the
         International Card Services ("ICS") segment and the Global Commercial
         Services ("GCS") segment.
      -  The U.S. Card Services and International Card Services segments are
         aligned with the Global Consumer Group, and the Global Network &
         Merchant Services and Global Commercial Services segments are aligned
         with the Global Business-to-Business Group.

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, and 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,


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

     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    In addition, in 1Q '07 the Travelers Cheque and Prepaid Services ("TCPS")
     business, previously included in the USCS segment, was moved to the
     Corporate & Other segment.

o    In conjunction with the previously discussed AEB sale, the Company
     further revised its presentation of its Consolidated Statements of
     Income. Prior to the sale, the Consolidated Statements of Income
     reflected interest income and expense from AEB's international banking
     activities on the "International banking interest income" and
     "International banking interest expense" lines. The revised presentation
     contained herein no longer includes these lines, as the majority of the
     revenues and expenses from international banking have been moved to
     Discontinued Operations.

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 revised consolidated presentation now 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 are presented in the line
         entitled "Other (including investment certificates)" within the new
         "Interest income" 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
         (including investment certificates)" 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. The
         line under Provisions for Losses and Benefits that used to be called
         "International banking and other (including investment certificates)"
         is now called "Other (including investment certificates)."
      -  Certain other amounts were revised to conform to the method of
         presentation or calculation that is being used in 2007.

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

o    Separately, in 1Q '07 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 ICS segment has been corrected
     for a computational error. This correction has a minimal impact on the
     historic trends for this statistical information.

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 two new agent bank agreements with Harris and BankAtlantic,
         allowing the distribution of our OPEN from American Express(R) small
         business charge and credit products in Chicago and Florida,
         respectively. In both cases, American Express will serve as the card
         issuer and will partner with each institution to develop joint
         marketing efforts for each region.

      -  Introduced The Plum Card(SM) from OPEN from American Express(R), a
         new trade terms product which responds to small business owners' need
         to better manage cash flow and free working capital by providing them
         with the option to defer payment or receive early pay discounts for
         purchases made on the Card.

      -  Added two new luxury fashion brands, Gucci and Salvatore Ferragamo,
         to First Collection(SM), a private portfolio of premium partners and
         rewards available exclusively to Platinum Card(R) and Centurion(R)
         Card members enrolled in the Membership Rewards First program.

      -  Expanded merchant acceptance of the ExpressPay from American
         Express(R) contactless payment product to include Office Depot's
         1,100 nationwide locations, and Braum's Ice Cream and Dairy Stores's
         276 retail stores in Oklahoma, Kansas, Texas, Missouri and Arkansas.

      -  Announced the acquisition by American Express Business Travel of the
         remaining 63% share in the joint venture, Farrington American Express
         Travel Services Ltd., a leading Hong Kong travel services provider.
         Fully integrated, the acquisition will result in business travel
         volume from the customer base across Greater China, including
         Beijing, Shanghai, Guangzhou, Hong Kong and Taiwan of nearly $1B this
         year.

                                     -3-
<PAGE>

      -  Unveiled a new Web-based management information data reporting
         solution, American Express AXIS @ Work, from American Express
         Business Travel, presenting corporate travel purchasers and managers
         with centralized, online access to data resulting from their firms'
         business expenditures. Additionally, American Express also introduced
         a new specialty area dedicated to management information within its
         Advisory Services group.

      -  Launched Gold Card Destinations, a collection of travel benefits
         available on all consumer American Express(R) Gold Charge Cards,
         enabling Cardmembers to enhance their vacation experiences with
         special amenities on any trip from American Express Gold Card
         Destinations travel partners, as well as provide Cardmembers access
         to exclusive travel and entertainment packages on a dedicated Gold
         Card Destinations web site.

      -  Signed three additional travel agencies in New York, Ohio and Utah to
         the American Express Travel U.S. Representative Network.

      -  Expanded the American Express Airport Club Access Program for all
         consumer and small business Platinum and Centurion Cards to include
         access to American Airlines' 44 Admirals Club(R) lounges worldwide.

      -  Became an Official Patron of The Professional Golfers' Association
         (PGA) of America, allowing the Company to provide a unique set of
         golf benefits to Cardmembers year-round, including access to premier
         championship experiences and exclusive golf opportunities.

      -  Added various new celebrity participants, such as Beyonce Knowles and
         Tina Fey, to the Company's "Are You a Cardmember?(SM)" brand campaign,
         designed to showcase the value of membership and its array of special
         benefits and services.

      -  Awarded $2MM to the winner of The Members Project online initiative,
         U.S. Fund for UNICEF. The funds will be used to provide millions of
         children in the developing world with safe drinking water. This
         initiative was part of American Express' "Are You a Cardmember"
         campaign which also highlights the value of being part of the
         American Express community.

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

      -  Announced a new card issuing partnership and launched our first
         product with China CITIC Bank. The CITIC American Express Card will
         be available in both Classic and Gold versions, will be denominated
         in both Reminbi and US dollar currencies, and offers a strong value
         proposition especially in the areas of travel rewards and benefits.

      -  Announced the first card issuing partnership with GE Consumer Finance
         (a Japanese subsidiary of GE Money, a unit of General Electric
         Company) to issue American Express-branded credit cards in Japan.
         This is the world's first issuance of a card carrying the brands of
         these two credit card companies.

      -  Announced our agreement with Mitsubishi UFJ NICOS Co., Ltd. to offer
         American Express-branded Gold and Platinum credit cards in Japan,
         targeting affluent customers and young executives.

      -  As part of our partnership with JSC "Kazkommertsbank", we launched in
         Kazakhstan the American Express(R) Gold Card and The Platinum Card(R)
         from American Express, both available in Kazakhstani tenge or US
         dollar denominations. Kazkommertsbank is the exclusive issuer of
         American Express Cards in the market and is also the merchant
         acquirer in this region.

     Also, on October 9th, JD Power and Associates released the findings of a
     new nationwide study of 7,812 credit card users, ranking American Express
     highest in overall satisfaction among the 10 largest card issuers in the
     U.S.


                                      -4-
<PAGE>

                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2007 OVERVIEW
                                  CONSOLIDATED
<TABLE>
<CAPTION>
          (Preliminary)
                              STATEMENTS OF INCOME
                                  (GAAP BASIS)

         (Millions, except per share amounts)                                Quarters Ended           Percentage
                                                                              September 30,           Inc/(Dec)
                                                                         ------------------------     ----------
                                                                              2007          2006
                                                                              ----          ----
<S>                                                                      <C>           <C>            <C>
         Revenues
            Discount revenue                                                $3,659        $3,259         12%
            Net card fees                                                      522           462         13
            Travel commissions and fees                                        484           427         13
            Other commissions and fees                                         644           539         19
            Securitization income, net                                         392           384          2
            Other                                                              362           417        (13)
                                                                            ------        ------
               Total                                                         6,063         5,488         10
                                                                            ------        ------

            Interest income:
              Cardmember lending finance revenue                             1,581         1,213         30
              Other (including investment certificates)                        309           291          6
                                                                            ------        ------

               Total                                                         1,890         1,504         26
                                                                            ------        ------
                 Total Revenues                                              7,953         6,992         14
                                                                            ------        ------
            Interest expense:
              Cardmember lending                                               444           318         40
              Charge card and other                                            564           409         38
                                                                            ------        ------
               Total                                                         1,008           727         39
                                                                            ------        ------
          Revenues net of interest expense                                   6,945         6,265         11

         Expenses
            Marketing, promotion, rewards and cardmember services            1,810         1,586         14
            Human resources                                                  1,366         1,227         11
             Professional services                                             539           562         (4)
             Occupancy and equipment                                           374           346          8
             Communications                                                    118           104         13
             Other                                                             339           342         (1)
                                                                            ------        ------
               Total                                                         4,546         4,167          9
          Provisions for losses and benefits:
              Charge card                                                      279           257          9
              Cardmember lending                                               579           412         41
              Other (including investment certificates)                        124           118          5
                                                                            ------        ------
               Total                                                           982           787         25
                                                                            ------        ------

         Pretax income from continuing operations                            1,417         1,311          8
         Income tax provision                                                  343           377         (9)
                                                                            ------        ------
         Income from continuing operations                                   1,074           934         15
         (Loss) Income from discontinued operations, net of tax                 (7)           33          #
                                                                            ------        ------
         Net income                                                         $1,067          $967         10
                                                                            ======        ======

         EPS-Basic
             Income from continuing operations                               $0.92         $0.78         18
                                                                            ======        ======
            (Loss) Income from discontinued operations                      $(0.01)        $0.02          #
                                                                            ======        ======
             Net Income                                                     $(0.91)        $0.80         14
                                                                            ======        ======


         EPS-Diluted
             Income from continuing operations                               $0.90         $0.76         18
                                                                            ======        ======
             (Loss) Income from discontinued operations                     $(0.00)        $0.03          #
                                                                            ======        ======
              Net Income                                                     $0.90         $0.79         14
                                                                            ======        ======


         Average Shares Outstanding
             Basic                                                           1,170         1,202         (3)
                                                                            ======        ======
             Diluted                                                         1,192         1,227         (3)
                                                                            ======        ======
</TABLE>
     Note: Amounts herein reflect certain revisions, as noted on pages 2-3.
           # Denotes variance of more than 100%.

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

o    CONSOLIDATED REVENUES NET OF INTEREST EXPENSE: Consolidated revenues net
     of interest expense increased 11%, reflecting increases versus last year
     of 12% within USCS, 17% within ICS, 12% within GCS and 17% within GNMS.
     Revenues net of interest expense increased due to greater discount
     revenues, larger interest income, higher other commission and fees,
     increased net card fees, greater travel commissions and fees, and higher
     securitization income net, partially offset by increased interest expense
     and lower other revenues. Translation of foreign currency benefited the
     revenues net of interest expense growth rate by approximately 2%.

o    CONSOLIDATED EXPENSES: Consolidated expenses increased 9%, reflecting an
     increase of 6% within USCS, 27% within ICS, 10% within GCS and 12% within
     GNMS. Expense growth reflected higher marketing, promotion, rewards and
     cardmember services expense, greater human resources expense, increased
     occupancy and equipment costs, higher communication expenses, and larger
     other expenses, partially offset by lower professional services 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 25% versus last year, reflecting a 44%
     increase in USCS, a 24% increase in GCS, a 21% increase in GNMS, and a
     flat provision level in ICS. 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 20.4% in 3Q '07 compared with 20.3% in 2Q '07 and
     20.9% in 3Q '06.

o    EFFECTIVE TAX RATE: Was 24% in 3Q '07 versus 26% in 2Q '07 and 29% in 3Q
     '06. The 3Q '07 rate reflects $75MM in tax benefits principally related
     to the resolution of prior years' tax items. The 2Q '07 rate primarily
     reflects a $65MM IRS benefit related to the treatment of prior years'
     card fee income. The 3Q '06 rate reflects the favorable impacts of a net
     interest receivable from the IRS, finalization of the 2005 U.S. Federal
     tax return and an adjustment of 2006 estimated state taxes.

o    DISCOUNT REVENUE: Rose 12% on a 16% 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 and corporate incentive payments.

      -  The average discount rate* was 2.57% in 3Q '07, 2Q '07 and 3Q '06. 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
                                                                       September 30,                 Inc/(Dec)
                                                             ----------------------------------     -------------
                                                                 2007                 2006
                                                                 ----                 ----
<S>                                                         <C>                  <C>                   <C>
      Card billed business* (billions):
         United States                                         $115.2               $101.7                13%
         Outside the United States                               47.3                 38.6                23
                                                             --------             --------
         Total                                                 $162.5               $140.3
                                                             ========             ========
                                                                                                          16
      Total cards in force (millions):
         United States                                           51.7                 46.8                10
         Outside the United States                               33.0                 29.7                11
                                                             --------             --------
         Total                                                   84.7                 76.5                11
                                                             ========             ========
      Basic cards in force (millions):
         United States                                           40.1                 36.0                11
         Outside the United States                               28.3                 25.2                12
                                                             --------             --------
         Total                                                   68.4                 61.2                12
                                                             ========             ========
      Average basic cardmember spending**
         United States                                         $3,192               $3,040                 5
         Outside the United States                             $2,542               $2,175                17
         Total                                                 $3,006               $2,782                 8
</TABLE>

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


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

- -        WORLDWIDE BILLED BUSINESS: The 16% increase in worldwide billed
         business reflected a 13% increase in USCS, a 15% increase in ICS, a
         14% increase in GCS and a 45% increase in GNS partner volume. The
         table below summarizes selected billed business related statistics
         for 3Q '07:

<TABLE>
<CAPTION>
                                                                                                Percentage
                                                                                                 Increase
                                                                                               Assuming No
                                                                                                Changes in
                                                                             Percentage          Foreign
                                                                              Increase        Exchange Rates
                                                                            -------------    ------------------
<S>                                                                         <C>                 <C>
             WORLDWIDE*
                 Billed Business                                                16%                 14%
                 Average spending per proprietary basic card                     8                   6
                 Basic cards-in-force                                           12
             U.S.*
                 Billed Business                                                13
                 Average spending per proprietary basic card                     5
                 Basic cards-in-force                                           11
                 Proprietary consumer card billed business**                    12
                 Proprietary small business billed business**                   15
                 Proprietary Corporate Services billed business***              9
             OUTSIDE THE U.S.*
                 Billed Business                                                23                 14
                 Average spending per proprietary basic card                    17                  9
                 Basic cards-in-force                                           12
                 Proprietary consumer and small business billed
                   business****                                                 15                  7
                 Proprietary Corporate Services billed business***              24                 15
</TABLE>

                 * Captions not designated as "proprietary" include
                   both proprietary and GNS data.
                ** Included in USCS.
               *** Included in GCS.
              **** Included in ICS.

         -- U.S. non-T&E-related volume categories (which represented
            approximately 68% of 3Q '07 U.S. billed business) grew 15%, while
            T&E volumes rose 10%.
         -- U.S. airline-related volume, which represented approximately 9% of
            total U.S. volumes during the quarter, increased 5% due to a 5%
            increase in transactions and a slightly higher average airline
            charge.
         -- Worldwide airline volumes, which represented approximately 11% of
            total volumes during the quarter, increased 13% on 8% growth in
            transactions and a 5% increase in the average airline charge.
         -- Assuming no changes in foreign exchange rates: Total billed
            business outside the U.S. reflected proprietary growth in Europe
            and Latin America in the low double-digits and growth in Canada
            and Asia Pacific in the high single-digits.

 -        TOTAL CARDS IN FORCE: Rose 11% worldwide due to an increase of 8% in
         USCS, a 2% increase in ICS, a 3% increase in GCS and a 32% 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.
         -- 1.2MM and 1.3MM net cards were added during the quarter in the U.S.
            and the non-U.S. businesses, respectively.

o    NET CARD FEES: Increased 13% due to the benefit of card growth and a
     higher average card fee. The average annual fee per proprietary card in
     force was $36 in 3Q '07 and 2Q '07 versus $34 in 3Q '06.

o    TRAVEL COMMISSIONS AND FEES: Increased 13% reflecting a 16% increase in
     worldwide travel sales.

o    OTHER COMMISSIONS AND FEES: Rose 19% on higher card-related conversion
     revenues and greater assessment and service fees.

o    SECURITIZATION INCOME, NET: Increased 2% as higher gains from issuances
     and a greater average balance of securitized loans was partially offset
     by an increase in write offs and greater interest expense, due to a
     higher coupon rate paid to certificate holders. Securitization income,
     net represents the non-credit provision components of the gains from
     securitization activities within the USCS segment, fair value changes 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
                           THIRD QUARTER 2007 OVERVIEW
                                  CONSOLIDATED
<TABLE>
<CAPTION>
- - Components of Securitization Income, Net:
                                                                 Quarters Ended               Percentage
                                                                  September 30,               Inc/(Dec)
                                                       -----------------------------------    ------------
                                                           2007                2006
                                                           ----                ----
<S>                                                      <C>                 <C>                <C>
            (millions)
            Excess spread*                                 $264                $279               (5)%
            Servicing fees                                  108                 100                 8
            Gains on sales from securitizations**            20                   5                 #
                                                           ----                ----
            Total securitization income                    $392                $384                 2
                                                           ====                ====
</TABLE>

           # Denotes variance of more than 100%.
           * 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 $47MM and $(18)MM in 2007 and $13MM and $(15)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 $21.4B in 3Q
'07, compared with $20.0B in 3Q '06.

o    OTHER REVENUES: Decreased 13% as the $81MM pre-tax AEIDC charge
     previously mentioned was partially offset by higher network, merchant,
     publishing and insurance-related revenues.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 30% due to 30% growth in
     average worldwide lending balances on an owned basis.

o    OTHER (INCLUDING INVESTMENT CERTIFICATES) INTEREST INCOME: Increased 6%.

o    CARDMEMBER LENDING INTEREST EXPENSE: Increased 40% reflecting the increased
     loan balances and a higher cost of funds.

o    CHARGE CARD AND OTHER INTEREST EXPENSE: Increased 38% reflecting a higher
     cost of funds and an increased receivable balance.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     14%, reflecting higher volume-related rewards costs and greater marketing
     and promotion expenses.

o    HUMAN RESOURCES EXPENSE:  Increased 11% due to a higher level of employees,
     merit increases and larger benefit costs.

o    PROFESSIONAL SERVICES EXPENSE:  Declined 4%.

o    OCCUPANCY AND EQUIPMENT EXPENSE:  Rose 8%.

o    COMMUNICATIONS EXPENSE:  Increased 13% due to higher cardmember-related
     communications activities.

o    OTHER EXPENSE: Decreased 1% as a decrease in underlying expenses was
     partially offset by the $33MM pre-tax gain related to the sales of our
     operations in Malaysia and Indonesia in 3Q '06.

                                      -8-
<PAGE>
                            AMERICAN EXPRESS COMPANY
                           THIRD QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

 CHARGE CARD PROVISION FOR LOSSES:  Increased 9%, primarily reflecting higher
 business volumes.


- - WORLDWIDE CHARGE CARD:*
  --  The loss ratio and past due rate increased versus last quarter, but
      remained flat compared to last year.

<TABLE>
<CAPTION>
                                                            9/07              6/07              9/06
                                                        --------------    -------------     -------------
<S>                                                      <C>               <C>               <C>
              Net loss ratio as a % of charge volume        0.26%             0.24%             0.26%
              90 days past due as a % of receivables         2.8%              2.7%              2.8%

                                                            9/07              6/07             9/06
                                                        -------------     -------------    -------------
              Total Receivables (billions)                 $38.5             $38.4             $35.0
              Reserves (millions)                           $998              $981              $947
              % of receivables                               2.6%              2.6%              2.7%
              % of 90 day past due accounts                   91%               95%               97%
</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.

o    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased 41% due to increased
     loan volumes and higher write-off and delinquency rates within the U.S.,
     which have risen after the unusually low rates in 2006 that followed the
     October 2005 change in the 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 and
      last quarter.

<TABLE>
<CAPTION>
                                                            9/07              6/07              9/06
                                                        --------------    -------------     -------------
<S>                                                       <C>               <C>             <C>
              Net write-off rate                             4.1%              4.1%              3.8%
              30 days past due as a % of loans               3.0%              2.8%              2.8%

                                                            9/07              6/07              9/06
                                                        -------------     --------------    -------------
              Total Loans (billions)                       $50.5             $48.3             $38.3
              Reserves (millions)                         $1,469            $1,417            $1,126

              % of total loans                               2.9%              2.9%              2.9%
              % of 30 days past due accounts                  97%              106%              106%
</TABLE>

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

o OTHER (INCLUDING INVESTMENT CERTIFICATES) PROVISION FOR LOSSES AND BENEFITS:
Increased 5%.

                                      -9-
<PAGE>
                            AMERICAN EXPRESS COMPANY
                           THIRD 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 September 30, 2007, the Company's
tangible common equity was $9B and its total adjusted assets were $162B. As of
September 30, 2007, the consolidated assets, as reflected on the Company's
balance sheet, were $141B.


                                CORPORATE & OTHER

Net expense was $59MM in 3Q '07 compared with net expense of $85MM in 2Q '07
and $47MM in 3Q '06. The 3Q '07 expense includes the previously mentioned
$41MM after-tax AEIDC charge. The 2Q '07 expense includes costs related to
regulatory and legal exposures and $2MM ($1MM after-tax) of reengineering
costs.

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

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

(Preliminary)
                                                                    Quarters Ended                 Percentage
                                                                     September 30,                  Inc/(Dec)
                                                          ----------------------------------    -----------------
(millions)                                                        2007                 2006
                                                                  ----                 ----

Revenues
<S>                                                          <C>                  <C>                  <C>
    Discount revenue, net card fees and other                   $2,632               $2,358               12%
    Cardmember lending finance revenue                           1,224                  928               32
    Securitization income, net                                     392                  384                2
                                                                  ----                 ----
        Total revenues                                           4,248                3,670               16
    Interest expense:
     Cardmember lending                                            402                  260               55
     Charge card and other                                         257                  207               24
                                                                  ----                 ----
 Revenues net of interest expense                                3,589                3,203               12
                                                                  ----                 ----

Expenses
    Marketing, promotion, rewards and cardmember services        1,191                1,117                7
    Human resources and other operating expenses                   848                  805                5
                                                                  ----                 ----
     Total                                                       2,039                1,922                6
                                                                  ----                 ----
Provisions for losses                                              638                  442               44
                                                                  ----                 ----
Pretax segment income                                              912                  839                9
Income tax provision                                               320                  281               14
                                                                  ----                 ----
Segment income                                                    $592                 $558                6
                                                                  ----                 ----
</TABLE>

  Note: Amounts herein reflect certain revisions, as noted on pages 2-3.
<TABLE>
<CAPTION>
STATISTICAL INFORMATION
                                                                    Quarters Ended                 Percentage
                                                                     September 30,                  Inc/(Dec)
                                                          ----------------------------------    -----------------
                                                                  2007                 2006
                                                                  ----                 ----
<S>                                                           <C>        <C>                 <C>
Card billed business (billions)                                  $94.2                $83.4               13%
Total cards in force (millions)                                   42.9                 39.9                8
Basic cards in force (millions)                                   31.8                 29.5                8
Average basic cardmember spending* (dollars)                    $2,986               $2,852                5
Segment capital (billions)                                        $4.5                 $4.5                -
Return on segment capital**                                       50.5%                46.6%
</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
         5% 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: Increased 6% as revenues net of interest expense rose 12%,
     expenses increased 6% and provisions for losses increased 44%.

    -    PRE-TAX MARGIN:  Was 25.4% in 3Q '07 versus 23.2% in 2Q '07 and 26.2%
         in 3Q '06.

    -    EFFECTIVE TAX RATE: Was 35% in 3Q '07 compared to 30% in 2Q '07 and
         33% in 3Q '06. The 3Q '07 rate includes $18MM of the previously
         mentioned tax benefits versus $56MM of benefits in 2Q '07.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: Increased 12%,
     largely due to greater billed business volumes, increased other
     commissions and fees, higher net card fees, and greater travel revenues.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 32% on 35% growth in
     average owned lending balances and a slightly lower portfolio yield.



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

o    SECURITIZATION INCOME, NET: Increased 2% as higher gains from issuances
     and a greater average balance of securitized loans were partially offset
     by an increase in write offs and greater interest expense, due to a
     higher coupon rate paid to certificate holders.

o    CARDMEMBER LENDING INTEREST EXPENSE:  Increased 55% on greater loan
     balances and a higher cost of funds.

o    CHARGE CARD AND OTHER INTEREST EXPENSE:  Increased 24% due to a higher
     cost of funds and a larger receivable balance.

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     7%, due to higher volume-driven rewards costs which were partially offset
     by lower marketing and promotion expenses.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 5% primarily due to
     higher technology and volume-related operating expenses.

o    PROVISIONS FOR LOSSES: Increased 44% reflecting the impact of strong loan
     and volume growth and higher write-off and delinquency rates, which have
     risen after the unusually low rates following the enactment of the
     October 2005 U.S. bankruptcy legislation.

     - CHARGE CARD: *

       -- The loss ratio and past due rates increased versus last year and last
          quarter.
<TABLE>
<CAPTION>
                                                                 9/07            6/07            9/06
                                                             -------------    ------------    ------------
<S>                                                         <C>             <C>             <C>
              Total Receivables (billions)                      $19.4           $19.8           $18.2
              Net loss ratio as a % of charge volume             0.34%           0.30%           0.33%
              90 days past due as a % of total                    3.9%            3.6%            3.5%
</TABLE>

               Note: Amounts herein reflect certain revisions, as noted on
                     pages 2-3.

    - CARDMEMBER LENDING: **

      -- The write-off rate increased versus last year, but remained flat
         versus last quarter. The past due rate increased versus last
         year and last quarter, but remained well within historical
         ranges.
<TABLE>
<CAPTION>
                                                                 9/07            6/07             9/06
                                                             -----------    -------------     -----------
<S>                                                         <C>             <C>             <C>
              Total Loans (billions)                            $40.0           $38.3           $29.3
              Net write-off rate                                  3.7%            3.7%            3.1%
              30 days past due as a % of loans                    3.1%            2.7%            2.7%
</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
                          THIRD 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
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                        2007          2006
                                                                       ----          ----

o DISCOUNT REVENUE, NET CARD FEES AND OTHER:
<S>                                                             <C>           <C>               <C>
           Reported for the period (GAAP)                            $2,632        $2,358            12%
           Securitization adjustments                                    67            51            31
                                                                       ----          ----
           Managed discount revenue, net card fees and other         $2,699        $2,409            12
                                                                     ======        ======

o CARDMEMBER LENDING FINANCE REVENUE:

           Reported for the period  (GAAP)                           $1,224          $928            32
           Securitization adjustments                                   821           749            10
                                                                       ----          ----
           Managed finance revenue                                   $2,045        $1,677            22
                                                                     ======       =======

o SECURITIZATION INCOME, NET:

           Reported for the period (GAAP)                              $392          $384             2
           Securitization adjustments                                  (392)         (384)            2
                                                                       ----          ----
           Managed securitization income, net                        $    -         $   -             -
                                                                     ======       =======

o CARDMEMBER LENDING INTEREST EXPENSE:

           Reported for the period  (GAAP)                             $402          $260            55
           Securitization adjustments                                   302           274            10
                                                                       ----          ----
           Managed cardmember lending interest expense                 $704          $534            32
                                                                       ----          ----

o PROVISIONS FOR LOSSES:

           Reported for the period (GAAP)                              $638          $442            44
           Securitization adjustments                                   226           144            57
                                                                       ----          ----
           Managed provisions for losses                               $864          $586            47
                                                                       ----          ----
</TABLE>

        Note: Amounts herein reflect certain revisions, as noted on pages 2-3.


                                     -13-
<PAGE>
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, increased net card fees, and higher travel revenues.

o    CARDMEMBER LENDING FINANCE REVENUE: Increased 22% due to 23% growth in
     average managed lending balances and a slightly lower portfolio yield.

o    CARDMEMBER LENDING INTEREST EXPENSE:  Increased 32% on growth in lending
     balances and a higher cost of funds.

o    PROVISIONS FOR LOSSES: Increased 47% reflecting the impact of strong loan
     and volume growth and higher write-off and delinquency rates, which have
     risen 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 remained flat
          versus last quarter. The past due rate increased versus last
          year and last quarter, but remained well within historical
          ranges.
<TABLE>
<CAPTION>
                                                               9/07             6/07             9/06
                                                            -----------     -------------     ------------
<S>                                                        <C>              <C>              <C>
              Total Loans (billions)                          $61.5            $58.6            $49.5
              Net write-off rate                                3.7%             3.7%             3.0%
              30 days past due as a % of loans                  2.9%             2.6%             2.6%
</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
                          THIRD QUARTER 2007 OVERVIEW
                          INTERNATIONAL CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)


(Preliminary)
<TABLE>
<CAPTION>
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                        2007          2006
                                                                       ----          ----
<S>                                                                 <C>           <C>             <C>
Revenues
    Discount revenue, net card fees and other                          $953          $819            16%
    Cardmember lending finance revenue                                  353           286            23
                                                                     ------        ------
        Total revenues                                                1,306         1,105            18
    Interest expense:
      Cardmember lending                                                126            99            27
      Charge card and other                                              66            54            22
                                                                     ------        ------

Revenues net of interest expense                                      1,114           952            17
                                                                     ------        ------

Expenses
    Marketing, promotion, rewards and cardmember services               354           247            43
    Human resources and other operating expenses                        453           387            17
                                                                     ------        ------
         Total                                                          807           634            27
                                                                     ------        ------

Provisions for losses                                                   197           197             -
                                                                     ------        ------
Pretax segment income                                                   110           121            (9)
Income tax (benefit) provision                                          (30)           15             #
                                                                     ------        ------
Segment income                                                         $140          $106            32
                                                                     ------        ------
</TABLE>

  Note: Amounts herein reflect certain revisions, as noted on pages 2-3.
  # Denotes variance of more than 100%.

STATISTICAL INFORMATION
<TABLE>
<CAPTION>
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                        2007          2006
                                                                       ----          ----
<S>                                                             <C>           <C>              <C>
Card billed business (billions)                                       $24.7         $21.4            15
Total cards in force (millions)                                        15.8          15.5             2
Basic cards in force (millions)                                        11.2          11.1             1
Average basic cardmember spending* (dollars)                         $2,209        $1,908            16
Segment capital (millions)**                                         $1,983        $1,936             2
Return on segment capital**                                            24.4%         16.8%
</TABLE>


 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill of $520MM
   and $517MM in 3Q '07 and 3Q '06, respectively. Return on segment capital is
   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 15% increase in billed business reflects a 16%
         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,
              billed business and spending per proprietary basic card in force
              increased 7% and 8%, respectively, and volume growth within the
              major geographic regions ranged from growth in the mid
              single-digits to the low double-digits.

- - TOTAL CARDS IN FORCE: Increased by 300K, or 2%, versus last year.

P&L DISCUSSION

o    NET INCOME: Increased 32% versus last year as revenues net of interest
     expense increased 17%, expenses rose by 27% and provisions for losses was
     unchanged. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

- -        3Q '06 expenses included a $23MM ($17MM after-tax) gain related to
         the completion of the sale of the Company's card operations in
         Malaysia and Indonesia.

- - PRE-TAX MARGIN:  Was 9.9% in 3Q '07 versus 8.8% in 2Q '07 and 12.7% in 3Q '06.

- -        EFFECTIVE TAX RATE: Was (27%) in both 3Q '07 and 2Q '07,
         respectively, versus 12% in 3Q '06. Going forward, this segment will
         likely reflect an overall tax benefit since our internal tax
         allocation process provides ICS with the consolidated benefit related
         to its ongoing funding activities outside the U.S. In addition to
         that recurring benefit, the 3Q '07 tax rate includes $17MM of the
         previously mentioned tax benefits, while the 2Q '07 rate includes
         several small favorable items primarily related to the finalization
         of prior year's tax returns and settlements with tax authorities. The
         3Q '06 rate reflects the relatively low tax benefit associated with
         credit losses in Taiwan and the overall impact of ICS' global mix of
         earnings.

                                     -15-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2007 OVERVIEW
                          INTERNATIONAL CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)


o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: The increase of 16%
     versus 3Q '06 was driven primarily by the higher level of card spending,
     increased net card fees, greater other revenues, higher other commissions
     and fees, and increased travel revenues.

o    CARDMEMBER LENDING FINANCE REVENUE:  Increased 23% on 15% growth in average
     lending balances and a higher portfolio yield.

o    CARDMEMBER LENDING INTEREST EXPENSE:   Increased 27% on higher loan
     balances and an increased cost of funds.

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

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     43%, reflecting volume-driven increases in rewards costs as well as
     higher marketing and promotion expenses.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 17%, primarily
     due to higher human resources and other operating expenses, which reflect
     last year's gain on the business sales in Malaysia and Indonesia.

o    PROVISIONS FOR LOSSES: Was unchanged from a year ago as lower write-off
     and past due rates 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>
                                                          9/07             6/07            9/06
                                                       ------------     -----------     -----------
<S>                                                    <C>              <C>             <C>
              Total Receivables (billions)                $6.1             $5.9            $5.5
              Net loss ratio as a % of charge volume      0.26%            0.28%           0.27%
              90 days past due as a % of total             1.8%             2.0%            2.6%
</TABLE>

              Note: Amounts herein reflect certain revisions, as noted on
                    pages 2-3.

- - CARDMEMBER LENDING:*

- -- The write-off and past due rates decreased versus last year and last
quarter.
<TABLE>
<CAPTION>
                                                          9/07             6/07            9/06
                                                       ------------     -----------     -----------
<S>                                                   <C>             <C>               <C>
              Cardmember Loans (billions)                $10.5           $10.0             $9.0
              Net write-off rate                           5.5%            6.0%             5.9%

              30 days past due as a % of loans             2.7%            2.9%             3.1%
</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
                          THIRD QUARTER 2007 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

<TABLE>
<CAPTION>
(Preliminary)
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                      2007          2006
                                                                     ----          ----
<S>                                                              <C>            <C>                <C>
Revenues
    Discount revenue, net card fees and other                      $1,180         $1,045             13%
                                                                   ------         ------
    Charge card and other interest expense                            116            96              21
                                                                   ------         ------
Revenues net of interest expense                                    1,064           949              12
                                                                   ------         ------
Expenses
    Marketing, promotion, rewards and cardmember services              86            80               8
    Human resources and other operating expenses                      749           678              10
                                                                   ------         ------
         Total                                                        835           758              10
 Provisions for losses                                                 42            34              24
                                                                   ------         ------
Pretax segment income                                                 187           157              19
Income tax provision                                                   52            52               -
                                                                   ------         ------
Segment income                                                       $135          $105              29
                                                                   ======         ======
</TABLE>

  Note: Amounts herein reflect certain revisions, as noted on pages 2-3.

STATISTICAL INFORMATION
<TABLE>
<CAPTION>
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                      2007          2006
                                                                     ----          ----
<S>                                                              <C>           <C>                 <C>
Card billed business (billions)                                     $29.9         $26.2               14%
Total cards in force (millions)                                       6.8           6.6                3
Basic cards in force (millions)                                       6.8           6.6                3
Average basic cardmember spending* (dollars)                       $4,389        $3,974               10
Segment capital (millions)**                                       $2,230        $1,997               12
Return on segment capital**                                          26.2%         27.6%
</TABLE>

    * Proprietary cards only.
   ** Segment capital includes an allocation attributable to goodwill of
      $767MM and $630MM in 3Q '07 and 3Q '06, respectively. Return on segment
      capital is 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 14% increase in billed business reflects a 10%
         increase in average spending per proprietary basic card and a 3%
         increase in basic cards in force.
         --   Adjusting for the impacts of foreign exchange translation,
              billed business and spending per proprietary basic card in force
              increased 11% and 7%, respectively, and volume growth within the
              U.S. of 9% compared to growth within the Company's other major
              geographic regions ranging from the mid-to-high teens.

- - TOTAL CARDS IN FORCE: Increased by 200K, or 3%, versus last year.

P&L DISCUSSION

o    NET INCOME: Increased 29% versus last year as revenues net of interest
     expense increased 12%, expenses rose by 10% and provisions for losses
     grew 24%. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

     - 3Q '06 included $10MM ($7MM after-tax) of the gain on the sale of the
       Company's card-related operations in Malaysia and Indonesia.

     - 3Q '07 included $9MM ($6MM after-tax) of reengineering expenses versus
       $11MM ($7MM after-tax) in 3Q '06.

     - PRE-TAX MARGIN:  Was 17.6% in 3Q '07 versus 20.1% in 2Q '07 and 16.5% in
       3Q '06.

     - EFFECTIVE TAX RATE: Was 28% in 3Q '07 versus 26% in 2Q '07 and 33% in
       3Q '06. The 3Q '07 and 2Q '07 rate reflects $9MM and $8MM,
       respectively, of the previously mentioned tax benefits in those
       periods.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER REVENUES: The increase of 13%
     versus 3Q '06 was driven primarily by the higher level of card spending,
     greater travel revenues, and higher other commissions and fees.

o    CHARGE CARD AND OTHER INTEREST EXPENSE:  Increased 21% on a higher cost of
     funds and a larger receivable balance.


                                     -17-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2007 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES:  Increased
     8%,  primarily due to greater volume-related rewards costs.

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 10%, primarily
     reflecting increased human resources costs and higher occupancy and
     equipment expense, in part due to the acquisitions of Harbor Payments and
     FAE Travel.

o    PROVISIONS FOR LOSSES: Increased 24% reflecting higher volumes and loss
     rates.

     - CHARGE CARD: *

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

<TABLE>
<CAPTION>
                                                          9/07             6/07            9/06
                                                       ------------     -----------     -----------
<S>                                                    <C>              <C>             <C>
              Total Receivables (billions)               $12.5            $12.2           $10.9
              Net loss ratio as a % of charge volume      0.11%            0.10%           0.09%
              90 days past due as a % of total             1.6%             1.6%            1.7%
</TABLE>

              Note: Amounts herein reflect certain revisions, as noted on
                    pages 2-3.

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

                                     -18-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2007 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

<TABLE>
<CAPTION>
(Preliminary)
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
     (millions)                                                      2007          2006
                                                                     ----          ----
<S>                                                               <C>           <C>                <C>
  Revenues
      Discount revenue, fees and other                               $902          $773               17%
                                                                   ------        ------
      Interest expense:
        Cardmember lending                                            (33)          (25)              32
        Other                                                         (45)          (43)               5
                                                                   ------        ------
   Revenues net of interest expense                                   980           841               17
                                                                   ------        ------

  Expenses
     Marketing and promotion                                          151           118               28
     Human resources and other operating expenses                     417           390                7
                                                                   ------        ------
       Total                                                          568           508               12
                                                                   ------        ------

  Provisions for losses                                                23            19               21
                                                                   ------        ------
  Pretax segment income                                               389           314               24
  Income tax provision                                                123           102               21
                                                                   ------        ------
  Segment income                                                     $266          $212               25
                                                                   ======        ======
</TABLE>

  Note: Amounts herein reflect certain revisions, as noted on pages 2-3.
<TABLE>
<CAPTION>

  STATISTICAL INFORMATION
                                                                    Quarters Ended               Percentage
                                                                     September 30,               Inc/(Dec)
                                                              ----------------------------    -----------------
                                                                     2007          2006
                                                                     ----          ----
<S>                                                              <C>           <C>                  <C>
  Global card billed business*(billions)                           $162.5        $140.3               16%
  Segment capital (millions)                                       $1,125        $1,262              (11)

  Return on segment capital**                                        84.7%         57.9%

  Global Network Services:
  Card billed business (billions)                                   $14.1          $9.7               45%
  Total cards in force (millions)                                    19.2          14.5               32
</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.

P&L DISCUSSION

o    NET INCOME: Increased 25% as revenues net of interest expense grew 17%,
     expenses rose 12%, and provisions for losses increased 21%. Both revenue
     and expense growth rates were inflated by translation of foreign
     currency.

     - PRE-TAX MARGIN:  Was 39.7% in 3Q '07 versus 43.3% in 2Q '07 and 37.3% in
       3Q '06.

     - EFFECTIVE TAX RATE: Was 32% in 3Q '07 versus 36% in 2Q '07 and 32% in
       3Q '06. The 3Q '07 rate reflects $22MM of the previously mentioned
       tax benefits.

o    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Increased 17%, reflecting
     growth in merchant-related revenues, primarily from the 16% increase in
     global card billed business, and higher GNS-related revenues.

o    CARDMEMBER LENDING INTEREST EXPENSE: The expense credit increased 32% 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 increased 5% as higher
     interest on capital allocations was more than 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 28%, reflecting an increase
     in brand and partner-related advertising costs versus last year.

                                     -19-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                          THIRD QUARTER 2007 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

o    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 7% primarily due to
     greater human resources and volume-related expenses.

o    PROVISIONS FOR LOSSES: Increased 21% due to an increase in merchant-related
     reserves, primarily driven by higher volumes.


                                     -20-
<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 ACTUAL AMOUNT SPENT BY THE COMPANY IN THE FOURTH
QUARTER OF 2007 ON MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED
ON MANAGEMENT'S ASSESSMENT OF COMPETITIVE OPPORTUNITIES AND OTHER FACTORS
AFFECTING ITS JUDGMENT; 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 (INCLUDING FLUCTUATIONS IN BENCHMARKS, SUCH AS
LIBOR AND OTHER BENCHMARK RATES, USED TO PRICE LOANS AND OTHER INDEBTEDNESS,
AS WELL AS CREDIT SPREADS IN THE PRICING OF LOANS AND OTHER INDEBTEDNESS),
WHICH IMPACT THE COMPANY'S BORROWING COSTS, RETURN ON LENDING PRODUCTS AND THE
VALUE OF THE COMPANY'S INVESTMENTS; 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
UNDERLYING ASSUMPTIONS AND EXPECTATIONS RELATED TO THE SALE OF THE AMERICAN
EXPRESS BANK LTD. BUSINESSES PROVING TO BE INACCURATE OR UNREALIZED,
INCLUDING, AMONG OTHER THINGS, THE LIKELIHOOD OF AND EXPECTED TIMING FOR
COMPLETION OF THE TRANSACTION, THE PROCEEDS TO BE RECEIVED BY THE COMPANY IN
THE TRANSACTION AND THE TRANSACTION'S IMPACT ON THE COMPANY'S EARNINGS; 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; ACCOUNTING
CHANGES; 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.




                                     -21-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
