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<SEC-DOCUMENT>0000004962-08-000003.txt : 20080128
<SEC-HEADER>0000004962-08-000003.hdr.sgml : 20080128
<ACCEPTANCE-DATETIME>20080128161840
ACCESSION NUMBER:		0000004962-08-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080128
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20080128
DATE AS OF CHANGE:		20080128

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:		08554296

	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>earningswrap.txt
<DESCRIPTION>8-K AMERICAN EXPRESS COMPANY
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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): January 28, 2008


                            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

              ---------------------------------------------------
         (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 January 28, 2008, American Express Company issued a press release
announcing its financial results for the fourth quarter and full year 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 fourth quarter and full
year financial results and a 2007 Fourth Quarter/Full Year Earnings Supplement.
Such additional financial information and the 2007 Fourth Quarter/Full Year
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 January 28, 2008, of American Express Company
       announcing its financial results for the fourth quarter and full year of
       2007.

99.2   Additional financial information relating to the financial results of
       American Express Company for the fourth quarter and full year of 2007.

99.3   2007 Fourth Quarter/Full Year 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:   January 28, 2008


<PAGE>


                                  EXHIBIT INDEX


Exhibit
No.      Description
- -----     -----------
99.1     Press Release, dated January 28, 2008, of American Express Company
         announcing its financial results for the fourth quarter and full year
         of 2007.

99.2     Additional financial information relating to the financial results of
         American Express Company for the fourth quarter and full year of 2007.

99.3     2007 Fourth Quarter/Full Year Earnings Supplement of American Express
         Company.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pressrel.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>
- ------------------------------------------------------------------------------------------------------------------------------------

              FULL-YEAR EPS FROM CONTINUING OPERATIONS RISES 16%
             FOURTH QUARTER EARNINGS IN LINE WITH PRE-ANNOUNCEMENT

                     (Millions, except per share amounts)

                                                      Quarters Ended          Percentage            Years Ended          Percentage
                                                       December 31,            Inc/(Dec)           December 31,           Inc/(Dec)
                                                       ------------            ---------           ------------           ---------
                                                     2007          2006                          2007          2006
                                                     ----          ----                          ----          ----
<S>                                            <C>            <C>               <C>        <C>           <C>               <C>
   Revenues net of interest expense              $  7,364       $ 6,675           10%        $ 27,731      $ 25,154          10%

   Income From Continuing Operations             $    839       $   895           (6%)       $  4,048      $  3,611          12%
   (Loss) Income From Discontinued Operations    $     (8)      $    27            #         $    (36)     $     96           #
   Net Income                                    $    831       $   922          (10%)       $  4,012      $  3,707           8%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations          $   0.72       $  0.75           (4%)       $   3.45      $   2.98          16%
      (Loss) Income From Discontinued Operations $     -        $  0.02            #         $  (0.03)     $   0.08           #
      Net Income                                 $   0.72       $  0.77           (6%)       $   3.42      $   3.06          12%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations          $   0.71       $  0.73           (3%)       $   3.39      $   2.92          16%
      (Loss) Income From Discontinued Operations $     -        $  0.02            #         $  (0.03)     $   0.07           #
      Net Income                                 $   0.71       $  0.75           (5%)       $   3.36      $   2.99          12%

   Average Common Shares Outstanding
      Basic                                         1,157         1,196           (3%)          1,173         1,212         (3%)
      Diluted                                       1,178         1,224           (4%)          1,196         1,238         (3%)

   Return on Average Equity*                         37.3%         34.7%                         37.3%         34.7%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 - January 28, 2008 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported fourth quarter income from continuing operations* of $839 million,
down 6 percent from $895 million a year ago. Diluted earnings per share from
continuing operations were $0.71, down 3 percent from $0.73 a year ago.

Net income totaled $831 million for the quarter, down 10 percent from $922
million a year ago. On a per share basis, net income was $0.71, down 5 percent
from $0.75 a year ago.

Consolidated revenues net of interest expense rose 10 percent to $7.4 billion,
up from $6.7 billion a year ago.

Consolidated expenses totaled $4.7 billion, up 3 percent from $4.6 billion a
year ago.

The Company's return on equity (ROE) was 37.3 percent, up from 34.7 percent a
year ago.

For the full year, the Company reported income from continuing operations of
$4.0 billion, up 12 percent from $3.6 billion a year ago. Diluted earnings per
share from continuing operations rose to $3.39, up 16 percent from $2.92 a
year ago.

Net income for the full year was $4.0 billion, an increase of 8 percent from
the previous year. Earnings per share on a diluted basis increased to $3.36,
up 12 percent from $2.99.

"Results for the year met or exceeded all of our long-term financial targets,
even though we saw clear signs of a weakening economy and business environment
in December," said Kenneth I. Chenault, chairman and chief executive. "Strong
Cardmember spending and the nearly eight and a half million new cards we added
in 2007 represented a continuing return on multi-year business-building
investments.

"Despite the December weakness that we discussed a few weeks ago, fourth-
quarter business volumes and credit indicators continued to be in the top tier
of the industry. Marketing and related investments remained focused on premium
segments of the market. Each of our customer groups and geographic regions
contributed to the 16 percent increase in Cardmember spending.

"The fourth-quarter additions to reserves were appropriate for an environment
that is more difficult than we have seen in recent years. While our outlook for
2008 remains cautious, and we continue to expect slower earnings growth in the
year ahead, we are not changing our fundamental approach to managing the
business. We expect to take advantage of growth opportunities in those parts of
the market with strong underlying economics.

- -------------------------------
* As previously announced, the Company entered into an agreement to sell its
international banking subsidiary, American Express Bank Ltd.(AEB), which is
now included in discontinued operations.

                                     -2-
<PAGE>
"We are not immune from further deterioration in the economic and credit
environment, but we believe our focus on the premium sector should help us to
weather the current conditions better than many competitors.

"We also remain confident in our ability, on average and over time, to meet our
long-standing financial targets of 12 to 15 percent EPS growth, at least 8
percent revenue growth and a return on equity of 33 to 36 percent."


The fourth-quarter results included a previously announced $438 million ($274
million after-tax) credit-related charge in the U.S. Card Services Segment.

Also, the fourth quarter included several previously announced items,
including a gain of $1.13 billion ($700 million after-tax) from the Company's
settlement with Visa, and:
        o $143 million ($89 million after-tax) of incremental investments in
          business-building initiatives,
        o $74 million ($46 million after-tax) in litigation-related costs
          pertaining to the lawsuit against Visa, and
        o $50 million ($31 million after-tax) in contributions to the American
          Express Charitable Fund.

The fourth-quarter results also included a previously announced $685 million
($430 million after-tax) charge related to the Company's enhancements to its
method of estimating the liability for Membership Rewards.

Significant items in the year-ago fourth quarter included:
        o tax benefits totaling $45 million that related principally to certain
          foreign losses and to the finalization of state tax returns, and
        o a $68 million ($42 million after-tax) gain related to the rebalancing
          of an investment portfolio in the Travelers Cheques and Gift Card
          business.

Also included in the fourth quarter's results were $16 million ($10 million
after-tax) of reengineering costs. Year-ago reengineering costs totaled $64
million ($42 million after-tax).


DISCONTINUED OPERATIONS
Discontinued operations for the fourth quarter included a loss of $8 million
compared with income of $27 million during the year-ago period, both primarily
reflecting the results of AEB's banking operations.

                                     -3-
<PAGE>


SEGMENT RESULTS
In the third quarter of 2007, the Company reorganized its businesses into two
customer-focused groups: the Global Consumer Group and the Global
Business-to-Business Group. The Company's segments were realigned accordingly.

In connection with the sale of AEB and beginning with the third quarter of
2007, and for all prior periods, AEB (except for certain components of AEB
that are not being sold) 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, American Express International Deposit Company (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 discussions, as well as the selected financial data for
all periods presented, reflect the changes noted above.


U.S. CARD SERVICES reported fourth quarter net income of $7 million, down from
$473 million a year ago. While revenues net of interest expense increased
substantially from year-ago amounts, the lower net income for 2007 is
principally attributed to rising credit costs and the increased expense
related to Membership Rewards.

Revenues net of interest expense for the fourth quarter increased 11 percent
to $3.7 billion, reflecting higher spending and borrowing by consumers and
small businesses, which were partially offset by higher interest expense and
lower securitization income, net.

Total expenses increased 25 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 43 percent from the year-ago period.
This was primarily due to charges of $408 million ($253 million after-tax)
related to the previously mentioned Membership Rewards liability estimation
enhancements and $84 million ($52 million after-tax) related to incremental
investments in business building initiatives above the planned level for the
quarter. Human resources and other operating expenses decreased slightly.

Provisions for losses increased significantly reflecting higher write-off and
delinquency rates as well as growth in loans outstanding. The provision also
reflects $384 million ($241 million after-tax) of the $438 million ($274
million after-tax) credit-related charge previously mentioned. That charge
included $288 million ($180 million after-tax) which was added to lending
reserves and $96 million ($61 million after-tax) which was added to charge
card reserves. The remaining $54 million ($33 million after-tax) of the
credit-related charge related to a reduction in the fair market value of the
Company's retained subordinated interest in securitized Cardmember loans and
decreased securitization income, net.

                                     -4-
<PAGE>


INTERNATIONAL CARD SERVICES reported a fourth quarter net loss of $68 million,
compared with net income of $99 million a year ago. While revenues net of
interest expense increased substantially from year-ago amounts, the lower net
income for 2007 is principally attributed to the increased expense related to
Membership Rewards and increased investments in business building initiatives.

Revenues net of interest expense increased 16 percent to $1.2 billion,
reflecting higher Cardmember spending, as well as higher loan balances, which
were partially offset by higher interest expense.

Total expenses increased 55 percent. Marketing, promotion, rewards and
Cardmember services expenses increased significantly reflecting $216 million
($138 million after-tax) related to the previously mentioned Membership
Rewards liability estimation enhancements. The increase also reflected $20
million ($12 million after-tax) related to the previously mentioned
incremental investments in business building initiatives above the planned
level for the quarter. Human resources and other operating expenses increased
11 percent from a year ago.

Provisions for losses increased 5 percent from a year ago as growth in the
loan portfolio was offset by a lower level of write off and delinquency rates.


GLOBAL COMMERCIAL SERVICES reported fourth quarter net income of $110 million,
down from $117 million a year ago. While revenues net of interest expense
increased substantially from year-ago amounts, the lower net income for 2007
is principally attributed to the increased expense related to Membership
Rewards.

Revenues net of interest expense increased 15 percent to $1.1 billion,
reflecting higher spending by corporate Cardmembers and increased travel
commissions.

Total expenses increased 18 percent. Human resources and other operating
expenses increased 10 percent reflecting continued growth in the business.
Marketing, promotion, rewards and Cardmember services expenses increased
significantly reflecting $61 million ($39 million after-tax) of the previously
mentioned charges related to the Membership Rewards liability estimation
enhancements.

Provisions for losses increased $24 million from year-ago levels, primarily
reflecting higher volumes and write-offs.


GLOBAL NETWORK & MERCHANT SERVICES reported fourth quarter net income of $254
million, up 26 percent from $201 million a year ago. Revenues net of interest
expense for the fourth quarter increased 14 percent to $1.0 billion. The
increase reflected continued strong growth in merchant-related revenue
primarily from higher company-wide billed business.

                                     -5-
<PAGE>

Spending on Global Network Services cards increased 39 percent from year-ago
levels reflecting continued growth in spending on cards issued by bank
partners. Cards-in-force issued by bank partners increased 35 percent.

Total expenses increased 10 percent, reflecting higher human resources costs
and expanded marketing and promotion activities, including portions of the
previously mentioned incremental business building investments above the
planned level for the quarter.


CORPORATE AND OTHER reported fourth quarter net income of $536 million,
compared with net income of $5 million a year ago. The increase was primarily
due to the previously mentioned $700 million after-tax gain from the Company's
settlement agreement with Visa, offset in part by the $46 million after-tax
litigation related costs associated with the lawsuit against Visa and the $31
million after-tax contribution to the American Express Charitable Fund.

The year-ago quarter also included $42 million after-tax gain related to the
rebalancing of an investment portfolio that lengthened average maturities to
more accurately anticipate future redemptions of outstanding Travelers Cheques
and Gift Card products.

                                      ***

American Express Company is a leading global payments, network and travel
company founded in 1850. For more information, visit www.americanexpress.com

Note:  The 2007 Fourth 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 fourth 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 FORWARD-LOOKING STATEMENTS, WHICH ADDRESS THE COMPANY'S
EXPECTED BUSINESS AND FINANCIAL PERFORMANCE, AMONG OTHER MATTERS, CONTAIN
WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC," "INTEND,"
"PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY," AND
SIMILAR EXPRESSIONS. 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: 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 ECONOMIC
ENVIRONMENT, AND 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
COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS
LOANS, MERCHANTS AND OTHER CREDIT TRENDS, WHICH WILL DEPEND IN PART ON THE
ECONOMIC ENVIRONMENT, THE RATES OF BANKRUPTCIES AND UNEMPLOYMENT, WHICH CAN
AFFECT SPENDING ON CARD PRODUCTS, DEBT PAYMENTS BY INDIVIDUAL AND CORPORATE
CUSTOMERS AND BUSINESSES THAT ACCEPT THE COMPANY'S CARD PRODUCTS, AND ON THE
EFFECTIVENESS OF THE COMPANY'S CREDIT MODELS; 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

                                      -6-
<PAGE>
BORROWING COSTS, RETURN ON LENDING PRODUCTS AND THE VALUE OF THE COMPANY'S
INVESTMENTS; 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 TO BE SPENT BY THE COMPANY ON MARKETING,
PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED ON MANAGEMENT'S ASSESSMENT OF
COMPETITIVE OPPORTUNITIES AND OTHER FACTORS AFFECTING ITS JUDGMENT; 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; FLUCTUATIONS IN FOREIGN CURRENCY EXCHANGE RATES; 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; 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; TRENDS IN 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; 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; 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. For additional information related to the impact of
changes to the Company's financial reporting, including the Company's
organizational changes that became effective July 1, 2007, refer to the
Company's Form 8-Ks filed with the Securities and Exchange Commission, dated
November 1, 2007 and March 30, 2007.

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                          Quarters Ended                    Years Ended
                                                            December 31,                    December 31,
                                                         ----------------   Percentage   -----------------   Percentage
                                                           2007     2006     Inc/(Dec)     2007      2006     Inc/(Dec)
                                                         -------   ------   ----------   -------   -------   ----------
<S>                                                      <C>       <C>          <C>      <C>       <C>           <C>
Revenues
   Discount revenue                                      $ 3,912   $3,458        13%     $14,596   $12,978       12%
   Net card fees                                             544      479        14        2,050     1,994        3
   Travel commissions and fees                               514      450        14        1,926     1,778        8
   Other commissions and fees                                650      573        13        2,417     2,233        8
   Securitization income, net                                326      347        (6)       1,507     1,489        1
   Other                                                     470      528       (11)       1,645     1,689       (3)
                                                         -------   ------                -------   -------
      Total                                                6,416    5,835        10       24,141    22,161        9
                                                         -------   ------                -------   -------
   Interest income
      Cardmember lending finance revenue                   1,682    1,326        27        6,145     4,586       34
      Other                                                  302      287         5        1,271     1,147       11
                                                         -------   ------                -------   -------
         Total                                             1,984    1,613        23        7,416     5,733       29
                                                         -------   ------                -------   -------
            Total revenues                                 8,400    7,448        13       31,557    27,894       13
                                                         -------   ------                -------   -------
   Interest expense
      Cardmember lending                                     474      351        35        1,734     1,192       45
      Charge card and other                                  562      422        33        2,092     1,548       35
                                                         -------   ------                -------   -------
         Total                                             1,036      773        34        3,826     2,740       40
                                                         -------   ------                -------   -------
Revenues net of interest expense                           7,364    6,675        10       27,731    25,154       10
                                                         -------   ------                -------   -------
Expenses
   Marketing, promotion, rewards
      and cardmember services                              2,719    1,732        57        7,817     6,504       20
   Human resources                                         1,437    1,361         6        5,438     5,040        8
   Professional services                                     646      648        --        2,283     2,269        1
   Occupancy and equipment                                   382      372         3        1,436     1,384        4
   Communications                                            119      112         6          461       434        6
   Other, net                                               (591)     365         #          389     1,358      (71)
                                                         -------   ------                -------   -------
      Total                                                4,712    4,590         3       17,824    16,989        5
                                                         -------   ------                -------   -------
Provisions for losses and benefits
      Charge card                                            419      277        51        1,140       935       22
      Cardmember lending                                     970      484         #        2,761     1,623       70
      Other (including investment certificates)              134      137        (2)         440       468       (6)
                                                         -------   ------                -------   -------
         Total                                             1,523      898        70        4,341     3,026       43
                                                         -------   ------                -------   -------
Pretax income from continuing operations                   1,129    1,187        (5)       5,566     5,139        8
Income tax provision                                         290      292        (1)       1,518     1,528       (1)
                                                         -------   ------                -------   -------
Income from continuing operations                            839      895        (6)       4,048     3,611       12
(Loss) Income from discontinued operations, net of tax        (8)      27         #          (36)       96        #
                                                         -------   ------                -------   -------
Net income                                               $   831   $  922       (10)     $ 4,012   $ 3,707        8
                                                         =======   ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.


                                        8

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

                                                   December 31,   December 31,
                                                       2007           2006
                                                   ------------   ------------
Assets
   Cash and cash equivalents                           $ 12           $  5
   Accounts receivable                                   42             39
   Investments                                           16             18
   Loans                                                 53             43
   Other assets                                          10              9
   Assets of discontinued operations                     17             14
                                                       ----           ----
      Total assets                                     $150           $128
                                                       ====           ====
Liabilities and Shareholders' Equity
   Short-term debt                                     $ 18           $ 15
   Long-term debt                                        55             43
   Other liabilities                                     50             45
   Liabilities of discontinued operations                16             14
                                                       ----           ----
      Total liabilities                                 139            117
                                                       ----           ----
   Shareholders' equity                                  11             11
                                                       ----           ----
      Total liabilities and shareholders' equity       $150           $128
                                                       ====           ====


                                        9

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                   Quarters Ended                   Years Ended
                                                    December 31,                    December 31,
                                                  ---------------   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                             $3,709   $3,349       11%      $14,222   $12,620       13%
   International Card Services                     1,189    1,026       16         4,331     3,965        9
   Global Commercial Services                      1,128      982       15         4,269     3,900        9
   Global Network & Merchant Services              1,041      916       14         3,864     3,344       16
                                                  ------   ------                -------   -------
                                                   7,067    6,273       13        26,686    23,829       12
   Corporate & Other,
      including adjustments and eliminations         297      402      (26)        1,045     1,325      (21)
                                                  ------   ------                -------   -------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE     $7,364   $6,675       10       $27,731   $25,154       10
                                                  ======   ======                =======   =======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                             $  (40)  $  723        #       $ 2,730   $ 3,323      (18)
   International Card Services                      (181)      76        #           117       312      (63)
   Global Commercial Services                        144      167      (14)          744       716        4
   Global Network & Merchant Services                379      297       28         1,560     1,188       31
                                                  ------   ------                -------   -------
                                                     302    1,263      (76)        5,151     5,539       (7)
   Corporate & Other                                 827      (76)       #           415      (400)       #
                                                  ------   ------                -------   -------
PRETAX INCOME FROM CONTINUING OPERATIONS          $1,129   $1,187       (5)      $ 5,566   $ 5,139        8
                                                  ======   ======                =======   =======
NET INCOME (LOSS)
   U.S. Card Services                             $    7   $  473      (99)      $ 1,823   $ 2,152      (15)
   International Card Services                       (68)      99        #           291       343      (15)
   Global Commercial Services                        110      117       (6)          536       477       12
   Global Network & Merchant Services                254      201       26         1,022       779       31
                                                  ------   ------                -------   -------
                                                     303      890      (66)        3,672     3,751       (2)
   Corporate & Other                                 536        5        #           376      (140)       #
                                                  ------   ------                -------   -------
   Income from continuing operations                 839      895       (6)        4,048     3,611       12
   (Loss) Income from discontinued operations,
      net of tax                                      (8)      27        #           (36)       96        #
                                                  ------   ------                -------   -------

NET INCOME                                        $  831   $  922      (10)      $ 4,012   $ 3,707        8
                                                  ======   ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.


                                       10

<Page>

(Preliminary)
                            AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                   Quarters Ended                  Years Ended
                                                    December 31,                   December 31,
                                                  ---------------   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              $ 0.72   $ 0.75       (4)%     $ 3.45   $ 2.98       16%
   (Loss) Income from discontinued operations         --     0.02        #        (0.03)    0.08        #
                                                  ------   ------                ------   ------
   Net income                                     $ 0.72   $ 0.77       (6)%     $ 3.42   $ 3.06       12%
                                                  ======   ======                ======   ======
   Average common shares outstanding (millions)    1,157    1,196       (3)%      1,173    1,212       (3)%
                                                  ======   ======                ======   ======
DILUTED
   Income from continuing operations              $ 0.71   $ 0.73       (3)%     $ 3.39   $ 2.92       16%
   (Loss) Income from discontinued operations         --     0.02        #        (0.03)    0.07        #
                                                  ------   ------                ------   ------
   Net income                                     $ 0.71   $ 0.75       (5)%     $ 3.36   $ 2.99       12%
                                                  ======   ======                ======   ======
   Average common shares outstanding (millions)    1,178    1,224       (4)%      1,196    1,238       (3)%
                                                  ======   ======                ======   ======
Cash dividends declared per common share          $ 0.18   $ 0.15       20%      $ 0.63   $ 0.57       11%
                                                  ======   ======                ======   ======
</Table>

                        SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                   Quarters Ended                  Years Ended
                                                    December 31,                   December 31,
                                                  ---------------   Percentage   ---------------   Percentage
                                                   2007     2006     Inc/Dec)    2007     2006     Inc/Dec)
                                                  ------   ------   ----------   ------   ------   ----------
<S>                                               <C>      <C>          <C>      <C>      <C>         <C>
Return on average equity (A)                        37.3%    34.7%                 37.3%    34.7%
Common shares outstanding (millions)               1,158    1,199       (3)%      1,158    1,199      (3)%
Book value per common share                       $ 9.53   $ 8.76        9%      $ 9.53   $ 8.76       9%
Shareholders' equity (billions)                   $ 11.0   $ 10.5        5%      $ 11.0   $ 10.5       5%
</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>exhibit99_2finan.txt
<DESCRIPTION>EXHIBIT 99.2 FINANCIALS
<TEXT>
                                                                EXHIBIT 99.2

All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. For additional information related to the impact of
changes to the Company's financial reporting, including the Company's
organizational changes that became effective July 1, 2007, refer to the
Company's Form 8-Ks filed with the Securities and Exchange Commission, dated
November 1, 2007 and March 30, 2007.

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                          Quarters Ended                    Years Ended
                                                            December 31,                    December 31,
                                                         ----------------   Percentage   -----------------   Percentage
                                                           2007     2006     Inc/(Dec)     2007      2006     Inc/(Dec)
                                                         -------   ------   ----------   -------   -------   ----------
<S>                                                      <C>       <C>          <C>      <C>       <C>           <C>
Revenues
   Discount revenue                                      $ 3,912   $3,458        13%     $14,596   $12,978       12%
   Net card fees                                             544      479        14        2,050     1,994        3
   Travel commissions and fees                               514      450        14        1,926     1,778        8
   Other commissions and fees                                650      573        13        2,417     2,233        8
   Securitization income, net                                326      347        (6)       1,507     1,489        1
   Other                                                     470      528       (11)       1,645     1,689       (3)
                                                         -------   ------                -------   -------
      Total                                                6,416    5,835        10       24,141    22,161        9
                                                         -------   ------                -------   -------
   Interest income
      Cardmember lending finance revenue                   1,682    1,326        27        6,145     4,586       34
      Other                                                  302      287         5        1,271     1,147       11
                                                         -------   ------                -------   -------
         Total                                             1,984    1,613        23        7,416     5,733       29
                                                         -------   ------                -------   -------
            Total revenues                                 8,400    7,448        13       31,557    27,894       13
                                                         -------   ------                -------   -------
   Interest expense
      Cardmember lending                                     474      351        35        1,734     1,192       45
      Charge card and other                                  562      422        33        2,092     1,548       35
                                                         -------   ------                -------   -------
         Total                                             1,036      773        34        3,826     2,740       40
                                                         -------   ------                -------   -------
Revenues net of interest expense                           7,364    6,675        10       27,731    25,154       10
                                                         -------   ------                -------   -------
Expenses
   Marketing, promotion, rewards
      and cardmember services                              2,719    1,732        57        7,817     6,504       20
   Human resources                                         1,437    1,361         6        5,438     5,040        8
   Professional services                                     646      648        --        2,283     2,269        1
   Occupancy and equipment                                   382      372         3        1,436     1,384        4
   Communications                                            119      112         6          461       434        6
   Other, net                                               (591)     365         #          389     1,358      (71)
                                                         -------   ------                -------   -------
      Total                                                4,712    4,590         3       17,824    16,989        5
                                                         -------   ------                -------   -------
Provisions for losses and benefits
      Charge card                                            419      277        51        1,140       935       22
      Cardmember lending                                     970      484         #        2,761     1,623       70
      Other (including investment certificates)              134      137        (2)         440       468       (6)
                                                         -------   ------                -------   -------
         Total                                             1,523      898        70        4,341     3,026       43
                                                         -------   ------                -------   -------
Pretax income from continuing operations                   1,129    1,187        (5)       5,566     5,139        8
Income tax provision                                         290      292        (1)       1,518     1,528       (1)
                                                         -------   ------                -------   -------
Income from continuing operations                            839      895        (6)       4,048     3,611       12
(Loss) Income from discontinued operations, net of tax        (8)      27         #          (36)       96        #
                                                         -------   ------                -------   -------
Net income                                               $   831   $  922       (10)     $ 4,012   $ 3,707        8
                                                         =======   ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.


                                       -1-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

                                                   December 31,   December 31,
                                                       2007           2006
                                                   ------------   ------------
Assets
   Cash and cash equivalents                           $ 12           $  5
   Accounts receivable                                   42             39
   Investments                                           16             18
   Loans                                                 53             43
   Other assets                                          10              9
   Assets of discontinued operations                     17             14
                                                       ----           ----
      Total assets                                     $150           $128
                                                       ====           ====
Liabilities and Shareholders' Equity
   Short-term debt                                     $ 18           $ 15
   Long-term debt                                        55             43
   Other liabilities                                     50             45
   Liabilities of discontinued operations                16             14
                                                       ----           ----
      Total liabilities                                 139            117
                                                       ----           ----
   Shareholders' equity                                  11             11
                                                       ----           ----
      Total liabilities and shareholders' equity       $150           $128
                                                       ====           ====


                                       -2-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                   Quarters Ended                   Years Ended
                                                    December 31,                    December 31,
                                                  ---------------   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                             $3,709   $3,349       11%      $14,222   $12,620       13%
   International Card Services                     1,189    1,026       16         4,331     3,965        9
   Global Commercial Services                      1,128      982       15         4,269     3,900        9
   Global Network & Merchant Services              1,041      916       14         3,864     3,344       16
                                                  ------   ------                -------   -------
                                                   7,067    6,273       13        26,686    23,829       12
   Corporate & Other,
      including adjustments and eliminations         297      402      (26)        1,045     1,325      (21)
                                                  ------   ------                -------   -------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE     $7,364   $6,675       10       $27,731   $25,154       10
                                                  ======   ======                =======   =======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                             $  (40)  $  723        #       $ 2,730   $ 3,323      (18)
   International Card Services                      (181)      76        #           117       312      (63)
   Global Commercial Services                        144      167      (14)          744       716        4
   Global Network & Merchant Services                379      297       28         1,560     1,188       31
                                                  ------   ------                -------   -------
                                                     302    1,263      (76)        5,151     5,539       (7)
   Corporate & Other                                 827      (76)       #           415      (400)       #
                                                  ------   ------                -------   -------
PRETAX INCOME FROM CONTINUING OPERATIONS          $1,129   $1,187       (5)      $ 5,566   $ 5,139        8
                                                  ======   ======                =======   =======
NET INCOME (LOSS)
   U.S. Card Services                             $    7   $  473      (99)      $ 1,823   $ 2,152      (15)
   International Card Services                       (68)      99        #           291       343      (15)
   Global Commercial Services                        110      117       (6)          536       477       12
   Global Network & Merchant Services                254      201       26         1,022       779       31
                                                  ------   ------                -------   -------
                                                     303      890      (66)        3,672     3,751       (2)
   Corporate & Other                                 536        5        #           376      (140)       #
                                                  ------   ------                -------   -------
   Income from continuing operations                 839      895       (6)        4,048     3,611       12
   (Loss) Income from discontinued operations,
      net of tax                                      (8)      27        #           (36)       96        #
                                                  ------   ------                -------   -------

NET INCOME                                        $  831   $  922      (10)      $ 4,012   $ 3,707        8
                                                  ======   ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.


                                       -3-

<Page>

(Preliminary)
                            AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                   Quarters Ended                  Years Ended
                                                    December 31,                   December 31,
                                                  ---------------   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              $ 0.72   $ 0.75       (4)%     $ 3.45   $ 2.98       16%
   (Loss) Income from discontinued operations         --     0.02        #        (0.03)    0.08        #
                                                  ------   ------                ------   ------
   Net income                                     $ 0.72   $ 0.77       (6)%     $ 3.42   $ 3.06       12%
                                                  ======   ======                ======   ======
   Average common shares outstanding (millions)    1,157    1,196       (3)%      1,173    1,212       (3)%
                                                  ======   ======                ======   ======
DILUTED
   Income from continuing operations              $ 0.71   $ 0.73       (3)%     $ 3.39   $ 2.92       16%
   (Loss) Income from discontinued operations         --     0.02        #        (0.03)    0.07        #
                                                  ------   ------                ------   ------
   Net income                                     $ 0.71   $ 0.75       (5)%     $ 3.36   $ 2.99       12%
                                                  ======   ======                ======   ======
   Average common shares outstanding (millions)    1,178    1,224       (4)%      1,196    1,238       (3)%
                                                  ======   ======                ======   ======
Cash dividends declared per common share          $ 0.18   $ 0.15       20%      $ 0.63   $ 0.57       11%
                                                  ======   ======                ======   ======
</Table>

                        SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                   Quarters Ended                  Years Ended
                                                    December 31,                   December 31,
                                                  ---------------   Percentage   ---------------   Percentage
                                                   2007     2006     Inc/Dec)    2007     2006     Inc/Dec)
                                                  ------   ------   ----------   ------   ------   ----------
<S>                                               <C>      <C>          <C>      <C>      <C>         <C>
Return on average equity (A)                        37.3%    34.7%                 37.3%    34.7%
Common shares outstanding (millions)               1,158    1,199       (3)%      1,158    1,199      (3)%
Book value per common share                       $ 9.53   $ 8.76        9%      $ 9.53   $ 8.76       9%
Shareholders' equity (billions)                   $ 11.0   $ 10.5        5%      $ 11.0   $ 10.5       5%
</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                   Years Ended
                                                    December 31,                    December 31,
                                                  ---------------   Percentage   -----------------   Percentage
                                                   2007     2006    Inc/(Dec)     2007      2006     Inc/(Dec)
                                                  ------   ------   ----------   -------   -------   ----------
<S>                                               <C>      <C>          <C>      <C>       <C>           <C>
Card billed business (A):
   United States                                  $123.0   $109.7       12%      $ 459.3   $ 406.8       13%
   Outside the United States                        54.5     43.8       24         188.0     154.7       22
                                                  ------   ------                -------   -------
      Total                                       $177.5   $153.5       16       $ 647.3   $ 561.5       15
                                                  ======   ======                =======   =======
Total cards-in-force (millions) (B):
   United States                                    52.3     48.1        9%         52.3      48.1        9%
   Outside the United States                        34.1     29.9       14          34.1      29.9       14
                                                  ------   ------                -------   -------
      Total                                         86.4     78.0       11          86.4      78.0       11
                                                  ======   ======                =======   =======
Basic cards-in-force (millions) (B):
   United States                                    40.9     37.1       10%         40.9      37.1       10%
   Outside the United States                        29.2     25.4       15          29.2      25.4       15
                                                  ------   ------                -------   -------
      Total                                         70.1     62.5       12          70.1      62.5       12
                                                  ======   ======                =======   =======
Average discount rate (C)                           2.54%    2.55%                  2.56%     2.57%
Average basic cardmember spending (dollars) (D)   $3,228   $2,985        8%      $12,106   $11,201        8%
Average fee per card (dollars) (D)                $   33   $   31        6%      $    32   $    32        -%
</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) This calculation is designed to approximate merchant pricing. It represents
the percentage of billed business (both proprietary and Global Network Services)
retained by the Company from merchants it acquires, prior to payments to third
parties unrelated to merchant acceptance.

(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, including the amortization of deferred direct acquisition
costs (which beginning prospectively as of July 1, 2006, was reclassified from
other expense to a reduction in net card fees), divided by average worldwide
proprietary cards-in-force. The adjusted average fee per card is computed in
the same manner, but excludes amortization of deferred direct acquisition
costs. The adjusted average fee per card was $37 for the quarter and $36 for
the year ended December 31, 2007, and $35 for the quarter and year ended
December 31, 2006, and the amount of amortization excluded for these periods
was $74 million for the quarter and $288 million for the year ended December
31, 2007, and $75 million for the quarter and $147 million for the year ended
December 31, 2006. The Company presents adjusted average fee per card because
management believes that this metric presents a better picture of card fee
pricing across a range of its proprietary card products.


                                       -5-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                  SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                   Quarters Ended                   Years Ended
                                                    December 31,                    December 31,
                                                  ---------------                -----------------
                                                                    Percentage                       Percentage
                                                   2007     2006    Inc/(Dec)    2007      2006      Inc/(Dec)
                                                  ------   ------   ----------   -------   -------   ----------
<S>                                               <C>      <C>          <C>      <C>       <C>           <C>
Worldwide cardmember receivables:
   Total receivables                              $ 40.1   $ 37.4        7%      $  40.1   $  37.4        7%
   90 days past due as a % of total                  3.0%     2.8%                   3.0%      2.8%
   Loss reserves (millions):                      $1,149   $  981       17%      $ 1,149   $   981       17%
      % of receivables                               2.9%     2.6%                   2.9%      2.6%
      % of 90 days past due                           95%      95%                    95%       95%
   Net loss ratio as a % of charge volume           0.25%    0.26%                  0.24%     0.24%
Worldwide cardmember lending - owned basis (A):
   Total loans                                    $ 54.5   $ 43.3       26%      $  54.5   $  43.3       26%
   30 days past due loans as a % of total            3.4%     2.7%                   3.4%      2.7%
   Loss reserves (millions):
      Beginning balance                           $1,469   $1,126       30%      $ 1,171   $   996       18%
         Provision                                   924      451        #         2,615     1,507       74
         Net write offs                             (579)    (405)      43        (1,990)   (1,359)      46
         Other                                        17       (1)       #            35        27       30
                                                  ------   ------                -------   -------
      Ending balance                              $1,831   $1,171       56       $ 1,831   $ 1,171       56
                                                  ======   ======                =======   =======
      % of loans                                     3.4%     2.7%                   3.4%      2.7%
      % of past due                                  100%      98%                   100%       98%
   Average loans                                  $ 51.7   $ 40.2       29%      $  47.2   $  36.5       29%
   Net write-off rate                                4.5%     4.0%                   4.2%      3.7%
   Net finance revenue(B)/average loans              9.3%     9.6%                   9.4%      9.3%
Worldwide cardmember lending - managed basis (C):
   Total loans                                    $ 77.2   $ 63.5       22%      $  77.2   $  63.5       22%
   30 days past due loans as a % of total            3.2%     2.6%                   3.2%      2.6%
   Loss reserves (millions):
      Beginning balance                           $1,991   $1,571       27%      $ 1,622   $ 1,469       10%
         Provision                                 1,387      608        #         3,726     1,991       87
         Net write offs                             (813)    (557)      46        (2,799)   (1,933)      45
         Other                                        16       --        #            32        95      (66)
                                                  ------   ------                -------   -------
      Ending balance                              $2,581   $1,622       59       $ 2,581   $ 1,622       59
                                                  ======   ======                =======   =======
      % of loans                                     3.3%     2.6%                   3.3%      2.6%
      % of past due                                  106%      97%                   106%       97%
   Average loans                                  $ 74.1   $ 60.4       23%      $  68.3   $  56.9       20%
   Net write-off rate                                4.4%     3.7%                   4.1%      3.4%
   Net finance revenue(B)/average loans              9.4%     9.4%                   9.4%      9.3%
</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) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is 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
                                                         ------------------------------------------------------------------
                                                         December 31,   September 30,   June 30,   March 31,   December 31,
                                                             2007           2007          2007        2007         2006
                                                         ------------   -------------   --------   ---------   ------------
<S>                                                         <C>             <C>          <C>         <C>          <C>
Revenues
   Discount revenue                                         $3,912          $3,659       $3,670      $3,355       $3,458
   Net card fees                                               544             522          500         484          479
   Travel commissions and fees                                 514             484          491         437          450
   Other commissions and fees                                  650             644          587         536          573
   Securitization income, net                                  326             392          332         457          347
   Other                                                       470             362          426         387          528
                                                            ------          ------       ------      ------       ------
      Total                                                  6,416           6,063        6,006       5,656        5,835
                                                            ------          ------       ------      ------       ------
   Interest income
      Cardmember lending finance revenue                     1,682           1,581        1,514       1,368        1,326
      Other                                                    302             309          357         303          287
                                                            ------          ------       ------      ------       ------
         Total                                               1,984           1,890        1,871       1,671        1,613
                                                            ------          ------       ------      ------       ------
            Total revenues                                   8,400           7,953        7,877       7,327        7,448
                                                            ------          ------       ------      ------       ------
   Interest expense
      Cardmember lending                                       474             444          431         385          351
      Charge card and other                                    562             564          508         458          422
                                                            ------          ------       ------      ------       ------
         Total                                               1,036           1,008          939         843          773
                                                            ------          ------       ------      ------       ------
Revenues net of interest expense                             7,364           6,945        6,938       6,484        6,675
                                                            ------          ------       ------      ------       ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                                2,719           1,810        1,826       1,462        1,732
   Human resources                                           1,437           1,366        1,334       1,301        1,361
   Professional services                                       646             539          580         518          648
   Occupancy and equipment                                     382             374          352         328          372
   Communications                                              119             118          112         112          112
   Other, net                                                 (591)            339          348         293          365
                                                            ------          ------       ------      ------       ------
      Total                                                  4,712           4,546        4,552       4,014        4,590
                                                            ------          ------       ------      ------       ------
Provisions for losses and benefits
      Charge card                                              419             279          233         209          277
      Cardmember lending                                       970             579          638         574          484
      Other (including investment certificates)                134             124          106          76          137
                                                            ------          ------       ------      ------       ------
         Total                                               1,523             982          977         859          898
                                                            ------          ------       ------      ------       ------
Pretax income from continuing operations                     1,129           1,417        1,409       1,611        1,187
Income tax provision                                           290             343          369         516          292
                                                            ------          ------       ------      ------       ------
Income from continuing operations                              839           1,074        1,040       1,095          895
(Loss) Income from discontinued operations, net of tax          (8)             (7)          17         (38)          27
                                                            ------          ------       ------      ------       ------
Net income                                                  $  831          $1,067       $1,057      $1,057       $  922
                                                            ======          ======       ======      ======       ======
</Table>


                                       -7-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                          Quarters Ended
                                                            ------------------------------------------------------------------
                                                            December 31,   September 30,   June 30,   March 31,   December 31,
                                                                2007            2007         2007        2007         2006
                                                            ------------   -------------   --------   ---------   ------------
<S>                                                            <C>             <C>          <C>        <C>           <C>
REVENUES NET OF INTEREST EXPENSE
   U.S. Card Services                                          $3,709          $3,589       $3,560     $ 3,364       $3,349
   International Card Services                                  1,189           1,114        1,049         979        1,026
   Global Commercial Services                                   1,128           1,064        1,083         994          982
   Global Network & Merchant Services                           1,041             980          966         877          916
                                                               ------          ------       ------     -------       ------
                                                                7,067           6,747        6,658       6,214        6,273
   Corporate & Other,
      including adjustments and eliminations                      297             198          280         270          402
                                                               ------          ------       ------     -------       ------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE                  $7,364          $6,945       $6,938     $ 6,484       $6,675
                                                               ======          ======       ======     =======       ======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                                          $  (40)         $  912       $  827     $ 1,031       $  723
   International Card Services                                   (181)            110           92          96           76
   Global Commercial Services                                     144             187          218         195          167
   Global Network & Merchant Services                             379             389          418         374          297
                                                               ------          ------       ------     -------       ------
                                                                  302           1,598        1,555       1,696        1,263
   Corporate & Other                                              827            (181)        (146)        (85)         (76)
                                                               ------          ------       ------     -------       ------
PRETAX INCOME FROM CONTINUING OPERATIONS                       $1,129          $1,417       $1,409     $ 1,611       $1,187
                                                               ======          ======       ======     =======       ======
NET INCOME (LOSS)
   U.S. Card Services                                          $    7          $  592       $  580     $   644       $  473
   International Card Services                                    (68)            140          117         102           99
   Global Commercial Services                                     110             135          162         129          117
   Global Network & Merchant Services                             254             266          266         236          201
                                                               ------          ------       ------     -------       ------
                                                                  303           1,133        1,125       1,111          890
   Corporate & Other                                              536             (59)         (85)        (16)           5
                                                               ------          ------       ------     -------       ------
   Income from continuing operations                              839           1,074        1,040       1,095          895
   (Loss) Income from discontinued operations, net of tax          (8)             (7)          17         (38)          27
                                                               ------          ------       ------     -------       ------
NET INCOME                                                     $  831          $1,067       $1,057     $ 1,057       $  922
                                                               ======          ======       ======     =======       ======
</Table>


                                       -8-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                          FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                              Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007           2007          2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>             <C>         <C>          <C>          <C>
EARNINGS PER COMMON SHARE
BASIC
   Income from continuing operations                 $ 0.72          $ 0.92      $ 0.88       $ 0.92       $ 0.75
   (Loss) Income from discontinued operations            --           (0.01)       0.02        (0.03)        0.02
                                                     ------          ------      ------       ------       ------
   Net income                                        $ 0.72          $ 0.91      $ 0.90       $ 0.89       $ 0.77
                                                     ======          ======      ======       ======       ======
   Average common shares outstanding (millions)       1,157           1,170       1,179        1,187        1,196
                                                     ======          ======      ======       ======       ======
DILUTED
   Income from continuing operations                 $ 0.71          $ 0.90      $ 0.86       $ 0.90       $ 0.73
   (Loss) Income from discontinued operations            --              --        0.02        (0.03)        0.02
                                                     ------          ------      ------       ------       ------
   Net income                                        $ 0.71          $ 0.90      $ 0.88       $ 0.87       $ 0.75
                                                     ======          ======      ======       ======       ======
   Average common shares outstanding (millions)       1,178           1,192       1,203        1,210        1,224
                                                     ======          ======      ======       ======       ======
Cash dividends declared per common share             $ 0.18          $ 0.15      $ 0.15       $ 0.15       $ 0.15
                                                     ======          ======      ======       ======       ======
</Table>

                        SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                              Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007           2007          2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>             <C>         <C>          <C>          <C>
Return on average equity (A)                           37.3%           38.2%       37.5%        36.6%        34.7%
Common shares outstanding (millions)                  1,158           1,169       1,182        1,188        1,199
Book value per common share                          $ 9.53          $ 9.32      $ 9.00       $ 8.83       $ 8.76
Shareholders' equity (billions)                      $ 11.0          $ 10.9      $ 10.6       $ 10.5       $ 10.5
</Table>

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


                                       -9-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                              Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007            2007         2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>             <C>          <C>        <C>           <C>
Card billed business (A):
   United States                                     $123.0          $115.2       $115.7     $105.4        $109.7
   Outside the United States                           54.5            47.3         45.4       40.8          43.8
                                                     ------          ------       ------     ------        ------
      Total                                          $177.5          $162.5       $161.1     $146.2        $153.5
                                                     ======          ======       ======     ======        ======
Total cards-in-force (millions) (B):
   United States                                       52.3            51.7         50.5       49.3          48.1
   Outside the United States                           34.1            33.0         31.7       30.6          29.9
                                                     ------          ------       ------     ------        ------
      Total                                            86.4            84.7         82.2       79.9          78.0
                                                     ======          ======       ======     ======        ======
Basic cards-in-force (millions) (B):
   United States                                       40.9            40.1         39.2       38.1          37.1
   Outside the United States                           29.2            28.3         27.0       26.0          25.4
                                                     ------          ------       ------     ------        ------
      Total                                            70.1            68.4         66.2       64.1          62.5
                                                     ======          ======       ======     ======        ======
Average discount rate (C)                              2.54%           2.57%        2.57%      2.58%         2.55%
Average basic cardmember spending (dollars) (D)      $3,228          $3,006       $3,049     $2,817        $2,985
Average fee per card (dollars) (D)                   $   33          $   32       $   31     $   30        $   31
</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) This calculation is designed to approximate merchant pricing. It represents
the percentage of billed business (both proprietary and Global Network Services)
retained by the Company from merchants it acquires, prior to payments to third
parties unrelated to merchant acceptance.

(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, including the amortization of deferred direct acquisition
costs (which beginning prospectively as of July 1, 2006, was reclassified from
other expense to a reduction in net card fees), divided by average worldwide
proprietary cards-in-force. The adjusted average fee per card is computed in
the same manner, but excludes amortization of deferred direct acquisition
costs. The adjusted average fee per card was $37 for the quarter ended
December 31, 2007, $36 for the quarters ended September 30, 2007 and June 30,
2007 and $35 for the quarters ended March 31, 2007 and December 31, 2006. The
amount of amortization excluded for these periods was $74 million for the
quarter ended December 31, 2007, $71 million for the quarters ended September
30, 2007 and June 30, 2007, $72 million for the quarter ended March 31, 2007,
and $75 million for the quarter ended December 31, 2006. The Company presents
adjusted average fee per card because management believes that this metric
presents a better picture of card fee pricing across a range of its proprietary
card products.


                                      -10-

<Page>


                            AMERICAN EXPRESS COMPANY
                   SELECTED STATISTICAL INFORMATION (CONTINUED)

(Preliminary)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                               Quarters Ended
                                                    ------------------------------------------------------------------
                                                    December 31,   September 30,   June 30,   March 31,   December 31,
                                                        2007           2007          2007        2007         2006
                                                    ------------   -------------   --------   ---------   ------------
<S>                                                    <C>            <C>           <C>        <C>           <C>
Worldwide cardmember receivables:
   Total receivables                                   $ 40.1         $ 38.5        $ 38.4     $ 36.5        $ 37.4
   90 days past due as a % of total                       3.0%           2.8%          2.7%       2.9%          2.8%
   Loss reserves (millions):                           $1,149         $  998        $  981     $  979        $  981
      % of receivables                                    2.9%           2.6%          2.6%       2.7%          2.6%
      % of 90 days past due                                95%            91%           95%        93%           95%
   Net loss ratio as a % of charge volume                0.25%          0.26%         0.24%      0.23%         0.26%
Worldwide cardmember lending - owned basis (A):
   Total loans                                         $ 54.5         $ 50.5        $ 48.3     $ 42.3        $ 43.3
   30 days past due loans as a % of total                 3.4%           3.0%          2.8%       3.0%          2.7%
   Loss reserves (millions):
      Beginning balance                                $1,469         $1,417        $1,271     $1,171        $1,126
         Provision                                        924            543           606        542           451
         Net write offs                                  (579)          (499)         (473)      (439)         (405)
         Other                                             17              8            13         (3)           (1)
                                                       ------         ------        ------     ------        ------
      Ending balance                                   $1,831         $1,469        $1,417     $1,271        $1,171
                                                       ======         ======        ======     ======        ======
      % of loans                                          3.4%           2.9%          2.9%       3.0%          2.7%
      % of past due                                       100%            97%          106%       100%           98%
   Average loans                                       $ 51.7         $ 48.8        $ 45.6     $ 42.4        $ 40.2
   Net write-off rate                                     4.5%           4.1%          4.1%       4.1%          4.0%
   Net finance revenue(B)/average loans                   9.3%           9.3%          9.5%       9.4%          9.6%
Worldwide cardmember lending - managed basis (C):
   Total loans                                         $ 77.2         $ 72.0        $ 68.6     $ 63.2        $ 63.5
   30 days past due loans as a % of total                 3.2%           2.8%          2.6%       2.8%          2.6%
   Loss reserves (millions):
      Beginning balance                                $1,991         $1,917        $1,787     $1,622        $1,571
         Provision                                      1,387            762           780        797           608
         Net write offs                                  (813)          (696)         (662)      (628)         (557)
         Other                                             16              8            12         (4)           --
                                                       ------         ------        ------     ------        ------
      Ending balance                                   $2,581         $1,991        $1,917     $1,787        $1,622
                                                       ======         ======        ======     ======        ======
      % of loans                                          3.3%           2.8%          2.8%       2.8%          2.6%
      % of past due                                       106%            97%          106%       100%           97%
   Average loans                                       $ 74.1         $ 70.1        $ 65.9     $ 62.8        $ 60.4
   Net write-off rate                                     4.4%           4.0%          4.0%       4.0%          3.7%
   Net finance revenue(B)/average loans                   9.4%           9.4%          9.3%       9.5%          9.4%
</Table>

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

(B) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is 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                    Years Ended
                                                    December 31,                     December 31,
                                                  ----------------   Percentage   -----------------   Percentage
                                                    2007     2006    Inc/(Dec)    2007      2006      Inc/(Dec)
                                                  -------   ------   ----------   -------   -------   ----------
<S>                                               <C>       <C>           <C>     <C>       <C>          <C>
Revenues
   Discount revenue, net card fees and other      $ 2,747   $2,481        11%     $10,435   $ 9,421       11%
   Cardmember lending finance revenue               1,304    1,018        28        4,762     3,434       39
   Securitization income, net                         326      347        (6)       1,507     1,489        1
                                                  -------   ------                -------   -------
      Total revenues                                4,377    3,846        14       16,704    14,344       16
                                                  -------   ------                -------   -------
   Interest expense
      Cardmember lending                              440      288        53        1,518       957       59
      Charge card and other                           228      209         9          964       767       26
                                                  -------   ------                -------   -------
Revenues net of interest expense                    3,709    3,349        11       14,222    12,620       13
                                                  -------   ------                -------   -------
Expenses
   Marketing, promotion, rewards
      and cardmember services                       1,739    1,220        43        5,140     4,445       16
   Human resources and other operating expenses       871      876        (1)       3,354     3,227        4
                                                  -------   ------                -------   -------
      Total                                         2,610    2,096        25        8,494     7,672       11
                                                  -------   ------                -------   -------
Provisions for losses                               1,139      530         #        2,998     1,625       84
                                                  -------   ------                -------   -------
Pretax segment (loss) income                          (40)     723         #        2,730     3,323      (18)
Income tax (benefit) provision                        (47)     250         #          907     1,171      (23)
                                                  -------   ------                -------   -------
Segment income                                    $     7   $  473       (99)     $ 1,823   $ 2,152      (15)
                                                  =======   ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.


                                      -12-

<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                           Quarters Ended                    Years Ended
                                                            December 31,                     December 31,
                                                          ----------------   Percentage   -----------------   Percentage
                                                            2007     2006    Inc/(Dec)    2007      2006      Inc/(Dec)
                                                          -------   ------   ----------   -------   -------   ----------
<S>                                                        <C>      <C>          <C>      <C>       <C>           <C>
INCOME STATEMENT DATA
   Discount revenue, net card fees and other:
      Reported for the period (GAAP)                       $2,747   $2,481       11%      $10,435   $ 9,421       11%
      Securitization adjustments                               76       56       36           310       199       56
                                                           ------   ------                -------   -------
      Managed discount revenue, net card fees and other    $2,823   $2,537       11       $10,745   $ 9,620       12
                                                           ------   ------                -------   -------
   Cardmember lending finance revenue:
      Reported for the period (GAAP)                       $1,304   $1,018       28       $ 4,762   $ 3,434       39
      Securitization adjustments                              828      729       14         3,130     2,937        7
                                                           ------   ------                -------   -------
      Managed finance revenue                              $2,132   $1,747       22       $ 7,892   $ 6,371       24
                                                           ------   ------                -------   -------
   Securitization income, net:
      Reported for the period (GAAP)                       $  326   $  347       (6)      $ 1,507   $ 1,489        1
      Securitization adjustments                             (326)    (347)      (6)       (1,507)   (1,489)       1
                                                           ------   ------                -------   -------
      Managed securitization income, net                   $   --   $   --       --       $    --   $    --       --
                                                           ------   ------                -------   -------
   Cardmember lending interest expense:
      Reported for the period (GAAP)                       $  440   $  288       53       $ 1,518   $   957       59
      Securitization adjustments                              287      279        3         1,136     1,057        7
                                                           ------   ------                -------   -------
      Managed cardmember lending interest expense          $  727   $  567       28       $ 2,654   $ 2,014       32
                                                           ------   ------                -------   -------
   Provisions for losses:
      Reported for the period (GAAP)                       $1,139   $  530        #       $ 2,998   $ 1,625       84
      Securitization adjustments                              263      153       72           871       550       58
                                                           ------   ------                -------   -------
      Managed provisions for losses                        $1,402   $  683        #       $ 3,869   $ 2,175       78
                                                           ------   ------                -------   -------
</Table>

# - Denotes a variance of more than 100%.

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                   Years Ended
                                                December 31,                    December 31,
                                              ---------------   Percentage   -----------------   Percentage
                                               2007     2006    Inc/(Dec)    2007      2006      Inc/(Dec)
                                              ------   ------   ----------   -------   -------   ----------
<S>                                           <C>      <C>          <C>      <C>       <C>           <C>
Card billed business                          $101.2   $ 90.8       11%      $ 375.2   $ 333.4       13%
Total cards-in-force (millions)                 43.3     40.7        6%         43.3      40.7        6%
Basic cards-in-force (millions)                 32.3     30.1        7%         32.3      30.1        7%
Average basic cardmember spending (dollars)   $3,161   $3,044        4%      $12,011   $11,521        4%
U.S. Consumer Travel:
   Travel sales (millions)                    $  707   $  597       18%      $ 2,975   $ 2,357       26%
   Travel commissions and fees/sales             8.2%     8.2%                   8.0%      8.4%
Total segment assets                          $ 82.3   $ 71.0       16%      $  82.3   $  71.0       16%
Segment capital (A)                           $  4.5   $  4.7       (4)%     $   4.5   $   4.7       (4)%
Return on segment capital (B)                   40.2%    47.4%                  40.2%     47.4%
Cardmember receivables:
   Total receivables                          $ 21.4   $ 20.6        4%      $  21.4   $  20.6        4%
   90 days past due as a % of total              3.9%     3.3%                   3.9%      3.3%
   Net loss ratio as a % of charge volume       0.35%    0.32%                  0.31%     0.28%
Cardmember lending - owned basis (C):
   Total loans                                $ 43.3   $ 33.6       29%      $  43.3   $  33.6       29%
   30 days past due loans as a % of total        3.5%     2.7%                   3.5%      2.7%
   Average loans                              $ 40.9   $ 30.9       32%      $  37.1   $  27.6       34%
   Net write-off rate                            4.3%     3.5%                   3.9%      3.0%
   Net finance revenue(D)/average loans          8.4%     9.4%                   8.7%      9.0%
Cardmember lending - managed basis (E):
   Total loans                                $ 66.0   $ 53.8       23%      $  66.0   $  53.8       23%
   30 days past due loans as a % of total        3.2%     2.6%                   3.2%      2.6%
   Average loans                              $ 63.2   $ 51.1       24%      $  58.3   $  48.0       21%
   Net write-off rate                            4.3%     3.3%                   3.8%      2.9%
   Net finance revenue(D)/average loans          8.8%     9.2%                   9.0%      9.1%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $175
million and $168 million as of the quarters and years ended December 31, 2007
and 2006, respectively.

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

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

(D) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is computed on an annualized basis.

(E) 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
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007           2007          2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>             <C>          <C>         <C>          <C>
Revenues
   Discount revenue, net card fees and other         $2,747          $2,632       $2,642      $2,414       $2,481
   Cardmember lending finance revenue                 1,304           1,224        1,179       1,055        1,018
   Securitization income, net                           326             392          332         457          347
                                                     ------          ------       ------      ------       ------
         Total revenues                               4,377           4,248        4,153       3,926        3,846
                                                     ------          ------       ------      ------       ------
   Interest expense
      Cardmember lending                                440             402          363         313          288
      Charge card and other                             228             257          230         249          209
                                                     ------          ------       ------      ------       ------
Revenues net of interest expense                      3,709           3,589        3,560       3,364        3,349
                                                     ------          ------       ------      ------       ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                         1,739           1,191        1,266         944        1,220
   Human resources and other operating expenses         871             848          827         808          876
                                                     ------          ------       ------      ------       ------
         Total                                        2,610           2,039        2,093       1,752        2,096
                                                     ------          ------       ------      ------       ------
Provisions for losses                                 1,139             638          640         581          530
                                                     ------          ------       ------      ------       ------
Pretax segment (loss) income                            (40)            912          827       1,031          723
Income tax (benefit) provision                          (47)            320          247         387          250
                                                     ------          ------       ------      ------       ------
Segment income                                       $    7          $  592       $  580      $  644       $  473
                                                     ======          ======       ======      ======       ======
</Table>


                                      -15-

<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                                      Quarters Ended
                                                          ------------------------------------------------------------------
                                                          December 31,   September 30,   June 30,   March 31,   December 31,
                                                             2007             2007         2007        2007         2006
                                                          ------------   -------------   --------   ---------   ------------
<S>                                                          <C>             <C>          <C>        <C>           <C>
INCOME STATEMENT DATA
   Discount revenue, net card fees and other:
      Reported for the period (GAAP)                         $2,747          $2,632       $2,642     $2,414        $2,481
      Securitization adjustments                                 76              67           80         87            56
                                                             ------          ------       ------     ------        ------
      Managed discount revenue, net card fees and other      $2,823          $2,699       $2,722     $2,501        $2,537
                                                             ------          ------       ------     ------        ------
   Cardmember lending finance revenue:
      Reported for the period (GAAP)                         $1,304          $1,224       $1,179     $1,055        $1,018
      Securitization adjustments                                828             821          724        757           729
                                                             ------          ------       ------     ------        ------
      Managed finance revenue                                $2,132          $2,045       $1,903     $1,812        $1,747
                                                             ------          ------       ------     ------        ------
   Securitization income, net:
      Reported for the period (GAAP)                         $  326          $  392       $  332     $  457        $  347
      Securitization adjustments                               (326)           (392)        (332)      (457)         (347)
                                                             ------          ------       ------     ------        ------
      Managed securitization income, net                     $   --          $   --       $   --     $   --        $   --
                                                             ------          ------       ------     ------        ------
   Cardmember lending interest expense:
      Reported for the period (GAAP)                         $  440          $  402       $  363     $  313        $  288
      Securitization adjustments                                287             302          274        273           279
                                                             ------          ------       ------     ------        ------
      Managed cardmember lending interest expense            $  727          $  704       $  637     $  586        $  567
                                                             ------          ------       ------     ------        ------
   Provisions for losses:
      Reported for the period (GAAP)                         $1,139          $  638       $  640     $  581        $  530
      Securitization adjustments                                263             226          177        205           153
                                                             ------          ------       ------     ------        ------
      Managed provisions for losses                          $1,402          $  864       $  817     $  786        $  683
                                                             ------          ------       ------     ------        ------
</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
                                              ------------------------------------------------------------------
                                              December 31,   September 30,   June 30,   March 31,   December 31,
                                                  2007            2007         2007        2007         2006
                                              ------------   -------------   --------   ---------   ------------
<S>                                              <C>             <C>          <C>         <C>          <C>
Card billed business                             $101.2          $ 94.2       $ 94.6      $ 85.2       $ 90.8
Total cards-in-force (millions)                    43.3            42.9         42.1        41.5         40.7
Basic cards-in-force (millions)                    32.3            31.8         31.2        30.7         30.1
Average basic cardmember spending (dollars)      $3,161          $2,986       $3,054      $2,801       $3,044
U.S. Consumer Travel:
   Travel sales                                  $  0.7          $  0.7       $  0.8      $  0.7       $  0.6
   Travel commissions and fees/sales                8.2%            8.5%         8.0%        7.5%         8.2%
Total segment assets                             $ 82.3          $ 79.0       $ 76.1      $ 68.4       $ 71.0
Segment capital (A)                              $  4.5          $  4.5       $  4.5      $  4.5       $  4.7
Return on segment capital (B)                      40.2%           50.5%        49.9%       50.2%        47.4%
Cardmember receivables:
   Total receivables                             $ 21.4          $ 19.4       $ 19.8      $ 19.0       $ 20.6
   90 days past due as a % of total                 3.9%            3.9%         3.6%        3.8%         3.3%
   Net loss ratio as a % of charge volume          0.35%           0.34%        0.30%       0.25%        0.32%
Cardmember lending - owned basis (C):
   Total loans                                   $ 43.3          $ 40.0       $ 38.3      $ 33.0       $ 33.6
   30 days past due loans as a % of total           3.5%            3.1%         2.7%        2.9%         2.7%
   Average loans                                 $ 40.9          $ 38.6       $ 35.9      $ 33.1       $ 30.9
   Net write-off rate                               4.3%            3.7%         3.7%        3.7%         3.5%
   Net finance revenue(D)/average loans             8.4%            8.5%         9.1%        9.1%         9.4%
Cardmember lending - managed basis (E):
   Total loans                                   $ 66.0          $ 61.5       $ 58.6      $ 53.9       $ 53.8
   30 days past due loans as a % of total           3.2%            2.9%         2.6%        2.8%         2.6%
   Average loans                                 $ 63.2          $ 60.0       $ 56.3      $ 53.4       $ 51.1
   Net write-off rate                               4.3%            3.7%         3.7%        3.7%         3.3%
   Net finance revenue(D)/average loans             8.8%            8.9%         9.0%        9.3%         9.2%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $175
million as of December 31, 2007 and $168 million as of September 30, 2007,
June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

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

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

(D) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is computed on an annualized basis.

(E) 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                  Years Ended
                                                    December 31,                  December 31,
                                                  ---------------   Percentage   ---------------   Percentage
                                                   2007     2006    Inc/(Dec)    2007     2006     Inc/(Dec)
                                                  ------   ------   ----------   ------   ------   ----------
<S>                                               <C>      <C>          <C>      <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other      $1,022   $  884       16%      $3,703   $3,405        9%
   Cardmember lending finance revenue                376      304       24        1,372    1,146       20
                                                  ------   ------                ------   ------
         Total revenues                            1,398    1,188       18        5,075    4,551       12
                                                  ------   ------                ------   ------
   Interest expense
      Cardmember lending                             138      105       31          493      393       25
      Charge card and other                           71       57       25          251      193       30
                                                  ------   ------                ------   ------
Revenues net of interest expense                   1,189    1,026       16        4,331    3,965        9
                                                  ------   ------                ------   ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                        638      280        #        1,566    1,109       41
   Human resources and other operating expenses      512      460       11        1,836    1,692        9
                                                  ------   ------                ------   ------
         Total                                     1,150      740       55        3,402    2,801       21
                                                  ------   ------                ------   ------
Provisions for losses                                220      210        5          812      852       (5)
                                                  ------   ------                ------   ------
Pretax segment (loss) income                        (181)      76        #          117      312      (63)
Income tax benefit                                  (113)     (23)       #         (174)     (31)       #
                                                  ------   ------                ------   ------
Segment (loss) income                             $  (68)  $   99        #       $  291   $  343      (15)
                                                  ======   ======                ======   ======
</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                   Years Ended
                                                December 31,                    December 31,
                                              ---------------   Percentage   ---------------   Percentage
                                               2007     2006    Inc/(Dec)    2007     2006     Inc/(Dec)
                                              ------   ------   ----------   ------   ------   ----------
<S>                                           <C>      <C>          <C>      <C>      <C>         <C>
Card billed business                          $ 28.2   $ 23.6       19%      $ 98.0   $ 86.3      14%
Total cards-in-force (millions)                 16.0     15.6        3%        16.0     15.6       3%
Basic cards-in-force (millions)                 11.3     11.2        1%        11.3     11.2       1%
Average basic cardmember spending (dollars)   $2,515   $2,106       19%      $8,772   $7,491      17%
International Consumer Travel:
   Travel sales (millions)                    $  310   $  251       24%      $1,113   $  922      21%
   Travel commissions and fees/sales             8.7%     8.6%                  8.6%     8.7%
Total segment assets                          $ 21.4   $ 18.9       13%      $ 21.4   $ 18.9      13%
Segment capital (millions) (A)                $2,062   $1,724       20%      $2,062   $1,724      20%
Return on segment capital (B)                   15.3%    17.9%                 15.3%    17.9%
Cardmember receivables:
   Total receivables                          $  6.6   $  6.0       10%      $  6.6   $  6.0      10%
   90 days past due as a % of total              1.8%     2.3%                  1.8%     2.3%
   Net loss ratio as a % of charge volume       0.21%    0.30%                 0.26%    0.26%
Cardmember lending:
   Total loans                                $ 11.2   $  9.7       15%      $ 11.2   $  9.7      15%
   30 days past due loans as a % of total        2.8%     2.9%                  2.8%     2.9%
   Average loans                              $ 10.8   $  9.3       16%      $ 10.0   $  8.9      12%
   Net write-off rate                            5.1%     5.7%                  5.6%     5.9%
   Net finance revenue(C)/average loans          8.7%     8.5%                  8.8%     8.5%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $519
million and $518 million as of the quarters and years ended December 31, 2007
and 2006, respectively.

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

(C) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is computed on an annualized basis.


                                       -19-

<Page>

(Preliminary)

                           INTERNATIONAL CARD SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                            Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007            2007         2007       2007          2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>            <C>           <C>         <C>          <C>
Revenues
   Discount revenue, net card fees and other         $1,022         $  953        $  900      $  828       $  884
   Cardmember lending finance revenue                   376            353           333         310          304
                                                     ------         ------        ------      ------       ------
         Total revenues                               1,398          1,306         1,233       1,138        1,188
                                                     ------         ------        ------      ------       ------
   Interest expense
      Cardmember lending                                138            126           120         109          105
      Charge card and other                              71             66            64          50           57
                                                     ------         ------        ------      ------       ------
Revenues net of interest expense                      1,189          1,114         1,049         979        1,026
                                                     ------         ------        ------      ------       ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                           638            354           293         281          280
   Human resources and other operating expenses         512            453           453         418          460
                                                     ------         ------        ------      ------       ------
         Total                                        1,150            807           746         699          740
                                                     ------         ------        ------      ------       ------
Provisions for losses                                   220            197           211         184          210
                                                     ------         ------        ------      ------       ------
Pretax segment (loss) income                           (181)           110            92          96           76
Income tax benefit                                     (113)           (30)          (25)         (6)         (23)
                                                     ------         ------        ------      ------       ------
Segment (loss) income                                $  (68)        $  140        $  117      $  102       $   99
                                                     ======         ======        ======      ======       ======
</Table>


                                      -20-

<Page>

(Preliminary)

                           INTERNATIONAL CARD SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                        Quarters Ended
                                              ------------------------------------------------------------------
                                              December 31,   September 30,   June 30,   March 31,   December 31,
                                                  2007           2007          2007        2007         2006
                                              ------------   -------------   --------   ---------   ------------
<S>                                              <C>             <C>          <C>         <C>          <C>
Card billed business                             $ 28.2          $ 24.7       $ 23.6      $ 21.5       $ 23.6
Total cards-in-force (millions)                    16.0            15.8         15.7        15.7         15.6
Basic cards-in-force (millions)                    11.3            11.2         11.2        11.2         11.2
Average basic cardmember spending (dollars)      $2,515          $2,209       $2,123      $1,926       $2,106
International Consumer Travel:
   Travel sales                                  $  0.3          $  0.3       $  0.3      $  0.2       $  0.3
   Travel commissions and fees/sales                8.7%            8.8%         8.6%        8.4%         8.6%
Total segment assets                             $ 21.4          $ 20.8       $ 19.7      $ 18.5       $ 18.9
Segment capital (A)                              $  2.1          $  2.0       $  1.9      $  1.8       $  1.7
Return on segment capital (B)                      15.3%           24.4%        22.8%       20.9%        17.9%
Cardmember receivables:
   Total receivables                             $  6.6          $  6.1       $  5.9      $  5.4       $  6.0
   90 days past due as a % of total                 1.8%            1.8%         2.0%        2.4%         2.3%
   Net loss ratio as a % of charge volume          0.21%           0.26%        0.28%       0.29%        0.30%
Cardmember lending:
   Total loans                                   $ 11.2          $ 10.5       $ 10.0      $  9.3       $  9.7
   30 days past due loans as a % of total           2.8%            2.7%         2.9%        3.1%         2.9%
   Average loans                                 $ 10.8          $ 10.2       $  9.7      $  9.4       $  9.3
   Net write-off rate                               5.1%            5.5%         6.0%        5.7%         5.7%
   Net finance revenue(C)/average loans             8.7%            8.9%         8.9%        8.7%         8.5%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $519
million as of December 31, 2007, $520 million as of September 30, 2007, $519
million as of June 30, 2007 and March 31, 2007, and $518 million as of
December 31, 2006, respectively.

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

(C) Net finance revenue, which represents cardmember lending finance revenue
less cardmember lending interest expense, is computed on an annualized basis.


                                      -21-

<Page>

(Preliminary)

                           GLOBAL COMMERCIAL SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                   Quarters Ended                  Years Ended
                                                    December 31,                   December 31,
                                                  ---------------   Percentage   ---------------   Percentage
                                                   2007     2006    Inc/(Dec)    2007     2006     Inc/(Dec)
                                                  ------   ------   ----------   ------   ------   ----------
<S>                                               <C>      <C>          <C>      <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other      $1,259   $1,089       16%      $4,747   $4,269       11%
                                                  ------   ------                ------   ------
   Interest expense
      Charge card and other                          131      107       22          478      369       30
                                                  ------   ------                ------   ------
Revenues net of interest expense                   1,128      982       15        4,269    3,900        9
                                                  ------   ------                ------   ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                        135       63        #          387      307       26
   Human resources and other operating expenses      794      721       10        2,975    2,764        8
                                                  ------   ------                ------   ------
         Total                                       929      784       18        3,362    3,071        9
                                                  ------   ------                ------   ------
Provisions for losses                                 55       31       77          163      113       44
                                                  ------   ------                ------   ------
Pretax segment income                                144      167      (14)         744      716        4
Income tax provision                                  34       50      (32)         208      239      (13)
                                                  ------   ------                ------   ------
Segment income                                    $  110   $  117       (6)      $  536   $  477       12
                                                  ======   ======                ======   ======
</Table>

# - Denotes variance of more than 100%.


                                      -22-

<Page>

(Preliminary)

                        GLOBAL COMMERCIAL SERVICES
                     SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                               Quarters Ended                   Years Ended
                                                December 31,                    December 31,
                                              ---------------   Percentage   -----------------   Percentage
                                               2007     2006    Inc/(Dec)    2007      2006      Inc/(Dec)
                                              ------   ------   ----------   -------   -------   ----------
<S>                                           <C>      <C>          <C>      <C>       <C>           <C>
Card billed business                          $ 32.2   $ 27.6       17%      $ 122.1   $ 106.9       14%
Total cards-in-force (millions)                  6.8      6.7        1%          6.8       6.7        1%
Basic cards-in-force (millions)                  6.8      6.7        1%          6.8       6.7        1%
Average basic cardmember spending (dollars)   $4,695   $4,170       13%      $18,017   $16,264       11%
Global Corporate Travel:
   Travel sales                               $  5.5   $  4.6       20%      $  20.5   $  18.5       11%
   Travel commissions and fees/sales             7.8%     8.1%                   7.7%      8.1%
Total segment assets                          $ 21.1   $ 18.9       12%      $  21.1   $  18.9       12%
Segment capital (millions) (A)                $2,239   $1,907       17%      $ 2,239   $ 1,907       17%
Return on segment capital (B)                   25.3%    25.7%                  25.3%     25.7%
Cardmember receivables:
   Total receivables                          $ 11.4   $ 10.3       11%      $  11.4   $  10.3       11%
   90 days past due as a % of total              2.1%     1.9%                   2.1%      1.9%
   Net loss ratio as a % of charge volume       0.12%    0.09%                  0.10%     0.09%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $771
million and $740 million as of the quarters and years ended December 31, 2007
and 2006.

(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.


                                      -23-

<Page>

(Preliminary)

                           GLOBAL COMMERCIAL SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                           Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007            2007         2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>             <C>          <C>         <C>          <C>
Revenues
   Discount revenue, net card fees and other         $1,259          $1,180       $1,210      $1,098       $1,089
                                                     ------          ------       ------      ------       ------
   Interest expense
      Charge card and other                             131             116          127         104          107
                                                     ------          ------       ------      ------       ------
Revenues net of interest expense                      1,128           1,064        1,083         994          982
                                                     ------          ------       ------      ------       ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                           135              86           83          83           63
   Human resources and other operating expenses         794             749          746         686          721
                                                     ------          ------       ------      ------       ------
         Total                                          929             835          829         769          784
                                                     ------          ------       ------      ------       ------
Provisions for losses                                    55              42           36          30           31
                                                     ------          ------       ------      ------       ------
Pretax segment income                                   144             187          218         195          167
Income tax provision                                     34              52           56          66           50
                                                     ------          ------       ------      ------       ------
Segment income                                       $  110          $  135       $  162      $  129       $  117
                                                     ======          ======       ======      ======       ======
</Table>


                                      -24-

<Page>

(Preliminary)

                           GLOBAL COMMERCIAL SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                          Quarters Ended
                                              ------------------------------------------------------------------
                                              December 31,   September 30,   June 30,   March 31,   December 31,
                                                  2007            2007         2007        2007         2006
                                              ------------   -------------   --------   ---------   ------------
<S>                                              <C>             <C>          <C>        <C>           <C>
Card billed business                             $ 32.2          $ 29.9       $ 31.0     $ 29.0        $ 27.6
Total cards-in-force (millions)                     6.8             6.8          6.8        6.7           6.7
Basic cards-in-force (millions)                     6.8             6.8          6.8        6.7           6.7
Average basic cardmember spending (dollars)      $4,695          $4,389       $4,583     $4,343        $4,170
Global Corporate Travel:
   Travel sales                                  $  5.5          $  4.9       $  5.3     $  4.8        $  4.6
   Travel commissions and fees/sales                7.8%            8.0%         7.5%       7.6%          8.1%
Total segment assets                             $ 21.1          $ 21.8       $ 21.7     $ 20.5        $ 18.9
Segment capital (A)                              $  2.2          $  2.2       $  2.1     $  2.1        $  1.9
Return on segment capital (B)                      25.3%           26.2%        25.3%      25.7%         25.7%
Cardmember receivables:
   Total receivables                             $ 11.4          $ 12.5       $ 12.2     $ 11.7        $ 10.3
   90 days past due as a % of total                 2.1%            1.6%         1.6%       1.6%          1.9%
   Net loss ratio as a % of charge volume          0.12%           0.11%        0.10%      0.10%         0.09%
</Table>

(A) Segment capital includes an allocation attributable to goodwill of $771
million as of December 31, 2007, $767 million as of September 30, 2007, $745
million as of June 30, 2007, $742 million as of March 31, 2007 and $740
million as of December 31, 2006, respectively.

(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.


                                      -25-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                  Quarters Ended                  Years Ended
                                                   December 31,                   December 31,
                                                  --------------   Percentage   ---------------   Percentage
                                                    2007    2006   Inc/(Dec)    2007     2006     Inc/(Dec)
                                                   ------   ----   ----------   ------   ------   ----------
<S>                                                <C>      <C>        <C>      <C>      <C>          <C>
Revenues
   Discount revenue, fees and other                $  961   $840       14%      $3,550   $3,063       16%
                                                   ------   ----                ------   ------
   Interest expense
      Cardmember lending                              (34)   (29)      17         (126)     (98)      29
      Other                                           (46)   (47)      (2)        (188)    (183)       3
                                                   ------   ----                ------   ------
Revenues net of interest expense                    1,041    916       14        3,864    3,344       16
                                                   ------   ----                ------   ------
Expenses
   Marketing and promotion                            165    125       32          595      518       15
   Human resources and other operating expenses       466    448        4        1,665    1,549        7
                                                   ------   ----                ------   ------
         Total                                        631    573       10        2,260    2,067        9
                                                   ------   ----                ------   ------
Provisions for losses                                  31     46      (33)          44       89      (51)
                                                   ------   ----                ------   ------
Pretax segment income                                 379    297       28        1,560    1,188       31
Income tax provision                                  125     96       30          538      409       32
                                                   ------   ----                ------   ------
Segment income                                     $  254   $201       26       $1,022   $  779       31
                                                   ======   ====                ======   ======
</Table>


                                      -26-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                          Quarters Ended                  Years Ended
                                           December 31,                   December 31,
                                         ---------------   Percentage   ---------------   Percentage
                                          2007     2006    Inc/(Dec)    2007     2006     Inc/(Dec)
                                         ------   ------   ----------   ------   ------   ----------
<S>                                      <C>      <C>          <C>      <C>      <C>          <C>
Global Card billed business (A)          $177.5   $153.5       16%      $647.3   $561.5       15%
Global Network & Merchant Services:
   Total segment assets                  $  6.5   $  4.4       48%      $  6.5   $  4.4       48%
   Segment capital (millions) (B)        $1,170   $1,272       (8)%     $1,170   $1,272       (8)%
   Return on segment capital (C)           90.7%    60.3%                 90.7%    60.3%
Global Network Services (D):
   Card billed business                  $ 16.0   $ 11.5       39%      $ 52.9   $ 35.4       49%
   Total cards-in-force (millions) (E)     20.3     15.0       35%        20.3     15.0       35%
</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) Segment capital includes an allocation attributable to goodwill of $27
million as of the quarters and years ended December 31, 2007 and 2006.

(C) 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.

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

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


                                      -27-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                            Quarters Ended
                                                  ------------------------------------------------------------------
                                                  December 31,   September 30,   June 30,   March 31,   December 31,
                                                      2007            2007         2007        2007         2006
                                                  ------------   -------------   --------   ---------   ------------
<S>                                                  <C>              <C>          <C>         <C>          <C>
Revenues
   Discount revenue, fees and other                  $  961           $902         $887        $800         $840
                                                     ------           ----         ----        ----         ----
   Interest expense
      Cardmember lending                                (34)           (33)         (31)        (28)         (29)
      Other                                             (46)           (45)         (48)        (49)         (47)
                                                     ------           ----         ----        ----         ----
Revenues net of interest expense                      1,041            980          966         877          916
                                                     ------           ----         ----        ----         ----
Expenses
   Marketing and promotion                              165            151          150         129          125
   Human resources and other operating expenses         466            417          389         393          448
                                                     ------           ----         ----        ----         ----
         Total                                          631            568          539         522          573
                                                     ------           ----         ----        ----         ----
Provisions for losses                                    31             23            9         (19)          46
                                                     ------           ----         ----        ----         ----
Pretax segment income                                   379            389          418         374          297
Income tax provision                                    125            123          152         138           96
                                                     ------           ----         ----        ----         ----
Segment income                                       $  254           $266         $266        $236         $201
                                                     ======           ====         ====        ====         ====
</Table>


                                      -28-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                Quarters Ended
                                      ------------------------------------------------------------------
                                      December 31,   September 30,   June 30,   March 31,   December 31,
                                          2007            2007         2007       2007          2006
                                      ------------   -------------   --------   ---------   ------------
<S>                                      <C>             <C>          <C>         <C>          <C>
Global Card billed business (A)          $177.5          $162.5       $161.1      $146.2       $153.5
Global Network & Merchant Services:
   Total segment assets                  $  6.5          $  4.6       $  4.3      $  4.5       $  4.4
   Segment capital (B)                   $  1.2          $  1.1       $  1.1      $  1.0       $  1.3
   Return on segment capital (C)           90.7%           84.7%        78.0%       69.2%        60.3%
Global Network Services (D):
   Card billed business                  $ 16.0          $ 14.1       $ 12.3      $ 10.5       $ 11.5
   Total cards-in-force (millions)         20.3            19.2         17.6        16.0         15.0
</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) Segment capital includes an allocation attributable to goodwill of $27
million as of the quarters ended December 31, 2007, September 30, 2007, June
30, 2007, March 31, 2007 and December 31, 2006, respectively.

(C) 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.

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


                                      -29-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3suppl.txt
<DESCRIPTION>EXHIBIT 99.3 EARNINGS SUPPLEMENT
<TEXT>
                                                                   EXHIBIT 99.3

                            [American Express Logo]

                                      2007
                            FOURTH QUARTER/FULL YEAR
                               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") FOURTH
QUARTER/FULL YEAR 2007 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 PAGE 37 OF THIS SUPPLEMENT, 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
                          FOURTH QUARTER 2007 OVERVIEW
                                   HIGHLIGHTS

FINANCIAL RESULTS

- -    Fourth quarter diluted EPS from continuing operations of $0.71 decreased 3%
     versus $0.73 last year. Revenues net of interest expense rose 10%. For the
     trailing 12 months, return on equity (ROE) was 37%.

     -    4Q '07 Income from continuing operations included the following items,
          as further referenced on page 2:

          -    A $1.1B ($700MM after-tax) initial payment as part of the Visa
               litigation settlement, and in light of the settlement:

               -    $143MM ($89MM after-tax) of incremental business-building
                    costs;

               -    $74MM ($46MM after-tax) of litigation-related costs; and

               -    A $50MM ($31MM after-tax) contribution to the American
                    Express Charitable Fund.

          -    A $685MM ($430MM after-tax) charge to increase the Membership
               Rewards(R) liability.

          -    A $438MM ($274MM after-tax) credit-related charge.

     -    4Q '06 Income from continuing operations included:

          -    A $68MM ($42MM after-tax) gain related to a rebalancing program
               to better align the maturity profile of our Travelers Cheque and
               Gift Card investment portfolio with its business liquidity needs;
               and

          -    $45MM of tax benefits related principally to certain foreign
               losses and the finalization of state tax returns.

     -    4Q '07 and 4Q '06 Income from continuing operations included $16MM
          ($10MM after-tax) and $64MM ($42MM after-tax), respectively, of
          reengineering costs related to restructuring efforts primarily within
          the International Card Services ("ICS") and Global Commercial Services
          ("GCS") segments in 4Q '07 and our U.S. Card Services ("USCS") and GCS
          segments in 4Q '06.

     -    The Discontinued Operations line in the Consolidated Financial
          Statements contains the results, assets and liabilities related to
          various business sales. This includes the results from American
          Express Bank, Ltd. ("AEB"), which we announced in 3Q '07 would be sold
          to Standard Chartered PLC ("Standard Chartered"), as discussed further
          on page 2; from the international banking operations in Brazil, sold
          in 2Q '06, from Tax and Business Services ("TBS"), sold in 3Q '05; and
          from Ameriprise Financial, Inc. (formerly American Express Financial
          Advisors), for which the distribution of all outstanding shares was
          made on September 30, 2005.

          -    4Q '07 results reflected $8MM of losses from discontinued
               operations versus $27MM of income last year, primarily reflecting
               AEB's results in both periods.

     -    Including discontinued operations diluted EPS on a net income basis of
          $0.71 decreased 5% versus last year.

BUSINESS METRICS

- -    Compared with the fourth quarter of 2006:

     -    Worldwide billed business of $177.5B increased 16% on continued strong
          growth within both the proprietary and network businesses. A
          comparatively weaker U.S. dollar resulted in a 3% benefit within the
          reported worldwide growth rate. As previously reported, worldwide
          growth slowed to 13% (10% FX adjusted) in December as U.S. billed
          business growth of 14% in the first two months of the quarter slowed
          to 9% in December.

     -    Worldwide total cards in force of 86.4MM increased 11%, up 8.4MM from
          last year and 1.7MM during 4Q '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 $54.5B on an owned basis increased 26%;
          on a managed basis, worldwide lending balances of $77.2B were up 22%.

CAPITAL RETURNED TO SHAREHOLDERS

- -    Including share repurchases and dividends, during 4Q '07 and for the full
     year we returned 99% and 88%, respectively, of capital generated to
     shareholders. On a cumulative basis, since 1994, we have returned 71% of
     capital generated.

     -    Share Repurchases: During 4Q '07, 14MM shares were repurchased, versus
          15MM shares in 3Q '07 and 18MM shares in 4Q '06. Since the inception
          of repurchase programs in December 1994, 665MM shares have been
          acquired under cumulative Board authorizations to repurchase up to
          770MM shares, including purchases made under agreements with third
          parties.


                                       1

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                   HIGHLIGHTS
<Table>
<Caption>
                                                           MILLIONS OF SHARES
                                                         ------------------------
- -    Actual Share Activity:                              4Q '07   3Q '07   4Q '06
     ----------------------                              ------   ------   ------
<S>                                                       <C>      <C>      <C>
        Shares outstanding - beginning of period          1,169    1,182    1,204
        Repurchase of common shares                         (14)     (15)     (18)
        Employee benefit plans, compensation and other        3        2       13
                                                         ------   ------   ------
        Shares outstanding - end of period                1,158    1,169    1,199
                                                         ======   ======   ======
</Table>

- -    Dividend Increase: On 11/19/07 the Company's Board of Directors
     increased the quarterly dividend by 20%, to $0.18 from $0.15 per
     share.

ITEMS OF NOTE

- -    Visa Litigation Settlement: On November 7, 2007, the Company announced that
     it had entered into an agreement with Visa Inc., Visa USA and Visa
     International (collectively, "Visa") to remove it and certain of its member
     banks as defendants in the Company's lawsuit against MasterCard
     International, Inc. ("MasterCard"), Visa and their member banks. The
     lawsuit alleges MasterCard, Visa and their member banks illegally blocked
     the Company from the bank-issued card business in the United States. Under
     the terms of the agreement, the Company will receive an aggregate maximum
     payment of $2.25B. The initial payment of $1.1B ($700MM after-tax) has been
     recorded as a reduction to the "other, net operating expense" line within
     the Corporate & Other segment during 4Q '07. The remaining payments,
     payable in installments of up to $70MM ($43MM after-tax) per quarter over
     the next four years, are subject to achieving certain quarterly performance
     criteria within the Global Network Services ("GNS") business in the U.S.
     which the Company is optimistic it is positioned to meet. In light of the
     initial payment, the Company incurred the following additional expenses
     during the quarter:

               -    $143MM ($89MM after-tax) of incremental investments in
                    marketing and promotion and business-building initiatives
                    above the level planned for the quarter. Costs for these
                    initiatives were primarily "marketing, promotion, rewards
                    and cardmember services" related expenses, with $84MM in
                    USCS, $33MM in Global Network and Merchant Services
                    ("GNMS"), $20MM in ICS, $5MM in Corporate & Other, and $1MM
                    in GCS.

               -    $74MM ($46MM after tax) of litigation-related costs
                    pertaining to the lawsuit against Visa and MasterCard. These
                    costs are reported in "other, net operating expense" within
                    the Corporate & Other segment.

               -    A $50MM ($31MM after tax) additional contribution to the
                    American Express Charitable Fund, which supports the
                    Company's ongoing philanthropic activities. This
                    contribution was reported within "other, net operating
                    expense" within the Corporate & Other segment.

- -    Membership Rewards Liability: In 4Q '07, the Company incurred costs of
     $685MM ($430MM after-tax) related to decisions resulting from its
     previously announced evaluation of enhancements to its method of estimating
     its liability for Membership Rewards. This charge was reported in
     "marketing, promotion, rewards and cardmember services" across the three
     issuing segments which offer Membership Rewards to Cardmembers, with $408MM
     in USCS, $216MM in ICS, and $61MM in GCS. The enhancements incorporate an
     actuarial based approach and reflect recent trends in redemption. They stem
     from the continued evolution of the Company's reward programs, the
     increasing emphasis on such programs by the Company and the consequent
     changes in Cardmember behavior. As a result, the global ultimate redemption
     rate assumption for current program participants increased to approximately
     90 percent. The higher levels of redemption are due in part to the
     Company's effort to drive further Cardmember usage of the Membership
     Rewards program, which in turn strengthens customer loyalty and spending on
     American Express cards.

- -    Credit-Related Charge: In 4Q '07, the Company recorded a $438MM ($274MM
     after-tax) credit-related charge which increased the worldwide lending
     reserve coverage ratio to 100% of 30+ days past due loan balances and
     better position the Company for higher anticipated write-offs in 2008. The
     charge was reported within USCS, with $288MM in the "cardmember lending
     provision for losses," $96MM in the "charge card provision for losses" and
     $54MM in "securitization income, net," reflecting the corresponding
     reduction to the fair market value of the interest-only strip.

- -    2008 Business Plan: On January 10, 2008, the Company announced that, in
     light of the weakening economy, its 2008 business plan anticipates slower
     billed business growth and higher write-off rates. This plan assumes billed
     business will grow between 8-10%, and managed US lending write-off rates
     will be in the 5.1-5.3% range for the year (please see the Appendix for
     further discussion of the owned and managed presentations). Marketing and
     promotion expenses are expected to be somewhat below 2007 levels. In such a
     business scenario, the flexibility the Company has built into its business
     model should generally position it to grow earnings per share in the 10-12%
     range. However, several significant gains and tax benefits in 2007 will
     have a negative impact on year-over-year comparisons in 2008. As a result,
     the Company expects reported earnings per share (from continuing
     operations) for 2008 to increase in the 4-6% range from 2007 levels and
     return on equity to be consistent with our 33-36% long term target.

- -    AEB Sale: On September 18, 2007, the Company announced that it entered into
     an agreement to sell its international banking subsidiary, AEB, and
     American Express International Deposit Company ("AEIDC"), a subsidiary
     which issues investment certificates to AEB's customers, to Standard
     Chartered for the approximate value of $1.1B, subject to certain regulatory
     approvals. The sale reflects the Company's strategic focus on the
     high-growth, high-return payments businesses that have driven its
     performance over recent years. 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 December 31, 2007, this would have
     amounted to approximately $819MM. As discussed above, the Company also
     expects to realize an additional amount representing the net asset value of
     AEIDC which was also contracted to be sold to Standard Chartered through a
     put/call agreement subsequent to the sale of AEB. As of December 31, 2007,
     the net asset value of that business was $232MM. This value is expected to
     be realized through (i) dividends from the subsidiary to the Company and
     (ii) a subsequent payment from Standard Chartered based on the net asset
     value of AEIDC on the date the business is transferred to them 18 months
     after the completion of the sale of AEB.


                                       2

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                   HIGHLIGHTS

     As a result of the agreement, beginning with 3Q '07, and for all prior
     periods, AEB results, assets and liabilities (except for certain components
     of the business which are not being sold) have been removed from the
     Corporate & Other segment and reported within Discontinued Operations on
     the Company's Consolidated Financial Statements, as described in the
     Company's Form 8-K, filed with the SEC on November 1, 2007. 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.

     On September 18, the Company provided additional details related to its
     investment portfolio in the Form 8-K filed with the SEC, which reported the
     announcement of the AEB sale. As of August 31, 2007, AEIDC held investments
     of $4.8B, predominantly mortgage and other asset backed securities. Since
     August, AEIDC has actively worked to reduce risk within the portfolio, as
     sales and maturities totaling approximately $2.1B of the portfolio
     investments have been reinvested into cash equivalents. Additionally, the
     AEB sale agreement reduced the holding period for AEIDC investments and
     required reclassification of the portfolio from its previous
     available-for-sale status to its current trading status. The Company now
     reports changes in the market value of AEIDC's investment portfolio within
     the income statement until AEIDC is sold. The Company's earnings include
     losses due to mark-to-market adjustments and sales within the AEIDC
     portfolio of $81MM ($41MM after-tax) in 3Q '07 and $24MM ($16MM after-tax)
     in 4Q'07.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     57%, reflecting higher rewards costs and increased marketing and promotion
     expenses in 4Q '07. The higher rewards costs reflect the impact of the
     $685MM increase to the Membership Rewards liability, as well as continued
     volume growth and strong cardmember program participation. Marketing
     expenses reflect the incremental investments in business-building
     initiatives and costs related to ongoing acquisition and loyalty-related
     programs, with a greater emphasis during the quarter on our non-U.S.
     activities, as well as investments in brand-related advertising programs.

- -    Total Interest Expense: Increased 34%, reflecting increased debt funding
     levels in support of growth in cardmember receivable and lending balances
     and a higher effective cost of funds.

- -    Total Provisions for Losses and Benefits: Increased 70%, reflecting the
     credit-related charge, growth in cardmember spending and loan volumes and a
     continued underlying increase in write-off and delinquency rates within the
     U.S. versus last year.

- -    Human Resources Expense: Increased 6%, reflecting the impact of a higher
     level of employees and merit increases.

     -    Compared with last year, the total employee count from continuing
          operations of 64,800 increased by 2,300 employees, or 4%. Compared
          with last quarter, the employee count decreased by 300 employees. The
          increase versus last year primarily reflects employee additions
          related to customer service volumes and initiatives and the
          acquisition of Farrington American Express Travel Services Ltd. ("FAE
          Travel") in 3Q '07.

REVISED SEGMENT AND STATEMENTS OF INCOME PRESENTATION

- -    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 USCS segment and the GNMS segment
          consistent with previous reporting.

     -    The previously reported International Card & Global Commercial
          Services segment is now reported as two separate segments: the ICS
          segment and the GCS segment.

     -    The USCS and ICS segments are aligned with the Global Consumer Group,
          and the GNMS and GCS segments are aligned with the Global
          Business-to-Business Group.

- -    For additional information related to the impact of this reorganization and
     other changes to the Company's financial reporting, please refer to the
     Form 8-Ks filed with the SEC, dated November 1, 2007 and March 30, 2007,
     respectively.

EXPANDED PRODUCTS AND SERVICES

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

     In our proprietary issuing and network business we:

     -    Added Virgin Atlantic and Hawaiian Airlines to the Membership Rewards
          Flight Finder feature, an online booking tool that allows charge
          Cardmembers enrolled in Membership Rewards and Membership Rewards
          First(SM) to easily search flight reward inventory, transfer points
          directly into a frequent flyer account, and book a reward flight in a
          single online transaction.

     -    Signed an agreement with First Data Corp. to offer American Express(R)
          Card acceptance as part of an integrated solution for small- and
          medium-sized merchants. New merchants who sign up for the program gain
          a cost-effective, all-in-one solution with a single source for
          statements, settlement and customer service for all major card brands.

     -    With Food Lion LLC, announced a card acceptance agreement at its over
          1,200 grocery stores throughout the Southeast and Mid-Atlantic United
          States.


                                       3

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                   HIGHLIGHTS

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

     -    Announced a strategic marketing partnership with Clear(R), the leading
          service provider of registered traveler security express lanes at U.S.
          airports, allowing American Express corporate cardmembers to receive
          preferred pricing on Clear's annual membership and appointment
          enrollment privileges.

     -    Signed a distribution agreement with Bank of America to offer American
          Express(R) Gift Cards at participating retail banking centers,
          expanding customer reach for these cards to more than 65,000
          locations, including supermarket, drug store and office supply retail
          chains, banks, shopping malls, American Express Travel offices and
          online.

     -    Expanded the Company's Gift Card program by launching the Simon
          American Express Gift Card with the Simon Property Group, the largest
          public U.S. real estate company and the marketer of the nation's
          largest bank-issued gift card program. Introduced a new line of
          customizable Gift Cards for large companies and small businesses,
          which can be specifically designed for employees, clients, and
          customers, as well as the American Express(R) Especially for Thank You
          Gift Card, which expanded the Company's themed Gift Card program.

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

     -    Launched LOCAL COLOR, a travel information and planning sitelet that
          allows visitors to more easily explore destination content and plan
          travel experiences through the aggregation of best-in-class
          destination content from three strategic partners -- Lonely Planet,
          IgoUgo, and Travel + Leisure.

     -    Announced a special promotion for the GivingEXPRESS(R) program from
          American Express, where Cardmembers could earn double Membership
          Rewards points when they made an online charitable donation in
          someone's name through the GivingEXPRESS web site.

     -    Announced a national partnership with OPEN from American Express and
          SCORE "Counselors to America's Small Business" to create the "Small
          Business Speed Coaching Test Drive," a multi-city seminar tour
          designed to support small business growth and provide complimentary
          educational and mentorship programs.

     -    As part of The Partners in Preservation program, a philanthropic
          initiative designed to increase public awareness of the importance of
          preserving environmental, historic and cultural landmarks, announced
          an initiative with the World Monuments Fund to support projects that
          address the issue of sustainable tourism. Also as part of this
          program, announced the awarding of grants to aid in historic
          restoration projects to a group of 15 historic and culturally
          significant sites in Chicago.

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

     -    Announced a new card issuing partnership with AB Parex Bankas in
          Lithuania, and issued the first card products, denominated in the
          Litas currency, in both Gold and Platinum versions. Parex Bankas will
          also be responsible for signing merchants in Lithuania to accept the
          American Express Card at their establishments.

     -    With our partner, Industrial & Commercial Bank of China (ICBC), as
          well as Hainan Airlines Co. Ltd., announced the launch of the ICBC
          Hainan Airlines American Express Card, the first American Express
          branded airline co-brand card in China. The card is available in
          Standard and Gold versions, is denominated in RMB and US dollars, and
          can be used worldwide on the American Express merchant network as well
          as on the ICBC and China Unionpay merchant networks within China.

     -    Launched in Cambodia the MekongBank American Express Credit Card,
          designed for the middle tier of the market and available in the
          Classic Green version in U.S. dollar denominations. This is the second
          American Express-branded Card as part of our partnership with Cambodia
          Mekong Bank Public Limited, which we formed in June 2005.

     -    With our partner in Indonesia, PT. Bank Danamon Indonesia Tbk., signed
          an agreement with the Bali Tourism Development Corporation and Friends
          of the National Parks Foundation to promote and execute Seeds for Bali
          Program, which has a goal to pilot reforestation of some of the most
          arid places in Bali and aid in micro habitat conservation efforts.

     -    Introduced Global eShop in Sri Lanka, which allows cardmembers with
          American Express cards from Nations Trust Bank PLC, the exclusive
          issuer and acquirer of our cards in this region, to more easily
          purchase U.S. goods online.

     -    Were selected by Carta Capital, a weekly magazine published in Brazil
          as the "Most Admired Company in Brazil for the Credit Card segment."
          The study's rankings were based on research conducted among over 1,200
          Brazilian executives and included key traits such as respect for the
          customer, quality of products and services, ethics and quality of
          management.

     In November the Company published its 2007/2008 Corporate Citizenship
     report. This report demonstrates American Express' commitment to social
     responsibility and the actions we have taken over our history to fulfill
     our obligations to shareholders, customers, employees, and the world around
     us. The report can be accessed at: http://ir.americanexpress.com.


                                       4
<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

(Preliminary)

                              STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                            QUARTERS ENDED
(Millions, except per share amounts)                         DECEMBER 31,
                                                           ---------------   PERCENTAGE
                                                            2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>           <C>
Revenues
   Discount revenue                                        $3,912   $3,458        13%
   Net card fees                                              544      479        14
   Travel commissions and fees                                514      450        14
   Other commissions and fees                                 650      573        13
   Securitization income, net                                 326      347        (6)
   Other                                                      470      528       (11)
                                                           ------   ------
      Total                                                 6,416    5,835        10
                                                           ------   ------
   Interest income:
      Cardmember lending finance revenue                    1,682    1,326        27
      Other                                                   302      287         5
                                                           ------   ------
         Total                                              1,984    1,613        23
                                                           ------   ------
            Total Revenues                                  8,400    7,448        13
                                                           ------   ------
   Interest expense:
      Cardmember lending                                      474      351        35
      Charge card and other                                   562      422        33
                                                           ------   ------
         Total                                              1,036      773        34
                                                           ------   ------
Revenues net of interest expense                            7,364    6,675        10
                                                           ------   ------

Expenses
   Marketing, promotion, rewards and cardmember services    2,719    1,732        57
   Human resources                                          1,437    1,361         6
   Professional services                                      646      648        --
   Occupancy and equipment                                    382      372         3
   Communications                                             119      112         6
   Other, net                                                (591)     365         #
                                                           ------   ------
         Total                                              4,712    4,590         3
                                                           ------   ------
Provisions for losses and benefits:
      Charge card                                             419      277        51
      Cardmember lending                                      970      484         #
      Other (including investment certificates)               134      137        (2)
                                                           ------   ------
         Total                                              1,523      898        70
                                                           ------   ------
Pretax income from continuing operations                    1,129    1,187        (5)
Income tax provision                                          290      292        (1)
                                                           ------   ------
Income from continuing operations                             839      895        (6)
(Loss) Income from discontinued operations, net of tax         (8)      27         #
                                                           ------   ------
Net income                                                 $  831   $  922       (10)
                                                           ======   ======
EPS-Basic
   Income from continuing operations                       $ 0.72   $ 0.75        (4)
                                                           ======   ======
   (Loss) Income from discontinued operations              $   --   $ 0.02        (#)
                                                           ======   ======
   Net Income                                              $ 0.72   $ 0.77        (6)
                                                           ======   ======
EPS-Diluted
   Income from continuing operations                       $ 0.71   $ 0.73        (3)
                                                           ======   ======
   (Loss) Income from discontinued operations                  --   $ 0.02         #
                                                           ======   ======
   Net Income                                              $ 0.71   $ 0.75        (5)
                                                           ======   ======
Average Shares Outstanding
   Basic                                                    1,157    1,196        (3)
                                                           ======   ======
   Diluted                                                  1,178    1,224        (4)
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.


                                       5

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

- -    Consolidated Revenues Net of Interest Expense: Consolidated revenues net of
     interest expense increased 10%, reflecting increases versus last year of
     11% within USCS, 16% within ICS, 15% within GCS and 14% 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 and greater travel commissions and fees, partially
     offset by increased interest expense, lower other revenues and lower
     securitization income, net. Translation of foreign currency benefited the
     revenues net of interest expense growth rate by approximately 2%.

- -    Consolidated Expenses: Consolidated expenses increased 3%, reflecting an
     increase of 25% within USCS, 55% within ICS, 18% within GCS and 10% within
     GNMS. Expense growth was partially offset by the initial payment of the
     Visa litigation settlement, which is reported in the Corporate & Other
     segment. The total expense growth reflected higher marketing, promotion,
     rewards and cardmember services expense, due primarily to the increase to
     the Membership Rewards reserve liability and incremental business-building
     costs, greater human resources expense, increased occupancy and equipment
     costs and higher communication expenses, partially offset by lower other
     expenses, net due to the Visa litigation settlement and lower professional
     services expenses. Translation of foreign currency contributed
     approximately 2% to the expense growth rate.

- -    Consolidated Provisions for Losses and Benefits: Consolidated provisions
     for losses and benefits increased 70% versus last year, reflecting an
     increase of 115% in USCS, 5% in ICS and 77% in GCS, and a 33% decrease in
     GNMS. Provisions rose primarily due to the credit-related charge as well as
     higher business volumes. Translation of foreign currency contributed
     approximately 2% to the provision growth rate.

- -    Pre-Tax Margin: Was 15.3% in 4Q '07 compared with 20.4% in 3Q '07 and 17.8%
     in 4Q '06.

- -    Effective Tax Rate: Was 26% in 4Q '07 versus 24% in 3Q '07 and 25% in 4Q
     '06. The 4Q '07 rate reflects certain revisions in the annual tax provision
     principally related to estimates in prior quarters. The 3Q '07 rate
     reflects $75MM in tax benefits principally related to the resolution of
     prior years' tax items. The 4Q '06 rate reflects $45MM of tax benefits
     principally related to certain foreign losses and the finalization of state
     tax returns.

- -    Discount Revenue: Rose 13% 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 2.54% in 4Q '07, 2.57% in 3Q '07 and
          2.55% in 4Q '06. The decline in the rate versus 3Q '07 reflects the
          normal seasonal impact of a higher proportional level of
          retail-related business volumes. As indicated in prior quarters,
          selective repricing initiatives, changes in the mix of business and
          volume-related pricing discounts will likely result in some erosion of
          the average discount rate over time.

                                       QUARTERS ENDED
                                        DECEMBER 31,
                                      ---------------   PERCENTAGE
                                       2007     2006     INC/(DEC)
                                      ------   ------   ----------
Card billed business* (billions):
   United States                      $123.0   $109.7        12%
   Outside the United States            54.5     43.8        24
                                      ------   ------
   Total                              $177.5   $153.5        16
                                      ======   ======
Total cards in force (millions):
   United States                        52.3     48.1         9
   Outside the United States            34.1     29.9        14
                                      ------   ------
   Total                                86.4     78.0        11
                                      ======   ======
Basic cards in force (millions):
   United States                        40.9     37.1        10
   Outside the United States            29.2     25.4        15
                                      ------   ------
   Total                                70.1     62.5        12
                                      ======   ======
Average basic cardmember spending**
   United States                      $3,352   $3,214         4
   Outside the United States          $2,914   $2,436        20
   Total                              $3,228   $2,985         8

*    For additional information about billed business and discount rate
     calculations, please refer to the Fourth Quarter/Full Year 2007 Earnings
     Release, American Express Company Selected Statistical Information pages.

**   Proprietary card activity only.


                                       6

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

     -    Worldwide Billed Business: The 16% increase in worldwide billed
          business reflected an 11% increase in USCS, a 19% increase in ICS, a
          17% increase in GCS and a 39% increase in GNS partner volume. The
          table below summarizes selected billed business related statistics for
          4Q '07:

<Table>
<Caption>
                                                                               PERCENTAGE INCREASE
                                                                 PERCENTAGE   ASSUMING NO CHANGES IN
                                                                  INCREASE    FOREIGN EXCHANGE RATES
                                                                 ----------   ----------------------
<S>                                                                   <C>                <C>
WORLDWIDE*
   Billed Business                                                    16%                13%
   Average spending per proprietary basic card                         8                  6
   Basic cards-in-force                                               12
U.S.*
   Billed Business                                                    12
   Average spending per proprietary basic card                         4
   Basic cards-in-force                                               10
   Proprietary consumer card billed business**                        10
   Proprietary small business billed business**                       14
   Proprietary Corporate Services billed business***                  11
OUTSIDE THE U.S.*
   Billed Business                                                    24                 14
   Average spending per proprietary basic card                        20                  9
   Basic cards-in-force                                               15
   Proprietary consumer and small business billed business****        20                  9
   Proprietary Corporate Services billed business***                  25                 14
</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 72% of 4Q '07 U.S. billed business) grew 14%, while
               T&E volumes rose 9%.

          -    U.S. airline-related volume, which represented approximately 8%
               of total U.S. volumes during the quarter, increased 7% due to a
               2% increase in transactions and a 5% increase in the average
               airline charge.

          -    Worldwide airline volumes, which represented approximately 10% of
               total volumes during the quarter, increased 15% on 3% growth in
               transactions and a 12% 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,
               Latin America, and Asia Pacific in the low double-digits and
               growth in Canada in the high single-digits.

     -    Total cards in force: Rose 11% worldwide due to an increase of 6% in
          USCS, a 3% increase in ICS, a 1% increase in GCS and a 35% 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.

          -    600K and 1.1MM net cards were added during the quarter in the
               U.S. and the non-U.S. businesses, respectively.

- -    Net Card Fees: Increased 14% due to card growth and a higher average card
     fee.

- -    Travel Commissions and Fees: Increased 14%, reflecting a 18% increase in
     worldwide travel sales.

- -    Other Commissions and Fees: Rose 13% on higher assessments, card-related
     conversion revenues and other service fees.

- -    Securitization Income, Net: Decreased 6% primarily due to the
     credit-related charge of $54MM to the fair value of the interest-only
     strip, as well as decreased excess spread related to higher write-offs,
     which was somewhat offset by higher finance charge and servicing fee
     revenues due to a greater average balance of securitized loans, as well as
     higher gains from issuance. 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
     strip, excess spread related to securitized loans and servicing income, net
     of related discounts or fees.


                                       7
<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

     -    Components of Securitization Income, Net:

                                        QUARTERS ENDED
                                         DECEMBER 31,
                                        --------------   PERCENTAGE
                                        2007    2006      INC/(DEC)
                                        ----    ----     ----------
(millions)
Excess spread*                          $204    $246       (17)%
Servicing fees                           114     101        13
Gains on sales from securitizations**      8      --         #
                                        ----    ----
Total securitization income             $326    $347        (6)
                                        ====    ====

#    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
     interest-only strip in 2007.

**   Excludes a $29MM gain in 4Q '07 from cardmember loan sales reflected in the
     credit provision. There were no securitization issuances or maturities
     during 4Q '06.

     -    The average balance of Cardmember lending securitizations was $22.7B
          in 4Q '07, compared with $20.2B in 4Q '06.

- -    Other Revenues: Decreased 11% due to the gain in the Travelers Cheque and
     Prepaid Services investment portfolio in 4Q '06.

- -    Cardmember Lending Finance Revenue: Increased 27% due to 29% growth in
     average worldwide lending balances on an owned basis, and a slightly lower
     portfolio yield.

- -    Other Interest Income: Increased 5%.

- -    Cardmember Lending Interest Expense: Increased 35%, reflecting increased
     loan balances and a higher cost of funds.

- -    Charge Card and Other Interest Expense: Increased 33%, reflecting a higher
     average cost of funds and an increased receivable balance.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     57% primarily due to the charge to increase the Membership Rewards
     liability and incremental business-building costs, as well as higher
     volume-driven rewards expense.

- -    Human Resources Expense: Increased 6% due to a higher level of employees
     and merit increases.

- -    Professional Services Expense: Was essentially flat to the prior year.

- -    Occupancy and Equipment Expense: Rose 3%.

- -    Communications Expense: Increased 6% due to higher cardmember-related
     communications costs.

- -    Other, Expense Net: Decreased over 100% due primarily to the Visa
     litigation settlement, net of litigation-related costs, which was partially
     offset by the contribution to the American Express Charitable Fund.

- -    Charge Card Provision for Losses: Increased 51%, primarily reflecting the
     credit-related charge and higher business volumes.

     -    Worldwide Charge Card:*

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

                                         12/07     9/07    12/06
                                         ------   -----   -------
Net loss ratio as a % of charge volume     0.25%   0.26%    0.26%
90 days past due as a % of receivables      3.0%    2.8%     2.8%

                                          12/07    9/07    12/06
                                         ------   -----   -------
Total Receivables (billions)             $ 40.1   $38.5   $ 37.4
Reserves (millions)                      $1,149   $ 998   $  981
% of receivables                            2.9%    2.6%     2.6%
% of 90 day past due accounts                95%     91%      95%

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

- -    Cardmember Lending Provision for Losses: Increased 100% due to the
     credit-related charge, as well as increased loan volumes and higher
     write-off and delinquency rates within the U.S.


                                       8

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                                  CONSOLIDATED

     -    Worldwide Lending:*

          -    The write-off and past due rates increased versus last year and
               last quarter.

                                    12/07    9/07    12/06
                                   ------   ------   ------
Net write-off rate                    4.5%     4.1%     4.0%
30 days past due as a % of loans      3.4%     3.0%     2.7%

                                    12/07     9/07    12/06
                                   ------   ------   ------
Total Loans (billions)             $ 54.5   $ 50.5   $ 43.3
Reserves (millions)                $1,831   $1,469   $1,171
% of total loans                      3.4%     2.9%     2.7%
% of 30 days past due accounts        100%      97%      98%

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

- -    Other (including investment certificates) Provision for Losses and
     Benefits: Decreased 2%.


                                       9

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH 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 December 31, 2007, the Company's tangible
common equity was $9B and its total adjusted assets were $173B. As of December
31, 2007, the consolidated assets, as reflected on the Company's balance sheet,
were $150B.

                                CORPORATE & OTHER

- -    Net income was $536MM in 4Q '07 compared with net expense of $59MM in 3Q
     '07 and net income of $5MM in 4Q '06.

     -    The 4Q '07 income reflects the impacts of the following items:

          -    A $700MM after-tax gain due to the initial payment of the Visa
               litigation settlement;

          -    A $46MM after-tax expense for litigation-related costs;

          -    A $31MM after-tax expense for the contribution to the American
               Express Charitable Fund;

          -    A $16MM after-tax expense due to mark-to-market adjustments and
               sales within the AEIDC investment portfolio; and

          -    A $4MM after-tax cost for incremental business-building
               initiatives.

     -    The 3Q '07 expense includes the $41MM after-tax loss due to
          mark-to-market adjustments and sales within the AEIDC portfolio.

     -    The 4Q '06 income includes the $42MM after-tax gain related to the
          rebalancing of our Travelers Cheque and Gift Card investment
          portfolio, partially offset by $6MM after-tax of reengineering costs.


                                       10

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                               U.S. CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                           QUARTERS ENDED
(Preliminary)                                                DECEMBER 31,
                                                           ---------------   PERCENTAGE
(millions)                                                  2007     2006     INC/(DEC)
                                                           ------   ------   -----------
<S>                                                        <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other               $2,747   $2,481       11%
   Cardmember lending finance revenue                       1,304    1,018       28
   Securitization income, net                                 326      347       (6)
                                                           ------   ------
      Total revenues                                        4,377    3,846       14
   Interest expense:
      Cardmember lending                                      440      288       53
      Charge card and other                                   228      209        9
                                                           ------   ------
Revenues net of interest expense                            3,709    3,349       11
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services    1,739    1,220       43
   Human resources and other operating expenses               871      876       (1)
                                                           ------   ------
      Total                                                 2,610    2,096       25
                                                           ------   ------
Provisions for losses                                       1,139      530        #
                                                           ------   ------
Pretax segment (loss) income                                  (40)     723        #
Income tax (benefit) provision                                (47)     250        #
                                                           ------   ------
Segment income                                             $    7   $  473      (99)
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                            QUARTERS ENDED
                                                             DECEMBER 31,
                                                           ---------------   PERCENTAGE
                                                            2007     2006     INC/(DEC)
                                                           ------   ------   -----------
<S>                                                        <C>      <C>          <C>
Card billed business (billions)                            $101.2   $ 90.8       11%
Total cards in force (millions)                              43.3     40.7        6
Basic cards in force (millions)                              32.3     30.1        7
Average basic cardmember spending* (dollars)               $3,161   $3,044        4
Segment capital (billions)                                 $  4.5   $  4.7       (4)
Return on segment capital**                                  40.2%    47.4%
</Table>

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $175MM
     in 4Q '07 and $168MM in 4Q '06. 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 11% increase in billed business reflects a
               4% increase in average spending per proprietary basic card and 7%
               growth in basic cards in force.

               -    Within the U.S. consumer business, billed business grew 10%;
                    small business volumes rose 14%.

          -    Total cards in force: Increased by 2.6MM, or 6%, versus last year
               on continued strong card acquisition activity and retention
               levels.

P&L DISCUSSION:

- -    Net Income: Decreased 99% as revenues net of interest expense rose 11%,
     expenses increased 25% and provisions for losses increased more than 100%.

     -    4Q '07 included the following items:

          -    $408MM ($253MM after-tax) of the increase to the Membership
               Rewards liability;

          -    The $438MM ($274MM after-tax) credit-related charge; and

          -    $84MM ($52MM after-tax) of the incremental business-building
               costs.

     -    4Q '06 included $23MM ($15MM after-tax) of reengineering expenses.

     -    Pre-tax Margin: Was (1.1%) in 4Q '07 versus 25.4% in 3Q '07 and 21.6%
          in 4Q '06.


                                       11

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                               U.S. CARD SERVICES

     -    Effective Tax Rate: Was 118% in 4Q '07 compared to 35% in both 3Q '07
          and in 4Q '06. The high rate in 4Q' 07 reflects the impact of the
          previously mentioned significant charges on pretax income, as well as
          certain revisions in the annual tax provision related to estimates in
          prior quarters. The 3Q '07 rate includes $18MM of the previously
          mentioned tax benefits for that period.

- -    Discount Revenue, Net Card Fees and Other: Increased 11% largely due to
     greater billed business volumes, increased other commissions and fees,
     higher net card fees and greater travel revenues.

- -    Cardmember Lending Finance Revenue: Increased 28% on 32% growth in average
     owned lending balances and a slightly lower portfolio yield.

- -    Securitization Income, Net: Decreased 6% as the credit-related charge of
     $54MM to the fair value of the interest-only strip as well as decreased
     excess spread related to higher write-offs, which was somewhat offset by
     higher finance charge and servicing fee revenues due to a greater average
     balance of securitized loans, as well as higher gains from issuances.
     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 strip, excess spread related to
     securitized loans and servicing income, net of related discounts or fees.

- -    Cardmember Lending Interest Expense: Increased 53% on greater loan balances
     and a higher cost of funds.

- -    Charge Card and Other Interest Expense: Increased 9% due to a higher cost
     of funds and a larger receivable balance.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     43%, reflecting the increase to the Membership Rewards liability and higher
     volume-related rewards costs, partially offset by slightly lower marketing
     and promotion expenses, despite the incremental business-building costs.

- -    Human Resources and Other Operating Expenses: Decreased 1%, reflecting
     lower technology related costs and the reengineering costs in 4Q '06.

- -    Provisions for Losses: Increased more than 100%, reflecting the
     credit-related charge as well as the impact of loan growth and higher
     write-off and delinquency rates.

     -    Charge Card: *

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

                                         12/07    9/07   12/06
                                         -----   -----   -----
Total Receivables (billions)             $21.4   $19.4   $20.6
Net loss ratio as a % of charge volume    0.35%   0.34%   0.32%
90 days past due as a % of total           3.9%    3.9%    3.3%

     -    Cardmember Lending: **

          -    The write-off and past due rates increased versus last year and
               last quarter.

                                   12/07    9/07   12/06
                                   -----   -----   -----
Total Loans (billions)             $43.3   $40.0   $33.6
Net write-off rate                   4.3%    3.7%    3.5%
30 days past due as a % of loans     3.5%    3.1%    2.7%

*    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 pages 13-14 for "Managed Basis" Cardmember lending
     information.


                                       12

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH 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 other commissions and fees (included 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 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 provisions for losses 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 provision for losses (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, in addition to
changes in the fair value of the interest-only strips, 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 provisions for losses.

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
                                                              DECEMBER 31,
                                                            ---------------   PERCENTAGE
(millions)                                                   2007     2006     INC/(DEC)
                                                            ------   ------   ----------
<S>                                                         <C>      <C>           <C>
- -    Discount revenue, net card fees and other:
        Reported for the period (GAAP)                      $2,747   $2,481        11%
        Securitization adjustments                              76       56        36
                                                            ------   ------
        Managed discount revenue, net card fees and other   $2,823   $2,537        11
                                                            ======   ======
- -    Cardmember lending finance revenue:
        Reported for the period (GAAP)                      $1,304   $1,018        28
        Securitization adjustments                             828      729        14
                                                            ------   ------
        Managed finance revenue                             $2,132   $1,747        22
                                                            ======   ======
- -    Securitization income, net:
        Reported for the period (GAAP)                      $  326   $  347        (6)
        Securitization adjustments                            (326)    (347)       (6)
                                                            ------   ------
        Managed securitization income, net                  $   --   $   --        --
                                                            ======   ======
- -    Cardmember lending interest expense:
        Reported for the period (GAAP)                      $  440   $  288        53
        Securitization adjustments                             287      279         3
                                                            ------   ------
        Managed cardmember lending interest expense         $  727   $  567        28
                                                            ======   ======
- -    Provisions for losses:
        Reported for the period (GAAP)                      $1,139   $  530         #
        Securitization adjustments                             263      153        72
                                                            ------   ------
        Managed provisions for losses                       $1,402   $  683         #
                                                            ======   ======
</Table>


                                       13

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                               U.S. CARD SERVICES

MANAGED P&L DISCUSSION

- -    Discount Revenue, Net Card Fees and Other: Increased 11% largely due to
     greater billed business volumes, increased other commissions and fees,
     higher net card fees and greater travel revenues.

- -    Cardmember Lending Finance Revenue: Increased 22% on 24% growth in average
     lending balances and a slightly lower portfolio yield.

- -    Cardmember Lending Interest Expense: Increased 28% on growth in lending
     balances and a higher cost of funds.

- -    Provisions for Losses: Increased more than 100%, reflecting the
     credit-related charge, as well as the impact of strong loan and volume
     growth and higher write-off and delinquency rates.

     -    Cardmember Lending: *

          -    Both the write-off and past due rates increased versus last year
               and last quarter.

                                   12/07    9/07   12/06
                                   -----   -----   -----
Total Loans (billions)             $66.0   $61.5   $53.8
Net write-off rate                   4.3%    3.7%    3.3%
30 days past due as a % of loans     3.2%    2.9%    2.6%

*    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
                          FOURTH QUARTER 2007 OVERVIEW
                           INTERNATIONAL CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                            QUARTERS ENDED
(Preliminary)                                                DECEMBER 31,
                                                           ---------------   PERCENTAGE
(millions)                                                  2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other               $1,022   $  884       16%
   Cardmember lending finance revenue                         376      304       24
                                                           ------   ------
         Total revenues                                     1,398    1,188       18
   Interest expense:
      Cardmember lending                                      138      105       31
      Charge card and other                                    71       57       25
                                                           ------   ------
Revenues net of interest expense                            1,189    1,026       16
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services      638      280        #
   Human resources and other operating expenses               512      460       11
                                                           ------   ------
         Total                                              1,150      740       55
                                                           ------   ------
Provisions for losses                                         220      210        5
                                                           ------   ------
Pretax segment (loss) income                                 (181)      76        #
Income tax (benefit)                                         (113)     (23)       #
                                                           ------   ------
Segment income                                             $  (68)  $   99        #
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                           QUARTERS ENDED
                                                             DECEMBER 31,
                                                           ---------------   PERCENTAGE
                                                            2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>          <C>
Card billed business (billions)                            $ 28.2   $ 23.6       19%
Total cards in force (millions)                              16.0     15.6        3
Basic cards in force (millions)                              11.3     11.2        1
Average basic cardmember spending* (dollars)               $2,515   $2,106       19
Segment capital (millions)**                               $2,062   $1,724       20
Return on segment capital**                                  15.3%    17.9%
</Table>

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $519MM
     and $518MM in 4Q '07 and 4Q '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 19% increase in billed business reflects a 19%
          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, both
               billed business and spending per proprietary basic card in force
               increased 9% and volume growth within the major geographic
               regions ranged from growth in the high single-digits to the low
               double-digits.

     -    Total cards in force: Increased by 400K, or 3%, versus last year.

P&L DISCUSSION

- -    Net Income: Decreased more than 100% versus last year as revenues net of
     interest expense increased 16%, expenses rose by 55% and provisions for
     losses increased 5%. Both revenue and expense growth rates were inflated by
     the translation of foreign currency.

     -    4Q '07 included the following items:

          -    $216MM ($138MM after-tax) of the increase to the Membership
               Rewards liability; and

          -    $20MM ($12MM after-tax) of the incremental business-building
               costs.

     -    4Q '07 included $9MM ($6MM after-tax) of reengineering expenses versus
          $4MM ($3MM after-tax) in 4Q '06.

     -    Pre-tax Margin: Was (15.2%) in 4Q '07 versus 9.9% in 3Q '07 and 7.4%
          in 4Q '06.


                                       15

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                           INTERNATIONAL CARD SERVICES

     -    Effective Tax Rate: Was 62% in 4Q '07 versus (27%) in 3Q '07 and (30%)
          in 4Q '06. The rate in 4Q '07 reflects the impact of the previously
          mentioned significant charges on pretax income. As indicated last
          quarter, this segment reflects an overall tax benefit which will
          likely continue going forward since our internal tax allocation
          process provides ICS with the consolidated benefit related to its
          ongoing funding activities outside the U.S. The 3Q '07 tax rate
          includes $17MM of the previously mentioned tax benefits for that
          period and the 4Q '06 tax rate reflects benefits principally related
          to certain foreign losses.

- -    Discount Revenue, Net Card Fees and Other: The increase of 16% versus 4Q
     '06 was driven primarily by the higher level of card spending, increased
     net card fees, higher other commissions and fees and increased travel
     revenues.

- -    Cardmember Lending Finance Revenue: Increased 24% on 16% growth in average
     lending balances and a higher portfolio yield.

- -    Cardmember Lending Interest Expense: Increased 31% on higher loan balances
     and an increased cost of funds.

- -    Charge Card and Other Interest Expense: Increased 25% on a higher
     receivable balance and a greater cost of funds.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     more than 100%, reflecting the increase to the Membership Rewards
     liability, higher volume-related rewards costs and substantially higher
     marketing expenditures, partially due to the incremental business-building
     costs.

- -    Human Resources and Other Operating Expenses: Increased 11% primarily due
     to higher human resources, professional service and occupancy and equipment
     expenses.

- -    Provisions for Losses: Increased 5% as higher volumes and lending balances
     were partially offset by lower write-off and past due rates.

     -    Charge Card: *

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

                                         12/07    9/07   12/06
                                         -----   -----   -----
Total Receivables (billions)             $ 6.6   $ 6.1   $ 6.0
Net loss ratio as a % of charge volume    0.21%   0.26%   0.30%
90 days past due as a % of total           1.8%    1.8%    2.3%

     -    Cardmember Lending:*

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

                                         12/07    9/07   12/06
                                         -----   -----   -----
Cardmember Loans (billions)              $11.2   $10.5   $ 9.7
Net write-off rate                         5.1%    5.5%    5.7%
30 days past due as a % of loans           2.8%    2.7%    2.9%

*    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
                          FOURTH QUARTER 2007 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                            QUARTERS ENDED
(Preliminary)                                                DECEMBER 31,
                                                           ---------------   PERCENTAGE
(millions)                                                  2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>           <C>
Revenues
   Discount revenue, net card fees and other               $1,259   $1,089        16%
                                                           ------   ------
   Charge card and other interest expense                     131      107        22
                                                           ------   ------
Revenues net of interest expense                            1,128      982        15
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services      135       63         #
   Human resources and other operating expenses               794      721        10
                                                           ------   ------
      Total                                                   929      784        18
                                                           ------   ------
Provisions for losses                                          55       31        77
                                                           ------   ------
Pretax segment income                                         144      167       (14)
Income tax provision                                           34       50       (32)
                                                           ------   ------
Segment income                                             $  110   $  117        (6)
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                           QUARTERS ENDED
                                                            DECEMBER 31,
                                                           ---------------   PERCENTAGE
                                                            2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>           <C>
Card billed business (billions)                            $ 32.2   $ 27.6        17%
Total cards in force (millions)                               6.8      6.7         1
Basic cards in force (millions)                               6.8      6.7         1
Average basic cardmember spending* (dollars)               $4,695   $4,170        13
Segment capital (millions)**                               $2,239   $1,907        17
Return on segment capital**                                  25.3%    25.7%
</Table>

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $771MM
     and $740MM in 4Q '07 and 4Q '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 17% increase in billed business reflects a 13%
          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 12% and 9%, respectively. Volume growth within the U.S.
               of 11% compared to growth within the Company's other major
               geographic regions ranging from the low double-digits to
               high-teens.

     -    Total cards in force: Increased by 100K, or 1%, versus last year.

P&L DISCUSSION

- -    Net Income: Decreased 6% versus last year as revenues net of interest
     expense increased 15%, expenses rose by 18% and provisions for losses grew
     77%. Both revenue and expense growth rates were inflated by the translation
     of foreign currency.

     -    4Q '07 included $61MM ($39MM after-tax) of the increase to the
          Membership Rewards liability.

     -    4Q '07 included $5MM ($3MM after-tax) of reengineering expenses versus
          $24MM ($15MM after-tax) in 4Q '06.

     -    Pre-tax Margin: Was 12.8% in 4Q '07 versus 17.6% in 3Q '07 and 17.0%
          in 4Q '06.

     -    Effective Tax Rate: Was 24% in 4Q '07 versus 28% in 3Q '07 and 30% in
          4Q '06. The 4Q '07 rate reflects certain revisions in the annual tax
          provision related to estimates in prior quarters. The 3Q '07 rate
          reflects $9MM of the previously mentioned tax benefits for that
          period. The 4Q '06 tax rate reflects benefits principally related to
          certain foreign losses.

- -    Discount Revenue, Net Card Fees and Other: The increase of 16% versus 4Q
     '06 was driven primarily by the higher level of card spending, greater
     travel revenues, and higher other commissions and fees.


                                       17

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

- -    Charge Card and Other Interest Expense: Increased 22% on a larger
     receivable balance and higher cost of funds.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     more than 100%, reflecting the increase to the Membership Rewards
     liability.

- -    Human Resources and Other Operating Expenses: Increased 10%, primarily
     reflecting a higher level of employees, merit increases and the
     acquisitions of Harbor Payments and FAE Travel.

- -    Provisions for Losses: Increased 77%, reflecting higher volumes and loss
     rates.

     -    Charge Card: *

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

                                         12/07    9/07   12/06
                                         -----   -----   -----
Total Receivables (billions)             $11.4   $12.5   $10.3
Net loss ratio as a % of charge volume    0.12%   0.11%   0.09%
90 days past due as a % of total           2.1%    1.6%    1.9%

*    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
                          FOURTH QUARTER 2007 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

                                                  QUARTERS ENDED
(Preliminary)                                      DECEMBER 31,
                                                  --------------   PERCENTAGE
(millions)                                         2007    2006     INC/(DEC)
                                                  ------   ----    ----------
Revenues
   Discount revenue, fees and other               $  961   $840         14%
                                                  ------   ----
   Interest expense:
      Cardmember lending                             (34)   (29)        17
      Other                                          (46)   (47)        (2)
                                                  ------   ----
 Revenues net of interest expense                  1,041    916         14
                                                  ------   ----
Expenses
   Marketing and promotion                           165    125         32
   Human resources and other operating expenses      466    448          4
                                                  ------   ----
      Total                                          631    573         10
                                                  ------   ----
Provisions for losses                                 31     46        (33)
                                                  ------   ----
Pretax segment income                                379    297         28
Income tax provision                                 125     96         30
                                                  ------   ----
Segment income                                    $  254   $201         26
                                                  ======   ====

STATISTICAL INFORMATION

                                                  QUARTERS ENDED
                                                    DECEMBER 31,
                                                  ---------------   PERCENTAGE
                                                   2007     2006     INC/(DEC)
                                                  ------   ------   ----------
Global card billed business* (billions)           $177.5   $153.5       16%
Segment capital (millions)                        $1,170   $1,272       (8)
Return on segment capital**                         90.7%    60.3%
Global Network Services:
Card billed business (billions)                   $ 16.0   $ 11.5       39%
Total cards in force (millions)                     20.3     15.0       35

*    Includes activities related to proprietary cards (including cash advances),
     cards issued under network partnership agreements, and certain insurance
     fees charged on proprietary cards.

**   Segment capital includes an allocation of goodwill of $27MM in both 4Q '07
     and 4Q'06. 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.

P&L DISCUSSION

- -    Net Income: Increased 26% as revenues net of interest expense grew 14%,
     expenses rose 10% and provisions for losses decreased 33%. Both revenue and
     expense growth rates were inflated by translation of foreign currency.

     -    4Q '07 included $33MM ($20MM after-tax) of the incremental
          business-building costs.

     -    4Q '07 included $2MM ($1MM after-tax) of reengineering expenses versus
          $4MM ($3MM after-tax) in 4Q '06.

     -    Pre-tax Margin: Was 36.4% in 4Q '07 versus 39.7% in 3Q '07 and 32.4%
          in 4Q '06.

     -    Effective Tax Rate: Was 33% in 4Q '07 versus 32% in both 3Q '07 and 4Q
          '06, respectively.

- -    Discount Revenue, Fees and Other Revenue: Increased 14%, reflecting growth
     in merchant-related revenues, primarily from the 16% increase in global
     card billed business and higher GNS-related revenues.

- -    Cardmember Lending Interest Expense: The expense credit increased 17% 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.

- -    Other Interest Expense: The expense credit decreased 2%.

- -    Marketing and Promotion Expenses: Increased 32%, reflecting higher brand,
     merchant and partner-related advertising costs.


                                       19

<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2007 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

- -    Human Resources and Other Operating Expenses: Increased 4% primarily due to
     greater human resources and volume-related expenses.

- -    Provisions for Losses: Decreased 33% due to a higher merchant-related
     provision in 2006.


                                       20

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                  CONSOLIDATED

(Preliminary)
                              STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                                 YEARS ENDED
                                                                 DECEMBER 31,
                                                              -----------------   PERCENTAGE
(Millions, except per share amounts)                            2007      2006     INC/(DEC)
                                                              -------   -------   ----------
<S>                                                           <C>       <C>           <C>
Revenues
   Discount revenue                                           $14,596   $12,978       12%
   Net card fees                                                2,050     1,994        3
   Travel commissions and fees                                  1,926     1,778        8
   Other commissions and fees                                   2,417     2,233        8
   Securitization income, net                                   1,507     1,489        1
   Other                                                        1,645     1,689       (3)
                                                              -------   -------
         Total                                                 24,141    22,161        9
                                                              -------   -------
   Interest income:
      Cardmember lending finance revenue                        6,145     4,586       34
      Other                                                     1,271     1,147       11
                                                              -------   -------
         Total                                                  7,416     5,733       29
                                                              -------   -------
            Total Revenues                                     31,557    27,894       13
                                                              -------   -------
   Interest expense:
      Cardmember lending                                        1,734     1,192       45
      Charge card and other                                     2,092     1,548       35
                                                              -------   -------
         Total                                                  3,826     2,740       40
                                                              -------   -------
Revenues net of interest expense                               27,731    25,154       10
                                                              -------   -------
Expenses
   Marketing, promotion, rewards and cardmember services        7,817     6,504       20
   Human resources                                              5,438     5,040        8
   Professional services                                        2,283     2,269        1
   Occupancy and equipment                                      1,436     1,384        4
   Communications                                                 461       434        6
   Other, net                                                     389     1,358      (71)
                                                              -------   -------
         Total                                                 17,824    16,989        5
                                                              -------   -------
 Provisions for losses and benefits:
      Charge card                                               1,140       935       22
      Cardmember lending                                        2,761     1,623       70
      Other (including investment certificates)                   440       468       (6)
                                                              -------   -------
         Total                                                  4,341     3,026       43
                                                              -------   -------
Pretax income from continuing operations                        5,566     5,139        8
Income tax provision                                            1,518     1,528       (1)
                                                              -------   -------
Income from continuing operations                               4,048     3,611       12
(Loss) Income from discontinued operations, net of tax            (36)       96        #
                                                              -------   -------
Net income                                                    $ 4,012   $ 3,707        8
                                                              =======   =======
EPS-Basic
   Income from continuing operations                          $  3.45   $  2.98       16
                                                              =======   =======
   (Loss) Income from discontinued operations                 $ (0.03)  $  0.08        #
                                                              =======   =======
   Net Income                                                 $  3.42   $  3.06       12
                                                              =======   =======
EPS-Diluted
   Income from continuing operations                          $  3.39   $  2.92       16
                                                              =======   =======
   (Loss) Income from discontinued operations                 $ (0.03)  $  0.07        #
                                                              =======   =======
   Net Income                                                 $  3.36   $  2.99       12
                                                              =======   =======
Average Shares Outstanding
   Basic                                                        1,173     1,212       (3)
                                                              =======   =======
   Diluted                                                      1,196     1,238       (3)
                                                              =======   =======
</Table>

#    Denotes variance of more than 100%.


                                       21

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                  CONSOLIDATED

- -    2007 Income from continuing operations included:

          -    A $1.1B ($700MM after-tax) initial payment in 4Q '07 as part of
               the Visa litigation settlement, and in light of the settlement:

               -    $143MM ($89MM after-tax) of incremental business-building
                    costs;

               -    $74MM ($46MM after-tax) of litigation-related costs; and

               -    A $50MM ($31MM after-tax) contribution to the American
                    Express Charitable Fund.

          -    $140MM of total tax benefits from the IRS in 2Q '07 related to
               the treatment of prior years' card fee income and the resolution
               of prior years' tax items in 3Q '07;

          -    An $80MM ($50MM after-tax) net benefit in 1Q '07 from the initial
               adoption of a new accounting standard, SFAS No. 155, that
               required the Company to record changes in the fair market value
               of its retained subordinated interest in securitized loans (or
               interest-only strip) in the income statement;

          -    A $63MM ($39MM after-tax) gain in 1Q '07 relating to amendments
               to the Company's U.S. pension plans that reduced projected
               pension obligations to participants;

          -    A $685MM ($430MM after-tax) charge in 4Q '07 to increase the
               Membership Rewards liability;

          -    A $438MM ($274M after-tax) credit-related charge in 4Q '07;

          -    An $81MM ($41MM after-tax) charge in 3Q '07 related to
               mark-to-market adjustments and sales within the AEIDC investment
               portfolio; and

          -    $68MM ($42MM after-tax) of increased marketing and promotion
               expenditures in 2Q '07, above the level originally planned for
               that quarter.

- -    2006 Income from continuing operations included:

          -    $177MM ($155MM after-tax) of gains related to the completion of
               the sales of our card-related operations in Brazil in 2Q '06, and
               in Malaysia and Indonesia in 3Q '06;

          -    A $68MM ($42MM after-tax) gain in 4Q '06 related to a rebalancing
               program to better align the maturity profile of our Travelers
               Cheque and Gift Card investment portfolio with its business
               liquidity needs;

          -    $45MM of tax benefits in 4Q '06 related principally to certain
               foreign losses and the finalization of state tax returns;

          -    $174MM ($113MM after-tax) of total charges associated with
               certain adjustments made to the Membership Rewards reserve
               models, inside the U.S. in 1Q '06 and outside the U.S. in 2Q '06;

          -    A $72MM ($47MM after-tax) net reduction in 1Q '06 cardmember
               lending finance revenue and securitization income related to
               higher than anticipated cardmember completion of consumer debt
               repayment programs and certain associated payment waivers; and

          -    Higher provisions for credit losses in Taiwan due primarily to
               the impact of industry-wide credit issues within the market,
               which were offset by the favorable impact from lower early credit
               write-offs related to the October, 2005 bankruptcy legislation in
               the U.S., and lower than expected costs related to Hurricane
               Katrina.

- -    2007 and 2006 Income from continuing operations included $66MM ($43MM
     after-tax) and $152MM ($99MM after-tax), respectively, of reengineering
     costs.

- -    Net Income including discontinued operations increased 8% to $4.0B. 2007
     results reflected $36MM of losses from discontinued operations versus $96MM
     of income last year, primarily reflecting AEB's results in both periods.

- -    Share Repurchases: During 2007 60MM shares were repurchased versus 75MM
     shares in 2006.

                                                        MILLIONS OF SHARES
                                                        ------------------
- -   ACTUAL SHARE ACTIVITY:                                 2007    2006
    ----------------------                                 -----   -----
       Shares outstanding - beginning of period            1,199   1,241
       Repurchase of common shares                           (60)    (75)
       Employee benefit plans, compensation and other         19      33
                                                           -----   -----
       Shares outstanding - end of period                  1,158   1,199
                                                           =====   =====


                                       22

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                  CONSOLIDATED

- -    Consolidated Revenues Net of Interest Expense: Consolidated revenues net of
     interest expense increased 10%, reflecting increases versus last year of
     13% within USCS, 9% within both ICS and GCS and 16% within GNMS. Revenues
     net of interest expense increased due to greater interest income, larger
     discount revenues, higher other commission and fees, greater travel
     commissions and fees, increased net card 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%.

- -    Consolidated Expenses: Consolidated expenses increased 5%, reflecting an
     increase of 11% within USCS, 21% within ICS, and 9% within both GCS and
     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 greater
     professional services expenses. This was partially offset by lower other
     expenses, net resulting from the gain on the Visa litigation settlement in
     4Q '07. Translation of foreign currency contributed approximately 2% to the
     expense growth rate.

- -    Consolidated Provisions for Losses and Benefits: Consolidated provisions
     for losses and benefits increased 43% versus last year, reflecting an
     increase of 84% in USCS, 44% in GCS and a decrease of 51% in GNMS and 5% in
     ICS. Provisions rose due to increases in the cardmember lending and charge
     card provisions. Translation of foreign currency contributed approximately
     2% to the provision growth rate.

- -    Pre-Tax Margin: Was 20.1% in 2007 compared with 20.4% in 2006.

- -    Effective Tax Rate: Was 27% in 2007 versus 30% in 2006. The 2007 rate
     reflects the previously mentioned 2Q '07 and 3Q '07 tax benefits. The 2006
     rate included the previously mentioned tax benefit in 4Q '06.

- -    Discount Revenue: Rose 12% on a 15% increase in billed business. The slower
     revenue versus billed business growth reflects the relatively faster growth
     in billed business related to GNS, where we share discount revenue with our
     card issuing partners, as well as higher cash-back rewards costs and
     corporate incentive payments.

     -    The average discount rate* was 2.56% in 2007 versus 2.57% in 2006. 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.

                                         YEARS ENDED      PERCENTAGE
                                         DECEMBER 31,       INC/(DEC)
                                      -----------------   -----------
                                       2007      2006
                                      -------   -------
Card billed business* (billions):
   United States                      $ 459.3   $ 406.8      13%
   Outside the United States            188.0     154.7      22
                                      -------   -------
   Total                              $ 647.3   $ 561.5      15
                                      =======   =======
Average basic cardmember spending**
   United States                      $12,856   $12,307       4
   Outside the United States          $10,251   $ 8,691      18
   Total                              $12,106   $11,201       8

*    For additional information about billed business and discount rate
     calculations, please refer to the Fourth Quarter/Full Year 2007 Earnings
     Release, American Express Company Selected Statistical Information pages.

**   Proprietary card activity only.


                                       23

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                  CONSOLIDATED

     -    Worldwide Billed Business: The 15% increase in worldwide billed
          business reflected a 13% increase in USCS, a 14% increase in ICS and
          GCS and a 49% increase in GNS partner volume. The table below
          summarizes selected billed business related statistics for 2007:

<Table>
<Caption>
                                                                               PERCENTAGE INCREASE
                                                                 PERCENTAGE   ASSUMING NO CHANGES IN
                                                                  INCREASE    FOREIGN EXCHANGE RATES
                                                                 ----------   ----------------------
<S>                                                                  <C>                 <C>
WORLDWIDE*
   Billed Business                                                   15%                 13%
   Average spending per proprietary basic card                        8                   6
U.S.*
   Billed Business                                                   13
   Average spending per proprietary basic card                        4
   Proprietary consumer card billed business**                       12
   Proprietary small business billed business**                      15
   Proprietary Corporate Services billed business***                 10
OUTSIDE THE U.S.*
   Billed Business                                                   22                  14
   Average spending per proprietary basic card                       18                  10
   Proprietary consumer and small business billed business****       14                   6
   Proprietary Corporate Services billed business***                 22                  13
</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 69% of 2007 U.S. billed business) grew 15%, while
               T&E volumes rose 9%.

          -    U.S. airline-related volume, which represented approximately 9%
               of total U.S. volumes during the year, increased 5% due to a 4%
               increase in transactions and a 1% higher average airline charge.

          -    Worldwide airline volumes, which represented approximately 11% of
               total volumes during the year, increased 12% on 6% growth in
               transactions and a 6% 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 Canada in the low double-digits, growth in Asia Pacific in
               the high single-digits and a small decline in Latin America.
               Excluding the impact of the 2006 sales of our card-related
               operations in Brazil, Malaysia and Indonesia, Latin America and
               Asia Pacific exhibited double-digit proprietary growth. Excluding
               the impact of all three sales, total proprietary growth outside
               the U.S. was 11%.

- -    Net Card Fees: Increased 3% due to card growth.

- -    Travel Commissions and Fees: Increased 8%, reflecting a 13% increase in
     worldwide travel sales.

- -    Other Commissions and Fees: Rose 8% primarily due to higher assessments,
     card-related conversion revenues and other service fees.

- -    Securitization Income, Net: Increased 1% driven by a greater average
     balance of securitized loans and higher net gains from issuances, partially
     offset by higher write-offs and greater interest expense, due to a higher
     coupon rate paid to certificate holders.

     -    Components of Securitization Income, Net:

                                         YEARS ENDED      PERCENTAGE
                                         DECEMBER 31,       INC/(DEC)
                                      -----------------   -----------
(millions)                               2007     2006
                                        ------   ------
Excess spread*                          $1,025   $1,055      (3)%
Servicing fees                             425      407       4
Gains on sales from securitizations**       57       27       #
                                        ------   ------
Total securitization income             $1,507   $1,489       1
                                        ======   ======

#    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
     interest-only strip in 2007. Also included is a $38MM reduction in 2006,
     related to higher than anticipated cardmember completion of consumer debt
     repayment programs.

**   Excludes $144MM and $(84)MM in 2007 and $83MM and ($104)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 $21.2B
          in 2007 compared with $20.3B in 2006.


                                       24

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                  CONSOLIDATED

- -    Other Revenues: Decreased 3% as losses related to the 3Q '07 and 4Q '07
     mark-to-market adjustments and sales within the AEIDC portfolio, as well as
     the 4Q '06 Travelers Cheque and Gift Card investment portfolio gain, were
     partially offset by higher network, merchant, publishing and
     insurance-related revenues.

- -    Cardmember Lending Finance Revenue: Increased 34% due to 29% growth in
     average worldwide lending balances on an owned basis and a slightly higher
     portfolio yield. The increase also reflects the negative impact in 1Q '06
     of the higher than anticipated cardmember completion of consumer debt
     repayment programs and certain payment waivers.

- -    Other Interest Income: Increased 11% primarily due to higher interest
     income on the Company's loan to Delta Air Lines that was on non-accrual
     status in 2006 and was repaid in April 2007.

- -    Cardmember Lending Interest Expense: Increased 45%, reflecting the
     increased loan balances and a higher cost of funds.

- -    Charge Card and Other Interest Expense: Increased 35%, reflecting a higher
     average cost of funds and an increased receivable balance.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     20% driven primarily by the 4Q '07 increase to the Membership Rewards
     liability, higher volume-driven rewards expenses and the incremental
     marketing and promotion and business-building costs in 2Q '07 and 4Q '07.
     These increases were partially offset by the charges associated with
     adjustments made to the Membership Rewards reserve models both inside and
     outside the U.S. in 1Q '06 and 2Q '06.

- -    Human Resources Expense: Increased 8% due to a higher level of employees
     and merit increases which were partially offset by the 1Q '07
     pension-related gain and lower severance-related costs. The increased level
     of employees primarily reflects employee additions related to customer
     service volumes and initiatives and the acquisition of Harbor Payments,
     Inc. in 4Q '06 and FAE Travel in 3Q '07.

- -    Professional Services Expense: Increased 1%.

- -    Occupancy and Equipment Expense: Rose 4%.

- -    Communications Expense: Increased 6% primarily due to volume-related
     activities.


- -    Other Expense, Net: Decreased 71% as the Visa litigation settlement
     payment, net of litigation-related costs, and the reclassification of
     certain card-acquisition costs to card fee revenue beginning July 1, 2006
     were partially offset by the 4Q '07 contribution to American Express
     Charitable Fund and the gains related to the 2006 sales of our card-related
     operations in Brazil, Malaysia and Indonesia.

- -    Charge Card Provision for Losses: Increased 22%, primarily reflecting the
     4Q '07 credit-related charge, as well as higher business volumes.

     -    The charge card net loss ratio was 0.24% in 2007 and 2006.*

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

- -    Cardmember Lending Provision for Losses: Increased 70%, reflecting the
     credit-related charge in 4Q '07, as well as increased loan volumes and
     higher write-off and delinquency rates.

     -    The lending net write-off rate was 4.2% in 2007 versus 3.7% in 2006.*

          *    All lending statistics are presented here on a GAAP or "Owned
               Basis". "Managed Basis" credit quality statistics are available
               in the Fourth Quarter/Full Year 2007 Earnings Release on the
               American Express Company Consolidated Selected Statistical
               Information pages.

- -    Other (including investment certificates) Provision for Losses and
     Benefits: Decreased 6% primarily due to lower merchant and Taiwan-related
     provisions in 2007.


                                       25

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                                CORPORATE & OTHER

- -    Net income was $376MM in 2007 compared with net expense of $140MM in 2006.

     -    The 2007 income reflects the impact of the following items:

          -    A $700MM after-tax gain due to the initial payment of the Visa
               Litigation Settlement;

          -    A $46MM after-tax expense for litigation-related costs;

          -    A $31MM after-tax expense for the contribution to the American
               Express Charitable Fund; and

          -    A $4MM after-tax cost for incremental business-building
               initiatives.

     -    The 2007 income also includes the $57MM after-tax loss due to the 3Q
          '07 and 4Q '07 mark-to-market adjustments and sales within the AEIDC
          portfolio.

     -    The 2006 expense reflects the impacts of the $42MM after-tax gain
          related to the rebalancing of our Travelers Cheque and Gift Card
          investment portfolio.

     -    2007 and 2006 also included reengineering costs, after-tax, of $4MM
          and $20MM, respectively.


                                       26
<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                               U.S. CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                                 YEARS ENDED
(Preliminary)                                                    DECEMBER 31,
                                                              -----------------   PERCENTAGE
(millions)                                                      2007      2006     INC/(DEC)
                                                              -------   -------   ----------
<S>                                                           <C>       <C>           <C>
Revenues
   Discount revenue, net card fees and other                  $10,435   $ 9,421       11%
   Cardmember lending finance revenue                           4,762     3,434       39
   Securitization income, net                                   1,507     1,489        1
                                                              -------   -------
         Total revenues                                        16,704    14,344       16
   Interest expense:
      Cardmember lending                                        1,518       957       59
      Charge card and other                                       964       767       26
                                                              -------   -------
Revenues net of interest expense                               14,222    12,620       13
                                                              -------   -------
Expenses
   Marketing, promotion, rewards and cardmember services        5,140     4,445       16
   Human resources and other operating expenses                 3,354     3,227        4
                                                              -------   -------
      Total                                                     8,494     7,672       11
                                                              -------   -------
Provisions for losses                                           2,998     1,625       84
                                                              -------   -------
Pretax segment income                                           2,730     3,323      (18)
Income tax provision                                              907     1,171      (23)
                                                              -------   -------
Segment income                                                $ 1,823   $ 2,152      (15)
                                                              =======   =======
</Table>

<Table>
<Caption>
                                                                 YEARS ENDED
STATISTICAL INFORMATION                                          DECEMBER 31,
                                                              -----------------   PERCENTAGE
                                                                2007      2006     INC/(DEC)
                                                              -------   -------   ----------
<S>                                                           <C>       <C>           <C>
Card billed business (billions)                               $ 375.2   $ 333.4       13%
Average basic cardmember spending* (dollars)                  $12,011   $11,521        4
</Table>

*    Proprietary cards only.

     -    Billed Business: The 13% increase in billed business reflects a 4%
          increase in average spending per proprietary basic card and 7% growth
          in basic cards in force.

          -    Within the U.S. consumer business, billed business grew 12%;
               small business volumes rose 15%.

P&L DISCUSSION:

- -    Net Income: Decreased 15% as revenues net of interest expense rose 13%,
     expenses increased 11% and provisions for losses increased 84%.

     -    2007 included the following items:

          -    An $80MM ($50MM after-tax) benefit from the initial adoption of
               SFAS No. 155 in 1Q '07;

          -    $74MM of the tax benefits in 2Q '07 and 3Q '07;

          -    $36MM ($22MM after-tax) of the 1Q '07 pension-related gain;

          -    $408MM ($253MM after-tax) of the increase to the Membership
               Rewards liability in 4Q '07;

          -    $438MM ($274MM after-tax) of the credit-related charge in 4Q '07;
               and

          -    $131MM ($81MM after-tax) of the incremental marketing and
               promotion and business-building costs in 2Q '07 and 4Q '07.

     -    2006 included the following items:

          -    A $72MM ($47MM after-tax) net reduction in 1Q '06 in finance
               charge revenues related to higher than anticipated cardmember
               completion of consumer debt repayment programs and certain
               associated payment waivers;

          -    $106MM ($69MM after-tax) of the charges associated with certain
               adjustments made to the U.S. Membership Rewards reserve model in
               1Q '06; and

          -    A favorable impact from lower early credit write-offs related to
               the 2005 U.S. bankruptcy legislation, and lower than expected
               costs related to Hurricane Katrina.

     -    2007 also included $13MM ($8MM after-tax) of reengineering expenses
          versus $23MM ($15MM after-tax) in 2006.

     -    Pre-tax Margin: Was 19.2% in 2007 versus 26.3% in 2006.


                                       27

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                               U.S. CARD SERVICES

     -    Effective Tax Rate: Was 33% in 2007 versus 35% in 2006. The 2007 rate
          includes $74MM of tax benefits from 2Q '07 and 3Q '07.

- -    Discount Revenue, Net Card Fees and Other: Increased 11% largely due to
     greater billed business volumes, higher investment and interest income,
     increased other commissions and fees, higher net card fees and greater
     travel revenues.

- -    Cardmember Lending Finance Revenue: Increased 39% on 34% growth in average
     owned lending balances, a slightly higher portfolio yield, and the negative
     impact in 1Q '06 of higher than anticipated completion of consumer debt
     repayment programs and certain payment waivers.

- -    Securitization Income, Net: Increased 1% driven by a greater average
     balance of securitized loans and higher net gains from issuances, partially
     offset by higher write-offs and interest expense, due to a higher coupon
     rate paid to certificate holders.

- -    Cardmember Lending Interest Expense: Increased 59% on greater loan balances
     and a higher cost of funds.

- -    Charge Card and Other Interest Expense: Increased 26% due to a higher cost
     of funds and a larger receivable balance.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     16%, reflecting the increase to the Membership Rewards liability and higher
     volume-related rewards costs. These were partially offset by slightly lower
     marketing and promotion expenses and the charges associated with
     adjustments made to the U.S. Membership Rewards reserve model in 1Q '06.

- -    Human Resources and Other Operating Expenses: Increased 4% primarily due to
     higher technology and volume-related costs, partially offset by the
     pension-related gain and the reclassification to revenues of certain card
     acquisition-related costs effective July 1, 2006.

- -    Provisions for Losses: Increased 84%, reflecting the 4Q '07 credit-related
     charge, as well as the impact of loan growth and higher write-off and
     delinquency rates.

     -    Credit Quality

          -    The charge card net loss ratio was 0.31% versus 0.28% last year.*

          -    The lending net write-off rate for 2007 was 3.9% versus 3.0% for
               2006.**

          *    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 29-30 for "Managed Basis" Cardmember
               lending information.


                                       28

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 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 other commissions and fees (included 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 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 provisions for losses 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 provision for losses (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, in addition to
changes in the fair value of the interest-only strips, 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 provisions for losses.

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>
                                                              YEARS ENDED
                                                              DECEMBER 31,
                                                           ----------------   PERCENTAGE
(millions)                                                   2007     2006     INC/(DEC)
                                                           -------   ------   ----------
<S>                                                        <C>       <C>          <C>
- -   Discount revenue, net card fees and other:
       Reported for the period (GAAP)                      $10,435   $9,421       11%
       Securitization adjustments                              310      199       56
                                                           -------   ------
       Managed discount revenue, net card fees and other   $10,745   $9,620       12
                                                           =======   ======
- -   Cardmember lending finance revenue:
       Reported for the period (GAAP)                      $ 4,762   $3,434       39
       Securitization adjustments                            3,130    2,937        7
                                                           -------   ------
       Managed finance revenue                             $ 7,892   $6,371       24
                                                           =======   ======
- -   Securitization income, net:
       Reported for the period (GAAP)                      $ 1,507   $1,489        1
       Securitization adjustments                           (1,507)  (1,489)       1
                                                           -------   ------
       Managed securitization income, net                  $    --   $   --       --
                                                           =======   ======
- -   Cardmember lending interest expense:
       Reported for the period (GAAP)                      $ 1,518   $  957       59
       Securitization adjustments                            1,136    1,057        7
                                                           -------   ------
       Managed cardmember lending interest expense         $ 2,654   $2,014       32
                                                           =======   ======
- -   Provisions for losses:
       Reported for the period (GAAP)                      $ 2,998   $1,625       84
       Securitization adjustments                              871      550       58
                                                           -------   ------
       Managed provisions for losses                       $ 3,869   $2,175       78
                                                           =======   ======
</Table>


                                       29

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                               U.S. CARD SERVICES

MANAGED P&L DISCUSSION

- -    Discount Revenue, Net Card Fees and Other: Increased 12% largely due to
     higher billed business volumes, greater other commissions and fees, higher
     investment and interest income and higher travel revenues. In addition, the
     increase reflects the recognition of interest income associated with the
     repayment of the Company's loan to Delta Air Lines.

- -    Cardmember Lending Finance Revenue: Increased 24% due to 21% growth in
     average lending balances, a higher portfolio yield and the negative impact
     in 1Q '06 of higher than anticipated completion of consumer debt repayment
     programs and certain payment waivers.

- -    Cardmember Lending Interest Expense: Increased 32% on growth in lending
     balances and a higher cost of funds.

- -    Provisions for Losses: Increased 78%, reflecting the credit-related charge
     in 4Q '07, as well as the impact of strong loan and volume growth and
     higher write-off and delinquency rates.

- -    Cardmember Lending: *

     -    The lending net write-off rate for 2007 was 3.8% versus 2.9% for 2006.

     *    Managed basis. See pages 12 & 14 for total owned and managed loans and
          past due information as of 12/31/07. 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 28.


                                       30
<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                           INTERNATIONAL CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                             YEARS ENDED
(Preliminary)                                                DECEMBER 31,
                                                           ---------------   PERCENTAGE
(millions)                                                  2007     2006    INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>         <C>
Revenues
   Discount revenue, net card fees and other               $3,703   $3,405       9%
   Cardmember lending finance revenue                       1,372    1,146      20
                                                           ------   ------
      Total revenues                                        5,075    4,551      12
   Interest expense:
      Cardmember lending                                      493      393      25
      Charge card and other                                   251      193      30
                                                           ------   ------
Revenues net of interest expense                            4,331    3,965       9
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services    1,566    1,109      41
   Human resources and other operating expenses             1,836    1,692       9
                                                           ------   ------
      Total                                                 3,402    2,801      21
                                                           ------   ------
Provisions for losses                                         812      852      (5)
                                                           ------   ------
Pretax segment income                                         117      312     (63)
Income tax benefit                                           (174)     (31)      #
                                                           ------   ------
Segment income                                             $  291   $  343     (15)
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

                                                 YEARS ENDED
                                                 DECEMBER 31,
                                               ---------------   PERCENTAGE
                                                2007     2006    INC/(DEC)
                                               ------   ------   ----------
Card billed business (billions)                $ 98.0   $ 86.3      14%
Average basic cardmember spending* (dollars)   $8,772   $7,491      17

*    Proprietary cards only.

     -    Billed Business: The 14% increase in billed business reflects a 17%
          increase in average spending per proprietary basic card and a 1%
          increase in basic cards in force.

          -    Adjusting for the impacts of foreign exchange translation and the
               2006 sales of our card-related operations in Brazil, Malaysia and
               Indonesia, billed business and spending per proprietary basic
               card in force increased 8% and 7%, respectively, and volume
               growth within the major geographic regions ranged from growth in
               the high single-digits to the low double-digits.

P&L DISCUSSION

- -    Net Income: Decreased 15% versus last year as revenues net of interest
     expense increased 9%, expenses rose by 21% and provisions for losses
     decreased 5%. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

     -    2007 included the following items:

          -    $2MM ($1MM after-tax) of the 1Q '07 pension-related gain;

          -    $216MM ($138MM after-tax) of the 4Q '07 increase to the
               Membership Rewards reserve; and

          -    $26MM ($16MM after-tax) of the incremental marketing and
               promotion and business-building costs in 2Q '07 and 4Q '07.

     -    2006 included the following items:

          -    $114MM ($100MM after-tax) of gains related to the completion of
               the 2006 sales of our card-related operations in Brazil, Malaysia
               and Indonesia;

          -    $56MM ($36MM after-tax) of charges associated with certain
               adjustments made to the Membership Rewards reserve models outside
               the U.S in 2Q '06; and

          -    A higher provision for credit losses in Taiwan due primarily to
               the impact of industry-wide credit issues within the market.

     -    2007 included $16MM ($11MM after-tax) of reengineering expenses versus
          $32MM ($21MM after-tax) in 2006.

     -    Pre-tax Margin: Was 2.7% in 2007 versus 7.9% in 2006.

     -    Effective Tax Rate: Was (149%) in 2007 versus (10%) in 2006. As
          indicated last quarter, this segment reflects an overall tax benefit,
          which will likely recur going forward, since our internal tax
          allocation process provides ICS with the consolidated benefit related
          to its ongoing funding activities outside


                                       31

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                           INTERNATIONAL CARD SERVICES

          the U.S. The 2007 tax rate also reflects the impact of the previously
          mentioned significant charges on pretax income. The 2006 rate included
          a number of items previously discussed during the year which
          collectively did not have a significant impact on the effective tax
          rate.

- -    Discount Revenue, Net Card Fees and Other: The increase of 9% versus 2006
     was driven primarily by the higher level of card spending, increased other
     revenues, greater travel revenues and slightly higher card fees. These
     increases were partially offset by the reclassification of certain card
     acquisition-related costs from other operating expenses, effective July 1,
     2006, and lower commissions and fees, primarily reflecting the sales of
     card-related operations in Brazil, Malaysia and Indonesia.

- -    Cardmember Lending Finance Revenue: Increased 20% on 12% growth in average
     lending balances and a higher portfolio yield.

- -    Cardmember Lending Interest Expense: Increased 25% on higher loan balances
     and an increased cost of funds.

- -    Charge Card and Other Interest Expense: Increased 30% on a higher
     receivable balance and a greater cost of funds.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     41%, reflecting the increase to the Membership Rewards liability in 4Q '07,
     higher volume-related rewards costs and the incremental marketing and
     promotion and business-building costs in 2Q '07 and 4Q '07. These were
     partially offset by the adjustments made to the Membership Rewards reserve
     model outside the U.S. in 2Q '06.

- -    Human Resources and Other Operating Expenses: Increased 9% primarily due to
     higher human resources and operations related expenses, as well as the
     gains on the 2006 sales of card-related operations in Brazil, Malaysia and
     Indonesia, partially offset by the reclassification of certain card
     acquisition-related costs effective July 1, 2006.

- -    Provisions for Losses: Decreased 5% as higher volumes and lending balances
     were offset by lower write-off and past due rates. The decrease also
     reflects the previously mentioned 2Q '06 industry-wide credit issues in
     Taiwan.

     -    Credit Quality: *

          -    The charge card loss ratio was 0.26% in both 2007 and 2006.

          -    The lending write-off rate was 5.6% versus 5.9% last year.

               *    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."


                                       32

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
                                                             YEARS ENDED
(Preliminary)                                                DECEMBER 31,
                                                           ---------------   PERCENTAGE
(millions)                                                  2007     2006     INC/(DEC)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other               $4,747   $4,269       11%
                                                           ------   ------
   Charge card and other interest expense                     478      369       30
                                                           ------   ------
Revenues net of interest expense                            4,269    3,900        9
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services      387      307       26
   Human resources and other operating expenses             2,975    2,764        8
                                                           ------   ------
      Total                                                 3,362    3,071        9
                                                           ------   ------
Provisions for losses                                         163      113       44
                                                           ------   ------
Pretax segment income                                         744      716        4
Income tax provision                                          208      239      (13)
                                                           ------   ------
Segment income                                             $  536   $  477        12
                                                           ======   ======
</Table>

STATISTICAL INFORMATION

                                                  YEARS ENDED
                                                  DECEMBER 31,
                                               -----------------   PERCENTAGE
                                                2007      2006      INC/(DEC)
                                               -------   -------   ----------
Card billed business (billions)                $ 122.1   $ 106.9      14%
Average basic cardmember spending* (dollars)   $18,017   $16,264      11

*    Proprietary cards only.

- -    Billed Business: The 14% increase in billed business reflects an 11%
     increase in average spending per proprietary basic card and a 1% increase
     in basic cards in force.

     -    Adjusting for the impacts of foreign exchange translation and the 2006
          sales of our card-related operations in Brazil, Malaysia and
          Indonesia, billed business and spending per proprietary basic card in
          force increased 12% and 7%, respectively, and volume growth within the
          U.S. of 10% compared to double-digit growth within the Company's other
          major geographic regions ranging from the mid-to-high teens.

P&L DISCUSSION

- -    Net Income: Increased 12% versus last year as revenues net of interest
     expense increased 9%, expenses rose by 9% and provisions for losses grew
     44%. Both revenue and expense growth rates were inflated by the translation
     of foreign currency.

     -    2007 included the following items:

          -    $19MM ($12MM after-tax) of the 1Q '07 pension-related gain;

          -    $18MM of the tax benefits in 2Q '07 and 3Q '07; and

          -    $61MM ($39MM after-tax) of the 4Q '07 increase to the Membership
               Rewards liability.

     -    2006 included:

          -    $38MM ($33MM after-tax) of gains related to the completion of the
               2006 sales of our card-related operations in Brazil, Malaysia and
               Indonesia; and

          -    $12MM ($8MM after-tax) of charges associated with certain
               adjustments made to the Membership Rewards reserve models both
               inside and outside the U.S. in 1Q '06 and 2Q '06, respectively.

     -    2007 included $25MM ($16MM after-tax) of reengineering expenses versus
          $58MM ($37MM after-tax) in 2006.

     -    Pre-tax Margin: Was 17.4% in 2007 versus 18.4% in 2006.

     -    Effective Tax Rate: Was 28% in 2007 versus 33% in 2006. The 2007 rate
          reflects $18MM of the previously mentioned 2Q '07 and 3Q '07 tax
          benefits.

- -    Discount Revenue, Net Card Fees and Other: The increase of 11% versus 2006
     was driven primarily by the higher level of card spending, higher other
     commissions and fees, greater travel revenues and increased other revenues.

- -    Charge Card and Other Interest Expense: Increased 30% on a larger
     receivable balance and higher cost of funds.


                                       33

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     26%, primarily reflecting the increase to the Membership Rewards liability
     in 4Q '07, partially offset by the adjustments made to the Membership
     Rewards reserve models both inside and outside the U.S. in 1Q '06 and 2Q
     '06.

- -    Human Resources and Other Operating Expenses: Increased 8%, primarily
     reflecting increased human resources costs, in part due to the acquisitions
     of Harbor Payments and FAE Travel, increased other operating expenses from
     the impact of the 2006 sales of card-related operations in Brazil, Malaysia
     and Indonesia, as well as higher occupancy and equipment expense. These
     were partially offset by the pension-related gain and the reclassification
     to revenues of certain card acquisition-related costs effective July 1,
     2006.

- -    Provisions for Losses: Increased 44%, reflecting higher volumes and
     slightly higher loss rates.

     -    Credit Quality: *

          -    The charge card loss ratio was 0.10% versus 0.09% last year.

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


                                       34
<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

                                                     YEARS ENDED
(Preliminary)                                       DECEMBER 31,
                                                  ---------------   PERCENTAGE
(millions)                                         2007     2006     INC/(DEC)
                                                  ------   ------   ----------
Revenues
   Discount revenue, fees and other               $3,550   $3,063       16%
                                                  ------   ------
   Interest expense:
         Cardmember lending                         (126)     (98)      29
         Other                                      (188)    (183)       3
                                                  ------   ------
Revenues net of interest expense                   3,864    3,344       16
                                                  ------   ------
Expenses
   Marketing and promotion                           595      518       15
   Human resources and other operating expenses    1,665    1,549        7
                                                  ------   ------
      Total                                        2,260    2,067        9
                                                  ------   ------
Provisions for losses                                 44       89      (51)
                                                  ------   ------
Pretax segment income                              1,560    1,188       31
Income tax provision                                 538      409       32
                                                  ------   ------
Segment income                                    $1,022   $  779       31
                                                  ======   ======

STATISTICAL INFORMATION
                                                    YEARS ENDED
                                                    DECEMBER 31,
                                                  ---------------   PERCENTAGE
                                                   2007     2006     INC/(DEC)
                                                  ------   ------   ----------
Global card billed business* (billions)           $647.3   $561.5       15%
Global Network Services:
Card billed business (billions)                   $ 52.9   $ 35.4       49%

*    Includes activities related to proprietary cards (including cash advances),
     cards issued under network partnership agreements, and certain insurance
     fees charged on proprietary cards.

P&L DISCUSSION

- -    Net Income: Increased 31% as revenues net of interest expense grew 16%,
     expenses rose 9% and provisions for losses decreased 51%. Both revenue and
     expense growth rates were inflated by translation of foreign currency.

     -    2007 included the following items:

          -    $27MM ($18MM after-tax) of gains related to the sale of our
               merchant-related operations in Russia in 2Q '07;

          -    $22MM of the 3Q '07 tax benefits;

          -    $5MM ($3MM after-tax) of the 1Q '07 pension-related gain; and

          -    $43MM ($26MM after-tax) of the incremental marketing and
               promotion and business-building costs in 2Q '07 and 4Q '07.

     -    2006 included a $25MM ($22MM after-tax) gain related to the sale of
          our merchant-related operations in Brazil during 2Q '06, partially
          offset by an adjustment in amortization relating to an overseas joint
          venture.

     -    2007 and 2006 included $6MM ($4MM after-tax) and $8MM ($6MM after-tax)
          of reengineering costs.

     -    Pre-tax Margin: Was 40.4% in 2007 versus 35.5% in 2006.

     -    Effective Tax Rate: Was 34% in 2007 and in 2006. The 2007 rate
          reflects $22MM of the previously mentioned 3Q '07 tax benefits.

- -    Discount Revenue, Fees and Other: Increased 16%, reflecting growth in
     merchant-related revenues, primarily from the 15% increase in global card
     billed business and higher GNS-related revenues. The increase also reflects
     the completion in 2006 of independent operator agreements in Brazil,
     Malaysia and Indonesia.

- -    Cardmember Lending Interest Expense: The expense credit increased 29% due
     to a larger volume and rate-driven interest credit related to internal
     transfer pricing which recognizes the merchant services' accounts
     payable-related funding benefit.

- -    Other Interest Expense: The expense credit increased 3% 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.


                                       35

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2007 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

- -    Marketing and Promotion Expenses: Increased 15%, reflecting the incremental
     brand, merchant and partner-related advertising costs in 2Q '07 and 4Q '07.

- -    Human Resources and Other Operating Expenses: Increased 7% primarily due to
     greater human resources and volume-related expenses, partially offset by
     the pension-related gain. The increase also reflected the 2006 adjustment
     of the amortization of an intangible asset relating to an overseas joint
     venture which was more than offset by the merchant-related Brazil gain.

- -    Provisions for Losses: Decreased 51% due to a higher merchant-related
     provision in 2006.


                                       36

<Page>

                INFORMATION RELATED TO FORWARD LOOKING STATEMENTS

This release includes forward-looking statements, which are subject to risks and
uncertainties. The forward-looking statements, which address the Company's
expected business and financial performance, among other matters, contain words
such as "believe," "expect," "anticipate," "optimistic," "intend," "plan,"
"aim," "will," "may," "should," "could," "would," "likely," and similar
expressions. 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: 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 economic environment, and
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 Company's ability to manage credit risk
related to consumer debt, business loans, merchants and other credit trends,
which will depend in part on the economic environment, the rates of bankruptcies
and unemployment, which can affect spending on card products, debt payments by
individual and corporate customers and businesses that accept the Company's card
products, and on the effectiveness of the Company's credit models; 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 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 to be spent by the Company on marketing,
promotion, rewards and Cardmember services based on management's assessment of
competitive opportunities and other factors affecting its judgment; 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;
fluctuations in foreign currency exchange rates; 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; 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; trends in
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; 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; 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.


                                       37

<Page>

                                    APPENDIX

                            AMERICAN EXPRESS COMPANY
                               U.S. CARD SERVICES

(BILLIONS, EXCEPT PERCENTAGES)

<Table>
<Caption>
                                              PRELIMINARY QUARTER ENDED      QUARTER ENDED
                                                  DECEMBER 31, 2007       SEPTEMBER 30, 2007
                                              -------------------------   ------------------
<S>                                                      <C>                     <C>
Cardmember lending - owned basis (A):                    $43.3                   $40.0
   Total Loans                                             3.5%                    3.1%
   30 days past due loans as a % of total                $40.9                   $38.6
   Average Loans                                           4.3%                    3.7%
   Net write-off rate

Cardmember lending - managed basis (B)(C):
   Total Loans                                           $66.0                   $61.5
   30 days past due loans as a % of total                  3.2%                    2.9%
   Average Loans                                         $63.2                   $60.0
   Net write-off rate                                      4.3%                    3.7%
</Table>

                                              ESTIMATED YEAR ENDING
                                                DECEMBER 31, 2008
                                              ---------------------
Cardmember lending - owned basis (A):
   Average Loans                                       $44.1
   Net write-off rate                                5.2-5.4%

Cardmember lending - managed basis (B)(C):
   Average Loans                                       $69.4
   Net write-off rate                                5.1-5.3%

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

(B) 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.

(C) 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.

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.


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