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<SEC-DOCUMENT>0000004962-08-000010.txt : 20080424
<SEC-HEADER>0000004962-08-000010.hdr.sgml : 20080424
<ACCEPTANCE-DATETIME>20080424161314
ACCESSION NUMBER:		0000004962-08-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080424
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20080424
DATE AS OF CHANGE:		20080424

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:		08774584

	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>mar31earnings.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): April 24, 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.)


       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 April 24, 2008, American Express Company issued a press release
announcing its financial results for the first quarter of 2008. 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 2008 first quarter financial
results and a 2008 First Quarter Earnings Supplement. Such additional
financial information and the 2008 First Quarter Earnings Supplement are
attached to this report as Exhibits 99.2 and 99.3, respectively, and each
is hereby incorporated by reference.



EXHIBIT

99.1   Press Release, dated April 24, 2008, of American Express Company
       announcing its financial results for the first quarter of 2008.

99.2   Additional financial information relating to the financial results of
       American Express Company for the first quarter of 2008.

99.3   2008 First Quarter Earnings Supplement of American Express
       Company.















                                     -1-
<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:   April 24, 2008















                                     -2-
<PAGE>


                                 EXHIBIT INDEX


Exhibit
No.      Description
- -----     -----------
99.1     Press Release, dated April 24, 2008, of American Express Company
         announcing its financial results for the first quarter of 2008.

99.2     Additional financial information relating to the financial results of
         American Express Company for the first quarter of 2008.

99.3     2008 First Quarter Earnings Supplement of American Express
         Company.














                                     -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1.txt
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1


NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS RELEASE   NEWS



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

<TABLE>
<CAPTION>
FOR IMMEDIATE RELEASE
- -----------------------------------------------------------------------------------------------

         AMERICAN EXPRESS REVENUES RISE ON HIGHER CARDMEMBER SPENDING
                  CREDIT INDICATORS IN LINE WITH EXPECTATIONS



                     (Millions, except per share amounts)


                                                             Quarters Ended        Percentage
                                                               March 31,           Inc/(Dec)

                                                              2008         2007
                                                         ---------    ---------
<S>                                                   <C>          <C>               <C>
   Revenues net of interest expense                      $   7,186    $   6,484         11%

   Income From Continuing Operations                     $     974    $   1,095        (11%)
   Income (loss) From Discontinued Operations            $      17    $     (38)         #
   Net Income                                            $     991    $   1,057         (6%)

   Earnings Per Common Share - Basic:
      Income From Continuing Operations                  $    0.84    $   0.92          (9%)
      Income (loss) From Discontinued Operations         $    0.02    $  (0.03)          #
      Net Income                                         $    0.86    $   0.89          (3%)


   Earnings Per Common Share - Diluted:
      Income From Continuing Operations                  $    0.84    $   0.90          (7%)
      Income (loss) From Discontinued Operations         $    0.01    $  (0.03)          #
      Net Income                                         $    0.85    $   0.87          (2%)

   Average Common Shares Outstanding
      Basic                                                  1,153       1,187          (3%)
      Diluted                                                1,163       1,210          (4%)

   Return on Average Equity*                                  35.9%       36.6%
- -----------------------------------------------------------------------------------------------
</TABLE>

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

# Denotes a variance of more than 100%.

<PAGE>

New York - April 24, 2008 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported first-quarter income from continuing operations of $974 million, down
11 percent from $1.1 billion a year ago. Diluted earnings per share from
continuing operations were $0.84, down 7 percent from $0.90 a year ago.

Net income totaled $991 million for the quarter, down 6 percent from a year
ago. On a per-share basis, net income was $0.85, down 2 percent from $0.87 a
year ago.

Consolidated revenues net of interest expense rose 11 percent to $7.2 billion,
up from $6.5 billion a year ago.

Consolidated expenses totaled $4.6 billion, up 14 percent from $4.0 billion a
year ago.

The Company's return on equity (ROE) was 35.9 percent, down from 36.6 percent
a year ago.

In the year-ago quarter, results from continuing operations included an $80
million ($50 million after-tax) gain related to a new accounting standard for
retained interest in securitized loans and a $63 million ($39 million
after-tax) gain from amendments to the Company's U.S. pension plans. The
year-ago quarter also included $32 million ($21 million after-tax) of
reengineering costs compared to $10 million ($7 million after-tax) in the
current period.

"We delivered stronger than expected revenue growth this quarter, despite a
weak and uncertain U.S. economy," said Kenneth I. Chenault, chairman and chief
executive. "Business volume growth was in the top tier of the industry, as we
realized continuing returns on our multi-year investments and benefited from a
diverse consumer and business-to-business portfolio. Cardmember spending rose
14 percent, driven by strength in the international markets, among bank
partners and in the corporate sector.

"We continued to invest in longer-term opportunities at a time when some
traditional competitors have been constrained by problems elsewhere in their
operations. Marketing and related spending was up 20 percent, with a focus on
affluent U.S. consumers and the international markets. Investments in the
business-to-business sector included the recently completed acquisition of
General Electric's corporate card unit.

"Loan growth slowed from the rate of recent quarters, reflecting in part
credit-related actions such as targeted line reductions. Similarly, loan loss
reserves rose in light of the increase in delinquencies and write-offs,
particularly in those areas hit hardest by the U.S. housing market. In
managing our risk profile, we are aiming to balance the challenges of what
continues to be a difficult environment against longer-term growth
opportunities in the payments sector.


                                     -2-
<PAGE>
"While we continue to be cautious about the U.S. economy, we are encouraged by
our performance internationally. And, based on the breadth and flexibility of
our business model, we remain on track for the 4-6 percent EPS growth that we
indicated at the start of the year, barring significant deterioration in the
economic environment."


DISCONTINUED OPERATIONS

Discontinued operations for the first quarter reflected income of $17 million,
including an $11 million after-tax gain related to the sale of American
Express Bank Ltd. (AEB). The year-ago period reflected a loss of $38 million
which included a $60 million (pretax and after-tax) reserve established for
regulatory and legal exposure at American Express Bank International (a
subsidiary of AEB).


SEGMENT RESULTS

U.S. CARD SERVICES reported first-quarter net income of $523 million, down 19
percent from $644 million a year ago.

Revenues net of interest expense for the first quarter increased 11 percent to
$3.7 billion, reflecting higher spending and borrowing by consumers and small
businesses. This was partially offset by last year's gain related to the
adoption of a new accounting standard, which resulted in higher securitization
income, net, in 2007.

Total expenses increased 17 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 21 percent from the year-ago period
reflecting increased investments in advertising and promotion, as well as
higher rewards costs. Human resources and other operating expenses increased
12 percent from the year-ago period when these expenses included a benefit
related to the U.S. pension plan curtailment of $36 million ($22 million
after-tax), partially offset by reengineering charges of $14 million ($9
million after-tax) in the prior year.

Provisions for losses increased 52 percent to $881 million, up from $581
million a year ago, reflecting higher write-off and delinquency rates as well
as growth in loans outstanding and business volumes.

The 2008 results reflect a lower tax rate that benefited from the resolution
of certain tax items from previous years.

                                     -3-
<PAGE>
INTERNATIONAL CARD SERVICES reported first-quarter net income of $133 million,
up 30 percent from $102 million a year ago.

Revenues net of interest expense increased 22 percent to $1.2 billion,
reflecting higher Cardmember spending and borrowing.

Total expenses increased 21 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 27 percent. Human resources and other
operating expenses increased 17 percent from year-ago levels due in part to
increased employee levels.

Provisions for losses increased 24 percent to $229 million, up from $184
million a year ago, reflecting growth in the loan portfolio and business
volumes.

GLOBAL COMMERCIAL SERVICES reported first-quarter net income of $151 million,
up 17 percent from $129 million a year ago.

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 12 percent. Human resources and other operating
expenses increased 13 percent from the year-ago period when these expenses
included a benefit related to the U.S. pension plan curtailment of $19 million
($12 million after-tax) partially offset by reengineering charges of $4
million ($3 million after-tax).

Provisions for losses increased to $62 million, up from $30 million a year
ago, reflecting higher write-offs and increased business volumes.

GLOBAL NETWORK & MERCHANT SERVICES reported first-quarter net income of $223
million, down 6 percent from $236 million a year ago.

Revenues net of interest expense for the first 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.

Spending on Global Network Services cards increased 50 percent from year-ago
levels, reflecting continued growth in spending on cards issued by bank
partners. Cards-in-force issued by bank partners increased 33 percent.

Total expenses increased 21 percent, reflecting higher human resources costs
driven in part by an expansion of the merchant sales force and higher
litigation related expenses. Year-ago results included a benefit related to
the pension plan curtailment of $5 million ($3 million after-tax).

Provision for losses increased $56 million due to greater merchant-related
provisions in the first quarter of 2008 compared to a year ago, which
reflected a Delta Air Lines-related provision benefit as it had then recently
emerged from bankruptcy.

                                     -4-
<PAGE>
CORPORATE AND OTHER reported first-quarter net loss of $56 million, compared
with net loss of $16 million a year ago. The net loss reflects in part the
impact of the following items:

    o a charge of $104 million($68 million after-tax) related to losses within
      the trading securities portfolio of American Express International
      Deposit Company,
    o a charge of $29 million ($19 million after-tax) related to AEB operations
      that were not sold, which included $7 million ($5 million after-tax) of
      the previously mentioned reengineering costs, partially offset by
    o the recognition of $70 million ($43 million after-tax) for the previously
      announced Visa settlement.

                                      ***

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

     Note: The 2008 First 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 first-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; THE IMPACT OF THE COMPANY'S
EFFORTS TO DEAL WITH DELINQUENT CARDMEMBERS IN THE CURRENT CHALLENGING
ECONOMIC ENVIRONMENT, WHICH MAY AFFECT PAYMENT PATTERNS OF CARDMEMBERS, THE
COMPANY'S NEAR-TERM WRITE-OFF RATES, INCLUDING IN THE SECOND QUARTER OF 2008,
AND THE VOLUMES OF THE COMPANY'S LOAN BALANCES IN 2008; 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

                                     -5-
<PAGE>
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
UNCERTAINTIES ASSOCIATED WITH ACQUISITIONS, INCLUDING, AMONG OTHERS, THE
FAILURE TO REALIZE ANTICIPATED BUSINESS RETENTION, GROWTH AND COST SAVINGS, AS
WELL AS THE ABILITY TO EFFECTIVELY INTEGRATE THE ACQUIRED BUSINESS INTO THE
COMPANY'S EXISTING OPERATIONS; THE UNDERLYING ASSUMPTIONS AND EXPECTATIONS
RELATED TO THE SALE OF THE AMERICAN EXPRESS BANK LTD. BUSINESSES AND THE
TRANSACTION'S IMPACT ON THE COMPANY'S EARNINGS PROVING TO BE INACCURATE OR
UNREALIZED; 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
(INCLUDING, AMONG OTHERS, THE PROPOSED DELTA NORTHWEST MERGER) 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, 2007, AND ITS OTHER REPORTS FILED
WITH THE SEC.

                                     -6-
<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.

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                              March 31,
                                                           ---------------   Percentage
                                                            2008     2007     Inc/(Dec)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>         <C>
Revenues
   Discount revenue                                        $3,718   $3,355       11%
   Net card fees                                              567      484       17
   Travel commissions and fees                                494      437       13
   Other commissions and fees                                 622      536       16
   Securitization income, net                                 444      457       (3)
   Other                                                      356      387       (8)
                                                           ------   ------
      Total                                                 6,201    5,656       10
                                                           ------   ------
Interest income
   Cardmember lending finance revenue                       1,625    1,368       19
   Other                                                      279      303       (8)
                                                           ------   ------
      Total                                                 1,904    1,671       14
                                                           ------   ------
         Total revenues                                     8,105    7,327       11
                                                           ------   ------
Interest expense
  Cardmember lending                                          417      385        8
  Charge card and other                                       502      458       10
                                                           ------   ------
     Total                                                    919      843        9
                                                           ------   ------
Revenues net of interest expense                            7,186    6,484       11
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services    1,756    1,462       20
   Human resources                                          1,470    1,301       13
   Professional services                                      551      518        6
   Occupancy and equipment                                    375      328       14
   Communications                                             115      112        3
   Other, net                                                 296      293        1
                                                           ------   ------
      Total                                                 4,563    4,014       14
                                                           ------   ------
Provisions for losses and benefits
   Charge card                                                345      209       65
   Cardmember lending                                         809      574       41
   Other (including investment certificates)                  115       76       51
                                                           ------   ------
      Total                                                 1,269      859       48
                                                           ------   ------
Pretax income from continuing operations                    1,354    1,611      (16)
Income tax provision                                          380      516      (26)
                                                           ------   ------
Income from continuing operations                             974    1,095      (11)
Income (Loss) from discontinued operations, net of tax         17      (38)       #
                                                           ------   ------
Net income                                                 $  991   $1,057       (6)
                                                           ======   ======
</Table>

# - Denotes a variance of more than 100%.


                                      -7-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

                                                    March 31,   December 31,
                                                       2008         2007
                                                    ---------   ------------
Assets
   Cash and cash equivalents                           $ 19         $ 12
   Accounts receivable                                   41           42
   Investments                                           14           16
   Loans                                                 48           53
   Other assets                                          13           10
   Assets of discontinued operations                     --           17
                                                       ----         ----
      Total assets                                     $135         $150
                                                       ====         ====
Liabilities and Shareholders' Equity
   Short-term debt                                     $ 19         $ 18
   Long-term debt                                        56           55
   Other liabilities                                     48           50
   Liabilities of discontinued operations                --           16
                                                       ----         ----
      Total liabilities                                 123          139
                                                       ----         ----
   Shareholders' equity                                  12           11
                                                       ----         ----
      Total liabilities and shareholders' equity       $135         $150
                                                       ====         ====


                                      -8-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                               March 31,
                                                           ---------------   Percentage
                                                            2008     2007     Inc/(Dec)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>         <C>
REVENUES NET OF INTEREST EXPENSE
   U.S. Card Services                                      $3,722   $3,364       11%
   International Card Services                              1,195      979       22
   Global Commercial Services                               1,144      994       15
   Global Network & Merchant Services                       1,003      877       14
                                                           ------   ------
                                                            7,064    6,214       14
   Corporate & Other,
      including adjustments and eliminations                  122      270      (55)
                                                           ------   ------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE              $7,186   $6,484       11
                                                           ======   ======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                                      $  791   $1,031      (23)
   International Card Services                                117       96       22
   Global Commercial Services                                 218      195       12
   Global Network & Merchant Services                         335      374      (10)
                                                           ------   ------
                                                            1,461    1,696      (14)
   Corporate & Other                                         (107)     (85)      26
                                                           ------   ------
PRETAX INCOME FROM CONTINUING OPERATIONS                   $1,354   $1,611      (16)
                                                           ======   ======
NET INCOME (LOSS)
   U.S. Card Services                                      $  523   $  644      (19)
   International Card Services                                133      102       30
   Global Commercial Services                                 151      129       17
   Global Network & Merchant Services                         223      236       (6)
                                                           ------   ------
                                                            1,030    1,111       (7)
   Corporate & Other                                          (56)     (16)       #
                                                           ------   ------
   Income from continuing operations                          974    1,095      (11)
   Income (Loss) from discontinued operations, net of tax      17      (38)       #
                                                           ------   ------
NET INCOME                                                 $  991   $1,057       (6)
                                                           ======   ======
</Table>

# - Denotes a variance of more than 100%.


                                      -9-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                          FINANCIAL SUMMARY (CONTINUED)

                                                    Quarters Ended
                                                      March 31,
                                                   ---------------   Percentage
                                                    2008     2007     Inc/(Dec)
                                                   ------   ------   ----------
EARNINGS PER COMMON SHARE
BASIC
   Income from continuing operations               $ 0.84   $ 0.92      (9)%
   Income (Loss) from discontinued operations        0.02    (0.03)      #
                                                   ------   ------
   Net income                                      $ 0.86   $ 0.89      (3)%
                                                   ======   ======
   Average common shares outstanding (millions)     1,153    1,187      (3)%
                                                   ======   ======
DILUTED
   Income from continuing operations               $ 0.84   $ 0.90      (7)%
   Income (Loss) from discontinued operations        0.01    (0.03)      #
                                                   ------   ------
   Net income                                      $ 0.85   $ 0.87      (2)%
                                                   ======   ======
   Average common shares outstanding (millions)     1,163    1,210      (4)%
                                                   ======   ======
Cash dividends declared per common share           $ 0.18   $ 0.15      20%
                                                   ======   ======

                        SELECTED STATISTICAL INFORMATION

                                                    Quarters Ended
                                                      March 31,
                                                   ---------------   Percentage
                                                    2008     2007     Inc/(Dec)
                                                   ------   ------   ----------
Return on average equity (A)                         35.9%    36.6%
Common shares outstanding (millions)                1,158    1,188      (3)%
Book value per common share                        $ 9.94   $ 8.83      13%
Shareholders' equity (billions)                    $ 11.5   $ 10.5      10%

#    - Denotes a variance of more than 100%.

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


                                     -10-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2.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.

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                              March 31,
                                                           ---------------   Percentage
                                                            2008     2007     Inc/(Dec)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>         <C>
Revenues
   Discount revenue                                        $3,718   $3,355       11%
   Net card fees                                              567      484       17
   Travel commissions and fees                                494      437       13
   Other commissions and fees                                 622      536       16
   Securitization income, net                                 444      457       (3)
   Other                                                      356      387       (8)
                                                           ------   ------
      Total                                                 6,201    5,656       10
                                                           ------   ------
Interest income
   Cardmember lending finance revenue                       1,625    1,368       19
   Other                                                      279      303       (8)
                                                           ------   ------
      Total                                                 1,904    1,671       14
                                                           ------   ------
         Total revenues                                     8,105    7,327       11
                                                           ------   ------
Interest expense
  Cardmember lending                                          417      385        8
  Charge card and other                                       502      458       10
                                                           ------   ------
     Total                                                    919      843        9
                                                           ------   ------
Revenues net of interest expense                            7,186    6,484       11
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services    1,756    1,462       20
   Human resources                                          1,470    1,301       13
   Professional services                                      551      518        6
   Occupancy and equipment                                    375      328       14
   Communications                                             115      112        3
   Other, net                                                 296      293        1
                                                           ------   ------
      Total                                                 4,563    4,014       14
                                                           ------   ------
Provisions for losses and benefits
   Charge card                                                345      209       65
   Cardmember lending                                         809      574       41
   Other (including investment certificates)                  115       76       51
                                                           ------   ------
      Total                                                 1,269      859       48
                                                           ------   ------
Pretax income from continuing operations                    1,354    1,611      (16)
Income tax provision                                          380      516      (26)
                                                           ------   ------
Income from continuing operations                             974    1,095      (11)
Income (Loss) from discontinued operations, net of tax         17      (38)       #
                                                           ------   ------
Net income                                                 $  991   $1,057       (6)
                                                           ======   ======
</Table>

# - Denotes a variance of more than 100%.


                                      -1-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

                                                    March 31,   December 31,
                                                       2008         2007
                                                    ---------   ------------
Assets
   Cash and cash equivalents                           $ 19         $ 12
   Accounts receivable                                   41           42
   Investments                                           14           16
   Loans                                                 48           53
   Other assets                                          13           10
   Assets of discontinued operations                     --           17
                                                       ----         ----
      Total assets                                     $135         $150
                                                       ====         ====
Liabilities and Shareholders' Equity
   Short-term debt                                     $ 19         $ 18
   Long-term debt                                        56           55
   Other liabilities                                     48           50
   Liabilities of discontinued operations                --           16
                                                       ----         ----
      Total liabilities                                 123          139
                                                       ----         ----
   Shareholders' equity                                  12           11
                                                       ----         ----
      Total liabilities and shareholders' equity       $135         $150
                                                       ====         ====


                                      -2-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                            Quarters Ended
                                                               March 31,
                                                           ---------------   Percentage
                                                            2008     2007     Inc/(Dec)
                                                           ------   ------   ----------
<S>                                                        <C>      <C>         <C>
REVENUES NET OF INTEREST EXPENSE
   U.S. Card Services                                      $3,722   $3,364       11%
   International Card Services                              1,195      979       22
   Global Commercial Services                               1,144      994       15
   Global Network & Merchant Services                       1,003      877       14
                                                           ------   ------
                                                            7,064    6,214       14
   Corporate & Other,
      including adjustments and eliminations                  122      270      (55)
                                                           ------   ------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE              $7,186   $6,484       11
                                                           ======   ======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                                      $  791   $1,031      (23)
   International Card Services                                117       96       22
   Global Commercial Services                                 218      195       12
   Global Network & Merchant Services                         335      374      (10)
                                                           ------   ------
                                                            1,461    1,696      (14)
   Corporate & Other                                         (107)     (85)      26
                                                           ------   ------
PRETAX INCOME FROM CONTINUING OPERATIONS                   $1,354   $1,611      (16)
                                                           ======   ======
NET INCOME (LOSS)
   U.S. Card Services                                      $  523   $  644      (19)
   International Card Services                                133      102       30
   Global Commercial Services                                 151      129       17
   Global Network & Merchant Services                         223      236       (6)
                                                           ------   ------
                                                            1,030    1,111       (7)
   Corporate & Other                                          (56)     (16)       #
                                                           ------   ------
   Income from continuing operations                          974    1,095      (11)
   Income (Loss) from discontinued operations, net of tax      17      (38)       #
                                                           ------   ------
NET INCOME                                                 $  991   $1,057       (6)
                                                           ======   ======
</Table>

# - Denotes a variance of more than 100%.


                                      -3-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                          FINANCIAL SUMMARY (CONTINUED)

                                                    Quarters Ended
                                                      March 31,
                                                   ---------------   Percentage
                                                    2008     2007     Inc/(Dec)
                                                   ------   ------   ----------
EARNINGS PER COMMON SHARE
BASIC
   Income from continuing operations               $ 0.84   $ 0.92      (9)%
   Income (Loss) from discontinued operations        0.02    (0.03)      #
                                                   ------   ------
   Net income                                      $ 0.86   $ 0.89      (3)%
                                                   ======   ======
   Average common shares outstanding (millions)     1,153    1,187      (3)%
                                                   ======   ======
DILUTED
   Income from continuing operations               $ 0.84   $ 0.90      (7)%
   Income (Loss) from discontinued operations        0.01    (0.03)      #
                                                   ------   ------
   Net income                                      $ 0.85   $ 0.87      (2)%
                                                   ======   ======
   Average common shares outstanding (millions)     1,163    1,210      (4)%
                                                   ======   ======
Cash dividends declared per common share           $ 0.18   $ 0.15      20%
                                                   ======   ======

                        SELECTED STATISTICAL INFORMATION

                                                    Quarters Ended
                                                      March 31,
                                                   ---------------   Percentage
                                                    2008     2007     Inc/(Dec)
                                                   ------   ------   ----------
Return on average equity (A)                         35.9%    36.6%
Common shares outstanding (millions)                1,158    1,188      (3)%
Book value per common share                        $ 9.94   $ 8.83      13%
Shareholders' equity (billions)                    $ 11.5   $ 10.5      10%

#    - 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
                                                      March 31,
                                                  ---------------   Percentage
                                                   2008     2007     Inc/(Dec)
                                                  ------   ------   ----------
<S>                                               <C>      <C>          <C>
Card billed business (A):
   United States                                  $114.6   $105.4        9%
   Outside the United States                        51.8     40.8       27
                                                  ------   ------
      Total                                       $166.4   $146.2       14
                                                  ======   ======
Total cards-in-force (millions) (B):
   United States                                    52.9     49.3        7%
   Outside the United States                        35.1     30.6       15
                                                  ------   ------
      Total                                         88.0     79.9       10
                                                  ======   ======
Basic cards-in-force (millions) (B):
   United States                                    41.4     38.1        9%
   Outside the United States                        30.2     26.0       16
                                                  ------   ------
      Total                                         71.6     64.1       12
                                                  ======   ======
Average discount rate (C)                           2.57%    2.58%
Average basic cardmember spending (dollars) (D)   $2,984   $2,817        6%
Average fee per card (dollars) (D)                $   34   $   30       13%
</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. Card billed business is
reflected in the United States or outside the United States based on where the
cardmember is domiciled.

(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 $39 for the quarter ended March
31, 2008, and $35 for the quarter and year ended March 31, 2007, and the
amount of amortization excluded for these periods was $77 million for the
quarter ended March 31, 2008, and $72 million for the quarter ended March 31,
2007. 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
                                                        March 31,
                                                    ----------------   Percentage
                                                     2008      2007     Inc/(Dec)
                                                    -------   ------   ----------
<S>                                                 <C>       <C>          <C>
Worldwide cardmember receivables:
   Total receivables                                $  39.0   $ 36.5        7%
   90 days past due as a % of total                     3.3%     2.9%
   Loss reserves (millions):
      Beginning balance                             $ 1,149   $  981       17%
         Provision                                      345      209       65
         Net write offs                                (257)    (194)      32
         Other                                          (16)     (17)      (6)
                                                    -------   ------
      Ending balance                                $ 1,221   $  979       25
                                                    =======   ======
      % of receivables                                  3.1%     2.7%
      % of 90 days past due                              96%      93%
   Net loss ratio as a % of charge volume              0.25%    0.23%
Worldwide cardmember lending - owned basis (A):
   Total loans                                      $  49.6   $ 42.3       17%
   30 days past due loans as a % of total               3.8%     3.0%
   Loss reserves (millions):
      Beginning balance                             $ 1,831   $1,171       56%
         Provision                                      776      542       43
         Net write offs                                (693)    (439)      58
         Other                                            5       (3)       #
                                                    -------   ------
      Ending balance                                $ 1,919   $1,271       51
                                                    =======   ======
      % of loans                                        3.9%     3.0%
      % of past due                                     101%     100%
   Average loans                                    $  50.8   $ 42.4       20%
   Net write-off rate                                   5.5%     4.1%
   Net finance revenue(B)/average loans                 9.6%     9.4%
Worldwide cardmember lending - managed basis (C):
   Total loans                                      $  75.2   $ 63.2       19%
   30 days past due loans as a % of total               3.6%     2.8%
   Loss reserves (millions):
      Beginning balance                             $ 2,581   $1,622       59%
         Provision                                    1,231      797       54
         Net write offs                              (1,007)    (628)      60
         Other                                            6       (4)       #
                                                    -------   ------
      Ending balance                                $ 2,811   $1,787       57
                                                    =======   ======
      % of loans                                        3.7%     2.8%
      % of past due                                     105%     100%
   Average loans                                    $  75.8   $ 62.8       21%
   Net write-off rate                                   5.3%     4.0%
   Net finance revenue(B)/average loans                10.0%     9.5%
</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 19 for
     further discussion of the managed basis presentation.


                                      -6-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                         ---------------------------------------------------------------
                                                         March 31,   December 31,   September 30,   June 30,   March 31,
                                                            2008         2007            2007         2007        2007
                                                         ---------   ------------   -------------   --------   ---------
<S>                                                        <C>         <C>             <C>           <C>        <C>
Revenues
   Discount revenue                                        $3,718      $ 3,912         $ 3,659       $ 3,670    $ 3,355
   Net card fees                                              567          544             522           500        484
   Travel commissions and fees                                494          514             484           491        437
   Other commissions and fees                                 622          650             644           587        536
   Securitization income, net                                 444          326             392           332        457
   Other                                                      356          470             362           426        387
                                                           ------      -------         -------       -------    -------
      Total                                                 6,201        6,416           6,063         6,006      5,656
                                                           ------      -------         -------       -------    -------
Interest income
   Cardmember lending finance revenue                       1,625        1,682           1,581         1,514      1,368
   Other                                                      279          302             309           357        303
                                                           ------      -------         -------       -------    -------
      Total                                                 1,904        1,984           1,890         1,871      1,671
                                                           ------      -------         -------       -------    -------
         Total revenues                                     8,105        8,400           7,953         7,877      7,327
                                                           ------      -------         -------       -------    -------
Interest expense
   Cardmember lending                                         417          474             444           431        385
   Charge card and other                                      502          562             564           508        458
                                                           ------      -------         -------       -------    -------
      Total                                                   919        1,036           1,008           939        843
                                                           ------      -------         -------       -------    -------
Revenues net of interest expense                            7,186        7,364           6,945         6,938      6,484
                                                           ------      -------         -------       -------    -------
Expenses
   Marketing, promotion, rewards
      and cardmember services                               1,756        2,719           1,810         1,826      1,462
   Human resources                                          1,470        1,437           1,366         1,334      1,301
   Professional services                                      551          646             539           580        518
   Occupancy and equipment                                    375          382             374           352        328
   Communications                                             115          119             118           112        112
   Other, net                                                 296         (591)            339           348        293
                                                           ------      -------         -------       -------    -------
      Total                                                 4,563        4,712           4,546         4,552      4,014
                                                           ------      -------         -------       -------    -------
Provisions for losses and benefits
   Charge card                                                345          419             279           233        209
   Cardmember lending                                         809          970             579           638        574
   Other (including investment certificates)                  115          134             124           106         76
                                                           ------      -------         -------       -------    -------
      Total                                                 1,269        1,523             982           977        859
                                                           ------      -------         -------       -------    -------
Pretax income from continuing operations                    1,354        1,129           1,417         1,409      1,611
Income tax provision                                          380          290             343           369        516
                                                           ------      -------         -------       -------    -------
Income from continuing operations                             974          839           1,074         1,040      1,095
Income (Loss) from discontinued operations, net of tax         17           (8)             (7)           17        (38)
                                                           ------      -------         -------       -------    -------
Net income                                                 $  991      $   831         $ 1,067       $ 1,057    $ 1,057
                                                           ======      =======         =======       =======    =======
</Table>


                                      -7-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                                FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                     Quarters Ended
                                                            ---------------------------------------------------------------
                                                            March 31,   December 31,   September 30,   June 30,   March 31,
                                                               2008         2007            2007         2007        2007
                                                            ---------   ------------   -------------   --------   ---------
<S>                                                          <C>          <C>             <C>           <C>        <C>
REVENUES NET OF INTEREST EXPENSE
   U.S. Card Services                                        $ 3,722      $ 3,709         $ 3,589       $ 3,560    $ 3,364
   International Card Services                                 1,195        1,189           1,114         1,049        979
   Global Commercial Services                                  1,144        1,128           1,064         1,083        994
   Global Network & Merchant Services                          1,003        1,041             980           966        877
                                                             -------      -------         -------       -------    -------
                                                               7,064        7,067           6,747         6,658      6,214
   Corporate & Other,
      including adjustments and eliminations                     122          297             198           280        270
                                                             -------      -------         -------       -------    -------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE                $ 7,186      $ 7,364         $ 6,945       $ 6,938    $ 6,484
                                                             =======      =======         =======       =======    =======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
   U.S. Card Services                                        $   791      $   (40)        $   912       $   827    $ 1,031
   International Card Services                                   117         (181)            110            92         96
   Global Commercial Services                                    218          144             187           218        195
   Global Network & Merchant Services                            335          379             389           418        374
                                                             -------      -------         -------       -------    -------
                                                               1,461          302           1,598         1,555      1,696

   Corporate & Other                                            (107)         827            (181)         (146)       (85)
                                                             -------      -------         -------       -------    -------
PRETAX INCOME FROM CONTINUING OPERATIONS                     $ 1,354      $ 1,129         $ 1,417       $ 1,409    $ 1,611
                                                             =======      =======         =======       =======    =======
NET INCOME (LOSS)
   U.S. Card Services                                        $   523      $     7         $   592       $   580    $   644
   International Card Services                                   133          (68)            140           117        102
   Global Commercial Services                                    151          110             135           162        129
   Global Network & Merchant Services                            223          254             266           266        236
                                                             -------      -------         -------       -------    -------
                                                               1,030          303           1,133         1,125      1,111

   Corporate & Other                                             (56)         536             (59)          (85)       (16)
                                                             -------      -------         -------       -------    -------
   Income from continuing operations                             974          839           1,074         1,040      1,095
   Income (Loss) from discontinued operations, net of tax         17           (8)             (7)           17        (38)
                                                             -------      -------         -------       -------    -------
NET INCOME                                                   $   991      $   831         $ 1,067       $ 1,057    $ 1,057
                                                             =======      =======         =======       =======    =======
</Table>


                                      -8-

<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                          FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                           Quarters Ended
                                                  ---------------------------------------------------------------
                                                  March 31,   December 31,   September 30,   June 30,   March 31,
                                                     2008         2007            2007         2007        2007
                                                  ---------   ------------   -------------   --------   ---------
<S>                                                 <C>          <C>            <C>           <C>        <C>
EARNINGS PER COMMON SHARE
BASIC
   Income from continuing operations                $ 0.84       $ 0.72         $ 0.92        $ 0.88     $ 0.92
   Income (Loss) from discontinued operations       $ 0.02           --          (0.01)         0.02      (0.03)
                                                    ------       ------         ------        ------     ------
   Net income                                       $ 0.86       $ 0.72         $ 0.91        $ 0.90     $ 0.89
                                                    ======       ======         ======        ======     ======
   Average common shares outstanding (millions)      1,153        1,157          1,170         1,179      1,187
                                                                                                         ======
DILUTED
   Income from continuing operations                $ 0.84       $ 0.71         $ 0.90        $ 0.86     $ 0.90
   Income (Loss) from discontinued operations         0.01           --             --          0.02      (0.03)
                                                    ------       ------         ------        ------     ------
   Net income                                       $ 0.85       $ 0.71         $ 0.90        $ 0.88     $ 0.87
                                                    ======       ======         ======        ======     ======
   Average common shares outstanding (millions)      1,163        1,178          1,192         1,203      1,210
                                                    ======       ======         ======        ======     ======
Cash dividends declared per common share            $ 0.18       $ 0.18         $ 0.15        $ 0.15     $ 0.15
                                                    ======       ======         ======        ======     ======
</Table>

                        SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                           Quarters Ended
                                                  ---------   ------------   -------------   --------   ---------
                                                  March 31,   December 31,   September 30,   June 30,   March 31,
                                                     2008         2007            2007         2007        2007
                                                  ---------   ------------   -------------   --------   ---------
<S>                                                <C>           <C>            <C>           <C>        <C>
Return on average equity (A)                         35.9%         37.3%          38.2%         37.5%      36.6%
Common shares outstanding (millions)                1,158         1,158          1,169         1,182      1,188
Book value per common share                        $ 9.94        $ 9.53         $ 9.32        $ 9.00     $ 8.83
Shareholders' equity (billions)                    $ 11.5        $ 11.0         $ 10.9        $ 10.6     $ 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
                                                 -----------------------------------------------------------
                                                 March 31,  December 31,  September 30,  June 30,  March 31,
                                                   2008         2007          2007         2007      2007
                                                 ---------  ------------  -------------  --------  ---------
<S>                                                <C>         <C>            <C>         <C>       <C>
Card billed business (A):
   United States                                   $114.6      $123.0         $115.2      $115.7    $105.4
   Outside the United States                         51.8        54.5           47.3        45.4      40.8
                                                   ------      ------         ------      ------    ------
      Total                                        $166.4      $177.5         $162.5      $161.1    $146.2
                                                   ======      ======         ======      ======    ======
Total cards-in-force (millions) (B):
   United States                                     52.9        52.3           51.7        50.5      49.3
   Outside the United States                         35.1        34.1           33.0        31.7      30.6
                                                   ------      ------         ------      ------    ------
      Total                                          88.0        86.4           84.7        82.2      79.9
                                                   ======      ======         ======      ======    ======
Basic cards-in-force (millions) (B):
   United States                                     41.4        40.9           40.1        39.2      38.1
   Outside the United States                         30.2        29.2           28.3        27.0      26.0
                                                   ------      ------         ------      ------    ------
      Total                                          71.6        70.1           68.4        66.2      64.1
                                                   ======      ======         ======      ======    ======
Average discount rate (C)                            2.57%       2.54%          2.57%       2.57%     2.58%
Average basic cardmember spending (dollars) (D)    $2,984      $3,228         $3,006      $3,049    $2,817
Average fee per card (dollars) (D)                 $   34      $   33         $   32      $   31    $   30
</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. Card
     billed business is reflected in the United States or outside the United
     States based on where the cardmember is domiciled.

(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
     $39 for the quarter ended March 31, 2008, $37 for the quarter ended
     December 31, 2007, $36 for the quarters ended September 30, 2007 and June
     30, 2007, and $35 for the quarter ended March 31, 2007. The amount of
     amortization excluded for these periods was $77 for the quarter ended
     March 31, 2008, $74 million for the quarter ended December 31, 2007, $71
     million for the quarters ended September 30, 2007 and June 30, 2007, and
     $72 million for the quarter ended March 31, 2007. 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>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                  SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                         Quarters Ended
                                                   -----------------------------------------------------------
                                                   March 31,  December 31,  September 30,  June 30,  March 31,
                                                      2008        2007           2007        2007      2007
                                                   ---------  ------------  -------------  --------  ---------
<S>                                                 <C>           <C>           <C>         <C>       <C>
Worldwide cardmember receivables:
   Total receivables                                $  39.0       $ 40.1        $ 38.5      $ 38.4    $ 36.5
   90 days past due as a % of total                     3.3%         3.0%          2.8%        2.7%      2.9%
   Loss reserves (millions):
      Beginning balance                             $ 1,149       $  998        $  981      $  979    $  981
         Provision                                      345          419           279         233       209
         Net write offs                                (257)        (249)         (247)       (217)     (194)
         Other                                          (16)         (19)          (15)        (14)      (17)
                                                    -------       ------        ------      ------    ------
      Ending balance                                $ 1,221       $1,149        $  998      $  981    $  979
                                                    =======       ======        ======      ======    ======
      % of receivables                                  3.1%         2.9%          2.6%        2.6%      2.7%
      % of 90 days past due                              96%          95%           91%         95%       93%
   Net loss ratio as a % of charge volume              0.25%        0.25%         0.26%       0.24%     0.23%

Worldwide cardmember lending - owned basis (A):
   Total loans                                      $  49.6       $ 54.5        $ 50.5      $ 48.3    $ 42.3
   30 days past due loans as a % of total               3.8%         3.4%          3.0%        2.8%      3.0%
   Loss reserves (millions):
      Beginning balance                             $ 1,831       $1,469        $1,417      $1,271    $1,171
         Provision                                      776          924           543         606       542
         Net write offs                                (693)        (579)         (499)       (473)     (439)
         Other                                            5           17             8          13        (3)
                                                    -------       ------        ------      ------    ------
      Ending balance                                $ 1,919       $1,831        $1,469      $1,417    $1,271
                                                    =======       ======        ======      ======    ======
      % of loans                                        3.9%         3.4%          2.9%        2.9%      3.0%
      % of past due                                     101%         100%           97%        106%      100%
   Average loans                                    $  50.8       $ 51.7        $ 48.8      $ 45.6    $ 42.4
   Net write-off rate                                   5.5%         4.5%          4.1%        4.1%      4.1%
   Net finance revenue(B)/average loans                 9.6%         9.3%          9.3%        9.5%      9.4%

Worldwide cardmember lending - managed basis (C):
   Total loans                                      $  75.2       $ 77.2        $ 72.0      $ 68.6    $ 63.2
   30 days past due loans as a % of total               3.6%         3.2%          2.8%        2.6%      2.8%
   Loss reserves (millions):
      Beginning balance                             $ 2,581       $1,991        $1,917      $1,787    $1,622
         Provision                                    1,231        1,387           762         780       797
         Net write offs                              (1,007)        (813)         (696)       (662)     (628)
         Other                                            6           16             8          12        (4)
                                                    -------       ------        ------      ------    ------
      Ending balance                                $ 2,811       $2,581        $1,991      $1,917    $1,787
                                                    =======       ======        ======      ======    ======
      % of loans                                        3.7%         3.3%          2.8%        2.8%      2.8%
      % of past due                                     105%         106%           97%        106%      100%
   Average loans                                    $  75.8       $ 74.1        $ 70.1      $ 65.9    $ 62.8
   Net write-off rate                                   5.3%         4.4%          4.0%        4.0%      4.0%
   Net finance revenue(B)/average loans                10.0%         9.4%          9.4%        9.3%      9.5%
</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 19 for
     further discussion of the managed basis presentation.


                                     -11-

<Page>

(Preliminary)

                               U.S. CARD SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                 Quarters Ended
                                                    March 31,
                                                 --------------  Percentage
                                                  2008    2007    Inc/(Dec)
                                                 ------  ------  ----------
<S>                                              <C>     <C>        <C>
Revenues
   Discount revenue, net card fees and other     $2,605  $2,414       8%
   Cardmember lending finance revenue             1,206   1,055      14
   Securitization income, net                       444     457      (3)
                                                 ------  ------
         Total revenues                           4,255   3,926       8
                                                 ------  ------
   Interest expense
      Cardmember lending                            345     313      10
      Charge card and other                         188     249     (24)
                                                 ------  ------
Revenues net of interest expense                  3,722   3,364      11
                                                 ------  ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                     1,144     944      21
   Human resources and other operating expenses     906     808      12
                                                 ------  ------
         Total                                    2,050   1,752      17
                                                 ------  ------
Provisions for losses                               881     581      52
                                                 ------  ------
Pretax segment income                               791   1,031     (23)
Income tax provision                                268     387     (31)
                                                 ------  ------
Segment income                                   $  523  $  644     (19)
                                                 ======  ======
</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
                                                         March 31,
                                                      --------------  Percentage
                                                       2008    2007    Inc/(Dec)
                                                      ------  ------  ----------
<S>                                                   <C>     <C>        <C>
Income Statement Data
   Discount revenue, net card fees and other:
   Reported for the period (GAAP)                     $2,605  $2,414       8%
   Securitization adjustments                             73      87     (16)
                                                      ------  ------
   Managed discount revenue, net card fees and other  $2,678  $2,501       7
                                                      ------  ------
Cardmember lending finance revenue:
   Reported for the period (GAAP)                     $1,206  $1,055      14
   Securitization adjustments                            903     757      19
                                                      ------  ------
   Managed cardmember lending finance revenue         $2,109  $1,812      16
                                                      ------  ------
Securitization income, net:
   Reported for the period (GAAP)                     $  444  $  457      (3)
   Securitization adjustments                           (444)   (457)     (3)
                                                      ------  ------
   Managed securitization income, net                 $   --  $   --      --
                                                      ------  ------
Cardmember lending interest expense:
   Reported for the period (GAAP)                     $  345  $  313      10
   Securitization adjustments                            220     273     (19)
                                                      ------  ------
   Managed cardmember lending interest expense        $  565  $  586      (4)
                                                      ------  ------
Provisions for losses:
   Reported for the period (GAAP)                     $  881  $  581      52
   Securitization adjustments                            387     205      89
                                                      ------  ------
   Managed provisions for losses                      $1,268  $  786      61
                                                      ------  ------
</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
                                                   March 31,
                                                ---------------   Percentage
                                                 2008     2007     Inc/(Dec)
                                                ------   ------   ----------
<S>                                             <C>      <C>        <C>
Card billed business                            $ 92.1   $ 85.2        8%
Total cards-in-force (millions)                   43.8     41.5        6%
Basic cards-in-force (millions)                   32.7     30.7        7%
Average basic cardmember spending (dollars)     $2,838   $2,801        1%

U.S. Consumer Travel:
   Travel sales (millions)                      $  803   $  710       13%
   Travel commissions and fees/sales               7.7%     7.5%

Total segment assets                            $ 81.9   $ 68.4       20%
Segment capital (millions) (A)                  $4,517   $4,498        0%
Return on segment capital (B)                     37.9%    50.2%

Cardmember receivables:
   Total receivables                            $ 19.2   $ 19.0        1%
   90 days past due as a % of total                4.6%     3.8%
   Net loss ratio as a % of charge volume         0.35%    0.25%

Cardmember lending - owned basis (C):
   Total loans                                  $ 38.1   $ 33.0       15%
   30 days past due loans as a % of total          4.1%     2.9%
   Average loans                                $ 39.6   $ 33.1       20%
   Net write-off rate                              5.5%     3.7%
   Net finance revenue(D)/average loans            8.7%     9.1%

Cardmember lending - managed basis (E):
   Total loans                                  $ 63.7   $ 53.9       18%
   30 days past due loans as a % of total          3.7%     2.8%
   Average loans                                $ 64.6   $ 53.4       21%
   Net write-off rate                              5.3%     3.7%
   Net finance revenue(D)/average loans            9.6%     9.3%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $175 million and $26 million for the quarter ended March
     31, 2008, and $168 million and none for the quarter ended March 31, 2007,
     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 19 for
     further discussion of the managed basis presentation.


                                     -14-

<Page>

(Preliminary)

                               U.S. CARD SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ---------------------------------------------------------------
                                                           March 31,   December 31,   September 30,   June 30,   March 31,
                                                              2008         2007            2007         2007        2007
                                                           ---------   ------------   -------------   --------   ---------
<S>                                                          <C>          <C>             <C>          <C>         <C>
Revenues
   Discount revenue, net card fees and other                 $2,605       $2,747          $2,632       $2,642      $2,414
   Cardmember lending finance revenue                         1,206        1,304           1,224        1,179       1,055
   Securitization income, net                                   444          326             392          332         457
                                                             ------       ------          ------       ------      ------
         Total revenues                                       4,255        4,377           4,248        4,153       3,926
                                                             ------       ------          ------       ------      ------
   Interest expense
      Cardmember lending                                        345          440             402          363         313
      Charge card and other                                     188          228             257          230         249
                                                             ------       ------          ------       ------      ------
Revenues net of interest expense                              3,722        3,709           3,589        3,560       3,364
                                                             ------       ------          ------       ------      ------
Expenses
   Marketing, promotion, rewards and cardmember services      1,144        1,739           1,191        1,266         944
   Human resources and other operating expenses                 906          871             848          827         808
                                                             ------       ------          ------       ------      ------
         Total                                                2,050        2,610           2,039        2,093       1,752
                                                             ------       ------          ------       ------      ------
Provisions for losses                                           881        1,139             638          640         581
                                                             ------       ------          ------       ------      ------
Pretax segment income (loss)                                    791          (40)            912          827       1,031
Income tax provision (benefit)                                  268          (47)            320          247         387
                                                             ------       ------          ------       ------      ------
Segment income                                               $  523       $    7          $  592       $  580      $  644
                                                             ======       ======          ======       ======      ======
</Table>


                                     -15-

<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ---------------------------------------------------------------
                                                           March 31,   December 31,   September 30,   June 30,   March 31,
                                                              2008         2007            2007         2007        2007
                                                           ---------   ------------   -------------   --------   ---------
<S>                                                         <C>           <C>            <C>           <C>        <C>
Income Statement Data
   Discount revenue, net card fees and other:
      Reported for the period (GAAP)                        $2,605        $2,747         $2,632        $2,642     $2,414
      Securitization adjustments                                73            76             67            80         87
                                                            ------        ------         ------        ------     ------
      Managed discount revenue, net card fees and other     $2,678        $2,823         $2,699        $2,722     $2,501
                                                            ------        ------         ------        ------     ------
   Cardmember lending finance revenue:
      Reported for the period (GAAP)                        $1,206        $1,304         $1,224        $1,179     $1,055
      Securitization adjustments                               903           828            821           724        757
                                                            ------        ------         ------        ------     ------
      Managed cardmember lending finance revenue            $2,109        $2,132         $2,045        $1,903     $1,812
                                                            ------        ------         ------        ------     ------
   Securitization income, net:
      Reported for the period (GAAP)                        $  444        $  326         $  392        $  332     $  457
      Securitization adjustments                              (444)         (326)          (392)         (332)      (457)
                                                            ------        ------         ------        ------     ------
      Managed securitization income, net                    $   --        $   --         $   --        $   --     $   --
                                                            ------        ------         ------        ------     ------
   Cardmember lending interest expense:
      Reported for the period (GAAP)                        $  345        $  440         $  402        $  363     $  313
      Securitization adjustments                               220           287            302           274        273
                                                            ------        ------         ------        ------     ------
      Managed cardmember lending interest expense           $  565        $  727         $  704        $  637     $  586
                                                            ------        ------         ------        ------     ------
   Provisions for losses:
      Reported for the period (GAAP)                        $  881        $1,139         $  638        $  640     $  581
      Securitization adjustments                               387           263            226           177        205
                                                            ------        ------         ------        ------     ------
      Managed provisions for losses                         $1,268        $1,402         $  864        $  817     $  786
                                                            ------        ------         ------        ------     ------
</Table>

See page 19 for discussion of managed basis presentation.


                                     -16-

<Page>

(Preliminary)

                               U.S. CARD SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                       Quarters Ended
                                              ---------------------------------------------------------------
                                              March 31,   December 31,   September 30,   June 30,   March 31,
                                                2008          2007           2007          2007       2007
                                              ---------   ------------   -------------   --------   ---------
<S>                                            <C>           <C>            <C>           <C>        <C>
Card billed business                           $ 92.1        $101.2         $ 94.2        $ 94.6     $ 85.2
Total cards-in-force (millions)                  43.8          43.3           42.9          42.1       41.5
Basic cards-in-force (millions)                  32.7          32.3           31.8          31.2       30.7
Average basic cardmember spending (dollars)    $2,838        $3,161         $2,986        $3,054     $2,801

U.S. Consumer Travel:

   Travel sales                                $  0.8        $  0.7         $  0.7        $  0.8     $  0.7
   Travel commissions and fees/sales              7.7%          8.2%           8.5%          8.0%       7.5%

Total segment assets                           $ 81.9        $ 82.3         $ 79.0        $ 76.1     $ 68.4
Segment capital (A)                            $  4.5        $  4.5         $  4.5        $  4.5     $  4.5
Return on segment capital (B)                    37.9%         40.2%          50.5%         49.9%      50.2%

Cardmember receivables:

   Total receivables                           $ 19.2        $ 21.4         $ 19.4        $ 19.8     $ 19.0
   90 days past due as a % of total               4.6%          3.9%           3.9%          3.6%       3.8%
   Net loss ratio as a % of charge volume        0.35%         0.35%          0.34%         0.30%      0.25%

Cardmember lending - owned basis (C):

   Total loans                                 $ 38.1        $ 43.3         $ 40.0        $ 38.3     $ 33.0
   30 days past due loans as a % of total         4.1%          3.5%           3.1%          2.7%       2.9%
   Average loans                               $ 39.6        $ 40.9         $ 38.6        $ 35.9     $ 33.1
   Net write-off rate                             5.5%          4.3%           3.7%          3.7%       3.7%
   Net finance revenue(D)/average loans           8.7%          8.4%           8.5%          9.1%       9.1%

Cardmember lending - managed basis (E):

   Total loans                                 $ 63.7        $ 66.0         $ 61.5        $ 58.6     $ 53.9
   30 days past due loans as a % of total         3.7%          3.2%           2.9%          2.6%       2.8%
   Average loans                               $ 64.6        $ 63.2         $ 60.0        $ 56.3     $ 53.4
   Net write-off rate                             5.3%          4.3%           3.7%          3.7%       3.7%
   Net finance revenue(D)/average loans           9.6%          8.8%           8.9%          9.0%       9.3%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $175 million and $26 million as of March 31, 2008, $175
     million and none as of December 31, 2007, and $168 million and none as of
     September 30, 2007, June 30, 2007, and March 31, 2007, 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 19 for
     further discussion of the managed basis presentation.


                                     -17-

<Page>

(Preliminary)
                           INTERNATIONAL CARD SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                    Quarters Ended
                                                       March 31,
                                                  -----------------   Percentage
                                                    2008      2007     Inc/(Dec)
                                                  -------   -------   ----------
<S>                                               <C>       <C>           <C>
Revenues
   Discount revenue, net card fees and other      $   992   $   828       20%
   Cardmember lending finance revenue                 415       310       34
                                                  -------   -------
         Total revenues                             1,407     1,138       24
                                                  -------   -------
   Interest expense
      Cardmember lending                              147       109       35
      Charge card and other                            65        50       30
                                                  -------   -------
Revenues net of interest expense                    1,195       979       22
                                                  -------   -------
Expenses
   Marketing, promotion, rewards
      and cardmember services                         358       281       27
   Human resources and other operating expenses       491       418       17
                                                  -------   -------
         Total                                        849       699       21
                                                  -------   -------
Provisions for losses                                 229       184       24
                                                  -------   -------
Pretax segment income                                 117        96       22
Income tax benefit                                    (16)       (6)       #
                                                  -------   -------
Segment income                                    $   133   $   102       30
                                                  =======   =======
</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
                                                       March 31,
                                                  -----------------   Percentage
                                                    2008      2007     Inc/(Dec)
                                                  -------   -------   ----------
<S>                                                <C>       <C>        <C>
Card billed business                               $ 26.1    $ 21.5       21%
Total cards-in-force (millions)                      16.1      15.7        3%
Basic cards-in-force (millions)                      11.4      11.2        2%
Average basic cardmember spending (dollars)        $2,309    $1,926       20%

International Consumer Travel:

   Travel sales (millions)                         $  298    $  241       24%
   Travel commissions and fees/sales                  8.4%      8.4%

Total segment assets                               $ 21.3    $ 18.5       15%
Segment capital (millions) (A)                     $2,041    $1,840       11%
Return on segment capital (B)                        16.4%     20.9%

Cardmember receivables:

   Total receivables (C)                           $  6.3    $  5.4       17%
   90 days past due as a % of total                   2.2%      2.4%
   Net loss ratio as a % of charge volume            0.21%     0.29%

Cardmember lending:

   Total loans (C)                                 $ 11.4    $  9.3       23%
   30 days past due loans as a % of total             3.0%      3.1%
   Average loans                                   $ 11.2    $  9.4       19%
   Net write-off rate                                 5.1%      5.7%
   Net finance revenue(D)/average loans               9.6%      8.7%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $519 million and $16 million as of the quarter ended March
     31, 2008, and $519 million and $24 million as of the quarter ended March
     31, 2007, 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)  The March 31, 2008 balance reflects a reclassification of $393 million
     from cardmember receivables to cardmember loans for charge card products
     with lending features.

(D)  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
                                                 -----------------------------------------------------------
                                                 March 31,  December 31,  September 30,  June 30,  March 31,
                                                   2008         2007           2007        2007      2007
                                                 ---------  ------------  -------------  --------  ---------
<S>                                               <C>          <C>           <C>          <C>        <C>
Revenues
   Discount revenue, net card fees and other      $  992       $1,022        $  953       $  900     $  828
   Cardmember lending finance revenue                415          376           353          333        310
                                                  ------       ------        ------       ------     ------
         Total revenues                            1,407        1,398         1,306        1,233      1,138
                                                  ------       ------        ------       ------     ------
   Interest expense
      Cardmember lending                             147          138           126          120        109
      Charge card and other                           65           71            66           64         50
                                                  ------       ------        ------       ------     ------
Revenues net of interest expense                   1,195        1,189         1,114        1,049        979
                                                  ------       ------        ------       ------     ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                        358          638           354          293        281
   Human resources and other operating expenses      491          512           453          453        418
                                                  ------       ------        ------       ------     ------
         Total                                       849        1,150           807          746        699
                                                  ------       ------        ------       ------     ------
Provisions for losses                                229          220           197          211        184
                                                  ------       ------        ------       ------     ------
Pretax segment income (loss)                         117         (181)          110           92         96
Income tax benefit                                   (16)        (113)          (30)         (25)        (6)
                                                  ------       ------        ------       ------     ------
Segment income (loss)                             $  133       $  (68)       $  140       $  117     $  102
                                                  ======       ======        ======       ======     ======
</Table>


                                     -20-

<Page>

(Preliminary)

                           INTERNATIONAL CARD SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                   Quarters Ended
                                             -----------------------------------------------------------
                                             March 31,  December 31,  September 30,  June 30,  March 31,
                                                2008        2007           2007        2007       2007
                                             ---------  ------------  -------------  --------  ---------
<S>                                           <C>          <C>           <C>          <C>       <C>
Card billed business                          $ 26.1       $ 28.2        $ 24.7       $ 23.6    $ 21.5
Total cards-in-force (millions)                 16.1         16.0          15.8         15.7      15.7
Basic cards-in-force (millions)                 11.4         11.3          11.2         11.2      11.2
Average basic cardmember spending (dollars)   $2,309       $2,515        $2,209       $2,123    $1,926

International Consumer Travel:
   Travel sales                               $  0.3       $  0.3        $  0.3       $  0.3    $  0.2
   Travel commissions and fees/sales             8.4%         8.7%          8.8%         8.6%      8.4%

Total segment assets                          $ 21.3       $ 21.4        $ 20.8       $ 19.7    $ 18.5
Segment capital (A)                           $  2.0       $  2.1        $  2.0       $  1.9    $  1.8
Return on segment capital (B)                   16.4%        15.3%         24.4%        22.8%     20.9%

Cardmember receivables:
   Total receivables (C)                      $  6.3       $  6.6        $  6.1       $  5.9    $  5.4
   90 days past due as a % of total              2.2%         1.8%          1.8%         2.0%      2.4%
   Net loss ratio as a % of charge volume       0.21%        0.21%         0.26%        0.28%     0.29%

Cardmember lending:
   Total loans (C)                            $ 11.4       $ 11.2        $ 10.5       $ 10.0    $  9.3
   30 days past due loans as a % of total        3.0%         2.8%          2.7%         2.9%      3.1%
   Average loans                              $ 11.2       $ 10.8        $ 10.2       $  9.7    $  9.4
   Net write-off rate                            5.1%         5.1%          5.5%         6.0%      5.7%
   Net finance revenue(D)/average loans          9.6%         8.7%          8.9%         8.9%      8.7%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $519 million and $16 million as of March 31, 2008, $519
     million and $17 million as of December 31, 2007, $520 million and $19
     million as of September 30, 2007, $519 million and $19 million as of June
     30, 2007, and $519 million and $24 million as of March 31, 2007,
     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)  The March 31, 2008 balance reflects a reclassification of $393 million
     from cardmember receivables to cardmember lending for charge card
     products with lending features.

(D)  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
                                                    March 31,
                                                 --------------  Percentage
                                                  2008    2007    Inc/(Dec)
                                                 ------  ------  ----------
<S>                                              <C>     <C>         <C>
Revenues
   Discount revenue, net card fees and other     $1,250  $1,098      14%
                                                 ------  ------
   Interest expense
      Charge card and other                         106     104       2
                                                 ------  ------
Revenues net of interest expense                  1,144     994      15
                                                 ------  ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                        86      83       4
   Human resources and other operating expenses     778     686      13
                                                 ------  ------
         Total                                      864     769      12
                                                 ------  ------
Provisions for losses                                62      30        #
                                                 ------  ------
Pretax segment income                               218     195      12
Income tax provision                                 67      66       2
                                                 ------  ------
Segment income                                   $  151  $  129      17
                                                 ======  ======
</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
                                                March 31,
                                             --------------  Percentage
                                              2008    2007   Inc/(Dec)
                                             ------  ------  ----------
<S>                                          <C>     <C>         <C>
Card billed business                         $ 32.8  $ 29.0      13%
Total cards-in-force (millions)                 6.9     6.7       3%
Basic cards-in-force (millions)                 6.9     6.7       3%
Average basic cardmember spending (dollars)  $4,770  $4,343      10%

Global Corporate Travel:
   Travel sales                              $  5.4  $  4.8      13%
   Travel commissions and fees/sales            7.4%    7.6%

Total segment assets                         $ 28.4  $ 20.5      39%
Segment capital (millions) (A)               $3,352  $2,128      58%
Return on segment capital (B)                  23.2%   25.7%

Cardmember receivables:
   Total receivables                         $ 12.8  $ 11.7       9%
   90 days past due as a % of total             1.7%    1.6%
   Net loss ratio as a % of charge volume      0.12%   0.10%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $1.6 billion and $344 million as of the quarter ended
     March 31, 2008, and $742 million and $123 million as of the quarter ended
     March 31, 2007, 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.


                                     -23-

<Page>

(Preliminary)

                           GLOBAL COMMERCIAL SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ---------------------------------------------------------------
                                                           March 31,   December 31,   September 30,   June 30,   March 31,
                                                              2008         2007            2007         2007        2007
                                                           ---------   ------------   -------------   --------   ---------
<S>                                                          <C>          <C>             <C>          <C>         <C>
Revenues
   Discount revenue, net card fees and other                 $1,250       $1,259          $1,180       $1,210      $1,098
                                                             ------       ------          ------       ------      ------
   Interest expense
      Charge card and other                                     106          131             116          127         104
                                                             ------       ------          ------       ------      ------
Revenues net of interest expense                              1,144        1,128           1,064        1,083         994
                                                             ------       ------          ------       ------      ------
Expenses
   Marketing, promotion, rewards
      and cardmember services                                    86          135              86           83          83
   Human resources and other operating expenses                 778          794             749          746         686
                                                             ------       ------          ------       ------      ------
         Total                                                  864          929             835          829         769
                                                             ------       ------          ------       ------      ------
Provisions for losses                                            62           55              42           36          30
                                                             ------       ------          ------       ------      ------
Pretax segment income                                           218          144             187          218         195
Income tax provision                                             67           34              52           56          66
                                                             ------       ------          ------       ------      ------
Segment income                                               $  151       $  110          $  135       $  162      $  129
                                                             ======       ======          ======       ======      ======
</Table>


                                     -24-

<Page>

(Preliminary)

                           GLOBAL COMMERCIAL SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                    Quarters Ended
                                                           ---------------------------------------------------------------
                                                           March 31,   December 31,   September 30,   June 30,   March 31,
                                                              2008         2007            2007         2007        2007
                                                           ---------   ------------   -------------   --------   ---------
<S>                                                         <C>           <C>            <C>           <C>        <C>
Card billed business                                        $ 32.8        $ 32.2         $ 29.9        $ 31.0     $ 29.0
Total cards-in-force (millions)                                6.9           6.8            6.8           6.8        6.7
Basic cards-in-force (millions)                                6.9           6.8            6.8           6.8        6.7
Average basic cardmember spending (dollars)                 $4,770        $4,695         $4,389        $4,583     $4,343

Global Corporate Travel:
   Travel sales                                             $  5.4        $  5.5         $  4.9        $  5.3     $  4.8
   Travel commissions and fees/sales                           7.4%          7.8%           8.0%          7.5%       7.6%

Total segment assets                                        $ 28.4        $ 21.1         $ 21.8        $ 21.7     $ 20.5
Segment capital (A)                                         $  3.4        $  2.2         $  2.2        $  2.1     $  2.1
Return on segment capital (B)                                 23.2%         25.3%          26.2%         25.3%      25.7%

Cardmember receivables:
   Total receivables                                        $ 12.8        $ 11.4         $ 12.5        $ 12.2     $ 11.7
   90 days past due as a % of total                            1.7%          2.1%           1.6%          1.6%       1.6%
   Net loss ratio as a % of charge volume                     0.12%         0.12%          0.11%         0.10%      0.10%
</Table>

(A)  Segment capital includes an allocation attributable to goodwill and other
     intangibles of $1.6 billion and $344 million as of March 31, 2008, $771
     million and $139 million as of December 31, 2007, $767 million and $129
     million as of September 30, 2007, $745 million and $120 million as of
     June 30, 2007, and $742 million and $123 million as of March 31, 2007,
     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
                                                     March 31,
                                                 ---------------   Percentage
                                                   2008     2007    Inc/(Dec)
                                                 -------   -----   ----------
<S>                                              <C>       <C>        <C>
Revenues
  Discount revenue, fees and other               $   942   $ 800       18%
                                                 -------   -----
  Interest expense
     Cardmember lending                              (26)    (28)      (7)
     Other                                           (35)    (49)     (29)
                                                 -------   -----
Revenues net of interest expense                   1,003     877       14
                                                 -------   -----
Expenses
  Marketing and promotion                            136     129        5
  Human resources and other operating expenses       495     393       26
                                                 -------   -----
        Total                                        631     522       21
                                                 -------   -----
Provisions for losses                                 37     (19)       #
                                                 -------   -----
Pretax segment income                                335     374      (10)
Income tax provision                                 112     138      (19)
                                                 -------   -----
Segment income                                   $   223   $ 236       (6)
                                                 =======   =====
</Table>


                                     -26-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

                                           Quarters Ended
                                              March 31,
                                          ---------------   Percentage
                                           2008     2007     Inc/(Dec)
                                          ------   ------   ----------
Global Card billed business (A)           $166.4   $146.2       14%

Global Network & Merchant Services:
   Total segment assets                   $  6.8   $  4.5       51%
   Segment capital (millions) (B)         $1,167   $  989       18%
   Return on segment capital (C)            91.3%    69.2%

Global Network Services:
   Card billed business                   $ 15.7   $ 10.5       50%
   Total cards-in-force (millions)          21.2     16.0       33%

(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 and other
     intangibles of $27 million and $10 million as of the quarter ended March
     31, 2008, and $27 million and $6 million as of the quarter ended March,
     31 2007, 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.


                                     -27-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                         SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                           Quarters Ended
                                                 ---------------------------------------------------------------
                                                 March 31,   December 31,   September 30,   June 30,   March 31,
                                                    2008         2007            2007         2007       2007
                                                 ---------   ------------   -------------   --------   ---------
<S>                                               <C>           <C>             <C>           <C>        <C>
Revenues
   Discount revenue, fees and other               $  942        $  961          $902          $887       $800
                                                  ------        ------          ----          ----       ----
   Interest expense
      Cardmember lending                             (26)          (34)          (33)          (31)       (28)
      Other                                          (35)          (46)          (45)          (48)       (49)
                                                  ------        ------          ----          ----       ----
Revenues net of interest expense                   1,003         1,041           980           966        877
                                                  ------        ------          ----          ----       ----
Expenses
   Marketing and promotion                           136           165           151           150        129
   Human resources and other operating expenses      495           466           417           389        393
                                                  ------        ------          ----          ----       ----
         Total                                       631           631           568           539        522
                                                  ------        ------          ----          ----       ----
Provisions for losses                                 37            31            23             9        (19)
                                                  ------        ------          ----          ----       ----
Pretax segment income                                335           379           389           418        374
Income tax provision                                 112           125           123           152        138
                                                  ------        ------          ----          ----       ----
Segment income                                    $  223        $  254          $266          $266       $236
                                                  ======        ======          ====          ====       ====
</Table>


                                     -28-

<Page>

(Preliminary)

                       GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                              Quarters Ended
                                     ---------------------------------------------------------------
                                     March 31,   December 31,   September 30,   June 30,   March 31,
                                        2008         2007            2007         2007        2007
                                     ---------   ------------   -------------   --------   ---------
<S>                                   <C>           <C>            <C>           <C>        <C>
Global Card billed business (A)       $166.4        $177.5         $162.5        $161.1     $146.2

Global Network & Merchant Services:
   Total segment assets               $  6.8        $  6.5         $  4.6        $  4.3     $  4.5
   Segment capital (B)                $  1.2        $  1.2         $  1.1        $  1.1     $  1.0
   Return on segment capital (C)        91.3%         90.7%          84.7%         78.0%      69.2%

Global Network Services:
   Card billed business               $ 15.7        $ 16.0         $ 14.1        $ 12.3     $ 10.5
   Total cards-in-force (millions)      21.2          20.3           19.2          17.6       16.0
</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 and other
     intangibles of $27 million and $10 million as of March 31, 2008, $27
     million and $4 million as of December 31, 2007, $27 million and $5
     million as of September 30, 2007, $27 million and $5 million as of June
     30, 2007, and $27 million and $6 million as of March 31, 2007,
     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.


                                     -29-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3.txt
<DESCRIPTION>EXHIBIT 99.3 EARNINGS SUPPLEMENT
<TEXT>
                                                                   EXHIBIT 99.3

                           [AMERICAN EXPRESS(R) LOGO]

                                      2008
                                  FIRST QUARTER
                               EARNINGS SUPPLEMENT

























THE ENCLOSED SUMMARY SHOULD BE READ IN CONJUNCTION WITH THE TEXT AND
STATISTICAL TABLES INCLUDED IN AMERICAN EXPRESS COMPANY'S (THE "COMPANY" OR
"AXP") FIRST QUARTER 2008 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 20 OF THIS SUPPLEMENT, PAGES 63-64 IN THE COMPANY'S
2007 ANNUAL REPORT TO SHAREHOLDERS AND IN ITS 2007 ANNUAL REPORT ON FORM 10-K,
AND OTHER REPORTS, ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION.

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                   HIGHLIGHTS

FINANCIAL RESULTS

- -    First quarter diluted EPS from continuing operations of $0.84 decreased 7%
     versus $0.90 last year. Revenues net of interest expense rose 11%. For the
     trailing 12 months, return on equity (ROE) was 36%.

     -    1Q '07 Income from continuing operations included:

          --   An $80MM ($50MM after-tax) net benefit in connection with 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; and

          --   A $63MM ($39MM after-tax) gain relating to amendments to the
               Company's U.S. pension plans, effective July 1, 2007, that
               reduced projected pension obligations to plan participants.

     -    1Q '08 and 1Q '07 Income from continuing operations included $10MM
          ($7MM after-tax) and $32MM ($21MM after-tax), respectively, of
          reengineering costs related to restructuring efforts primarily within
          the Corporate & Other segment in 1Q '08, and our U.S. Card Services
          ("USCS"), International Card Services ("ICS"), Global Commercial Card
          Services ("GCS") and Corporate & Other segments in 1Q '07.

     -    The Discontinued Operations line in the Consolidated Financial
          Statements contains the results, assets and liabilities related to
          various business sales. This primarily includes the results from
          American Express Bank ("AEB"), which was sold to Standard Chartered
          PLC ("Standard Chartered") in 1Q '08, as discussed further on page 2.

          --   1Q '08 results reflected $17MM of income from discontinued
               operations due primarily to a net gain on the sale of AEB versus
               $38MM of losses last year, which reflected AEB reserves for
               regulatory and legal exposures.

     -    Including discontinued operations, diluted EPS on a net income basis
          of $0.85 decreased 2% versus last year.

BUSINESS METRICS

- -    Compared with the first quarter of 2007:

     -    Worldwide billed business of $166.4B increased 14% on relatively
          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.

     -    Worldwide total cards in force of 88.0MM increased 10%, up 8.1MM from
          last year and 1.6MM during 1Q '08, on continued proprietary and
          network card growth.

     -    Worldwide average spending per proprietary basic card in force
          increased 6% versus last year despite the suppressing effect of a more
          difficult U.S. economy and substantial card additions over the past
          few years, which were partially offset by the translation benefit of a
          weaker U.S. dollar.

     -    Worldwide lending balances of $49.6B on an owned basis increased 17%;
          on a managed basis, worldwide lending balances of $75.2B were up 19%.

CAPITAL RETURNED TO SHAREHOLDERS

- -    Including share repurchases and dividends, during 1Q '08 we returned 38% of
     capital generated to shareholders. On a cumulative basis, since 1994, we
     have returned 70% of capital generated.

     -    Share Repurchases: During 1Q '08, 5MM shares were repurchased, versus
          14MM shares in 4Q '07 and 16MM shares in 1Q '07. Share repurchases
          were reduced in 1Q '08 in order to allow the capital generated through
          earnings to help fund the acquisition of the Corporate Payment
          Services ("CPS") business from GE Money, a unit of General Electric
          Company ("GE"). Since the inception of repurchase programs in December
          1994, 670MM shares have been acquired under cumulative Board
          authorizations to repurchase up to 770MM shares, including purchases
          made under agreements with third parties.

     -    Actual Share Activity:

                                                    MILLIONS OF SHARES
                                                 ------------------------
                                                 1Q '08   4Q '07   1Q '07
                                                 ------   ------   ------
Shares outstanding - beginning of period          1,158    1,169    1,199
Repurchase of common shares                          (5)     (14)     (16)
Employee benefit plans, compensation and other        5        3        5
                                                  -----   ------    -----
Shares outstanding - end of period                1,158    1,158    1,188
                                                  =====    =====    =====

                                     -1-

<Page>
                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                   HIGHLIGHTS


ITEMS OF NOTE

     Acquisition of CPS: On March 28, 2008, the Company completed an agreement
     with GE Money to purchase GE's commercial card and corporate purchasing
     business unit, CPS, for $1.1B in cash and the repayment of $1.2B in CPS
     debt. CPS has card relationships with GE as well as more than 300 large
     corporate clients, which cumulatively generated over $14B in global
     purchase volume in 2007. CPS primarily offers charge card products similar
     to those offered by the Company's GCS segment. The Company expects that
     this acquisition will be additive to revenue growth, and will have a minor
     dilutive impact on both EPS and ROE in the early years following the
     transaction. This dilution estimate assumes that the cash used for the
     acquisition would otherwise be used for the repurchase of American Express
     common shares.

     Given the completion date of the transaction, there is no material impact
     on the Consolidated Income Statement in 1Q '08, although the cash payment,
     total receivables of $1.3B and goodwill and other intangible assets of
     $1.0B related to the transaction have been reflected on the Consolidated
     Balance Sheet. The receivables have initially been recorded within the
     "other receivables" ($1.2B) and "other loans" ($0.1B) lines on the
     Consolidated Balance Sheet. As underlying cardmember relationships migrate
     to AXP products over the coming quarters, the associated receivables will
     be reflected in the "cardmember receivables" and "cardmember lending" lines
     on the Consolidated Balance Sheet. As the receivables are related to
     commercial card relationships, they are reflected within the GCS segment,
     while the loans, related to small business relationships, are reflected
     within the USCS segment. The goodwill and intangible assets are recorded in
     the "other assets" line on the Consolidated Balance Sheet, and have been
     preliminarily allocated to the GCS ($1.0B) and USCS ($22MM) segments,
     respectively. These allocations are expected to be finalized in 2Q '08.

- -    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 Visa 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 settlement agreement, the Company will receive an
     aggregate maximum payment of $2.25B. The initial payment of $1.1B ($700MM
     after-tax), which was received in 1Q '08, was recorded in 4Q '07 as a
     reduction to the "other, net expenses" line within the Corporate & Other
     segment. 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 U.S. Global
     Network Services ("GNS") business which the Company is optimistic it is
     positioned to meet. During 1Q '08 this performance criteria was met, and
     therefore, the first quarterly installment of $70MM was also recorded as a
     reduction to the "other, net expenses" line within the Corporate & Other
     segment.

- -    AEB and American Express International Deposit Corp. ("AEIDC"): On
     September 18, 2007, the Company announced that it entered into an agreement
     to sell its international banking subsidiary, AEB, and AEIDC, a subsidiary
     which issues investment certificates to AEB's customers, to Standard
     Chartered. On February 29, 2008, Standard Chartered completed its purchase
     of the AEB portion of this transaction for an amount equal to the net asset
     value of the businesses that were sold plus $300MM, or approximately
     $823MM. As discussed above, the Company also expects to realize an
     additional amount representing the net asset value of AEIDC which is
     contracted to be sold to Standard Chartered through a put/call agreement.
     As of March 31, 2008, the net asset value of that business was $125MM. 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,
     which will occur in July 2009.

     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 were not sold) were removed from the Corporate &
     Other segment and reported within Discontinued Operations on the Company's
     Consolidated Financial Statements. 1Q '08 results from Discontinued
     Operations included a gain, net of closing costs and adjustments to other
     comprehensive income for the businesses sold, of $11MM after-tax.
     1Q '08 results from continuing operations reflected a $29MM ($19MM
     after-tax) charge (including $7MM, or $5MM after-tax, of the previously
     mentioned reengineering costs) related to the exit of certain operations,
     which were not part of the AEB sale. 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 and,
     therefore, is expected to be reported within Discontinued Operations
     beginning in 3Q '08.

     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. As of December 31, 2007, AEIDC
     held investments of $2.7B, which included $1.6B of mortgage and other asset
     backed securities. Since December, AEIDC has actively worked to reduce risk
     within the portfolio, as sales and maturities totaling approximately $1.6B
     of the portfolio investments have been reinvested into cash equivalents.
     The Company's 1Q '08 results include losses due to mark-to-market
     adjustments and sales within the portfolio of $104MM ($68MM after-tax),
     primarily within its Alt-A securities portfolio. As of March 31, 2008,
     AEIDC owned $0.7B of mortgage and other asset backed securities.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     20%, reflecting increased marketing and promotion expenses and higher
     volume-driven rewards costs. Marketing expenses reflect higher
     business-building investments versus a reduced spending level in 1Q'07; the
     higher rewards costs reflect volume growth and continued strong cardmember
     program participation.

- -    Total Interest Income: Increased 14%, due to growth in the cardmember loan
     portfolio partially offset by a lower portfolio yield.

- -    Total Interest Expense: Increased 9%, reflecting increased debt funding
     levels in support of growth in cardmember receivable and lending balances
     partially offset by a lower cost of funds, due to the benefit of lower
     market interest rates on variably priced debt.

- -    Total Provisions for Losses and Benefits: Increased 48% due to an increase
     in write-off and delinquency rates versus last year, reflecting the more
     difficult U.S. credit environment, in addition to loan and business volume
     growth.


                                      -2-

<Page>
                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                   HIGHLIGHTS

- -    Human Resources Expense: Increased 13%, reflecting the impact of a higher
     level of employees, merit increases and greater benefit-related costs, as
     well as the 1Q '07 pension-related gain.

     -    Compared with last year, the total employee count from continuing
          operations of 65,700 increased by 2,500 employees, or 4%. Compared
          with last quarter, the employee count increased by 900 employees. The
          increases versus last year and last quarter primarily reflect employee
          additions related to business growth, various customer service and
          sales force related initiatives and the acquisition of Farrington
          American Express Travel Services Ltd. ("FAE Travel") in 3Q '07.

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:

     -    Signed agreements with Heartland Payment Systems and Nova Information
          Systems to offer a streamlined process for new small and mid-sized
          merchants to accept American Express Cards. New merchants will have a
          single source for statements, settlement and customer service for all
          major card brands.

     -    Expanded the OPEN Savings program with the launch of Internet services
          partners Yahoo! Search Marketing, Yahoo! Small Business and StubHub,
          the world's largest online marketplace for tickets. Through these
          partnerships, business owners can reduce their costs of doing business
          with discounts of 5% on Yahoo! Search Marketing and Yahoo! Small
          Business services and a 3% discount on StubHub ticket purchases.

     -    With Fresh & Easy Neighborhood Market, announced a card acceptance
          agreement at all 59 Fresh & Easy stores throughout the U.S. Fresh &
          Easy Neighborhood Market is a subsidiary of U.K. based Tesco.

     -    Announced an agreement with Fry's Electronics, Inc. to accept American
          Express Cards at all 34 Fry's stores throughout the U.S.

     -    Launched PAY WITH MILES, an exclusive new built-in benefit for
          American Express Gold and Platinum Delta SkyMiles Credit Cardmembers.
          PAY WITH MILES allows Cardmembers to book flights on delta.com and use
          Miles to pay for all or part of a Delta ticket, with no blackout dates
          or inventory restrictions.

     -    Announced that Preferred Travel of Naples, Inc., a full-service travel
          agency based in Naples, Florida, has joined the American Express U.S.
          Representative Travel Network.

     -    Opened a new, larger travel counselor customer call center in
          Lawrenceville, GA.

     -    Announced that AAA, North America's largest motoring and leisure
          travel organization, has agreed to exclusively endorse American
          Express Travelers Cheques, which are now available at participating
          AAA and Canadian Automobile Association (CAA) offices in the United
          States and Canada.

     -    Launched "American Express Fashion Network," which provided exclusive,
          never-before-seen, live access to Mercedes-Benz Fashion Week.

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

     -    With our partner ICICI Bank, India's second largest bank, announced
          the launch of the ICICI Bank Ascent American Express Card, designed
          for consumers, and the ICICI Bank Business Ascent American Express
          Card, designed for entrepreneurs.

     -    With our partner MBNA, announced the launch of two new airline cobrand
          cards in the United Kingdom with bmi, Heathrow's second largest
          airline.

     -    With Maybank launched the American Express Platinum Credit Card in
          Malaysia.

     -    Launched the Doha Bank Gold American Express Card, a premium
          co-branded card for Qatar residents. This marks the first co-branded
          card in Qatar for both American Express and Doha Bank.

                                      -3-
<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                  CONSOLIDATED

(Preliminary)

                              STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
(Millions, except per share amounts)                        QUARTERS ENDED   PERCENTAGE
                                                               MARCH 31,      INC/(DEC)
                                                           ---------------   ----------
                                                             2008     2007
                                                           ------   ------
<S>                                                        <C>      <C>         <C>
Revenues
   Discount revenue                                        $3,718   $3,355       11%
   Net card fees                                              567      484       17
   Travel commissions and fees                                494      437       13
   Other commissions and fees                                 622      536       16
   Securitization income, net                                 444      457       (3)
   Other                                                      356      387       (8)
                                                           ------   ------
      Total                                                 6,201    5,656       10
                                                           ------   ------
 Interest income
   Cardmember lending finance revenue                       1,625    1,368       19
   Other                                                      279      303       (8)
                                                           ------   ------
      Total                                                 1,904    1,671       14
                                                           ------   ------
         Total Revenues                                     8,105    7,327       11
                                                           ------   ------
Interest expense
   Cardmember lending                                         417      385        8
   Charge card and other                                      502      458       10
                                                           ------   ------
      Total                                                   919      843        9
                                                           ------   ------
Revenues net of interest expense                            7,186    6,484       11
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services    1,756    1,462       20
   Human resources                                          1,470    1,301       13
   Professional services                                      551      518        6
   Occupancy and equipment                                    375      328       14
   Communications                                             115      112        3
   Other, net                                                 296      293        1
                                                           ------   ------
      Total                                                 4,563    4,014       14
                                                           ------   ------
Provisions for losses and benefits
   Charge card                                                345      209       65
   Cardmember lending                                         809      574       41
   Other (including investment certificates)                  115       76       51
                                                           ------   ------
      Total                                                 1,269      859       48
                                                           ------   ------
Pretax income from continuing operations                    1,354    1,611      (16)
Income tax provision                                          380      516      (26)
                                                           ------   ------
Income from continuing operations                             974    1,095      (11)
Income (Loss) from discontinued operations, net of tax         17      (38)       #
                                                           ------   ------
Net income                                                 $  991   $1,057       (6)
                                                           ======   ======
EPS-Basic
   Income from continuing operations                       $ 0.84   $ 0.92       (9)
                                                           ======   ======
   Income (Loss) from discontinued operations                0.02    (0.03)       #
                                                           ======   ======
   Net Income                                              $ 0.86   $ 0.89       (3)
                                                           ======   ======
EPS-Diluted
   Income from continuing operations                       $ 0.84   $ 0.90       (7)
                                                           ======   ======
   Income (Loss) from discontinued operations                0.01    (0.03)       #
                                                           ======   ======
   Net Income                                              $ 0.85   $ 0.87       (2)
                                                           ======   ======
Average Shares Outstanding
   Basic                                                    1,153    1,187       (3)
                                                           ======   ======
   Diluted                                                  1,163    1,210       (4)
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.


                                      -4-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                  CONSOLIDATED

- -    Consolidated Revenues Net of Interest Expense: Consolidated revenues net of
     interest expense increased 11%, reflecting increases versus last year of
     11% within USCS, 22% 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 3%.

- -    Consolidated Expenses: Consolidated expenses increased 14%, reflecting an
     increase of 17% within USCS, 21% within ICS, 12% within GCS and 21% within
     GNMS. The total expense growth reflected higher marketing, promotion,
     rewards and cardmember services expense, greater human resources expense,
     higher professional services expense and increased occupancy and equipment
     costs. Translation of foreign currency contributed approximately 3% to the
     expense growth rate.

- -    Consolidated Provisions for Losses and Benefits: Consolidated provisions
     for losses and benefits increased 48% versus last year, reflecting an
     increase of 52% in USCS, 24% in ICS and more than 100% in GCS and GNMS.
     Provisions rose primarily due to increases in write-off and delinquency
     rates versus last year, reflecting the more difficult U.S. credit
     environment, and higher loan and business volumes. Translation of foreign
     currency contributed approximately 2% to the provision growth rate.

- -    Pre-Tax Margin: Was 18.8% in 1Q '08 compared with 15.3% in 4Q '07 and 24.8%
     in 1Q '07.


- -    Effective Tax Rate: Was 28% in 1Q '08 versus 26% in 4Q '07 and 32% in 1Q
     '07. The 1Q '08 rate reflects the resolution of certain tax items from
     prior years. The 4Q '07 rate reflects certain revisions in the annual tax
     provision principally related to estimates in prior quarters.

- -    Discount Revenue: Rose 11% on a 14% increase in billed business. The slower
     revenue versus billed business growth reflects the relatively faster growth
     in billed business related to GNS, where we share discount revenue with our
     card issuing partners, and higher cash-back rewards costs and corporate
     incentive payments.

     -    The average discount rate* was 2.57% in 1Q '08, 2.54% in 4Q '07 and
          2.58% in 1Q '07. The increase versus 4Q '07 reflects the normal
          seasonal impact of a relatively lower 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   PERCENTAGE
                                          MARCH 31,      INC/(DEC)
                                      ---------------   ----------
                                       2008     2007
                                      ------   ------
Card billed business* (billions):
   United States                      $114.6   $105.4        9%
   Outside the United States            51.8     40.8       27
                                      ------   ------
   Total                              $166.4   $146.2       14
                                      ======   ======
Total cards in force (millions):
   United States                        52.9     49.3        7
   Outside the United States            35.1     30.6       15
                                      ------   ------
   Total                                88.0     79.9       10
                                      ======   ======
Basic cards in force (millions):
   United States                        41.4     38.1        9
   Outside the United States            30.2     26.0       16
                                      ------   ------
   Total                                71.6     64.1       12
                                      ======   ======
Average basic cardmember spending**
   United States                      $3,087   $3,036        2
   Outside the United States          $2,723   $2,285       19
   Total                              $2,984   $2,817        6

*    For additional information about billed business and discount rate
     calculations, please refer to the First Quarter 2008 Earnings Release,
     American Express Company Selected Statistical Information pages.

**   Proprietary card activity only.


                                      -5-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                  CONSOLIDATED

Worldwide Billed Business: The 14% increase in worldwide billed business
reflected an 8% increase in USCS, a 21% increase in ICS, a 13% increase in GCS
and a 50% increase in GNS partner volume. The table below summarizes selected
billed business related statistics for 1Q '08:

<Table>
<Caption>
                                                                              PERCENTAGE INCREASE
                                                                                  ASSUMING NO
                                                                 PERCENTAGE    CHANGES IN FOREIGN
                                                                  INCREASE       EXCHANGE RATES
                                                                 ----------   -------------------
<S>                                                                  <C>              <C>
WORLDWIDE*
   Billed Business                                                   14%              11%
   Average spending per proprietary basic card                        6                3
   Basic cards-in-force                                              12
U.S.*
   Billed Business                                                    9
   Average spending per proprietary basic card                        2
   Basic cards-in-force                                               9
   Proprietary consumer card billed business**                        7
   Proprietary small business billed business**                      11
   Proprietary Corporate Services billed business***                  8
OUTSIDE THE U.S.*
   Billed Business                                                   27               15
   Average spending per proprietary basic card                       19                8
   Basic cards-in-force                                              16
   Proprietary consumer and small business billed business****       21                9
   Proprietary Corporate Services billed business***                 22               10
</Table>

*    Captions not designated as "proprietary" include both proprietary and GNS
     data.

**   Included in USCS.

***  Included in GCS.

**** Included in ICS.

          --   U.S. non-T&E-related volume categories (which represented
               approximately 68% of 1Q '08 U.S. billed business) grew 11%, while
               T&E volumes rose 8%.

          --   U.S. airline-related volume, which represented approximately 11%
               of total U.S. volumes during the quarter, increased 10% due to a
               1% increase in transactions and a 9% increase in the average
               airline charge.

          --   Worldwide airline volumes, which represented approximately 12% of
               total volumes during the quarter, increased 11% on 4% growth in
               transactions and a 7% increase in the average airline charge.

          --   Assuming no changes in foreign exchange rates: Total billed
               business outside the U.S. reflected proprietary growth in Asia
               Pacific and Canada in the high single-digits, growth in Europe in
               the low double-digits and growth in Latin America in the mid
               teens.

     -    Total cards in force: Rose 10% worldwide due to an increase of 6% in
          USCS, a 3% increase in ICS, a 3% increase in GCS and a 33% increase in
          GNS. Continued strong card acquisitions within proprietary and GNS
          activities, as well as continued solid average customer retention
          levels, were partially offset by the suppressing effect of
          credit-related actions.

          --   600K and 1.0MM net cards were added during the quarter in the
               U.S. and the non-U.S. businesses, respectively.

- -    Net Card Fees: Increased 17% due to card growth and a higher average card
     fee.

- -    Travel Commissions and Fees: Increased 13%, reflecting a 16% increase in
     worldwide travel sales.

- -    Other Commissions and Fees: Rose 16% on higher card-related assessments and
     conversion revenues.

- -    Securitization Income, Net: Decreased 3% primarily due to the increase in
     write-offs and a smaller increase in the fair value of the interest-only
     strip this year compared to last year, due in part to the initial adoption
     of SFAS No. 155. This was substantially offset by higher finance charge and
     servicing fee revenues due to a greater average balance of securitized
     loans, as well as lower interest expense. 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 and excess spread related to securitized
     loans and servicing income, net of related discounts or fees.


                                      -6-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                  CONSOLIDATED

- -    Components of Securitization Income, Net:

                                       QUARTERS ENDED  PERCENTAGE
                                          MARCH 31,     INC/(DEC)
                                       --------------   ----------
                                            2008           2007
                                            ----           ----
(millions)
Excess spread, net*                         $310   $339    (9)%
Servicing fees                               127    102    25
Gains on sales from securitizations**          7     16   (56)
                                            ----   ----
Total securitization income, net            $444   $457    (3)
                                            ====   ====

#    Denotes variance of more than 100%.

*    Excess spread, net is the net positive cash flow from interest and fee
     collections allocated to the investors' 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.

**   Excludes $140MM and ($68MM) of impact from cardmember loan sales and
     maturities in 1Q '08, as well as $35MM and ($20MM) of impact from
     cardmember loan sales and maturities in 1Q '07, reflected in provisions for
     losses for each respective period.

- -    The average balance of Cardmember lending securitizations was $25.5B in 1Q
     '08, compared with $20.4B in 1Q '07.

- -    Other Revenues: Decreased 8% due to $104MM of losses related to
     mark-to-market adjustments and sales within the AEIDC investment portfolio
     partially offset by higher network partner-related and publishing revenues.

- -    Cardmember Lending Finance Revenue: Increased 19% on 20% growth in average
     worldwide lending balances partially offset by a slightly lower portfolio
     yield, due to the impact of reduced market interest rates on variably
     priced loans.

- -    Other Interest Income: Decreased 8%, reflecting interest income on the
     Company's loan to Delta Air Lines that was moved to accrual status in 1Q
     '07 and repaid in April 2007.

- -    Cardmember Lending Interest Expense: Increased 8%, reflecting higher
     lending balances partially offset by a lower cost of funds.

- -    Charge Card and Other Interest Expense: Increased 10%, reflecting increased
     receivable and liquidity-related funding levels, partially offset by a
     lower cost of funds.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     20%, reflecting greater marketing and promotion expenses versus a reduced
     spending level in 1Q '07, and higher volume-driven rewards costs.

- -    Human Resources Expense: Increased 13% due to a higher level of employees,
     merit increases and greater benefit-related costs, as well as the 1Q '07
     pension-related gain.


- -    Professional Services Expense: Increased 6% due to higher credit collection
     expenses.

- -    Occupancy and Equipment Expense: Rose 14% on costs associated with higher
     business and service-related volumes.

- -    Communications Expense: Increased 3%.

- -    Other, Expense Net: Increased 1% as a result of higher litigation-related
     and other expenses partially offset by the $70MM of income related to the
     Visa litigation settlement.

- -    Charge Card Provision for Losses: Increased 65%, primarily reflecting
     higher write-off and delinquency rates versus last year, resulting from the
     more difficult U.S. credit environment, as well as business volume growth.

     -    Worldwide Charge Card:*

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

                                          3/08     12/07    3/07
                                         ------   ------   ------
Net loss ratio as a % of charge volume    0.25%     0.25%   0.23%
90 days past due as a % of receivables     3.3%      3.0%    2.9%

                                          3/08     12/07    3/07
                                         ------   ------   -----
Total Receivables (billions)             $ 39.0   $ 40.1   $36.5
Reserves (millions)                      $1,221   $1,149   $ 979
% of receivables                            3.1%     2.9%    2.7%
% of 90 day past due accounts                96%    95%       93%

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


                                      -7-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                                  CONSOLIDATED

- -    Cardmember Lending Provision for Losses: Increased 41% due to higher
     write-off and delinquency rates within the U.S. and increased loan volumes.

     -    Worldwide Lending:*

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

                                    3/08     12/07    3/07
                                   ------   ------   ------
Net write-off rate                    5.5%     4.5%     4.1%
30 days past due as a % of loans      3.8%     3.4%     3.0%

                                    3/08     12/07    3/07
                                   ------   ------   -----
Total Loans (billions)             $ 49.6   $ 54.5   $ 42.3
Reserves (millions)                $1,919   $1,831   $1,271
% of total loans                      3.9%     3.4%     3.0%
% of 30 days past due accounts        101%     100%     100%

*    All lending statistics are presented here on a GAAP or "Owned Basis".
     "Managed Basis" credit quality statistics are available in the First
     Quarter 2008 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: Increased 51%, reflecting a reduction in merchant-related
     reserves in 1Q '07, primarily attributable to Delta Air Lines' emergence
     from bankruptcy, as well as additional merchant-related reserves in 1Q '08
     due to the generally weaker U.S. economic conditions.


                                      -8-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 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 March 31, 2008 the Company's tangible
common equity was $9B and its total adjusted assets were $161B. As of March 31,
2008 the consolidated assets, as reflected on the Company's balance sheet, were
$135B.

                                CORPORATE & OTHER

- --   Net expense was $56MM in 1Q '08 compared with net income of $536MM in 4Q
     '07 and net expense of $16MM in 1Q '07.

     -    The 1Q '08 expense reflects the impact of the following items:

          --   $43MM of after-tax income related to the Visa litigation
               settlement;

          --   A $68MM after-tax loss related to mark-to-market adjustments and
               sales within the AEIDC investment portfolio; and

          --   A $19MM after-tax charge (including $5MM of the reengineering
               costs noted below) related to the exit of certain AEB operations
               not sold.

     -    The 4Q '07 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 a 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 1Q '08 and 1Q '07 expense includes $10MM and $3MM after-tax of
          reengineering costs, respectively.


                                      -9-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                               U.S. CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

(Preliminary)
                                                  QUARTERS ENDED   PERCENTAGE
                                                     MARCH 31,     INC/(DEC)
                                                  --------------   ----------
(millions)                                          2008   2007
                                                    ----   ----
Revenues
   Discount revenue, net card fees and other      $2,605  $2,414       8%
   Cardmember lending finance revenue              1,206   1,055      14
   Securitization income, net                        444     457      (3)
                                                  ------  ------     ---
      Total revenues                               4,255   3,926       8
   Interest expense:
      Cardmember lending                             345     313      10
      Charge card and other                          188     249     (24)
                                                   ------  -----     ----
 Revenues net of interest expense                  3,722   3,364      11
                                                  ------   -----     ----
Expenses
   Marketing, promotion, rewards and cardmember
   services                                        1,144     944      21
   Human resources and other operating expenses      906     808      12
                                                  ------  ------     ---
      Total                                        2,050   1,752      17
                                                  ------  ------     ---
Provisions for losses                                881     581      52
                                                  ------  ------     ---
Pretax segment income                                791   1,031     (23)
Income tax provision                                 268     387     (31)
                                                  ------  ------     ---
Segment income                                    $  523  $  644     (19)
                                                  ======  ======     ===

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

                                                  QUARTERS ENDED   PERCENTAGE
                                                     MARCH 31,      INC/(DEC)
                                                  ---------------  ----------
                                                   2008     2007
                                                  ------   ------
Card billed business (billions)                   $ 92.1   $ 85.2       8%
Total cards in force (millions)                     43.8     41.5       6
Basic cards in force (millions)                     32.7     30.7       7
Average basic cardmember spending* (dollars)      $2,838   $2,801       1
Segment capital (millions)**                      $4,517   $4,498      --
Return on segment capital**                         37.9%    50.2%

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $175MM
     and $168MM and other intangibles of $26MM and none in 1Q '08 and 1Q '07,
     respectively. 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 8% increase in billed business reflects a 1%
          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 7%; small
               business volumes rose 11%.

     -    Total cards in force: Increased by 2.3MM, or 6%, versus last year on
          continued strong card acquisition activity and retention levels, which
          were partially offset by the suppressing effect of credit-related
          actions.

P&L DISCUSSION:

- -    Net Income: Decreased 19% as revenues net of interest expense rose 11%,
     expenses increased 17% and provisions for losses increased 52%.

     -    1Q '07 included the following items:

          --   An $80MM ($50MM after-tax) net benefit from the initial adoption
               of SFAS No. 155;

          --   A $36MM ($22MM after-tax) pension-related gain; and

          --   $14MM ($9MM after-tax) of reengineering expenses.

     -    Pre-tax Margin: Was 21.3% in 1Q '08 versus (1.1%) in 4Q '07 and 30.6%
          in 1Q '07.

     -    Effective Tax Rate: Was 34% in 1Q '08 compared to 118% in 4Q '07 and
          38% in 1Q '07. The lower rate in 1Q '08 reflects the resolution of
          certain tax items from prior years. The higher rate in 4Q '07 reflects
          the impact of significant charges related to the Membership Rewards(R)
          liability, credit and incremental business-building costs on pretax
          income, as well as benefits related to certain revisions in the annual
          tax provision related to estimates in prior quarters.


                                     -10-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                               U.S. CARD SERVICES

- -    Discount Revenue, Net Card Fees and Other: Increased 8% largely due to
     greater billed business volumes, higher net card fees, increased other
     commissions and fees and greater travel revenues partially offset by lower
     other investment and interest income.

- -    Cardmember Lending Finance Revenue: Increased 14% on 20% growth in average
     owned lending balances partially offset by a lower portfolio yield, due to
     the impact of reduced market interest rates on variably priced loans.

- -    Securitization Income, Net: Decreased 3% primarily due to the increase in
     write-offs and a smaller increase in the fair value of the interest-only
     strip this year compared to last year, due in part to the initial adoption
     of SFAS No. 155. This was substantially offset by higher finance charge and
     servicing fee revenues due to a greater average balance of securitized
     loans, as well as lower interest expense. 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 and excess spread related to securitized
     loans and servicing income, net of related discounts or fees.

- -    Cardmember Lending Interest Expense: Increased 10% on greater loan balances
     partially offset by a lower cost of funds.

- -    Charge Card and Other Interest Expense: Decreased 24% due to a lower cost
     of funds partially offset by a larger receivable balance.

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     21% due to higher marketing and promotion expenses versus a reduced
     spending level in 1Q '07, and greater volume-related reward costs.

- -    Human Resources and Other Operating Expenses: Increased 12% due to
     increased human resources expense, which reflected a higher level of
     employees in the Consumer Travel Network and the 1Q '07 pension-related
     gain, as well as greater other operating expenses.

- -    Provisions for Losses: Increased 52%, reflecting the impact of higher
     write-off and delinquency rates as well as loan and business volume growth.

     -    Charge Card: *

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

                                          3/08   12/07   3/07
                                         -----   -----   -----
Total Receivables (billions)             $19.2   $21.4   $19.0
Net loss ratio as a % of charge volume    0.35%   0.35%   0.25%
90 days past due as a % of total           4.6%    3.9%    3.8%

     -    Cardmember Lending: **

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

                                    3/08   12/07    3/07
                                   -----   -----   -----
Total Loans (billions)             $38.1   $43.3   $33.0
Net write-off rate                   5.5%    4.3%    3.7%
30 days past due as a % of loans     4.1%    3.5%    2.9%

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

**   Owned basis. See pages 12-13 for "Managed Basis" Cardmember lending
     information.


                                     -11-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 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   PERCENTAGE
                                                                MARCH 31,      INC/(DEC)
                                                            ---------------   ----------
(millions)                                                   2008     2007
                                                            ------   ------
<S>                                                         <C>      <C>          <C>
- -    Discount revenue, net card fees and other:
        Reported for the period (GAAP)                      $2,605   $2,414         8%
        Securitization adjustments                              73       87       (16)
                                                            ------   ------
        Managed discount revenue, net card fees and other   $2,678   $2,501         7
                                                            ======   ======

- -    Cardmember lending finance revenue:
        Reported for the period  (GAAP)                     $1,206   $1,055        14
        Securitization adjustments                             903      757        19
                                                            ------   ------
        Managed cardmember lending finance revenue          $2,109   $1,812        16
                                                            ======   ======

- -    Securitization income, net:
        Reported for the period (GAAP)                      $  444   $  457       (3)
        Securitization adjustments                            (444)    (457)      (3)
                                                            ------   ------
        Managed securitization income, net                  $   --   $   --       --
                                                            ======   ======

- -    Cardmember lending interest expense:
        Reported for the period  (GAAP)                     $  345   $  313       10
        Securitization adjustments                             220      273      (19)
                                                            ------   ------
        Managed cardmember lending interest expense         $  565   $  586       (4)
                                                            ======   ======

- -    Provisions for losses:
        Reported for the period (GAAP)                      $  881   $  581       52
        Securitization adjustments                             387      205       89
                                                            ------   ------
        Managed provisions for losses                       $1,268   $  786       61
                                                            ======   ======
</Table>


                                     -12-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                               U.S. CARD SERVICES

MANAGED P&L DISCUSSION

- -    Discount Revenue, Net Card Fees and Other: Increased 7% largely due to
     greater billed business volumes, higher net card fees, increased other
     commissions and fees and greater travel revenues partially offset by lower
     other investment and interest income.

- -    Cardmember Lending Finance Revenue: Increased 16% on 21% growth in average
     lending balances partially offset by a lower portfolio yield.

- -    Cardmember Lending Interest Expense: Decreased 4% due to a lower cost of
     funds partially offset by higher lending balances.

- -    Provisions for Losses: Increased 61%, reflecting the impact of higher
     write-off and delinquency rates and loan and business volume growth.

     -    Cardmember Lending: *

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

                                    3/08   12/07    3/07
                                   -----   -----   -----
Total Loans (billions)             $63.7   $66.0   $53.9
Net write-off rate                   5.3%    4.3%    3.7%
30 days past due as a % of loans     3.7%    3.2%    2.8%

*    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 11.


                                     -13-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                           INTERNATIONAL CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                            QUARTERS ENDED   PERCENTAGE
                                                               MARCH 31,      INC/(DEC)
                                                           ---------------   ----------
(millions)                                                  2008     2007
                                                           ------   -----
<S>                                                        <C>      <C>         <C>
Revenues
   Discount revenue, net card fees and other               $  992   $  828       20%
   Cardmember lending finance revenue                         415      310       34
                                                           ------   ------
         Total revenues                                     1,407    1,138       24
   Interest expense:
      Cardmember lending                                      147      109       35
      Charge card and other                                    65       50       30
                                                           ------   ------
Revenues net of interest expense                            1,195      979       22
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services      358      281       27
   Human resources and other operating expenses               491      418       17
                                                           ------   ------
         Total                                                849      699       21
                                                           ------   ------
Provisions for losses                                         229      184       24
                                                           ------   ------
Pretax segment income                                         117       96       22
Income tax (benefit)                                          (16)      (6)       #
                                                           ------   ------
Segment income                                             $  133   $  102       30
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

                                                QUARTERS ENDED   PERCENTAGE
                                                   MARCH 31,      INC/(DEC)
                                               ---------------   ----------
                                                2008     2007
                                               ------   ------
Card billed business (billions)                $ 26.1   $ 21.5       21%
Total cards in force (millions)                  16.1     15.7        3
Basic cards in force (millions)                  11.4     11.2        2
Average basic cardmember spending* (dollars)   $2,309   $1,926       20
Segment capital (millions)**                   $2,041   $1,840       11
Return on segment capital**                      16.4%    20.9%

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $519MM
     in both 1Q '08 and 1Q '07, and other intangibles of $16MM and $24MM,
     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 21% increase in billed business reflects a 20%
          increase in average spending per proprietary basic card and a 2%
          increase in basic cards in force.

          --   Adjusting for the impacts of foreign exchange translation, billed
               business and average spending per proprietary basic card in force
               increased 9% and 8%, respectively. Volume growth within the major
               geographic regions ranged from growth in the mid single-digits to
               the low double-digits.

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

P&L DISCUSSION

o    Net Income: Increased 30% versus last year as revenues net of interest
     expense increased 22%, expenses rose by 21% and provisions for losses
     increased 24%. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

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

     -    1Q '08 included $1MM ($1MM after-tax) of reengineering reversals
          versus $8MM ($5MM after-tax) of reengineering expense in 1Q '07.

     -    Pre-tax Margin: Was 9.8% in 1Q '08 and 1Q '07 versus (15.2%) in 4Q
          '07.

     -    Effective Tax Rate: Was (14%) in 1Q '08 versus 62% in 4Q '07 and (6%)
          in 1Q '07. As indicated in previous quarters, 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
          higher rate in 4Q '07 reflected the impact of significant charges on
          pretax income related to the Membership Rewards liability and
          incremental business-building costs.


                                     -14-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                           INTERNATIONAL CARD SERVICES

- -    Discount Revenue, Net Card Fees and Other: The increase of 20% versus 1Q
     '07 was driven primarily by the higher level of card spending, increased
     net card fees, higher other commissions and fees, greater other revenues
     and increased travel revenues.

- -    Cardmember Lending Finance Revenue: Increased 34% on 19% growth in average
     lending balances and a higher portfolio yield.

- -    Cardmember Lending Interest Expense: Increased 35% on higher loan balances
     and an increased cost of funds.

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

- -    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     27% on greater marketing and promotion expenses and higher volume-related
     rewards costs.

- -    Human Resources and Other Operating Expenses: Increased 17% primarily due
     to higher human resources expense, which reflected a higher level of
     employees and the 1Q '07 pension-related gain, increased other operating
     expenses and greater professional service and occupancy and equipment
     expenses.

- -    Provisions for Losses: Increased 24% as loan and business volume growth was
     partially offset by lower write-off and past due rates.

     -    Charge Card: *

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

                                          3/08   12/07    3/07
                                         -----   -----   -----
Total Receivables (billions)             $ 6.3   $ 6.6   $ 5.4
Net loss ratio as a % of charge volume    0.21%   0.21%   0.29%
90 days past due as a % of total           2.2%    1.8%    2.4%

     -    Cardmember Lending: *

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

                                    3/08   12/07   3/07
                                   -----   -----   ----
Cardmember Loans (billions)        $11.4   $11.2   $9.3
Net write-off rate                   5.1%    5.1%   5.7%
30 days past due as a % of loans     3.0%    2.8%   3.1%

*    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."


                                     -15-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                            QUARTERS ENDED   PERCENTAGE
                                                               MARCH 31,      INC/(DEC)
                                                           ---------------   ----------
(millions)                                                  2008     2007
                                                           ------   ------
<S>                                                        <C>      <C>          <C>
Revenues
   Discount revenue, net card fees and other               $1,250   $1,098       14%
                                                           ------   ------
   Charge card and other interest expense                     106      104        2
                                                           ------   ------
Revenues net of interest expense                            1,144      994       15
                                                           ------   ------
Expenses
   Marketing, promotion, rewards and cardmember services       86       83        4
   Human resources and other operating expenses               778      686       13
                                                           ------   ------
      Total                                                   864      769       12
                                                           ------   ------
Provisions for losses                                          62       30        #
                                                           ------   ------
Pretax segment income                                         218      195       12
Income tax provision                                           67       66        2
                                                           ------   ------
Segment income                                             $  151   $  129       17
                                                           ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                            QUARTERS ENDED   PERCENTAGE
                                                               MARCH 31,      INC/(DEC)
                                                           ---------------   ----------
                                                            2008     2007
                                                           ------   ------
<S>                                                        <C>      <C>          <C>
Card billed business (billions)                            $ 32.8   $ 29.0       13%
Total cards in force (millions)                               6.9      6.7        3
Basic cards in force (millions)                               6.9      6.7        3
Average basic cardmember spending* (dollars)               $4,770   $4,343       10
Segment capital (millions)**                               $3,352   $2,128       58
Return on segment capital**                                  23.2%    25.7%
</Table>

*    Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill of $1.6B
     and $742MM and other intangibles of $344MM and $123MM in 1Q '08 and 1Q '07,
     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 13% increase in billed business reflects a 10%
          increase in average spending per proprietary basic card and a 3%
          increase in basic cards in force.

          --   Adjusting for the impacts of foreign exchange translation, billed
               business and average spending per proprietary basic card in force
               increased 9% and 6%, respectively. Volume growth of 8% within the
               U.S. compared to growth within the Company's other major
               geographic regions ranging from the high single-digits to
               high-teens.

     -    Total cards in force: Increased by 200K, or 3%, versus last year.

P&L DISCUSSION

o    Net Income: Increased 17% versus last year as revenues net of interest
     expense increased 15%, expenses rose by 12% and provisions for losses grew
     more than 100%. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

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

     -    1Q '08 included $3MM ($2MM after-tax) of reengineering reversals
          versus $4MM ($3MM after-tax) of reengineering expense in 1Q '07.

     -    Pre-tax Margin: Was 19.1% in 1Q '08 versus 12.8% in 4Q '07 and 19.6%
          in 1Q '07.

     -    Effective Tax Rate: Was 31% in 1Q '08 versus 24% in 4Q '07 and 34% in
          1Q '07. The 4Q '07 rate reflects certain revisions in the annual tax
          provision related to estimates in prior quarters.

o    Discount Revenue, Net Card Fees and Other: The increase of 14% versus 1Q
     '07 was driven primarily by the higher level of card spending, greater
     travel revenues and higher other commissions and fees.

o    Charge Card and Other Interest Expense: Increased 2% on a larger receivable
     balance partially offset by a lower cost of funds.


                                     -16-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

o    Marketing, Promotion, Rewards and Cardmember Services Expenses: Increased
     4%, reflecting higher volume-related rewards costs.

o    Human Resources and Other Operating Expenses: Increased 13%, primarily due
     to higher other operating expense and greater human resources expense,
     which reflected the 1Q '07 pension-related gain.

o    Provisions for Losses: Increased more than 100% reflecting higher loss and
     delinquency rates and greater business volumes.

     -    Charge Card: *

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

                                          3/08   12/07    3/07
                                         -----   -----   -----
Total Receivables (billions)             $12.8   $11.4   $11.7
Net loss ratio as a % of charge volume    0.12%   0.12%   0.10%
90 days past due as a % of total           1.7%    2.1%    1.6%

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


                                     -17-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                   QUARTERS ENDED   PERCENTAGE
                                                      MARCH 31,      INC/(DEC)
                                                  ---------------   ----------
(millions)                                         2008     2007
                                                  ------   ------
<S>                                               <C>      <C>          <C>
Revenues
   Discount revenue, fees and other               $  942   $  800       18%
                                                  ------   ------
   Interest expense:
      Cardmember lending                             (26)     (28)      (7)
      Other                                          (35)     (49)     (29)
                                                  ------   ------
Revenues net of interest expense                   1,003      877       14
                                                  ------   ------
Expenses
   Marketing and promotion                           136      129        5
   Human resources and other operating expenses      495      393       26
                                                  ------   ------
      Total                                          631      522       21
                                                  ------   ------
Provisions for losses                                 37      (19)       #
                                                  ------   ------
Pretax segment income                                335      374      (10)
Income tax provision                                 112      138      (19)
                                                  ------   ------
Segment income                                    $  223   $  236       (6)
                                                  ======   ======
</Table>

#    Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                   QUARTERS ENDED   PERCENTAGE
                                                      MARCH 31,      INC/(DEC)
                                                  ---------------   ----------
                                                    2008    2007
                                                  ------   ------
<S>                                               <C>      <C>          <C>
Global card billed business* (billions)           $166.4   $146.2       14%
Segment capital (millions)**                      $1,167   $  989       18
Return on segment capital**                         91.3%    69.2%

Global Network Services:
Card billed business (billions)                   $ 15.7    $10.5       50%
Total cards in force (millions)                     21.2     16.0       33
</Table>

*    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 attributable to goodwill of $27MM in
     both 1Q '08 and 1Q '07 and other intangibles of $10MM and $6MM,
     respectively. 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

o       Net Income: Decreased 6% as revenues net of interest expense grew 14%,
        expenses rose 21% and provisions for losses increased more than 100%.
        Both revenue and expense growth rates were inflated by the translation
        of foreign currency.

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

     -    1Q '08 included $1MM ($0MM after-tax) of reengineering reversals
          versus $2MM ($1MM after-tax) of reengineering expense in 1Q '07.

     -    Pre-tax Margin: Was 33.4% in 1Q '08 versus 36.4% in 4Q '07 and 42.6%
          in 1Q '07.

     -    Effective Tax Rate: Was 33% in 1Q '08 and in 4Q '07 versus 37% in 1Q
          '07.

o    Discount Revenue, Fees and Other Revenue: Increased 18%, reflecting growth
     in merchant-related revenues, primarily from the 14% increase in global
     card billed business and higher GNS-related revenues.

o    Cardmember Lending Interest Expense: The expense credit decreased 7% due to
     a slightly lower rate-driven interest credit related to internal transfer
     pricing which recognizes the merchant services' accounts payable-related
     funding benefit.

o    Other Interest Expense: The expense credit decreased 29% reflecting the
     impact of a lower effective cost of funds on charge card-related transfer
     pricing, which recognizes the merchant services' accounts payable-related
     funding benefit.

o    Marketing and Promotion Expenses: Increased 5%, reflecting higher
     partner-related advertising costs.


                                     -18-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                       GLOBAL NETWORK & MERCHANT SERVICES

o    Human Resources and Other Operating Expenses: Increased 26% primarily due
     to higher litigation-related expenses, greater human resources expense,
     which reflected the 1Q '07 pension related gain and expansion of the
     merchant sales force, as well as other increased volume-related expenses.

o    Provisions for Losses: Increased more than 100% due to a reduction in
     merchant-related reserves in 1Q '07, primarily attributable to Delta Air
     Lines' emergence from bankruptcy, as well as additional merchant-related
     reserves in 1Q '08, due to the generally weaker U.S. economic conditions.


                                     -19-

<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; the impact of
the Company's efforts to deal with delinquent Cardmembers in the current
challenging economic environment, which may affect payment patterns of
Cardmembers, the Company's near-term write-off rates, including in the second
quarter of 2008, and the volumes of the Company's loan balances in 2008;
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 uncertainties associated with acquisitions, including, among others, the
failure to realize anticipated business retention, growth and cost savings, as
well as the ability to effectively integrate the acquired business into the
Company's existing operations; the underlying assumptions and expectations
related to the sale of the American Express Bank Ltd. businesses and the
transaction's impact on the Company's earnings proving to be inaccurate or
unrealized; 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 (including, among others, the proposed Delta
Northwest merger) 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, 2007,
and its other reports filed with the SEC.


                                     -20-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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