<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pressrelease.txt
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

NEWS RELEASE     NEWS RELEASE     NEWS RELEASE     NEWS RELEASE    NEWS RELEASE

[LOGO OF AMERICAN EXPRESS COMPANY]


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

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

FOR IMMEDIATE RELEASE
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                           AMERICAN EXPRESS REPORTS SECOND QUARTER EARNINGS
                                              REVENUES RISE ON HIGHER CARDMEMBER SPENDING
                                      EARNINGS DECLINE AS COMPANY ADDS TO LENDING CREDIT RESERVES

                                                 (Millions, except per share amounts)


                                                       Quarters Ended          Percentage         Six Months Ended        Percentage
                                                          June 30,              Inc/(Dec)             June 30,             Inc/(Dec)
                                                          --------              ---------             --------             ---------
                                                      2008          2007                          2008         2007
                                                      ----          ----                          ----         ----
<S>                                             <C>            <C>                 <C>      <C>           <C>                 <C>
   Revenues net of interest expense               $  7,484       $ 6,938             8%       $ 14,670      $ 13,422            9%

   Income From Continuing Operations              $    655       $ 1,040           (37)%      $  1,629      $  2,135         (24)%
   (Loss) Income From Discontinued Operations     $     (2)      $    17             #        $     15      $    (21)           #
   Net Income                                     $    653       $ 1,057           (38)%      $  1,644      $  2,114         (22)%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations           $   0.57       $  0.88           (35)%      $   1.41      $   1.80         (22)%
      Income (Loss) From Discontinued Operations  $      -       $  0.02             #        $   0.02      $  (0.01)           #
      Net Income                                  $   0.57       $  0.90           (37)%      $   1.43      $   1.79         (20)%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations           $   0.56       $  0.86           (35)%      $   1.40      $   1.77         (21)%
      Income (Loss) From Discontinued Operations  $      -       $  0.02             #        $   0.01      $  (0.02)           #
      Net Income                                  $   0.56       $  0.88           (36)%      $   1.41      $   1.75         (19)%

   Average Common Shares Outstanding
      Basic                                          1,154         1,179            (2)%         1,153         1,183         (3)%
      Diluted                                        1,163         1,203            (3)%         1,163         1,207         (4)%

   Return on Average Equity*                          31.1%         37.5%                         31.1%         37.5%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

# Denotes a variance of more than 100%.


                                      -1-
<PAGE>
New York - July 21, 2008 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today reported
second-quarter income from continuing operations of $655 million, down 37
percent from $1.0 billion a year ago. Diluted earnings per share from
continuing operations were $0.56, down 35 percent from $0.86 a year ago.

Net income totaled $653 million for the quarter, down 38 percent from a year
ago. On a per-share basis, net income was $0.56, down 36 percent from $0.88 a
year ago.

Consolidated revenues net of interest expense rose 8 percent to $7.5 billion,
up from $6.9 billion a year ago.

Consolidated expenses totaled $4.8 billion, up 6 percent from $4.6 billion a
year ago.

The Company's return on equity (ROE) was 31.1 percent, down from 37.5 percent a
year ago.

The second quarter results included a $600 million ($374 million after-tax)
addition to U.S. lending credit reserves that reflects a deterioration of
credit indicators beyond our prior expectation, and a $136 million ($85
million after-tax) charge to the fair market value of the Company's retained
interest in securitized Cardmember loans. The second quarter also included a
tax benefit of $101 million primarily related to resolution of certain prior
years' tax items.

Year-ago results included a $65 million tax benefit from the IRS related to
the treatment of certain prior years' card fee income.

"Fallout from a weaker U.S. economy accelerated during June with consumer
confidence dropping, unemployment rates moving sharply higher and home prices
declining at the fastest rate in decades," said Kenneth I. Chenault, chairman
and chief executive officer. "Consumer spending slowed during the latter part
of the quarter and credit indicators deteriorated beyond our expectations.

"In light of the weakening economy, we are no longer tracking to our prior
forecast of 4-6 percent earnings per share growth. That outlook was based on
business and economic conditions in line with, or moderately worse than,
January 2008. The environment has weakened significantly since then,
particularly during the month of June.

"The scope of the economic fallout was evident even among our longer term,
superprime Cardmembers," Mr. Chenault said. "Newer Cardmembers -- whose
write-off levels are typically higher than the total portfolio -- are also
feeling the impact, but we are confident that the relationships we've built
during the last several years will generate attractive economics over their
life cycle.

                                      -2-
<PAGE>
"Despite the weakness in our bottom line, revenue grew a strong 8 percent and
many of our key business metrics performed very well as we benefited from the
strength of our international consumer and Global Business-to-Business
operations.

"While we are obviously disappointed in the impact that the higher reserves
had on earnings, our coverage levels are now substantially higher than at any
point during the last three years. The current reserves reflect our
expectation that write-offs will continue to rise in the remainder of 2008.

"We remain focused on gaining profitable share but, as you would expect in
this environment, we will be very selective with our investment dollars. While
we continue to scale back some card acquisition efforts and reduce credit
lines selectively, we also plan to take advantage of growth opportunities in
the marketplace.

"Our reengineering efforts over the past decade have resulted in a well
controlled expense base, but in order to give us greater flexibility to invest
in the business, we are accelerating those efforts. Our aim is to free-up
resources by reducing overall costs and staffing levels. While we have not yet
quantified the impact of these activities, we expect them to result in
restructuring-related charges during the second half.

"While we have been able to generate substantial earnings and returns relative
to many in the financial sector, we do not expect to meet or exceed our
long-term financial targets until we see improvements in the economy.

"We do not know the extent of the current downturn, but the position of our
company today is financially sound and competitively strong. We've lowered our
risk profile by divesting some businesses and we are well-positioned to
execute against growth opportunities in a manner that continues to
appropriately balance our short, medium and long-term objectives."

DISCONTINUED OPERATIONS

Discontinued operations for the second quarter reflected a loss of $2 million
compared with income of $17 million during the year-ago period, which included
results of American Express Bank Ltd.

SEGMENT RESULTS

U.S. CARD SERVICES reported second-quarter net income of $21 million, down
from $580 million a year ago.

Revenues net of interest expense for the second quarter increased 1 percent to
$3.6 billion, reflecting higher Cardmember spending and borrowing. This
benefit was partially offset by lower securitization income, net, which
reflected the $136 million charge noted above, and lower net interest income.

                                      -3-
<PAGE>
Total expenses increased 2 percent. Marketing, promotion, rewards and
Cardmember services expenses decreased 2 percent from the year-ago period
reflecting lower investments in marketing and promotion, which were partially
offset by increased rewards costs. Human resources and other operating
expenses increased 9 percent from the year-ago period driven by volume-related
operating expenses, including increased credit and collection costs.

The net loan write-off rate on a managed basis(1) and adjusted to conform to
the industry standard of excluding fees and interest was 5.3 percent, up from
4.3 percent in the first quarter and 2.9 percent a year ago. Including fees and
interest, the managed net write-off rate was 6.5 percent, up from 5.3 percent
in the first quarter and 3.7 percent a year ago.

Provisions for losses increased significantly to $1.5 billion, up from $640
million a year ago. This reflected the previously-mentioned $600 million ($374
million after-tax) addition, increased write-off and delinquency rates and
also the higher level of loans and business volumes compared to the year-ago
period.

The 2008 and 2007 results reflect a tax benefit due to the resolution of
certain tax items from previous years, as mentioned above.

INTERNATIONAL CARD SERVICES reported second-quarter net income of $115
million, down 2 percent from $117 million, reflecting substantially higher
investment levels compared to the year ago period.

Revenues net of interest expense increased 20 percent to $1.3 billion,
reflecting higher Cardmember spending and borrowing.

Total expenses increased 26 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 38 percent reflecting significantly
increased marketing and promotion expenses and higher volume related rewards
costs. Human resources and other operating expenses increased 19 percent from
year-ago levels due to increased employee levels and higher professional
services costs.

Provisions for losses rose to $242 million, from $211 million a year ago
reflecting growth in the loan portfolio and business volumes.


---------------
(1) The "managed basis" presentation includes on-balance sheet Cardmember
loans and off-balance sheet securitized Cardmember loans. The difference
between the "owned basis" (i.e., GAAP) information and "managed basis"
information is attributable to the effects of the Company's securitization
activities. Owned net write-offs, including write-offs of accrued interest and
fees, were 7.1 percent in the quarter, up from 5.5 percent in the first
quarter and 3.7 percent a year ago.


                                      -4-
<PAGE>
GLOBAL COMMERCIAL SERVICES reported second-quarter net income of $227 million,
up 40 percent from $162 million a year ago.

Revenues net of interest expense increased 21 percent to $1.3 billion,
reflecting higher spending by corporate Cardmembers and increased travel
commissions.

Total expenses increased 14 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 19 percent from the year-ago period
reflecting higher volume-related rewards costs. Human resources and other
operating expenses increased 13 percent from the year-ago period.

Both the revenue and expense growth rates were affected by the acquisition of
Corporate Payment Services, General Electric Company's commercial card and
corporate purchasing unit, in March 2008.

GLOBAL NETWORK & MERCHANT SERVICES reported second-quarter net income of $299
million, up 12 percent from $266 million a year ago.

Revenues net of interest expense for the second quarter increased 12 percent
to $1.1 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 42 percent from year-ago
levels, reflecting continued growth in spending on cards issued by bank
partners. Cards-in-force issued by bank partners increased 28 percent.

Total expenses increased 6 percent, reflecting higher human resources costs
driven in part by an expansion of the merchant sales force and gains related
to the sale of merchant-related operations in Russia in the year-ago period,
partially offset by lower litigation-related expenses in the current period.

Provision for losses increased $48 million due to greater merchant-related
provisions in the second quarter of 2008 compared to a year ago.

CORPORATE AND OTHER reported a second-quarter net loss of $7 million,
compared with a net loss of $85 million from a year ago reflecting 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.

                                     ***

                                      -5-
<PAGE>
Note: The 2008 Second 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 at 5:00 p.m. (EDT) today to discuss
second-quarter earnings results. Live audio and presentation slides for the
investor conference call will be available to the general public 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, INCLUDING, AMONG THINGS, THE HOUSING MARKET, 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 DURING THE REMAINDER OF 2008, AND THE VOLUMES OF THE COMPANY'S LOAN
BALANCES IN 2008; THE LEVEL OF FUTURE WRITE-OFFS AND DELINQUENCIES OF
CARDMEMBERS ADDED BY THE COMPANY DURING THE PAST SEVERAL YEARS, WHICH WILL
IMPACT THE PROFITABILITY OF SUCH CARDMEMBERS TO THE COMPANY; FLUCTUATIONS IN
INTEREST RATES (INCLUDING FLUCTUATIONS IN BENCHMARKS, SUCH AS LIBOR AND OTHER
BENCHMARK RATES, AND CREDIT SPREADS), 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; THE ABILITY OF THE GLOBAL NETWORK
SERVICES BUSINESS TO MEET THE PERFORMANCE REQUIREMENTS CALLED FOR BY THE
COMPANY'S RECENT SETTLEMENTS WITH MASTERCARD AND VISA; TRENDS IN TRAVEL AND
ENTERTAINMENT SPENDING AND THE OVERALL LEVEL OF CONSUMER CONFIDENCE; THE
UNCERTAINTIES ASSOCIATED WITH BUSINESS 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 FEBRUARY 2008 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,

                                      -6-
<PAGE>
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 AIRLINES /
NORTHWEST AIRLINES 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; THE POTENTIAL IMPACT OF REGULATIONS TO BE
PROPOSED BY FEDERAL BANK REGULATORS RELATING TO CERTAIN CREDIT AND CHARGE CARD
PRACTICES, INCLUDING, AMONG OTHERS, THE IMPOSITION BY CARD ISSUERS OF INTEREST
RATE INCREASES ON OUTSTANDING BALANCES AND THE ALLOCATION OF PAYMENTS IN
RESPECT OF OUTSTANDING BALANCES WITH DIFFERENT INTEREST RATES, WHICH COULD
HAVE AN ADVERSE IMPACT ON THE COMPANY'S NET INCOME; THE POTENTIAL FAILURE OF
THE U.S. CONGRESS TO EXTEND THE ACTIVE FINANCING EXCEPTION TO SUBPART F OF THE
INTERNAL REVENUE CODE, WHICH IS SCHEDULED TO EXPIRE AT THE END OF 2008 AND
COULD INCREASE THE COMPANY'S EFFECTIVE TAX RATE AND HAVE AN ADVERSE IMPACT ON
NET INCOME; 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.

                                      -7-
<PAGE>
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                          Quarters Ended                   Six Months Ended
                                                             June 30,                          June 30,
                                                         ----------------    Percentage    -----------------    Percentage
                                                          2008      2007     Inc/(Dec)      2008       2007      Inc/(Dec)
                                                         ------    ------    ----------    -------    ------    ----------
<S>                                                      <C>       <C>          <C>        <C>        <C>          <C>
Revenues
  Discount revenue                                       $3,991    $3,670         9%       $ 7,709    $7,025        10%
  Net card fees                                             576       500        15          1,143       984        16
  Travel commissions and fees                               573       491        17          1,067       928        15
  Other commissions and fees                                590       587         1          1,212     1,123         8
  Securitization income, net                                227       332       (32)           671       789       (15)
  Other                                                     573       426        35            929       813        14
                                                         ------    ------                  -------    ------
     Total                                                6,530     6,006         9         12,731    11,662         9
                                                         ------    ------                  -------    ------
Interest income
  Cardmember lending finance revenue                      1,521     1,514         -          3,146     2,882         9
  Other                                                     289       357       (19)           568       660       (14)
                                                         ------    ------                  -------    ------
     Total                                                1,810     1,871        (3)         3,714     3,542         5
                                                         ------    ------                  -------    ------
         Total revenues                                   8,340     7,877         6         16,445    15,204         8
                                                         ------    ------                  -------    ------
Interest expense
  Cardmember lending                                        364       431       (16)           781       816        (4)
  Charge card and other                                     492       508        (3)           994       966         3
                                                         ------    ------                  -------    ------
     Total                                                  856       939        (9)         1,775     1,782         -
                                                         ------    ------                  -------    ------
Revenues net of interest expense                          7,484     6,938         8         14,670    13,422         9
                                                         ------    ------                  -------    ------
Expenses
  Marketing, promotion, rewards
    and cardmember services                               1,924     1,826         5          3,680     3,288        12
  Human resources                                         1,495     1,334        12          2,965     2,635        13
  Professional services                                     607       580         5          1,158     1,098         5
  Occupancy and equipment                                   412       352        17            787       680        16
  Communications                                            115       112         3            230       224         3
  Other, net                                                276       348       (21)           572       641       (11)
                                                         ------    ------                  -------    ------
     Total                                                4,829     4,552         6          9,392     8,566        10
                                                         ------    ------                  -------    ------
Provisions for losses and benefits
  Charge card                                               241       233         3            586       442        33
  Cardmember lending                                      1,537       638         #          2,346     1,212        94
  Other (including investment certificates)                 111       106         5            226       182        24
                                                         ------    ------                  -------    ------
     Total                                                1,889       977        93          3,158     1,836        72
                                                         ------    ------                  -------    ------
Pretax income from continuing operations                    766     1,409       (46)         2,120     3,020       (30)
Income tax provision                                        111       369       (70)           491       885       (45)
                                                         ------    ------                  -------    ------
Income from continuing operations                           655     1,040       (37)         1,629     2,135       (24)
(Loss) Income from discontinued operations, net of tax       (2)       17         #             15       (21)        #
                                                         ------    ------                  -------    ------
Net income                                               $  653    $1,057       (38)       $ 1,644    $2,114       (22)
                                                         ======    ======                  =======    ======
</Table>

# - Denotes a variance of more than 100%.

                                      -8-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS
(Billions)

<Table>
<Caption>
                                                   June 30,     December 31,
                                                     2008           2007
                                                 ------------   ------------
<S>                                                  <C>           <C>
Assets
  Cash and cash equivalents                          $ 20          $ 12
  Accounts receivable                                  43            42
  Investments                                          15            16
  Loans                                                48            53
  Other assets                                         11            10
  Assets of discontinued operations                     -            17
                                                     ----          ----
    Total assets                                     $137          $150
                                                     ====          ====
Liabilities and Shareholders' Equity
  Short-term debt                                    $ 18          $ 18
  Long-term debt                                       57            55
  Other liabilities                                    50            50
  Liabilities of discontinued operations                -            16
                                                     ----          ----
    Total liabilities                                 125           139
                                                     ----          ----
  Shareholders' equity                                 12            11
                                                     ----          ----
    Total liabilities and shareholders' equity       $137          $150
                                                     ====          ====
</Table>

                                      -9-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                          Quarters Ended                 Six Months Ended
                                                              June 30,                        June 30,
                                                         ----------------   Percentage   -----------------   Percentage
                                                          2008      2007    Inc/(Dec)     2008      2007      Inc/(Dec)
                                                         ------    ------   ----------   -------   -------   ----------
<S>                                                      <C>       <C>         <C>       <C>       <C>           <C>
REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                     $3,593    $3,560        1%      $ 7,315   $ 6,924         6%
  International Card Services                             1,256     1,049       20         2,451     2,028        21
  Global Commercial Services                              1,308     1,083       21         2,452     2,077        18
  Global Network & Merchant Services                      1,083       966       12         2,086     1,843        13
                                                         ------    ------                -------   -------
                                                          7,240     6,658        9        14,304    12,872        11
  Corporate & Other,
    including adjustments and eliminations                  244       280      (13)          366       550       (33)
                                                         ------    ------                -------   -------
CONSOLIDATED REVENUES NET OF INTEREST EXPENSE            $7,484    $6,938        8       $14,670   $13,422         9
                                                         ======    ======                =======   =======
PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                     $  (63)   $  827        #       $   728   $ 1,858       (61)
  International Card Services                                73        92      (21)          190       188         1
  Global Commercial Services                                326       218       50           544       413        32
  Global Network & Merchant Services                        455       418        9           790       792         -
                                                         ------    ------                -------   -------
                                                            791     1,555      (49)        2,252     3,251       (31)
  Corporate & Other                                         (25)     (146)     (83)         (132)     (231)      (43)
                                                         ------    ------                -------   -------
PRETAX INCOME FROM CONTINUING OPERATIONS                 $  766    $1,409      (46)      $ 2,120   $ 3,020       (30)
                                                         ======    ======                =======   =======
NET INCOME (LOSS)
  U.S. Card Services                                     $   21    $  580      (96)      $   544   $ 1,224       (56)
  International Card Services                               115       117       (2)          248       219        13
  Global Commercial Services                                227       162       40           378       291        30
  Global Network & Merchant Services                        299       266       12           522       502         4
                                                         ------    ------                -------   -------
                                                            662     1,125      (41)        1,692     2,236       (24)
  Corporate & Other                                          (7)      (85)     (92)          (63)     (101)      (38)
                                                         ------    ------                -------   -------
  Income from continuing operations                         655     1,040      (37)        1,629     2,135       (24)
  (Loss) Income from discontinued operations, net of tax     (2)       17        #            15       (21)        #
                                                         ------    ------                -------   -------
NET INCOME                                               $  653    $1,057      (38)      $ 1,644   $ 2,114       (22)
                                                         ======    ======                =======   =======
</Table>

# - Denotes a variance of more than 100%.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                          Quarters Ended                   Six Months Ended
                                                             June 30,                          June 30,
                                                         ----------------    Percentage    ----------------     Percentage
                                                          2008      2007     Inc/(Dec)      2008      2007       Inc/(Dec)
                                                         ------    ------    ----------    ------    ------     ----------
<S>                                                      <C>       <C>          <C>        <C>       <C>          <C>
EARNINGS PER COMMON SHARE
BASIC
      Income from continuing operations                  $ 0.57    $ 0.88       (35)%      $ 1.41    $ 1.80       (22)%
      Income (Loss) from discontinued operations              -      0.02         #          0.02     (0.01)        #
                                                         ------    ------                  ------    ------
      Net income                                         $ 0.57    $ 0.90       (37)%      $ 1.43    $ 1.79       (20)%
                                                         ======    ======                  ======    ======
      Average common shares outstanding (millions)        1,154     1,179        (2)%       1,153     1,183        (3)%
                                                         ======    ======                  ======    ======
DILUTED
      Income from continuing operations                  $ 0.56    $ 0.86       (35)%      $ 1.40    $ 1.77       (21)%
      Income (Loss) from discontinued operations              -      0.02         #          0.01     (0.02)        #
                                                         ------    ------                  ------    ------
      Net income                                         $ 0.56    $ 0.88       (36)%      $ 1.41    $ 1.75       (19)%
                                                         ======    ======                  ======    ======
      Average common shares outstanding (millions)        1,163     1,203        (3)%       1,163     1,207        (4)%
                                                         ======    ======                  ======    ======
Cash dividends declared per common share                 $ 0.18    $ 0.15        20%       $ 0.36    $ 0.30        20%
                                                         ======    ======                  ======    ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                          Quarters Ended                Six Months Ended
                                                             June 30,                       June 30,
                                                         ---------------   Percentage   ----------------   Percentage
                                                          2008     2007     Inc/(Dec)    2008      2007     Inc/(Dec)
                                                         ------   ------   ----------   ------    ------   ----------
<S>                                                      <C>      <C>         <C>       <C>       <C>          <C>
Return on average equity (A)                               31.1%    37.5%                 31.1%     37.5%
Return on average tangible equity (A)                      37.7%    44.0%                 37.7%     44.0%
Common shares outstanding (millions)                      1,159    1,182      (2)%       1,159     1,182       (2)%
Book value per common share                              $10.58   $ 9.00      18%       $10.58    $ 9.00       18%
Shareholders' equity (billions)                          $ 12.3   $ 10.6      16%       $ 12.3    $ 10.6       16%
</Table>

#    - Denotes a variance of more than 100%.

(A)  Computed on a trailing 12-month basis using net income over average total
     shareholders' equity (including discontinued operations) as included in
     the Consolidated Financial Statements prepared in accordance with GAAP.
     Return on average tangible equity excludes goodwill and other
     intangibles. The Company believes average tangible shareholders' equity
     is a more meaningful measure because it reflects the tangible equity
     deployed in the Company. Refer to page 37 for a reconciliation of
     shareholders' equity to tangible shareholders' equity.

                                     -11-
</TEXT>
</DOCUMENT>
