<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3supp.txt
<DESCRIPTION>EXHIBIT 99.3 EARNINGS SUPPLEMENT
<TEXT>
                                                                    EXHIBIT 99.3

                      [LOGO OF AMERICAN EXPRESS COMPANY]


                                     2008
                                SECOND QUARTER
                              EARNINGS SUPPLEMENT


THE ENCLOSED SUMMARY SHOULD BE READ IN CONJUNCTION WITH THE TEXT AND
STATISTICAL TABLES INCLUDED IN AMERICAN EXPRESS COMPANY'S (THE "COMPANY" OR
"AXP") SECOND QUARTER 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 21 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
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

FINANCIAL RESULTS

-    Second quarter diluted EPS from continuing operations of $0.56 decreased
     35% versus $0.86 last year. Revenues net of interest expense rose 8%. For
     the trailing 12 months, return on equity (ROE) was 31% and return on
     tangible equity (ROTE), which excludes goodwill and intangibles, was
     38%.*

     -    2Q '08 Income from continuing operations included:
          --   A $600MM ($374MM after-tax) addition to lending credit
               reserves;
          --   A $136MM ($85MM after-tax) charge to the fair market value of
               the Company's interest-only strip ("I/O Strip"); and
          --   A $101MM tax benefit related to the resolution of certain prior
               years' tax items.

     -    2Q '07 Income from continuing operations included a $65MM tax
          benefit from the IRS related to the treatment of prior years' card
          fee income.

     -    2Q '08 and 2Q '07 Income from continuing operations included $7MM
          ($4MM after-tax) and $8MM ($5MM after-tax), respectively, of
          reengineering costs primarily within the Global Commercial Services
          ("GCS") and the Corporate & Other segments.

     -    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, Ltd. ("AEB"), which was sold to Standard
          Chartered PLC ("Standard Chartered") in 1Q '08, as discussed further
          on page 2.
          --   2Q '08 results reflected $2MM of losses from discontinued
               operations versus $17MM of income last year, primarily related
               to AEB.

     -    Including discontinued operations, diluted EPS on a net income basis
          of $0.56 decreased 36% versus last year.

BUSINESS METRICS

-    Compared with the second quarter of 2007:

     -    Worldwide billed business of $180.9B increased 12% on relatively
          strong growth within both the proprietary and network businesses. A
          comparatively weaker U.S. dollar resulted in a 2% benefit within the
          reported worldwide growth rate.

     -    Worldwide total cards in force of 90.1MM increased 10%, up 7.9MM
          from last year and 2.1MM during 2Q '08, on continued proprietary and
          network card growth.

     -    Worldwide average spending per proprietary basic card in force
          increased 5% versus last year despite the suppressing effect of a
          more difficult U.S. economy and substantial card additions over the
          past few years.

     -    Worldwide lending balances of $49.7B on an owned basis increased 3%;
          on a managed basis, worldwide lending balances of $76.6B were up
          12%.

CAPITAL RETURNED TO SHAREHOLDERS

-    During 2Q '08 we returned 27% of capital generated to shareholders. On a
     cumulative basis, since 1994, we have returned 69% of capital generated
     through share repurchases and dividends.

     -    SHARE REPURCHASES: During 2Q '08, no shares were repurchased, versus
          5MM shares in 1Q '08 and 15MM shares in 2Q '07. Share repurchases
          were curtailed in 2Q '08 in light of the uncertain U.S. economic
          environment. In 1Q '08, share repurchases were reduced from previous
          levels 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.

<Table>
<Caption>
                                                                 Millions of Shares
                                                             -------------------------
     -    ACTUAL SHARE ACTIVITY:                             2Q '08   1Q '08    2Q '07
                                                             ------   ------    ------
            <S>                                               <C>      <C>       <C>
            Shares outstanding - beginning of period          1,158    1,158     1,188
            Repurchase of common shares                           -       (5)      (15)
            Employee benefit plans, compensation and other        1        5         9
                                                             ------   ------    ------
            Shares outstanding - end of period                1,159    1,158     1,182
                                                             ======   ======    ======
</Table>

          * Please refer to p. 37 of the Second Quarter 2008 Earnings Release,
            American Express Company Statistical Information pages, for a GAAP
            reconciliation of ROTE on both a consolidated and segment basis.

                                       1
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

ITEMS OF NOTE

-    LENDING RESERVE ADDITION: In June 2008, the Company recorded a $600MM
     ($374MM after-tax) addition to U.S. cardmember lending credit reserves,
     as credit trends weakened beyond our prior expectations due to
     deterioration in the U.S. economy. The addition increases our worldwide
     lending reserve coverage ratio to 135% of 30+ days past due loan
     balances. This charge was reported within our U.S. Card Services segment
     ("USCS") in the "cardmember lending provision for losses" line on the
     P&L.

-    I/O STRIP ADJUSTMENT: A $136MM ($85MM after-tax) charge was recorded to
     reduce the fair market value of the I/O Strip to reflect assumptions for
     higher default rates and lower net spreads on the securitized lending
     portfolio, and was recorded as a reduction to the "securitization income,
     net" line within USCS.

-    VISA AND MASTERCARD LITIGATION SETTLEMENTS: In November of 2004 the
     Company filed suit against Visa Inc., Visa USA and Visa International
     (collectively "Visa"), MasterCard Inc., ("MasterCard") and certain of
     their member banks to seek monetary damages for the lost business
     opportunity that resulted from the illegal conspiracy to boycott American
     Express from partnering with U.S. credit card issuing banks. The Company
     announced that it had reached an agreement with Visa on November 7, 2007
     and with MasterCard on June 25, 2008. All defendants have been removed
     and the case is now dismissed.

     Under the terms of the settlement agreements, the Company will receive
     aggregate maximum payments of $2.25B from Visa and $1.8B from MasterCard.
     The total of more than $4.0B represents the largest antitrust settlement
     in U.S. history. The settlement with Visa is comprised of an initial
     payment of $1.13B ($700MM after-tax) that was recorded in 4Q '07 and
     received in March 2008, and quarterly payments of up to $70MM ($43MM
     after-tax) for four years from 1Q '08 through 4Q '11. The Company has
     recognized $70MM from Visa in both 1Q '08 and 2Q '08 pursuant to this
     agreement. The settlement with MasterCard is comprised of quarterly
     payments of up to $150MM ($93MM after-tax) for three years from 3Q '08
     through 2Q '11.

     Installment payments from both parties are subject to the Company
     achieving certain quarterly performance criteria in the Global Network
     Services ("GNS") business within the U.S., which the Company is
     optimistic it is positioned to meet. Payments earned through June 2008
     have been recorded as a reduction to the "other, net expenses" line
     within the Corporate & Other segment.

-    ACQUISITION OF CPS: On March 28, 2008, the Company completed its purchase
     of GE's commercial card and corporate purchasing business unit, CPS, for
     $1.1B in cash and the repayment of $1.2B in CPS debt. The purchase
     included card relationships with GE as well as more than 300 large
     corporate clients, which cumulatively generated over $14B in global
     purchase volume in 2007. 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 the cash used for the purchase price would
     otherwise have been used for the repurchase of American Express common
     shares.

     In 1Q '08 the cash payment, total receivables of $1.3B and goodwill and
     other intangible assets of $1.0B related to the transaction were
     reflected on the Consolidated Balance Sheet. Receivables have been
     initially recorded within the "other receivables" ($1.2B) and "other loans"
     ($0.1B) lines. 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.
     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 ($21MM) segments, respectively.

-    AEB AND AMERICAN EXPRESS INTERNATIONAL DEPOSIT CORP. ("AEIDC"): On
     September 18, 2007, the Company announced that it entered into an
     agreement to sell AEB, its international banking subsidiary, 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. In 2Q '08, the
     Company and Standard Chartered agreed on the final purchase price of
     $796MM, equaling the final net asset value of the businesses that were
     sold plus $300MM. The Company also expects to realize an additional
     amount representing the final net asset value of AEIDC which is
     contracted to be sold to Standard Chartered through a put/call agreement.
     As of June 30, 2008, the net asset value of that business was $117MM.
     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 August 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. AEIDC is being reflected
     in continuing operations within the Corporate & Other segment until one
     year before the anticipated close of this portion of the transaction.
     Therefore, beginning in 3Q '08, AEIDC is expected to be reported within
     Discontinued Operations.

     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 $1.9B of the portfolio investments have been reinvested
     into cash equivalents, or used to repay the investment certificate
     deposit holders. The Company's 2Q '08 results include losses due to
     mark-to-market adjustments and sales within the portfolio of $6MM ($4MM
     after-tax). As of June 30, 2008, AEIDC owned $0.6B of mortgage and other
     asset backed securities.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     5%, on higher volume-driven rewards costs reflecting volume growth and
     continued strong cardmember program participation. Marketing and
     promotion expenses were flat, reflecting a consistent consolidated level
     of business-building investments versus 2Q '07, but with a greater
     emphasis during the quarter on our non-U.S. activities.

                                       2
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

-    TOTAL INTEREST INCOME: Decreased 3% due to lower AEIDC-related income
     this year and interest income last year related to the Company's loan to
     Delta Air Lines, which was repaid in April 2007 and was previously on
     non-accrual status. Additionally, cardmember lending finance revenue was
     unchanged as loan growth was offset by a lower portfolio yield, driven by
     the impact of reduced market interest rates on variably priced loans.

-    TOTAL INTEREST EXPENSE: Decreased 9%, reflecting a lower cost of funds,
     due to the benefit of lower market interest rates on variably priced
     debt, which more than offset increased debt funding levels in support of
     growth in cardmember receivable and lending balances.

-    TOTAL PROVISIONS FOR LOSSES AND BENEFITS: Increased 93% reflecting the
     difficult U.S. credit environment, which led to increased write-off and
     delinquency rates and the lending reserve addition, as well as increased
     loan and business volumes.

-    HUMAN RESOURCES EXPENSE: Increased 12%, reflecting the impact of a higher
     level of employees, merit increases and greater benefit-related costs.
     -    Compared with last year, the total employee count from continuing
          operations of 66,500 increased by 2,700 employees, or 4%. Compared
          with last quarter, the employee count increased by 800 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 acquisitions of
          CPS in 1Q '08 and Farrington American Express Travel Services Ltd.
          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:

     -    Launched the Delta Reserve Credit Card for U.S. based consumers and
          small businesses. These new products will offer added value,
          flexibility and new benefits for Cardmembers most loyal to Delta Air
          Lines.

     -    Expanded the 2008 Membership Rewards Program(R) to include Wynn Las
          Vegas, Air Tahiti Nui, west elm(R), Legal Sea Food, Forth Wall
          Restaurants, U.S. Golf Association (USGA(R)), Mandarin Oriental
          Hotel Group and The Peninsula Hotels.

     -    With Rearden Commerce, Inc. announced the launch of American Express
          Anywhere(SM), an innovative new mobile service that enables
          corporate customers to manage travel details and business through
          their BlackBerry(TM) smartphones.

     -    Launched MEMBERS KNOW, a unique online travel community for American
          Express Cardmembers to share knowledge and travel insights from
          their personal travel experiences.

     -    Announced the return of Members Project, the online initiative that
          enables Cardmembers to submit, discuss and vote on projects that
          make a positive impact in the world. At the conclusion, American
          Express will fund five projects for a total of $2.5MM.

     -    Launched the Leadership Academy, a nationwide program to develop
          future leaders in the nonprofit sector. The Academy is part of a
          broader commitment from the American Express Foundation to develop a
          broader pool of world-class leaders committed to working in the
          nonprofit sector.

     -    Announced five historic New Orleans sites chosen to receive
          preservation grants from American Express through the Partners in
          Preservation program with the National Trust for Historic
          Preservation.

     -    Announced a partnership between OPEN from American Express(R) and
          Meetup, a leading social media company that brings groups together
          offline, to launch "Ideas for a Growing Business," a six-month event
          curriculum for small business Meetup groups designed to stimulate
          small business growth.

     -    Announced new and expanded initiatives with Consumer Action to
          increase the reach and impact of our joint program, "Credit Cards:
          What You Need to Know." Through this program American Express
          intends to deepen its long-standing commitment to educate consumers
          about the right tools for a responsible approach to personal
          finance.

     -    Released the newest television commercial as part of the "Are You a
          Cardmember?(R)" brand campaign, featuring comedian and talk show
          host Ellen DeGeneres and a cameo with Beyonce shining a spotlight on
          the value of membership and its array of special entertainment
          benefits and services.

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

     -    With our partner ICBC, launched new airline cobrand cards with China
          Southern Airlines. One of the products, The Southern Airlines Pearl
          ICBC American Express Corporate Card, is the first airline cobrand
          corporate card in China.

     -    Launched the MUFG Gold American Express Card, the first card product
          with our partner, Mitsubishi UFJ Nicos Ltd., in Japan.

     -    With our partner MBNA, announced the launch of the Miles & More
          American Express(R) Credit Card. Miles & More is Europe's largest
          frequent flyer program.

                                       3
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

     -    With our partner Bank of America, announced the launch of two new
          airline cobrand cards, the Asiana American Express(R) Card and the
          Virgin Atlantic American Express(R) Card.

     -    With GE Money and Universal Studios, launched the Universal American
          Express Card. Through this partnership, American Express becomes the
          official payment of choice at Universal Studios Theme Parks Resorts.

     -    With our partner Kreditkort hf, announced the launch of three new
          airline cobrand cards in Iceland with Icelandair. This marks the
          first American Express Cards issued in Iceland.

     -    With our new partner Swedbank (formerly Hansabank), launched the
          American Express Gold Card and the American Express Platinum Card in
          Estonia.

     -    Announced a new partnership with the International Bank of
          Azerbaijan, the largest financial institution of Southern Caucasus,
          to launch American Express Cards in the Azeri market.

                                       4
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

(Preliminary)

                             STATEMENTS OF INCOME
                                 (GAAP BASIS)

<Table>
<Caption>
                                                               Quarters Ended     Percentage
                                                                  June 30,          Inc/(Dec)
                                                             ------------------   ----------
  (Millions, except per share amounts)                        2008       2007
                                                             -------    -------
  <S>                                                        <C>        <C>          <C>
  Revenues
     Discount revenue                                        $ 3,991    $ 3,670        9%
     Net card fees                                               576        500       15
     Travel commissions and fees                                 573        491       17
     Other commissions and fees                                  590        587        1
     Securitization income, net                                  227        332      (32)
     Other                                                       573        426       35
                                                             -------    -------
        Total                                                  6,530      6,006        9
                                                             -------    -------
  Interest income
     Cardmember lending finance revenue                        1,521      1,514        -
     Other                                                       289        357      (19)
                                                             -------    -------
        Total                                                  1,810      1,871       (3)
                                                             -------    -------
         Total Revenues                                        8,340      7,877        6
                                                             -------    -------
  Interest expense
     Cardmember lending                                          364        431      (16)
     Charge card and other                                       492        508       (3)
                                                             -------    -------
        Total                                                    856        939       (9)
                                                             -------    -------
  Revenues net of interest expense                             7,484      6,938        8
                                                             -------    -------

  Expenses
     Marketing, promotion, rewards and cardmember services     1,924      1,826        5
     Human resources                                           1,495      1,334       12
     Professional services                                       607        580        5
     Occupancy and equipment                                     412        352       17
     Communications                                              115        112        3
     Other, net                                                  276        348      (21)
                                                             -------    -------
        Total                                                  4,829      4,552        6
                                                             -------    -------
  Provisions for losses and benefits
     Charge card                                                 241        233        3
     Cardmember lending                                        1,537        638        #
     Other (including investment certificates)                   111        106        5
                                                             -------    -------
        Total                                                  1,889        977       93
                                                             -------    -------
  Pretax income from continuing operations                       766      1,409      (46)
  Income tax provision                                           111        369      (70)
                                                             -------    -------
  Income from continuing operations                              655      1,040      (37)
  (Loss) Income from discontinued operations, net of tax          (2)        17        #
                                                             -------    -------
  Net income                                                 $   653    $ 1,057      (38)
                                                             =======    =======

  EPS-Basic
     Income from continuing operations                       $  0.57    $  0.88      (35)
                                                             =======    =======
     (Loss) Income from discontinued operations                    -       0.02        #
                                                             =======    =======
     Net Income                                              $  0.57    $  0.90      (37)
                                                             =======    =======

  EPS-Diluted
     Income from continuing operations                       $  0.56    $  0.86      (35)
                                                             =======    =======
     (Loss) Income from discontinued operations                    -       0.02        #
                                                             =======    =======
     Net Income                                              $  0.56    $  0.88      (36)
                                                             =======    =======

  Average Shares Outstanding
     Basic                                                     1,154      1,179       (2)
                                                             =======    =======
     Diluted                                                   1,163      1,203       (3)
                                                             =======    =======
</Table>

# Denotes variance of more than 100%.

                                       5
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

-    CONSOLIDATED REVENUES NET OF INTEREST EXPENSE: Consolidated revenues net
     of interest expense increased 8%, reflecting increases versus last year
     of 1% within USCS, 20% within International Card Services ("ICS"), 21%
     within GCS and 12% within Global Network Merchant Services ("GNMS").
     Revenues net of interest expense increased due to greater discount
     revenues, higher other revenues, lower interest expense, greater travel
     commissions and fees, increased net card fees, and higher other
     commissions and fees, partially offset by lower securitization income,
     net and lower interest income. Translation of foreign currency benefited
     the revenues net of interest expense growth rate by approximately 2%.

-    CONSOLIDATED EXPENSES: Consolidated expenses increased 6%, reflecting an
     increase of 2% within USCS, 26% within ICS, 14% within GCS and 6% within
     GNMS. The total expense growth reflected greater human resources expense,
     higher marketing, promotion, rewards and cardmember services expense,
     increased occupancy and equipment costs, higher professional services
     expense and increased communications expense, partially offset by lower
     other expense, net. Translation of foreign currency contributed
     approximately 2% to the expense growth rate.

-    CONSOLIDATED PROVISIONS FOR LOSSES AND BENEFITS: Consolidated provisions
     for losses and benefits increased 93% versus last year, reflecting an
     increase of more than 100% in USCS and GNMS, and increases of 15% in ICS
     and 11% in GCS. Provisions rose primarily due to the difficult U.S.
     credit environment, which led to increased write-off and delinquency
     rates versus last year and the lending reserve addition, higher loan and
     business volumes and increased merchant-related reserves. Translation of
     foreign currency contributed approximately 1% to the provision growth
     rate.

-    PRE-TAX MARGIN: Was 10.2% in 2Q '08 compared with 18.8% in 1Q '08 and
     20.3% in 2Q '07.

-    EFFECTIVE TAX RATE: Was 14% in 2Q '08 versus 28% in 1Q '08 and 26% in 2Q
     '07. The rates for each of these periods reflect tax benefits related to
     the resolution of certain tax items from prior years.

-    DISCOUNT REVENUE: Rose 9% on a 12% increase in billed business. The
     slower revenue versus billed business growth reflects the relatively
     faster growth in billed business related to GNS, where we share discount
     revenue with our card issuing partners, and higher cash-back rewards
     costs.

     -    The average discount rate* was 2.56% in 2Q '08 versus 2.57% in both
          1Q '08 and 2Q '07, respectively. 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.

<Table>
<Caption>
                                                                            Quarters Ended     Percentage
                                                                               June 30,         Inc/(Dec)
                                                                           -----------------   ----------
                                                                            2008      2007
                                                                           -------   -------
                <S>                                                        <C>       <C>           <C>
                Card billed business* (billions):
                   United States                                           $ 123.5   $ 115.7        7%
                   Outside the United States                                  57.4      45.4       26
                                                                           -------   -------
                   Total                                                   $ 180.9   $ 161.1       12
                                                                           =======   =======
                Total cards in force (millions):
                   United States                                              53.5      50.5        6
                   Outside the United States                                  36.6      31.7       15
                                                                           -------   -------
                   Total                                                      90.1      82.2       10
                                                                           =======   =======
                Basic cards in force (millions):
                   United States                                              41.9      39.2        7
                   Outside the United States                                  31.6      27.0       17
                                                                           -------   -------
                   Total                                                      73.5      66.2       11
                                                                           =======   =======
                Average basic cardmember spending**
                   United States                                           $ 3,293   $ 3,269        1
                   Outside the United States                               $ 2,963   $ 2,507       18
                   Total                                                   $ 3,199   $ 3,049        5
</Table>

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

                                       6
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

     -    WORLDWIDE BILLED BUSINESS: The 12% increase in worldwide billed
          business reflected a 6% increase in USCS, a 20% increase in ICS, a
          14% increase in GCS and a 42% increase in GNS partner volume. The
          table below summarizes selected billed business related statistics
          for 2Q '08:

<Table>
<Caption>
                                                                                                   Percentage Increase
                                                                                                       Assuming No
                                                                                     Percentage     Changes in Foreign
                                                                                      Increase        Exchange Rates
                                                                                     ----------    -------------------
                   <S>                                                                   <C>               <C>
                   WORLDWIDE*
                       Billed Business                                                   12%               10%
                       Average spending per proprietary basic card                        5                 3
                       Basic cards-in-force                                              11
                   U.S.*
                       Billed Business                                                    7
                       Average spending per proprietary basic card                        1
                       Basic cards-in-force                                               7
                       Proprietary consumer card billed business**                        3
                       Proprietary small business billed business**                      11
                       Proprietary Corporate Services billed business***                  8
                   OUTSIDE THE U.S.*
                       Billed Business                                                   26                16
                       Average spending per proprietary basic card                       18                 8
                       Basic cards-in-force                                              17
                       Proprietary consumer and small business billed business****       20                10
                       Proprietary Corporate Services billed business***                 25                14
</Table>

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

          --   U.S. non-T&E-related volume categories (which represented
               approximately 69% of total U.S. billed business) grew 9%, while
               T&E volumes rose 7%.
          --   U.S. airline-related volume, which represented approximately
               10% of total U.S. volumes during the quarter, increased 11% due
               to a 1% increase in transactions and a 11% increase in the
               average airline charge.
          --   Worldwide airline volumes, which represented approximately 12%
               of total volumes during the quarter, increased 13% on 4% growth
               in transactions and a 9% 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 in the high single-digits, growth in Canada and Europe
               in the low double-digits and Latin America in the mid teens.

     -    TOTAL CARDS IN FORCE: Rose 10% worldwide due to an increase of 5% in
          USCS, a 4% increase in ICS, a 3% increase in GCS and a 28% 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 1.5MM net cards were added during the quarter in the
               U.S. and the non-U.S. businesses, respectively.

-    NET CARD FEES: Increased 15% due to a higher average fee per proprietary
     card and card growth.

-    TRAVEL COMMISSIONS AND FEES: Increased 17%, primarily reflecting a 15%
     increase in worldwide travel sales.

-    OTHER COMMISSIONS AND FEES: Rose 1% on higher card-related assessments
     and conversion revenues partially offset by a reclass to other revenues
     in USCS of certain card service-related fees.

-    SECURITIZATION INCOME, NET: Decreased 32% primarily due to lower excess
     spread, net, driven by increased write-offs and the $136MM charge to the
     fair value of the I/O Strip, which were partially offset by higher
     finance charges and fees due to a greater average balance of securitized
     loans and lower interest expense due to lower rates paid on investor
     certificates. 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 I/O Strip and excess
     spread related to securitized loans and servicing income, net of related
     discounts or fees.

                                       7
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

     -    Components of Securitization Income, Net:

<Table>
<Caption>
                                                        Quarters Ended
                                                           June 30,
                                                       ---------------   Percentage
              (millions)                                2008     2007     Inc/(Dec)
                                                       ------   ------   ----------
               <S>                                     <C>      <C>         <C>
               Excess spread, net*                     $   96   $  218      (56)%
               Servicing fees                             130      101       29
               Gains on sales from securitizations**        1       13      (92)
                                                       ------   ------
               Total securitization income, net        $  227   $  332      (32)
                                                       ======   ======
</Table>

           * 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 changes in
             the fair value of the I/O Strip.
          ** Excludes $117MM and ($71MM) of impact from cardmember loan sales
             and maturities in 2Q '08, as well as $32MM and ($46MM) of impact
             from cardmember loan sales and maturities in 2Q '07, reflected in
             the provisions for losses for each respective period.

     -    The average balance of Cardmember lending securitizations was $26.0B
          in 2Q '08 compared with $20.2B in 2Q '07.

-    OTHER REVENUES: Increased 35% primarily reflecting the benefits of the
     CPS acquisition, higher network and partner-related revenues, and a
     reclass from other commissions and fees within USCS.

-    CARDMEMBER LENDING FINANCE REVENUE: Was unchanged as 9% growth in average
     worldwide lending balances was offset by a lower portfolio yield, due to
     the impact of reduced market interest rates on variably priced loans.

-    OTHER INTEREST INCOME: Decreased 19%, reflecting lower rates and volumes
     in the Company's certificate business as well as interest income in the
     prior year on the Company's loan to Delta Air Lines, which was repaid in
     April 2007 and was previously on non-accrual status.

-    CARDMEMBER LENDING INTEREST EXPENSE: Decreased 16% due to a lower cost of
     funds which more than offset increased borrowings related to higher
     lending balances.

-    CHARGE CARD AND OTHER INTEREST EXPENSE: Decreased 3%, reflecting a lower
     cost of funds which more than offset increased receivable and
     liquidity-related funding levels.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     5%, reflecting higher volume-driven rewards costs, partially offset by a
     flat level of marketing and promotion expenses versus 2Q '07.

-    HUMAN RESOURCES EXPENSE: Increased 12% due to a higher level of
     employees, merit increases and greater benefit-related costs.

-    PROFESSIONAL SERVICES EXPENSE: Increased 5% primarily due to higher
     credit and collection expenses.

-    OCCUPANCY AND EQUIPMENT EXPENSE: Rose 17% on higher servicing and
     technology-related costs.

-    COMMUNICATIONS EXPENSE: Increased 3%.

-    OTHER, EXPENSE NET: Decreased 21% primarily due to the $70MM payment from
     Visa as well as lower litigation-related expenses, partially offset by
     expenses related to the CPS acquisition.

-    CHARGE CARD PROVISION FOR LOSSES: Increased 3%, due to business volume
     growth and higher write-off and delinquency rates versus last year.

     -    WORLDWIDE CHARGE CARD:*
          --   The loss ratio increased versus last year and last quarter. The
               past due rate increased versus last year but decreased versus
               last quarter.

<Table>
<Caption>
                                                         6/08       3/08       6/07
                                                        -------    -------    ------
               <S>                                         <C>        <C>       <C>
               Net loss ratio as a % of charge volume      0.29%      0.25%     0.24%
               90 days past due as a % of receivables       3.0%       3.3%      2.7%
</Table>

<Table>
<Caption>
                                                         6/08       3/08       6/07
                                                        -------    -------    ------
               <S>                                      <C>        <C>        <C>
               Total Receivables (billions)             $  39.9    $  39.0    $ 38.4
               Reserves (millions)                      $ 1,146    $ 1,221    $  981
               % of receivables                             2.9%       3.1%      2.6%
               % of 90 day past due accounts                 97%        96%       95%
</Table>

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

                                       8
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

-    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased more than 100% due to
     the higher write-off and delinquency rates within the U.S. portfolio and
     the lending reserve addition, as well as increased loan volumes.

     -    WORLDWIDE LENDING:*
          --   The write-off and past due rates increased versus last year and
               last quarter.

<Table>
<Caption>
                                                   6/08       3/08       6/07
                                                  -------    -------    -------
               <S>                                    <C>        <C>        <C>
               Net write-off rate                     6.7%**     5.5%       4.1%
               30 days past due as a % of loans       3.9%       3.8%       2.8%
</Table>

<Table>
<Caption>
                                                   6/08       3/08       6/07
                                                  -------    -------    -------
               <S>                                <C>        <C>        <C>
               Total Loans (billions)             $  49.7    $  49.6    $  48.3
               Reserves (millions)                $ 2,594    $ 1,919    $ 1,417
               % of total loans                       5.2%       3.9%       2.9%
               % of 30 days past due accounts         135%       101%       106%
</Table>

               * All lending statistics are presented here on a GAAP or "Owned
                 Basis". "Managed Basis" credit quality statistics are
                 available in the Second Quarter 2008 Earnings Release on the
                 American Express Company Consolidated Selected Statistical
                 Information pages.
              ** The 6/08 owned net write-off rate was elevated partially due
                 to an addition of $10.2B of loans to the American Express
                 Credit Account Master Trust (the "Lending Trust") on May 16,
                 2008. This resulted in decreased net write-off rates within
                 the Lending Trust, and increased net write-off rates on an
                 owned basis. The managed basis net write off rates were not
                 affected by this addition.

-    OTHER (INCLUDING INVESTMENT CERTIFICATES) PROVISION FOR LOSSES AND
     BENEFITS: Increased 5% reflecting additional merchant-related reserves in
     2Q '08 due to the generally weaker U.S. economic conditions.

                                       9
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND 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", as defined in the Subordinated
Debentures. 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's "total adjusted assets" as of the end of any fiscal
quarter is calculated as the sum of (i) total consolidated assets as reflected
on the Company's balance sheet minus (ii) non-securitized Cardmember lending
receivables (without deduction for reserves), which are set forth on the
Company's balance sheet, plus (iii) managed (i.e., securitized and
non-securitized) worldwide Cardmember lending receivables as reported by the
Company for such fiscal quarter. As of June 30, 2008 the Company's "tangible
common equity" was $9B and its "total adjusted assets", both as defined in the
Subordinated Debentures, were $164B. As of June 30, 2008 the consolidated
assets, as reflected on the Company's balance sheet, were $137B.

                               CORPORATE & OTHER

-    Net expense was $7MM in 2Q '08 compared with $56MM in 1Q '08 and $85MM in
     2Q '07.

     -    2Q '08 included:
          --   $43MM of after-tax income related to the Visa litigation
               settlement; and
          --   $9MM of the tax benefits related to the resolution of certain
               prior years' tax items.

     -    1Q '08 included:
          --   $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 2Q '08, 1Q '08 and 2Q '07 expense included $1MM, $10MM and $1MM
          after-tax of reengineering costs, respectively.

                                      10
<Page>

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

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------    Percentage
(millions)                                                  2008       2007       Inc/(Dec)
                                                           -------    -------    ----------
<S>                                                        <C>        <C>           <C>
Revenues
   Discount revenue, net card fees and other               $ 2,743    $ 2,642         4%
   Cardmember lending finance revenue                        1,086      1,179        (8)
   Securitization income, net                                  227        332       (32)
                                                           -------    -------
        Total revenues                                       4,056      4,153        (2)
   Interest expense
     Cardmember lending                                        305        363       (16)
     Charge card and other                                     158        230       (31)
                                                           -------    -------
Revenues net of interest expense                             3,593      3,560         1
                                                           -------    -------
Expenses
   Marketing, promotion, rewards and cardmember services     1,240      1,266        (2)
   Human resources and other operating expenses                900        827         9
                                                           -------    -------
     Total                                                   2,140      2,093         2
                                                           -------    -------
Provisions for losses                                        1,516        640         #
                                                           -------    -------
Pretax segment (loss) income                                   (63)       827         #
Income tax (benefit) provision                                 (84)       247         #
                                                           -------    -------
Segment Income                                             $    21    $   580       (96)
                                                           =======    =======
</Table>

# Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------    Percentage
                                                            2008       2007       Inc/(Dec)
                                                           -------    -------    ----------
<S>                                                        <C>        <C>            <C>
Card billed business (billions)                            $ 100.0    $  94.6        6%
Total cards in force (millions)                               44.2       42.1        5
Basic cards in force (millions)                               33.0       31.2        6
Average basic cardmember spending* (dollars)               $ 3,047    $ 3,054        -
Segment capital (millions)**                               $ 4,850    $ 4,547        7
Return on segment capital**                                   25.0%      49.9%
Return on tangible segment capital**                          26.1%      51.9%
</Table>

 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill of $175MM
   and $168MM and other intangibles of $22MM and none in 2Q '08 and 2Q '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. Return on tangible segment capital excludes goodwill
   and other intangibles.

     -    BILLED BUSINESS: The 6% increase in billed business primarily
          reflects the 6% increase in basic cards in force.
          --   Within the U.S.  consumer  business,  billed  business grew 3%;
               small business volumes rose 11%.

     -    TOTAL CARDS IN FORCE: Increased by 2.1MM, or 5%, versus last year on
          continued card acquisition initiatives and generally stable
          retention levels, which were partially offset by the suppressing
          effect of credit-related actions.

P&L DISCUSSION:

-    SEGMENT INCOME: Decreased 96% as revenues net of interest expense rose
     1%, expenses increased 2% and provisions for losses increased more than
     100%.

     -    2Q '08 included:
          --   The $600MM ($374MM after-tax) addition to lending credit
               reserves;
          --   The $136MM ($85MM after-tax) charge to the fair market value of
               the I/O Strip; and
          --   $67MM of the tax benefits related to the resolution of certain
               prior years' tax items.

     -    2Q '07 included $56MM of the IRS benefit and $1MM ($1MM after-tax)
          of reengineering reversals.

     -    PRE-TAX MARGIN: Was (1.8%) in 2Q '08 versus 21.3% in 1Q '08 and
          23.2% in 2Q '07.

     -    EFFECTIVE TAX RATE: Was (133%) in 2Q '08 compared to 34% in 1Q '08
          and 30% in 2Q '07. The tax benefit in 2Q '08 reflects the effect of
          the previously mentioned significant charges on pretax segment income
          and the benefits primarily related to the resolution of certain prior
          years' tax items. The lower tax rate in 2Q '07 reflects the IRS
          benefit.

                                      11
<Page>

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

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Increased 4% largely due to
     greater billed business volumes, higher net card fees and greater travel
     revenues, partially offset by lower interest income due to the Company's
     loan to Delta Air Lines, which was repaid in April 2007.

-    CARDMEMBER LENDING FINANCE REVENUE: Decreased 8% as lower yields more
     than offset the 6% growth in average owned lending balances, reflecting
     the impact of reduced market interest rates on variably priced loans.

-    SECURITIZATION INCOME, NET: Decreased 32% primarily due to lower excess
     spread, net, driven by increased write-offs and the $136MM charge to the
     fair value of the I/O Strip, which were partially offset by higher
     finance charges and fees due to a greater average balance of securitized
     loans and lower interest expense due to lower rates paid on investor
     certificates. 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 I/O Strip and excess
     spread related to securitized loans and servicing income, net of related
     discounts or fees.

-    CARDMEMBER LENDING INTEREST EXPENSE: Decreased 16% due to a lower cost of
     funds which more than offset higher lending balances.

-    CHARGE CARD AND OTHER INTEREST EXPENSE: Decreased 31% due to a lower cost
     of funds.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     2% due to lower marketing and promotion expenses, which more than offset
     greater rewards costs.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 9% primarily due
     to increased operating expenses, which included increased credit and
     collection costs.

-    PROVISIONS FOR LOSSES: Increased more than 100% due to the higher
     write-off and delinquency rates within the U.S. portfolio and the lending
     reserve addition, as well as increased loan volumes.

     -    CHARGE CARD: *
          --   The loss ratio increased versus last year and last quarter. The
               past due rate increased versus last year but decreased versus
               last quarter.

<Table>
<Caption>
                                                          6/08         3/08      6/07
                                                         ------       ------    ------
                <S>                                      <C>          <C>       <C>
                Total Receivables (billions)             $ 19.8       $ 19.2    $ 19.8
                Net loss ratio as a % of charge volume     0.44%        0.35%     0.30%
                90 days past due as a % of total            4.1%         4.6%      3.6%
</Table>

     -    CARDMEMBER LENDING: **
          --   The write-off rate increased versus last year and last quarter.
               The past due rate increased versus last year and was flat
               versus last quarter.

<Table>
<Caption>
                                                          6/08         3/08      6/07
                                                         ------       ------    ------
                <S>                                      <C>          <C>       <C>
                Total Loans (billions)                   $ 37.9       $ 38.1    $ 38.3
                Net write-off rate                          7.1%***      5.5%      3.7%
                30 days past due as a % of loans            4.1%         4.1%      2.7%
</Table>

              * There are no off-balance sheet Charge Card securitizations.
                Therefore, all credit quality statistics for the Charge Card
                portfolio are on an "Owned Basis."
             ** Owned basis. See pages 13-14 for "Managed Basis" Cardmember
                lending information.
            *** The 6/08 owned net write-off rate was elevated partially due
                to an addition of $10.2B of loans to the Lending Trust on May
                16, 2008. This resulted in decreased net write-off rates within
                the Lending Trust, and increased net write-off rates on an owned
                basis. The managed basis net write-off rates were not affected
                by this addition.

                                      12
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND 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
                                                                              June 30,         Inc/(Dec)
                                                                          -----------------   ----------
               (millions)                                                  2008      2007
                                                                          -------   -------
               <S>                                                        <C>       <C>          <C>
               -   DISCOUNT REVENUE, NET CARD FEES AND OTHER:
                    Reported for the period (GAAP)                        $ 2,743   $ 2,642        4%
                    Securitization adjustments                                 95        80       19
                                                                          -------   -------
                    Managed discount revenue, net card fees and other     $ 2,838   $ 2,722        4
                                                                          =======   =======

               -   CARDMEMBER LENDING FINANCE REVENUE:
                    Reported for the period (GAAP)                        $ 1,086   $ 1,179       (8)
                    Securitization adjustments                                824       724       14
                                                                          -------   -------
                    Managed cardmember lending finance revenue            $ 1,910   $ 1,903        -
                                                                          =======   =======

               -   SECURITIZATION INCOME, NET:
                    Reported for the period (GAAP)                        $   227   $   332      (32)
                    Securitization adjustments                               (227)     (332)     (32)
                                                                          -------   -------
                    Managed securitization income, net                    $     -   $     -        -
                                                                          =======   =======

               -   CARDMEMBER LENDING INTEREST EXPENSE:
                    Reported for the period (GAAP)                        $   305   $   363      (16)
                    Securitization adjustments                                184       274      (33)
                                                                          -------   -------
                    Managed cardmember lending interest expense           $   489   $   637      (23)
                                                                          =======   =======

               -   PROVISIONS FOR LOSSES:
                    Reported for the period (GAAP)                        $ 1,516   $   640        #
                    Securitization adjustments                                409       177        #
                                                                          -------   -------
                    Managed provisions for losses                         $ 1,925   $   817        #
                                                                          =======   =======
</Table>

       # Denotes variance of more than 100%.

                                      13
<Page>

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

MANAGED P&L DISCUSSION

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Increased 4% largely due to
     greater billed business volumes, higher net card fees and greater travel
     revenues, partially offset by lower interest income due to the Company's
     loan to Delta Air Lines which was repaid in April 2007.

-    CARDMEMBER LENDING FINANCE REVENUE: Increased slightly as the 14% growth
     in average lending balances was largely offset by a lower portfolio
     yield, reflecting the impact of reduced market interest rates on variably
     priced loans.

-    CARDMEMBER LENDING INTEREST EXPENSE: Decreased 23% due to a lower cost of
     funds which more than offset higher lending balances.

-    PROVISIONS FOR LOSSES: Increased more than 100% due to the higher
     write-off and delinquency rates within the U.S. portfolio and the lending
     reserve addition, as well as increased loan volumes.

     -    CARDMEMBER LENDING: *

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

<Table>
<Caption>
                                                          6/08      3/08      6/07
                                                         ------    ------    ------
                <S>                                      <C>       <C>       <C>
                Total Loans (billions)                   $ 64.7    $ 63.7    $ 58.6
                Net write-off rate                          6.5%      5.3%      3.7%
                30 days past due as a % of loans            3.7%      3.7%      2.6%
</Table>

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

                                      14
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                          INTERNATIONAL CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                             Quarters Ended      Percentage
                                                                June 30,          Inc/(Dec)
                                                           ------------------    ----------
(millions)                                                  2008       2007
                                                           -------    -------
<S>                                                        <C>        <C>           <C>
Revenues
   Discount revenue, net card fees and other               $ 1,043    $   900        16%
   Cardmember lending finance revenue                          433        333        30
                                                           -------    -------
        Total revenues                                       1,476      1,233        20
   Interest expense:
     Cardmember lending                                        158        120        32
     Charge card and other                                      62         64        (3)
                                                           -------    -------
Revenues net of interest expense                             1,256      1,049        20
                                                           -------    -------
Expenses
   Marketing, promotion, rewards and cardmember services       404        293        38
   Human resources and other operating expenses                537        453        19
                                                           -------    -------
        Total                                                  941        746        26
                                                           -------    -------
Provisions for losses                                          242        211        15
                                                           -------    -------
Pretax segment income                                           73         92       (21)
Income tax benefit                                             (42)       (25)       68
                                                           -------    -------
Segment income                                             $   115    $   117        (2)
                                                           =======    =======
</Table>

# Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                             Quarters Ended      Percentage
                                                                June 30,           Inc/(Dec)
                                                           ------------------    ----------
                                                            2008       2007
                                                           -------    -------
<S>                                                        <C>        <C>            <C>
Card billed business (billions)                            $  28.3    $  23.6        20%
Total cards in force (millions)                               16.3       15.7         4
Basic cards in force (millions)                               11.5       11.2         3
Average basic cardmember spending* (dollars)               $ 2,476    $ 2,123        17
Segment capital (millions)**                               $ 2,179    $ 1,892        15
Return on segment capital**                                   15.8%      22.8%
Return on tangible segment capital**                          21.5%      32.2%
</Table>

 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill of $519MM
   in both 2Q '08 and 2Q '07, and other intangibles of $25MM and $19MM,
   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. Return on tangible segment capital excludes goodwill
   and other intangibles.

     -    BILLED BUSINESS: The 20% increase in billed business reflects a 17%
          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 10% and 7%, respectively. Volume growth
               within the major geographic regions ranged from growth in the
               high single-digits to the low double-digits.

     -    TOTAL CARDS IN FORCE: Increased by 600K, or 4%, versus last year.

P&L DISCUSSION

-    SEGMENT INCOME: Decreased 2% versus last year as revenues net of interest
     expense increased 20%, expenses rose by 26% and provisions for losses
     increased 15%. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

     -    2Q '08 included $7MM of the tax benefits related to the resolution
          of certain prior years' tax items.

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

     -    PRE-TAX MARGIN: Was 5.8% in 2Q '08 versus 9.8% in 1Q '08 and 8.8% in
          2Q '07.

     -    EFFECTIVE TAX RATE: Was (58%) in 2Q '08 versus (14%) in 1Q '08 and
          (27%) in 2Q '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

                                      15
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                          INTERNATIONAL CARD SERVICES

          its ongoing funding activities outside the U.S. The 2Q '08 rate
          reflects the tax benefit related to the resolution of certain prior
          years' tax items. The 2Q '07 rate reflects benefits primarily
          related to the finalization of certain 2006 tax returns.

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER: The increase of 16% versus 2Q
     '07 was driven primarily by the higher level of card spending, increased
     net card fees, higher other revenues and greater other commissions and
     fees.

-    CARDMEMBER LENDING FINANCE REVENUE: Increased 30% on 20% growth in
     average lending balances and a higher portfolio yield.

-    CARDMEMBER LENDING INTEREST EXPENSE: Increased 32% on higher loan
     balances and an increased cost of funds.

-    CHARGE CARD AND OTHER INTEREST EXPENSE: Decreased 3% reflecting a lower
     other receivable balance partially offset by a greater level of
     cardmember receivables.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     38% on substantially higher marketing and promotion expenses and higher
     volume-related rewards costs.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 19% primarily due
     to higher human resources expense, which reflected a higher level of
     employees, increased other operating expense, greater professional
     service expense and higher occupancy and equipment expense.

-    PROVISIONS FOR LOSSES: Increased 15% as loan and business volume growth
     and higher past due rates were partially offset by lower write-off rates.

     -    CHARGE CARD: *
          --   The loss ratio decreased versus last year but increased versus
               last quarter. The past due rate increased versus last year and
               last quarter.

<Table>
<Caption>
                                                          6/08      3/08      6/07
                                                         ------    ------    ------
                <S>                                      <C>       <C>       <C>
                Total Receivables (billions)             $  6.6    $  6.3    $  5.9
                Net loss ratio as a % of charge volume     0.22%     0.21%     0.28%
                90 days past due as a % of total            2.4%      2.2%      2.0%
</Table>

     -    CARDMEMBER LENDING: *
          --   The write-off rate decreased versus last year but increased
               versus last quarter. The past due rate increased versus last
               year and last quarter.

<Table>
<Caption>
                                                          6/08      3/08      6/07
                                                         ------    ------    ------
                <S>                                      <C>       <C>       <C>
                Cardmember Loans (billions)              $ 11.8    $ 11.4    $ 10.0
                Net write-off rate                          5.2%      5.1%      6.0%
                30 days past due as a % of loans            3.1%      3.0%      2.9%
</Table>

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

                                      16
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

(Preliminary)

<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------   Percentage
(millions)                                                  2008       2007      Inc/(Dec)
                                                           -------   --------   ----------
<S>                                                        <C>       <C>            <C>
Revenues
   Discount revenue, net card fees and other               $ 1,425   $ 1,210        18%
                                                           -------   -------
   Charge card and other interest expense                      117       127        (8)
                                                           -------   -------
Revenues net of interest expense                             1,308     1,083        21
                                                           -------   -------
Expenses
   Marketing, promotion, rewards and cardmember services        99        83        19
   Human resources and other operating expenses                843       746        13
                                                           -------   -------
        Total                                                  942       829        14
                                                           -------   -------
Provisions for losses                                           40        36        11
                                                           -------   -------
Pretax segment income                                          326       218        50
Income tax provision                                            99        56        77
                                                           -------   -------
Segment income                                             $   227   $   162        40
                                                           =======   =======
</Table>

# Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                             Quarters Ended
                                                                 June 30,
                                                           ------------------    Percentage
                                                            2008       2007       Inc/(Dec)
                                                           -------    -------    ----------
<S>                                                        <C>        <C>            <C>
Card billed business (billions)                            $  35.4    $  31.0        14%
Total cards in force (millions)                                7.0        6.8         3
Basic cards in force (millions)                                7.0        6.8         3
Average basic cardmember spending* (dollars)               $ 5,083    $ 4,583        11
Segment capital (millions)**                               $ 3,280    $ 2,085        57
Return on segment capital**                                   23.6%      25.3%
Return on tangible segment capital**                          46.7%      42.2%
</Table>

 * Proprietary cards only.
** Segment capital includes an allocation attributable to goodwill of $1.6B
   and $745MM and other intangibles of $345MM and $120MM in 2Q '08 and 2Q '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. Return on tangible segment capital excludes goodwill
   and other intangibles.

     -    BILLED BUSINESS: The 14% increase in billed business reflects an 11%
          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 10% and 7%, respectively. Volume growth of
               8% within the U.S. compared to growth within the Company's
               other major geographic regions ranging from the low
               double-digits to more than 20%.

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

P&L DISCUSSION

-    SEGMENT INCOME: Increased 40% versus last year as revenues net of
     interest expense increased 21%, expenses rose by 14% and provisions for
     losses grew 11%. Both revenue and expense growth rates were inflated by
     the translation of foreign currency, as well as the impact of the CPS
     acquisition.

     -    2Q '08 and 2Q '07 included $9MM of the tax benefits related to each
          period, respectively.

     -    2Q '08 included $4MM ($2MM after-tax) of reengineering expense
          versus $7MM ($4MM after-tax) in 2Q '07.

     -    PRE-TAX MARGIN: Was 24.9% in 2Q '08 versus 19.1% in 1Q '08 and 20.1%
          in 2Q '07.

     -    EFFECTIVE TAX RATE: Was 30% in 2Q '08 versus 31% in 1Q '08 and 26%
          in 2Q '07. The 2Q '08 rate reflects the tax benefits related to the
          resolution of certain prior years' tax items. The 2Q '07 rate
          reflects the IRS benefit.

-    DISCOUNT REVENUE, NET CARD FEES AND OTHER: The increase of 18% versus 2Q
     '07 was driven primarily by higher card spending, higher other revenues
     and greater travel revenues.

                                      17
<Page>

                           AMERICAN EXPRESS COMPANY
                         SECOND QUARTER 2008 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

-    CHARGE CARD AND OTHER INTEREST EXPENSE: Decreased 8% due to a lower cost
     of funds, primarily within the U.S., which more than offset a larger
     receivable balance and the cost of funding the CPS acquisition.

-    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Increased
     19%, primarily reflecting higher volume-related rewards costs.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 13%, primarily
     due to higher other operating expense, greater human resources expense
     and increased professional services expense.

-    PROVISIONS FOR LOSSES: Increased 11%, primarily reflecting increased
     business travel-related provisions.

-    CHARGE CARD: *

     --   The loss ratio and past due rates were unchanged versus last year
          but decreased versus last quarter.

<Table>
<Caption>
                                                          6/08      3/08      6/07
                                                         ------    ------    ------
                <S>                                      <C>       <C>       <C>
                Total Receivables (billions)             $ 13.4    $ 12.8    $ 12.2
                Net loss ratio as a % of charge volume     0.10%     0.12%     0.10%
                90 days past due as a % of total            1.6%      1.7%      1.6%
</Table>

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

                                      18
<Page>

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

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)

(Preliminary)
<Table>
<Caption>
                                                             Quarters Ended
                                                                June 30,
                                                           ------------------   Percentage
(millions)                                                  2008       2007      Inc/(Dec)
                                                           -------    -------   ----------
<S>                                                        <C>        <C>          <C>
Revenues
   Discount revenue, fees and other                        $ 1,026    $   887       16%
                                                           -------    -------
   Interest expense:
        Cardmember lending                                     (25)       (31)     (19)
        Other                                                  (32)       (48)     (33)
                                                           -------    -------
Revenues net of interest expense                             1,083        966       12
                                                           -------    -------
Expenses
   Marketing and promotion                                     149        150       (1)
   Human resources and other operating expenses                422        389        8
                                                           -------    -------
     Total                                                     571        539        6
                                                           -------    -------
Provisions for losses                                           57          9        #
                                                           -------    -------
Pretax segment income                                          455        418        9
Income tax provision                                           156        152        3
                                                           -------    -------
Segment income                                             $   299    $   266       12
                                                           =======    =======
</Table>

# Denotes variance of more than 100%.

STATISTICAL INFORMATION

<Table>
<Caption>
                                                             Quarters Ended
                                                                 June 30,
                                                           ------------------   Percentage
                                                            2008       2007      Inc/(Dec)
                                                           -------    -------   ----------
<S>                                                        <C>        <C>           <C>
Global card billed business* (billions)                    $ 180.9    $ 161.1       12%
Segment capital (millions)**                               $ 1,378    $ 1,071       29
Return on segment capital**                                   88.1%      78.0%
Return on tangible segment capital**                          90.7%      81.2%

Global Network Services:
Card billed business (billions)                            $  17.5    $  12.3       42%
Total cards in force (millions)                               22.6       17.6       28
</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 $28MM in
   2Q '08 and $27MM in 2Q '07 and other intangibles of $11MM and $5MM,
   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. Return on tangible segment capital excludes goodwill
   and other intangibles.

P&L DISCUSSION

-    SEGMENT INCOME: Increased 12% as revenues net of interest expense grew
     12%, expenses rose 6% and provisions for losses increased $48MM versus 2Q
     '07. Both revenue and expense growth rates were inflated by the
     translation of foreign currency.

     -    2Q '08 included $9MM of the tax benefits related to the resolution
          of certain prior years' tax items.

     -    2Q '07 included a $27MM ($18MM after-tax) gain related to the sale
          of our merchant-related operations in Russia.

     -    2Q '07 included $1MM ($1MM after-tax) of reengineering expense.

     -    PRE-TAX MARGIN: Was 42.0% in 2Q '08 versus 33.4% in 1Q '08 and 43.3%
          in 2Q '07.

     -    EFFECTIVE TAX RATE: Was 34% in 2Q '08 versus 33% in 1Q '08 and 36%
          in 2Q '07.

-    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Increased 16%, reflecting
     growth in merchant-related revenues, primarily from the 12% increase in
     global card billed business, and higher GNS-related revenues.

-    CARDMEMBER LENDING INTEREST EXPENSE: The expense credit decreased 19% due
     to a lower rate-driven interest credit primarily in the U.S. related to
     internal transfer pricing which recognizes the merchant services'
     accounts payable-related funding benefit.

                                      19
<Page>

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

-    OTHER INTEREST EXPENSE: The expense credit decreased 33% 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.

-    MARKETING AND PROMOTION EXPENSES: Decreased 1% reflecting lower
     brand-related expenses.

-    HUMAN RESOURCES AND OTHER OPERATING EXPENSES: Increased 8% primarily due
     to greater human resources expense, which reflected an expansion of the
     merchant sales force, as well as other higher volume-related expenses,
     offset by lower litigation-related expenses.

-    PROVISIONS FOR LOSSES: Increased $48MM versus 2Q '07 reflecting an
     increase in merchant-related reserves due to the generally weaker U.S.
     economic conditions.

                                      20
<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, 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 WRITE-OFF AND DELINQUENCY RATES IN THE MEDIUM- TO
LONG-TERM OF CARDMEMBERS ADDED BY THE COMPANY DURING THE PAST FEW YEARS;
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, 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.

                                      21
</TEXT>
</DOCUMENT>
