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<SEC-DOCUMENT>0001193125-09-041008.txt : 20090227
<SEC-HEADER>0001193125-09-041008.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090227162514
ACCESSION NUMBER:		0001193125-09-041008
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS CO
		CENTRAL INDEX KEY:			0000004962
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				134922250
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		09643327

	BUSINESS ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
		BUSINESS PHONE:		2126402000

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 10-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 10-K </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><FONT FACE="WINGDINGS">&#120;</FONT><B></B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the fiscal year ended December&nbsp;31, 2008 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>OR </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><FONT FACE="WINGDINGS">&#168;</FONT><B></B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Commission File No.&nbsp;1-7657 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>American Express Company </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>New York</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>13-4922250</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction of<BR>incorporation or organization)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>World Financial Center</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>200 Vesey Street</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>New York, New York</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>10285</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (212)&nbsp;640-2000 </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Securities registered pursuant to Section&nbsp;12(b) of the Act: </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:60pt" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Title of each class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Name of each exchange</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:79pt" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>on which registered</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Common Shares (par value $0.20 per Share)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>New York Stock Exchange</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Securities registered pursuant to Section&nbsp;12(g) of the Act: None </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes<I>&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT><I></I></I>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT
FACE="WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No<I></I>&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark
whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT><U></U>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.<U></U>&nbsp;&nbsp;<FONT
FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Large accelerated filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Accelerated filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-accelerated filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT> (Do not check if a smaller reporting company)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Smaller reporting company&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U></U><FONT FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As of June&nbsp;30, 2008, the aggregate market value of the registrant&#146;s voting shares held by non-affiliates of the registrant was approximately $43.6 billion based on the closing sale price as reported on the
New York Stock Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of February 19, 2009, there were 1,171,055,198 common shares of the registrant outstanding. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Documents Incorporated By Reference </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Parts I, II and IV: Portions of Registrant&#146;s 2008 Annual Report to Shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Part III: Portions of Registrant&#146;s
Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April&nbsp;27, 2009. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Form 10-K </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item Number </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Page</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_1">PART I </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_2">Business</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_3">Introduction</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_4">Global Network &amp; Merchant Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_5">U.S. Card Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_6">International Card Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_7">Global Commercial Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_8">Corporate &amp; Other</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_9">Foreign Operations</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_10">Segment Information and Classes of Similar Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_11">Executive Officers of the Company</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_12">Employees</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_13">Statistical Disclosures Required by Industry Guide 3</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_14">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">63</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1B.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_15">Unresolved Staff Comments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_16">Properties</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_17">Legal Proceedings</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">77</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_18">Submission of Matters to a Vote of Security Holders</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">83</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_19">PART&nbsp;II </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_20">Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">84</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_21">Selected Financial Data</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_22">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">7A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_23">Quantitative and Qualitative Disclosures about Market Risk</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">8.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_24">Financial Statements and Supplementary Data</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">9.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_25">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">9A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_26">Controls and Procedures</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">9B.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_27">Other Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">86</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_28">PART&nbsp;III </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_29">Directors, Executive Officers and Corporate Governance</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">11.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_30">Executive Compensation</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">12.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_31">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">13.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_32">Certain Relationships and Related Transactions, and Director Independence</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">14.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_33">Principal Accounting Fees and Services</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_34">PART&nbsp;IV</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">15.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_35">Exhibits, Financial Statement Schedules</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">88</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_36">Signatures</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">89</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_37">Index to Financial Statements Covered by Report of Independent Registered Public Accounting Firm</A></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">F-1</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><A HREF="#toc79267_38">Exhibit Index</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">E-1</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_1"></A>PART I* </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_2"></A>ITEM&nbsp;1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>BUSINESS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_3"></A>INTRODUCTION
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Overview </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">American Express Company,
together with its consolidated subsidiaries (&#147;American Express,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), is a leading global payments and travel company. Our principal products and services are charge
and credit payment card products and travel-related services offered to consumers and businesses around the world. We were founded in 1850 as a joint stock association. We were incorporated in 1965 as a New York corporation. As discussed below, on
November&nbsp;14, 2008, American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (&#147;TRS&#148;), each became bank holding companies under the Bank Holding Company Act of 1956 (the
&#147;BHC Act&#148;) subject to the supervision and examination by the Board of Governors of the Federal Reserve System (the &#147;Federal Reserve&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our headquarters are located in New York, New York in lower Manhattan. We also have offices in other locations in North America, as well as throughout the world. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our reportable operating segments are comprised of two customer-focused groups&#151;the Global Consumer Group and the Global Business-to-Business Group.
U.S. Card Services and International Card Services are aligned within the Global Consumer Group and Global Commercial Services and Global Network&nbsp;&amp; Merchant Services are aligned within the Global Business-to-Business Group. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Securities Exchange Act Reports and Additional Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We maintain an Investor Relations Web site on the Internet at http://ir.americanexpress.com. We make available free of charge, on or through this Web site, our annual, quarterly and current reports and any amendments to those reports as
soon as reasonably practicable following the time they are electronically filed with or furnished to the Securities and Exchange Commission (&#147;SEC&#148;). To access these, just click on the &#147;SEC Filings&#148; link under the caption
&#147;Financial Information/Filings&#148; on our Investor Relations homepage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You can also access our Investor Relations Web site through
our main Web site at www.americanexpress.com by clicking on the &#147;About American Express&#148; link, which is located at the bottom of our homepage. Information contained on our Investor Relations Web site and our main Web site is not
incorporated by reference into this report or any other report filed with or furnished to the SEC. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>2008 Highlights </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Compared with 2007, we delivered: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">total revenues net of interest expense of $28.4 billion, up 3% from $27.6 billion; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">income from continuing operations of $2.9 billion, down 30% from $4.1 billion; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Some of the statements in this report constitute forward-looking statements. You can identify forward-looking statements by words such as &#147;believe,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;optimistic,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;may,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;likely,&#148; &#147;estimate,&#148;
&#147;predict,&#148; &#147;potential,&#148; &#147;continue&#148; or other similar expressions. We discuss certain factors that affect our business and operations and that may cause our actual results to differ materially from these forward-looking
statements under &#147;Item 1A. Risk Factors&#148; below. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or
revise any forward-looking statements. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">net income of $2.7 billion, down 33% from $4.0 billion; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">diluted earnings per share based on income from continuing operations of $2.48, down 28% from $3.45; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">diluted earnings per share based on net income of $2.33, down 31% from $3.36; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">return on average equity of 22.3%, compared with 37.3%. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">During the latter half of 2008, concerns over the availability and cost of credit, a historic decline in real estate values in the United States, rising unemployment, and the collapse of major financial institutions
contributed to a worsening global recession, increased volatility and reduced liquidity in the capital markets, and diminished expectations for the economy. The Company experienced slowing cardmember spending (including a year over year decline in
spending in the fourth quarter of the year) and loan volumes and higher delinquencies as increasing stress in the worldwide financial markets eroded consumer and business confidence levels. Based on these trends, the Company expects consumer and
business sentiment will likely deteriorate further and will translate into weaker economies around the globe and increased unemployment through 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">For a complete discussion of our 2008 financial results, including financial information regarding each of our reportable operating segments, see pages 12-119 of our 2008 Annual Report to Shareholders, which are
incorporated herein by reference. For a summary of the Company and our reportable operating segments, and a discussion of our principal sources of revenue, see pages 12-15 and pages 69-71, respectively, of the 2008 Annual Report to Shareholders.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On November&nbsp;14, 2008, American Express Company and TRS each became bank holding companies under the BHC Act subject to the
supervision and examination by the Federal Reserve . Each of American Express Company and TRS also elected to be treated as financial holding companies under the BHC Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Qualifying as a bank holding company provides several advantages to the Company. The primary advantage is that the Company now has the same status and regulator as a majority of its peers. It also gives us additional
flexibility during a time of significant uncertainty and rapid transformation in the financial services industry. In this respect, being regulated as a bank holding company has provided a greater degree of certainty that we are eligible to
participate in the various programs the federal government has introduced or may introduce to provide financial institutions with greater access to capital during the current credit market crisis. For example, pursuant to the United States
Department of the Treasury&#146;s (the &#147;Treasury&#148;) Capital Purchase Program (CPP) under the Emergency Economic Stabilization Act of 2008, we announced on January&nbsp;9, 2009, the receipt of aggregate proceeds of $3.39 billion from the
Treasury in exchange for the sale to the Treasury of (i)&nbsp;3,388,890 shares of our Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $1.66 2/3&nbsp;per share, having a liquidation preference per share equal to $1,000 and
(ii)&nbsp;a ten-year warrant (the &#147;Warrant&#148;) to purchase up to 24,264,129 of our common shares at an initial per share exercise price of $20.95 per share. For additional information about this transaction, please see our Current Report on
Form 8-K filed with the SEC on January&nbsp;9, 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a result of our transition to a bank holding company, we are subject to regulation
by the Federal Reserve, including, without limitation, consolidated capital regulation at the holding company level, maintenance of certain capital and management standards in connection with our two U.S. depository institutions and restrictions on
our non-banking activities under the Federal Reserve&#146;s regulations. For additional information about this change in regulatory status, please see &#147;Supervision and Regulation&#151;General&#148; beginning on page 34 below. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Products and Services </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company&#146;s Global Consumer Group and Global Business-to-Business Group provide a variety of products and services worldwide. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Global Consumer Group offers a range of products and services including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">charge and credit card products for consumers and small businesses worldwide primarily through its U.S. bank subsidiaries and affiliates;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">consumer travel services; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">stored value products such as Travelers Cheques and prepaid products. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Global Business-to-Business Group provides, among other products and services: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">business travel, corporate cards and other expense management products and services; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">network services for the Company&#146;s network partners; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">merchant acquisition and merchant processing, point-of-sale, servicing and settlement and marketing products and services for merchants.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In certain countries we have granted licenses to partially-owned affiliates and unaffiliated entities to offer some of
these products and services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s various products and services are sold globally to diverse customer groups, including
consumers, small businesses, middle-market companies, large corporations, and banking and financial institutions. These products and services are sold through various channels including direct mail, the Internet, employee and independent third-party
sales forces and direct response advertising. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Our general-purpose card network,
card-issuing and merchant-acquiring and processing businesses are global in scope. We are a world leader in providing charge and credit cards to consumers, small businesses and corporations. These cards include cards issued by American Express as
well as cards issued by third-party banks and other institutions that are accepted on the American Express network (collectively, &#147;Cards&#148;). Our Cards permit our cardmembers (&#147;Cardmembers&#148;) to charge purchases of goods and
services in most countries around the world at the millions of merchants that accept Cards bearing our logo. We added a net total of 6&nbsp;million Cards in 2008, bringing total worldwide Cards-in-force to 92.4&nbsp;million (including Cards issued
by third parties). In 2008, our worldwide billed business (spending on American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Cards, including Cards issued by third parties) was $683.3 billion. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Our business as a whole has not experienced significant seasonal fluctuations, although travel
sales generally tend to be highest in the second and fourth quarters. Travelers Cheque sales and Travelers Cheques outstanding tend to be greatest each year in the summer months, peaking in the third quarter. American Express<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Gift Card sales are highest in the months of November and December; and Card billed business tends to be moderately higher in the fourth quarter than in other quarters. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Spend-Centric Model is Competitive Advantage </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Despite
the challenges of the current economic environment, we believe our &#147;spend-centric&#148; business model (which focuses on generating revenues primarily by driving spending on our Cards and secondarily by finance charges and fees) continues to
give us significant competitive advantages, even when the overall spending level is down. Average spending on our Cards, which is substantially higher for us versus our competitors, represents greater value to merchants in the form of loyal
customers and higher sales. This enables us to earn a premium discount rate and thereby invest in greater value-added services for merchants and Cardmembers. As a result of the higher revenues generated from higher spending, we have the flexibility
to offer more attractive rewards, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">other incentives to Cardmembers and targeted marketing programs for merchants, which in turn creates an incentive for Cardmembers to spend more on their
Cards. This business model, along with our closed-loop network, in which we are both the Card issuer and, in most instances, the merchant acquirer, gives us a competitive advantage that we seek to leverage to provide more value to Cardmembers,
merchants and Card-issuing partners. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>The American Express Brand </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our brand and its attributes&#151;trust, security, integrity, quality and customer service&#151;are key assets of the Company. We continue to focus on our brand by educating employees about these attributes and by
incorporating them into our programs, products and services. Our brand has consistently been rated one of the most valuable brands in the world in published studies, and we believe it provides us with a significant competitive advantage. We believe
our brand and its attributes are critical to our success, and we invest heavily in managing, marketing and promoting it. (Marketing, promotion, rewards and cardmember services expenses are reflected in each segment based on actual expenses incurred,
with the exception of brand advertising, which is reflected in the Global Network&nbsp;&amp; Merchant Services segment.) In addition, we place significant importance on trademarks, service marks and patents, and diligently protect our intellectual
property rights around the world. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_4"></A>GLOBAL NETWORK&nbsp;&amp; MERCHANT SERVICES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Global Network&nbsp;&amp; Merchant Services (&#147;GNMS&#148;) segment operates a global general-purpose charge and credit card network for both
proprietary Cards and Cards issued under network licensing agreements. It also manages merchant services globally, which includes signing merchants to accept Cards as well as processing and settling Card transactions for those merchants. This
segment also offers merchants point-of-sale, servicing and settlement and marketing products and services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cards bearing our logo are
issued by our principal operating subsidiary, TRS, the Company&#146;s U.S. bank subsidiaries, American Express Centurion Bank (&#147;Centurion Bank&#148;) and American Express Bank, FSB (&#147;AEBFSB&#148;), and also by third-party institutions.
They are accepted at all merchant locations worldwide that accept American Express-branded Cards. In addition, depending on the product, Cards bearing our logo are generally accepted at ATM locations worldwide that accept Cards. TRS and its
subsidiaries issue the vast majority of Cards on our network. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our Global Network Services (&#147;GNS&#148;) business establishes and
maintains relationships with issuers and other institutions around the world that issue Cards and, in certain countries, acquire local merchants on the American Express network. GNS is key to our strategy of broadening the Cardmember and merchant
base for our network worldwide. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our Global Merchant Services (&#147;GMS&#148;) business provides us with access to rich transaction data
through our closed-loop network, which encompasses relationships with both the Cardmember and the merchant. This capability helps us acquire new merchants, deepen relationships with existing merchants, process transactions, and provide targeted
marketing and other value-added services to merchants in our network. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A key asset of our network is the American Express brand, which is
one of the world&#146;s most highly recognized and respected brands. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Global Network Services </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We continue to pursue a strategy, through our GNS business, of inviting U.S. and foreign banks and other institutions to issue Cards on the American
Express network. By leveraging our global infrastructure and the appeal of the American Express brand, we broaden our Cardmember and merchant base for our network worldwide. The GNS business has established more than 128 card-issuing and/or
merchant-acquiring arrangements with banks and other institutions in 127 countries. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Historically, we had successfully implemented our GNS business strategy in a number of countries outside
the United States. In contrast to the situation outside the United States, until 2004 no major U.S. banks had issued Cards in the United States on the American Express global network. This situation was the result of rules and policies of Visa Inc.,
Visa USA, and Visa International (collectively &#147;Visa&#148;) and MasterCard International, Inc. (&#147;MasterCard&#148;) in the United States at the time, which mandated expulsion of members that issued American Express-branded Cards. These
rules were struck down in 2004 in a lawsuit brought by the U.S. Department of Justice. As a result of this decision, beginning in 2004, we have been able to extend our network to other card issuers in the United States, just as we have done
internationally. (You can read about our lawsuit and settlements with Visa and MasterCard relating to their rules and policies in the &#147;Legal Proceedings&#148; section of this Report under Item 3 below.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2008, GNS signed 13 new partners to issue Cards and/or acquire merchants on the American Express network. Additionally, GNS partners launched 130 new
products during 2008, bringing the total number of American Express-branded GNS partner products to approximately 930. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">GNS focuses on
partnering with qualified third-party banks and other financial institutions that choose to issue Cards accepted on our global network. Although we customize our network arrangements to the particular country and each partner&#146;s requirements, as
well as to our strategic plans in that marketplace, all GNS arrangements are designed to help issuers develop products for their highest-spending and most affluent customers and to support the value of American Express Card acceptance to merchants.
We choose to partner with institutions that share a core set of attributes compatible with the American Express brand, such as commitment to high quality standards and strong marketing expertise, and we require adherence to our product, brand and
service standards.* </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With approximately 930 different Card products launched on our network so far by our partners, GNS is an increasingly
important business that is strengthening our brand visibility around the world, driving more transaction volume onto our merchant network and increasing the number of merchants accepting the American Express Card. GNS enables us to expand our
network&#146;s global presence without assuming additional Cardmember credit risk or having to invest a large number of resources, as our GNS partners already have established attractive customer bases they can target with American Express-branded
products, and are responsible for managing the credit risk associated with the Cards they issue. Since 1999, Cards-in-force issued by GNS partners have grown at a compound annual growth rate of 27%, and totaled almost 25&nbsp;million Cards at the
end of 2008. Outside the United States, 68% of new Cards issued in 2008 were Cards issued by one of our GNS partners. Spending on these GNS Cards has grown at a compound annual rate of 27% since 1999. Year over year spending growth in 2008 was 27%,
with total spending equal to $67 billion. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>GNS Arrangements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Although the structures and details of each of the GNS arrangements vary, all of them generate revenues for us from the Card transaction volumes they drive on the American Express network. Gross revenues we receive
per dollar spent on a Card issued by a GNS partner are lower than those from our proprietary Card-issuing business. However, because the GNS partner is responsible for most of the operating costs and risk of its Card-issuing business, our operating
expenses and credit losses are lower than those in our proprietary Card-issuing business. The GNS business model generates an attractive earnings stream and risk profile that requires a lower level of capital support. The return on equity in our GNS
business can thus be significantly higher than that of our proprietary Card-issuing business. In addition, since the majority of GNS costs are fixed, the GNS business is highly scalable. GNS partners benefit from their association with the American
Express brand and their ability to gain attractive revenue streams and expand and differentiate their product offerings with innovative marketing programs. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The use of the term &#147;partner&#148; or &#147;partnering&#148; does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American
Express&#146;s relationship with third-party issuers and merchant acquirers. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our GNS arrangements fall into the following three main categories: Independent Operator Arrangements,
Network Card License Arrangements and Joint Venture Arrangements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Independent Operator Arrangements </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The first type of GNS arrangement is known as an independent operator (&#147;IO&#148;) arrangement. As of the end of 2008, we had 64 of these arrangements
around the world. We pursue these arrangements to expand the presence of the American Express network in markets in which we do not offer a proprietary local currency Card. The partner&#146;s local presence and relationships help us enhance the
impact of our brand in the market, reach merchant coverage goals more quickly, and operate at economic scale and cost levels that would be difficult for us to achieve on our own. Subject to meeting our standards, we license our IO bank partners to
issue local currency Cards in their markets, including the classic Green, Gold and Platinum American Express Cards. In addition, the majority of these partners serve as the merchant acquirer and processor for local merchants. American Express
retains the relationship with multinational merchants. Our IO partners own the customer relationships and credit risk for the Cards they issue, and make the decisions about which customers will be issued Cards. GNS generates revenues in IO
arrangements from Card licensing fees, royalties on Cardmember billings, foreign exchange conversion revenue, royalties on charge volume at merchants, discount revenue and, in some partnerships, royalties on net spread revenue. Our IO partners are
responsible for transaction authorization, billing and pricing, Cardmember and merchant servicing, and funding Card receivables for their Cards and payables for their merchants. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We bear the risk arising from the IO partner&#146;s potential failure to meet its settlement obligations to us. We mitigate this risk by partnering with
institutions that we believe are financially sound and will meet their obligations, and by monitoring their financial health, their compliance with the terms of their relationship with us and the political, economic and regulatory environment in
which they operate. In addition, we generally require IO partners to post a letter of credit, bank guarantee or other collateral to reduce this risk. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Examples of countries where we have entered into IO arrangements include Brazil, Russia, China, Ecuador, Greece, South Korea, Pakistan, Croatia, Peru, Portugal and Vietnam. Through our IO partnerships, we believe we
can accelerate growth in Cardmember spending, Cards-in-force and merchant acceptance in these countries. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Network Card License
Arrangements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The second type of GNS arrangement is known as a network card license (&#147;NCL&#148;). At the end of 2008, we had 60 of
these arrangements in place worldwide. We pursue these arrangements to increase our brand presence and gain market share in markets in which we have a proprietary Card-issuing and/or merchant acquiring business and, in a few cases, those in which we
have IO partners. In an NCL arrangement, we grant the third-party financial institution a license to issue American Express-branded Cards. The NCL issuer owns the customer relationships for all Cards it issues, provides customer service to its
Cardmembers, authorizes transactions, manages billing and credit, is responsible for marketing the Cards, and designs Card product features (including rewards and other incentives for Cardmembers), subject to meeting certain standards. We operate
the merchant network, route and process Card transactions from the merchant&#146;s point-of-sale through submission to the issuer, and settle with issuers. The NCL is the type of arrangement we have implemented with banks in the United States.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">GNS&#146; revenues in NCL arrangements are driven by a variety of factors, including the level of Cardmember spending, royalties, currency
conversions and licensing fees paid by the partner and fees charged to the Card issuer based on charge volume, and our provision of value-added services such as Cardmember insurance products and other Card features and benefits for the issuer&#146;s
Cards. As indicated above, the NCL issuer bears the credit risk for the issued Cards, as well as the Card marketing and acquisition costs, Cardmember fraud risks and costs of rewards and other loyalty initiatives. We bear the risk arising from the
NCL partner&#146;s potential failure to meet its settlement obligations to us. We mitigate this risk by partnering with institutions that we believe are </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">financially sound and will meet their obligations, and by monitoring their financial health, their compliance with the terms of their relationship with us
and the political, economic and regulatory environment in which they operate. In addition, we generally require NCL issuers to post a letter of credit, bank guarantee or other collateral to reduce this risk. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Examples of NCL arrangements include our relationships with Citibank (South Dakota), N.A. and Bank of America in the United States, Lloyds TSB Bank in
the United Kingdom and Westpac Banking Corporation in Australia. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Joint Venture Arrangements </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The third type of GNS arrangement is a joint venture (&#147;JV&#148;) arrangement. We have utilized this type of arrangement in Switzerland, Belgium and
in other countries. In these markets, we join with a third party to establish a separate business in which we have a significant ownership stake. The JV typically signs new merchants to the American Express network and issues local currency Cards
that carry our logo. In a JV arrangement, the JV assumes the Cardmember credit risk and bears the operating and marketing costs. Unlike the other two types of GNS arrangements, we share management, risk, and profit and loss responsibility with our
JV partners. Income is generated by discount revenues, card fees and net spread revenues. The economics of the JV are similar to those of our proprietary Card-issuing business, which we discuss under &#147;U.S. Card Services,&#148; and we receive a
portion of the JV&#146;s income depending on, among other things, the level of our ownership interest. Our subsidiary, AEOCC Management Company, Ltd., purchases card receivables from certain of the GNS JVs from time to time. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>GNS Business Highlights </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Outside the United States we
signed a number of agreements in 2008 to enhance our presence in existing markets and further expanded our global presence into new markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Some of the highlights of our GNS business outside the United States in 2008 include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Entry into a new card issuing partnership with Westpac New Zealand and launch of a new credit card that increases the points earning power of Westpac&#146;s
hotpoints rewards program; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Issuance of the first American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Gold Credit Card in
Montenegro, launched with our new partner Crnogorska Komercijalna Banka, a member of the OTP Group; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch of the American Express Gold Card and the American Express Platinum Card<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> in Estonia with our new partner Swedbank (formerly Hansabank); and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Announcement of a new partnership with the International Bank of Azerbaijan, the largest financial institution of Southern Caucasus, to launch American Express
Cards in the Azerbaijani market. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">GNS continues to expand its airline co-brand portfolio, launching 14 new airline
co-brands in 2008 bringing the total to 37 airline co-brand products. Some of the key airline co-brand signings outside the United States in 2008 include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Issuance of the Iberia Sendo American Express Card in Spain with our new partner Iberia Cards; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch in the United Kingdom, with our partner MBNA Europe Bank Ltd, of three airline co-branded credit card programs with the MBNA brand: the Miles&nbsp;&amp; More
American Express Credit Card, the BMI American Express airline co-brand Card and the United Airlines Mileage Plus credit card; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Issuance of the first airline co-brand card on the American Express network in Japan with our partner GE Money, the AAdvantage / GE Money American Express Card.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Some of the highlights of our GNS business in the United States in 2008 include: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Announcement with Fidelity Investments of the launch of the Fidelity Retirement Rewards American Express Card; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch with GE Money and Universal Studios of the Universal American Express Card from GE Money; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch of two new airline co-brand cards with our partner Bank of America, the Asiana American Express Card and the Virgin Atlantic American Express Card.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Global Merchant Services </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We operate a GMS business, which includes signing merchants to accept Cards, accepting and processing Card transactions, and paying merchants that accept Cards for purchases made by Cardmembers with Cards (&#147;Charges&#148;). We also
provide marketing services and programs to merchants, leveraging the capabilities provided by our closed-loop structure, as well as point-of-sale products and servicing and settlement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our objectives are for Cardmembers to be able to use the Card wherever and however they desire, and to increase merchant coverage in key geographic areas
and in selected new industries that have not traditionally accepted general-purpose credit and charge cards as a means of payment. We add new merchants to our network through a number of sales channels: a proprietary sales force, third-party sales
and service agents, strategic alliances with banks and processors, the Internet, telemarketing and inbound &#147;Want to Honor&#148; calls (i.e., merchants desiring to accept the Card contacting us directly). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As discussed in the &#147;Global Network Services&#148; section, our IO partners and JVs also add new local merchants to the American Express network.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">During 2008, we continued expanding our integrated American Express
OnePoint</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>SM</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> solution for small- and medium-sized merchants. Under this program, third-party service agents provide payment processing services to
merchants on our behalf for Card transactions, while we retain the acceptance contract with participating merchants, establish merchant pricing and receive the same transactional information we always have received. This program simplifies card
processing for small- and medium-sized merchants by providing them with a single source for statements, settlement and customer service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Since the early 1990s, we have significantly expanded the number of merchants that accept our Card products as well as the kinds of businesses that accept the Card. Over the last several years, we have focused our efforts on increasing the
use of our Cards for everyday spending. In 1990, 64% of our U.S. billings came from the travel and entertainment sectors and 36% came from retail and other sectors. That proportion has now been more than reversed. In 2008, U.S. non-travel and
entertainment billings represented over 70% of the U.S. billed business on American Express Cards. This shift resulted from the growth, over time, in the types of merchants that began to accept charge and credit cards in response to consumers&#146;
increased desire to use these cards for more of their purchases, and our focus on expanding Card acceptance to meet Cardmembers&#146; needs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">During 2008, we continued our efforts to encourage consumers to use the Card for everyday spending and to increase the number and types of merchants in retail and everyday spending categories that accept the Card, such as quick-serve
restaurants, mass transit, healthcare and recurring billing merchants. For example, during 2008, we announced Card acceptance agreements in the United States with: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Fresh&nbsp;&amp; Easy Neighborhood Market, a company of Tesco, to accept the Card at over 100 Fresh&nbsp;&amp; Easy stores in California, Arizona and Nevada;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Fry&#146;s Electronics, Inc. to accept the Card at all 34 Fry&#146;s stores in the United States and on its Web site; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Public mass-transit systems Southeastern Pennsylvania Transportation Authority (SEPTA) and Bay Area Rapid Transit (BART). </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Outside the United States, we signed card acceptance agreements with: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">RBS Insurance Group of the United Kingdom, to accept the Card for certain lines of insurance; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">McDonald&#146;s, to accept the Card at its 780 restaurants across Australia; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Unicoop Firenze SC, to accept the Card at seven of its hypermarkets in Italy; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Christie&#146;s, to accept the Card at its auctions in Hong Kong. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In addition, we continued our drive to bring Card acceptance to industries where cash or checks are the predominant form of payment. For example, we have made headway in promoting Card acceptance for Global
Business-to-Business payments in industries such as pharmaceuticals, wholesale foods, biotechnology, construction, industrial supply and telecommunications. Acceptance agreements were signed in 2008 in the United States with wholesale home products
and improvement companies such as Lansing Building Products, Dal-Tile Corp., Lux Home Inc., and Spring Air, and construction materials manufacturer, Acme Brick Company. Internationally, a Card acceptance agreement was reached with Ceva Logistics, a
warehousing, transport and logistics company in Australia. As we penetrate these industries, there is the potential to increase our average Cardmember spending. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Globally, acceptance of general-purpose charge and credit cards continues to increase. As in prior years, during 2008, we continued to grow merchant acceptance of Cards around the world and to refine our approach to
calculating merchant coverage in accordance with changes in the marketplace. Management estimates that, as of the end of 2008, our merchant network in the United States accommodated more than 90% of our Cardmembers&#146; general-purpose charge and
credit card spending, and our international merchant network as a whole accommodated approximately 80% of our Cardmembers&#146; general-purpose charge and credit card spending. These percentages are based on comparing our Cardmembers&#146; spending
on our network currently with our estimate of what our Cardmembers would spend on our network if all merchants that accept general-purpose credit and charge cards accepted American Express Cards. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We earn &#147;discount&#148; revenue from fees charged to merchants for accepting Cards as payment for goods or services sold. The merchant discount is
the fee charged to the merchant for accepting Cards and is generally expressed as a percentage of the amount charged on a Card. The merchant discount is generally deducted from the amount of the payment that the &#147;merchant acquirer&#148; (in
most cases, TRS or one of its subsidiaries) pays to a merchant for Charges submitted. A merchant acquirer is the entity that contracts for Card acceptance with the merchant, accepts transactions from the merchant, pays the merchant for these
transactions and submits the transactions to the American Express network, which submits the transactions to the appropriate Card issuer. When a Cardmember presents the Card for payment, the merchant creates a record of charge for the transaction
and submits it to the merchant acquirer for payment. To the extent that TRS or one of its subsidiaries is the merchant acquirer, the merchant discount is recorded by us as discount revenue at the time the transaction is received by us from the
merchant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Where we act as the merchant acquirer and the Card presented at a merchant is issued by a third-party bank or financial
institution, such as in the case of our GNS partners, we will make financial settlement to the merchant and receive the discount revenue. In our role as the operator of the Card network, we will also receive financial settlement from the Card
issuer, who receives an issuer rate (i.e., the individually negotiated amount that Card issuers receive for transactions charged on our network with Cards they issue, which is usually expressed as a percentage of the charged amount). The difference
between the discount revenue (received by us in the form of the merchant discount) and the issuer rate received by the Card issuer generates a return to us. In cases where American Express is the Card issuer and the merchant acquirer is a
third-party bank or financial institution (which can be the case in a country in which the IO is the local merchant acquirer), we receive an individually negotiated issuer rate in our settlement with the merchant acquirer, which is recorded by us as
discount revenue. By contrast with networks such as Visa and MasterCard, there is no collectively-set interchange rate on the American Express network. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following diagrams depict the relationships among the parties in a point-of-sale transaction effected
on the American Express network where we act as both the Card issuer and merchant acquirer (the &#147;3-Party Model&#148;) and under an NCL arrangement where third-party financial institutions act as Card issuers (the &#147;NCL Model&#148;):
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g79267g16d58.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g79267g49m08.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The merchant discount rate we charge is principally determined by the value we deliver to the merchant and
generally represents a premium over other networks. We deliver greater value to merchants through higher spending Cardmembers relative to users of cards issued on competing card networks, marketing expertise, and Cardmembers&#146; insistence on
using their Cards when enrolled in rewards or other Card loyalty programs, including Cardmembers who are part of our Corporate Card program. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The merchant discount rate varies, among other factors, with the industry in which the merchant does business, the merchant&#146;s Charge volume, the timing and method of payment to the merchant, the method of submission of Charges and, in
certain instances, the geographic scope of the Card acceptance agreement signed with us (local or global) and the Charge amount. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2008,
as in prior years, we experienced some reduction in our global weighted average merchant discount rate, principally reflecting the net impact of selective repricing initiatives, changes in the mix of business, regional market pressures and
volume-related pricing adjustments. We expect that the effect of these factors will likely continue to result in some erosion over time of the weighted average merchant discount rate, particularly outside the United States. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">While most merchants that accept our Cards understand our merchant discount rate pricing in relation to the value provided, we do encounter a relatively
small number of merchants that accept our Cards, but tell their customers that they prefer to accept another type of payment and, consequently, suppress use of the Card. Subject to local legal requirements, we respond to this issue vigorously to
ensure that our Cardmembers are able to use their Card where and when they want to and to protect the American Express brand. We have made progress by </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">concentrating on acquiring merchants where Cardmembers want to use the Card; continuing to enhance the value we provide to merchants through programs such as
My WishList and American Express Selects<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, which enable merchants to gain valuable exposure and additional sales by providing exclusive offers and experiences to American Express
Cardmembers; developing new and innovative business insights using information available through our closed-loop network; providing better and earlier communication of our value proposition; and, when appropriate, cancelling merchants who suppress
the use of our Card products. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the case of My WishList, a popular seasonal limited e-tail Web site we developed in the United States, we
provide Cardmembers with opportunities to buy a limited number of sought-after items, such as automobiles, electronics, jewelry, and attractive travel and lifestyle experiences, at a significant discount from their retail prices, in addition to
access to numerous offers from top brands. Through American Express Selects, we make available to our Cardmembers high quality shopping, dining and travel values from merchants all over the world. American Express Selects is a global platform
available to American Express Cardmembers and merchants that enables Cardmembers to enjoy special offers from merchants without compromising their privacy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Merchant satisfaction is a key goal of our GMS business. We focus on understanding and addressing factors that influence merchant satisfaction, including developing and executing innovative programs that increase Card
usage at merchants, using technology resources, enhancing operational efficiencies and merchants&#146; ease of doing business with us, making our U.S. operating procedures easily available to merchants on our Web site, applying our closed-loop
capabilities and deep marketing expertise, and strengthening our relationships with merchants through an expanding roster of services that helps them meet their business goals. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We also offer our merchant customers a full range of point-of-sale solutions, including integrated point-of-sale terminals, software, online solutions,
and direct links that allow merchants to accept American Express Cards (as well as credit and debit cards issued on other networks and checks). Virtually all proprietary point-of-sale solutions support direct processing (i.e., direct connectivity)
to American Express, which can lower a merchant&#146;s cost of Card acceptance and enhance payment efficiency. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT
FACE="Times New Roman" SIZE="2">ExpressPay from American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, a contactless payment feature, is designed to be a fast, easy-to-use alternative for making everyday purchases at
merchants where speed and convenience is important. ExpressPay is accepted at more than 30,000 locations in the United States, including top quick-service restaurant, movie theater, drug store and convenience store and major retail chains.
ExpressPay, powered by radio-frequency technology, is currently embedded within several Card products. In 2008, we expanded the list of merchants where ExpressPay can be used to include Paradise Shops, Universal Orlando Resort and Hess. In early
2008, after a strategic review of the ExpressPay portfolio, we decided to discontinue the ExpressPay key fob and focus resources on developing ExpressPay on our card portfolios and mobile phones. All ExpressPay key fobs were deactivated in 2008.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We continue to focus our efforts on the recurring billing industry through Automatic Bill Payment, a service that allows merchants to bill
Cardmembers on a regular basis for recurring charges such as insurance premiums, newspaper subscriptions, health club memberships, commutation costs and cable television service. We have also made modifications to our host authorization system to
approve more transactions and reduce Cardmember inconvenience at the point-of-sale without a corresponding increase in fraud or credit losses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Wherever we manage both the acquiring relationship with merchants and the Card-issuing side of the business, there is a &#147;closed-loop,&#148; which distinguishes our network from the bankcard networks, in that we have access to
information at both ends of the Card transaction. We maintain direct relationships with both our Cardmembers and our merchants, and we handle all key aspects of those relationships. Our relationships allow us to analyze information on Cardmember
spend. This enables us to provide targeted marketing for merchants and special offers to Cardmembers through a variety of channels, subject to compliance with our privacy policy and legal requirements. We protect the confidentiality of this data,
and comply with strict privacy, firewall and applicable legal requirements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We work closely with our Card-issuing and merchant-acquiring bank partners to maintain key elements of
this closed-loop, which permits them to customize marketing efforts, deliver greater value to their Cardmembers and help us to direct increased business to merchants who accept the Card. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As the merchant acquirer, we have certain exposures that arise if a billing dispute between a Cardmember and a merchant is settled in favor of the
Cardmember. Drivers of this liability are returns in the normal course of business, disputes over fraudulent charges, the quality or non-delivery of goods and services and billing errors. Typically, we offset the amount due to the Cardmember against
payments for the merchant&#146;s current or future Charge submissions. We can realize losses when a merchant&#146;s offsetting Charge submissions cease, such as when the merchant commences a bankruptcy proceeding or goes out of business. We actively
monitor our merchant base to assess the risk of this exposure. When appropriate, we will take action to reduce the net exposure to a given merchant by requiring a parent company guarantee or letter of credit, holding cash reserves funded through
Charge payable holdbacks from a merchant, lengthening the time between when the merchant submits a Charge for payment and when we pay the merchant or implementing other appropriate risk management tools. We also establish reserves on our balance
sheet for these contingencies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With the increase in electronic transmission of credit card transaction data over merchants&#146;
point-of-sale systems, American Express and the other major card networks recognized the necessity for merchants and merchant processors to secure this data against accidental or intentional compromise using a standard protocol that applies to all
card types. In 2006, in order to strengthen the security practices of merchants and payment processing firms and to secure payment account data in a globally consistent manner, we and Discover Financial Services, JCB, MasterCard Worldwide and Visa
formed PCI Security Standards Council, LLC (&#147;PCI SSC&#148;), an independent standards-setting organization. PCI SSC&#146;s role is to manage the Payment Card Industry (PCI) Data Security Standard, and more recently the PCI PIN Entry Device
(PED) Security Requirements and the Payment Application Data Security Standard, which focus on improving payment card account security throughout the transaction process. By establishing PCI SSC, we and the other founders have developed common
standards that are more accessible and efficient for participants in the payment card industry. All our merchants and service providers that store, process and transmit payment card data are required to comply with the PCI Data Security Standard.
PCI SSC is dedicated to driving greater education, awareness and adoption of these security standards to ensure that all stakeholders involved in the payment process conduct their business responsibly. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In some markets outside the United States, particularly in Asia, third-party processors and some bankcard acquirers have begun to offer merchants the
capability of converting credit card transactions from the local currency to the currency of the cardholder&#146;s residence (i.e., the cardholder&#146;s billing currency) at the point-of-sale, and submitting the transaction in the cardholder&#146;s
billing currency, thus bypassing the traditional foreign currency conversion process of the card network. This practice is known as &#147;dynamic currency conversion.&#148; If a merchant utilizes a dynamic currency conversion process, the merchant
and processor share any fee assessed or spread earned for converting the transaction at the point-of-sale, thus reducing or eliminating revenue for card issuers and card networks relating to the conversion of foreign charges to the cardholder&#146;s
billing currency. This practice is not widespread, and it is uncertain to what extent consumers will prefer to have foreign currency transactions converted by merchants in this way. Our policy generally requires merchants to submit Charges and be
paid in the currency of the country in which the transaction occurs, and we convert the transaction to the Cardmember&#146;s billing currency. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>GLOBAL
NETWORK&nbsp;&amp; MERCHANT SERVICES&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our global card network, including our Global Merchant Services and Global
Network Services businesses, competes with other charge and credit card networks, including, among others, Visa, MasterCard, Diners Club (which was acquired by Discover Financial Services), Discover (primarily in the United States), and JCB Co.,
Ltd. (primarily in Asia). We are the third largest general-purpose charge and credit card network based on charge volume, behind Visa and MasterCard, which are larger than we are in most markets. In addition, apart from such network services, a
range of companies globally, including merchant acquirers and processors, carry out some </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">activities similar to certain activities performed by our GMS and GNS businesses. No single entity participates on a global basis in the full range of
activities that are encompassed by our closed-loop business model. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The principal competitive factors that affect the network and merchant
service businesses include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the number of Cards-in-force and amount of spending on these Cards; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the quantity and quality of the establishments where the Cards can be used; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the economic attractiveness to card issuers and merchant acquirers of participating in the network; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the success of marketing and promotional campaigns; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">reputation and brand recognition; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">innovation in systems, technology and product offerings; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the quality of customer service; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the security of Cardmember and merchant information; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the impact of existing litigation, legislation and government regulation; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">cost of Card acceptance relative to the value provided. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Another aspect of network competition is the recent emergence and rapid growth of alternative payment mechanisms and systems, which include aggregators (such as PayPal), wireless payment technologies (including using
mobile telephone networks to carry out transactions), prepaid systems and systems linked to credit cards, and bank transfer models. In the United States, alternative payment vehicles continue to emerge that seek to redirect online customers to
payment systems based on ACH (automated clearing house, i.e., inter-bank transfer), and existing debit networks are making efforts to develop online PIN functionality, which could potentially reduce the relative use of charge and credit cards
online. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Some of our competitors have attempted to replicate our closed-loop structure, such as Visa, with its Visa Incentive Network.
Although it remains to be seen how effective Visa will be, efforts by Visa and other card networks and payment providers to replicate the closed-loop speak to its continued value and to the intense competitive environment in which we operate.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>GLOBAL NETWORK&nbsp;&amp; MERCHANT SERVICES&#151;Regulation </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Local regulations governing the issuance of charge and credit cards have not been a significant factor impacting GNS&#146; arrangements with banks and qualifying financial institutions, because such banks and
institutions generally are already authorized to issue general-purpose cards and, in the case of our IO arrangements, to operate merchant-acquiring businesses. Accordingly, our GNS partners have generally not had difficulty obtaining appropriate
government authorization in the markets in which we have chosen to enter into GNS arrangements. As a network service provider to regulated U.S. banks, our GNS business is subject to review by certain federal bank regulators, including the Federal
Reserve, the Federal Deposit Insurance Corporation (&#147;FDIC&#148;), the Office of the Comptroller of the Currency and the Office of Thrift Supervision. As the operator of a general-purpose card network, we are also subject to certain provisions
of the Currency and Foreign Transactions Reporting Act and the accompanying regulations issued by the U.S. Department of the Treasury (collectively referred to as the &#147;Bank Secrecy Act&#148;), as amended by the USA PATRIOT Act of 2001 (the
&#147;Patriot Act&#148;). We conduct due diligence on our GNS partners to ensure that they have implemented and maintain sufficient anti-money laundering (&#147;AML&#148;) controls to prevent our network from being used for money laundering or
terrorist financing purposes. As a result of American Express Company and TRS each becoming bank holding companies, our business is also subject to further regulation and regulatory oversight by the Federal Reserve. For additional information about
this change in regulatory status, please see &#147;Supervision and Regulation&#151;General&#148; beginning on page 34 below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In recent years, regulators in several countries outside the United States have focused on the fees
involved in the operation of card networks, including the fees merchants are charged to accept cards. Regulators in the United Kingdom, Poland, Germany, Hungary, the European Union (EU), Australia, Mexico, and Venezuela, among others, have conducted
investigations that are either ongoing or on appeal. The interchange fee, which is the collectively set fee paid by the bankcard merchant acquirer to the card issuing bank in &#147;four party&#148; payment networks, like Visa and MasterCard, is
generally the largest component of the merchant service charge charged to merchants for bankcard debit and credit card acceptance in these systems<B>. </B>By contrast, the American Express network does not have collectively-set interchange fees.<B>
</B>Although the regulators&#146; focus has primarily been on Visa and MasterCard as the dominant card networks and their operations on a multilateral basis, antitrust actions and government regulation of the bankcard associations&#146; pricing
could ultimately affect all networks. Lower interchange and/or merchant discount revenue may lead card issuers to look for other sources of revenue from consumers such as higher annual card fees or interest charges, as well as to reduce costs by
scaling back or eliminating rewards programs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In certain countries where antitrust actions or regulations have led our competitors to
lower their fees, we have made adjustments to our pricing to merchants to reflect local competitive trends. For example, reductions in bankcard interchange mandated by the Reserve Bank of Australia reforms in 2003 have resulted in lower merchant
discount rates for Visa and MasterCard acceptance. As a result of changes in the marketplace, we have reduced our own merchant discount rates in Australia, although we have been able to increase billed business and the number of merchants accepting
our Cards. In addition, under legislation enacted in Argentina, a merchant acquirer is required to charge the same merchant discount rate to all merchants in the same industry category, and merchant discount rates for credit cards cannot exceed 3%.
The Central Bank of Venezuela also recently issued regulations regarding the maximum level of merchant discount rates by industry category. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In Europe, investigations of interchange are usually handled by the domestic competition law authorities, as well as the European Commission. In its Final Report on the retail banking sector issued in January 2007, which included a review
of the payment cards industry, including interchange fees, the European Commission appeared to favor competition law enforcement tools, rather than regulation of price levels, to address perceived competition issues. The conclusions of the European
Commission in its Final Report do not have the force of law, but may be used as the basis for future regulation or antitrust enforcement action in the EU Member States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In December 2007, the European Commission ruled that MasterCard&#146;s multilateral interchange fees (MIF) for cross-border payment card transactions violate EC Treaty rules on restrictive business practices.
MasterCard lodged an appeal against the Commission&#146;s findings. The ruling does not prevent MasterCard and its member banks from adopting an alternative MIF arrangement that can be proven to comply with EU Competition rules. The
Commission&#146;s decision applies to cross-border consumer credit, charge and debit card transactions within the EU and to domestic transactions to which MasterCard has chosen to apply the cross-border MIF. Although the Commission&#146;s
investigation included commercial cards, it has reserved judgment for the time being on the legality of MasterCard&#146;s cross-border MIF for commercial card transactions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2002, the Commission granted an exemption to Visa regarding its MIFs. This exemption expired on December&nbsp;31, 2007 and in March 2008 the
Commission opened formal antitrust proceedings against Visa Europe Limited in relation to Visa&#146;s MIFS for cross-border consumer card transactions. The Commission has indicated that the MasterCard decision should &#147;provide Visa with guidance
for the way ahead,&#148; although it stated that &#147;every MIF must be examined on its own merits.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These developments may affect
how the competition authorities in the Member States of the EU view domestic interchange. In 2007, for example, the competition regulator in Poland found insufficient basis for Visa and MasterCard interchange fees and ordered the associations and
their members to stop their current interchange setting practices immediately. The banks appealed that decision and in November 2008 the decision was overturned. The Polish Competition Authority has appealed that ruling. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Regulators, including most recently the European Commission, have also considered the industry practice of prohibiting merchants from passing the cost of
merchant discount fees along to consumers through surcharges on </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">card purchases. Although some countries, such as the United Kingdom, have for a number of years permitted merchants to levy a surcharge on credit card
purchases, there has to date been a relatively low overall incidence of surcharging, as merchants do not want to risk offending customers or losing them to competitors that do not assess surcharges for credit card purchases. In Australia, we have
seen selective, but increasing, merchant surcharging on our Cards in certain industries and, in some cases, on a basis that is greater than that applied to cards issued on the bankcard networks. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The European Union has adopted a new legislative framework for electronic payment services, including cards, referred to as the Payment Services
Directive. The Payment Services Directive prescribes common rules for licensing and supervision of payment services providers, including card issuers and merchant acquirers, and for their conduct of business. The objective of the Payment Services
Directive is to facilitate the creation of a single, internal payments market in the EU through harmonization of EU Member State laws governing payment services. One provision of the Payment Services Directive permits merchants to surcharge, subject
to disclosure requirements, but also allows individual Member States to override this rule by prohibiting surcharging. To date, the United Kingdom, Netherlands, Sweden, Spain, Ireland and Germany have made known their intent to permit surcharging,
and France has made known its intent to prohibit surcharging. All EU Member States are required to make their election one way or the other by November 2009. The Payment Services Directive complements another European initiative, the Single Euro
Payments Area (&#147;SEPA&#148;), which is an industry-led initiative with support from EU institutions. Among other changes, SEPA will involve the adoption of new, pan-European technical standards for cards and card transactions. All of the
foregoing will entail costs to implement and maintain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the United States, Congress continues to debate the interchange issue. There
have been several hearings on Visa/MasterCard interchange over the last two years, and at the request of Congress, the Government Accountability Office completed a study on the cost of credit card acceptance to federal agencies and is undertaking a
study on the structure of interchange fees and their impact on small merchants. In 2008, federal legislation was introduced that would give all U.S. merchants antitrust immunity to negotiate collectively the price and terms of card acceptance on
networks with at least a 20% share of U.S. credit and debit card payments combined, with a default process for having prices and terms set through government action rather than competitive forces. One version of this legislation (the &#147;Credit
Card Fair Fee Act&#148;) was passed in the House Judiciary Committee. As drafted, this legislation would not apply to the American Express network, but, if enacted, would have an effect on American Express in the marketplace. It is expected that
Congressional hearings will continue and some version of the Credit Card Fair Fee Act will be introduced again in 2009. The Federal Reserve and various Federal Reserve Banks have been following developments on interchange and have held several
conferences focused on interchange rates. While the Federal Reserve has expressed interest in monitoring this issue, it has not indicated the need to regulate interchange rates in the United States. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During 2008, there were also a number of bills proposed in individual state legislatures seeking to impose caps on credit card interchange or to prohibit
card companies from charging merchant discount on the sales tax portion of credit card purchases. Other proposals were aimed at increasing the transparency of card network rules for merchants. In addition, a number of bills were proposed to
establish merchant liability for the costs of a data security breach of a merchant&#146;s system or require merchants to adopt technical safeguards to protect sensitive card holder payment information. Proposed state legislation aimed at regulating
pricing or other aspects of merchants&#146; card acceptance will continue during 2009. In the event that governmental or regulatory activity to limit interchange or merchant fees continues or increases, or state data security legislation is adopted,
our revenues and profitability could be adversely affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the last few years as regulatory interest in credit card network
pricing to merchants and related issues has increased, the Company has responded to many inquiries from banking and competition authorities throughout the world. For information about our receipt of a Civil Investigative Demand from the Antitrust
Division of the United States Department of Justice, please see &#147;Other Matters&#148; within &#147;Legal Proceedings&#148; below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_5"></A>U.S. CARD SERVICES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a significant part of its proprietary Card-issuing business, our U.S. banking subsidiaries, Centurion Bank and AEBFSB, issue a wide range of Card
products and services to consumers and small businesses in the United States. Our consumer travel business, which provides travel services to Cardmembers and other consumers, complements our core Card business, as does our Travelers Cheques and
prepaid services business. The proprietary Card business offers a broad set of card products to attract our target customer base. Core elements of our strategy are: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">focusing on acquiring and retaining high-spending, creditworthy Cardmembers; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">designing Card products with features that appeal to specific customer segments; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the use of strong incentives to drive spending on our various Card products, including our Membership Rewards<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> program and other rewards features; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the use of loyalty programs such as Delta SkyMiles, sponsored by our co-brand and other partners to drive spending; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the development and nurturing of wide-ranging relationships with co-brand and other partners; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">promoting and using incentives for Cardmembers to use their Cards in new and expanded merchant categories, including everyday spend and traditional cash and check
categories; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a multi-card strategy (having multiple Card products in customers&#146; wallets); and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">providing exceptional customer service. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">American Express ranked highest in customer satisfaction among credit card companies in a September 2008 study by J.D. Power and Associates, one of the world&#146;s most respected consumer research firms. The study, which compared the 18
largest U.S. credit card issuers, looked at the key drivers of satisfaction: benefits and features, rewards, billing and payment processes, fees and rates, and problem resolution. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Consumer and Small Business Services </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We offer
individual consumer charge Cards such as the American Express Card, the American Express Gold Card, the Platinum Card<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, and the ultra-premium Centurion<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> Card; revolving credit Cards such as Blue from American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, Blue Cash<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Card from American
Express and Blue Sky from American Express</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>SM</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">; and a variety of Cards sponsored by and co-branded with other corporations and institutions, such as
the Delta SkyMiles Credit Card from American Express, True Earnings<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Card exclusively for Costco members, Starwood Preferred Guest Credit Card and JetBlue Card from American Express.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Centurion Bank and AEBFSB as Issuers of Certain Cards </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Our revolving credit Cards in the United States are issued by Centurion Bank, which markets
primarily through direct mail and other remote marketing channels, and AEBFSB, which markets through in-person selling and third-party co-brand partners as well. Centurion Bank and AEBFSB also issue consumer charge cards and AEBFSB issues all
OPEN<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> credit cards and charge cards. Both banks are wholly owned subsidiaries of TRS. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Centurion Bank is a Utah-chartered industrial bank regulated, supervised and regularly examined by the Utah Department of Financial Institutions and the FDIC. Centurion Bank is an FDIC-insured depository institution. AEBFSB is a federal
savings bank regulated, supervised and regularly examined by the Office of Thrift Supervision (&#147;OTS&#148;), a bureau of the U.S. Department of the Treasury. AEBFSB is an FDIC-insured depository institution. The activities of Centurion Bank and
AEBFSB are subject to examination by their respective regulators. Both banks take steps to maintain compliance programs to address the various safety and soundness, internal control and compliance requirements, including anti-money laundering
requirements, that apply to them. You can find a further discussion of the anti-money laundering initiatives affecting us under &#147;Corporate &amp; Other&#148; below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Centurion Bank is subject to the risk-based capital adequacy requirements promulgated by the FDIC. Under
these regulations, a bank is deemed to be well-capitalized if it maintains a tier one risk-based capital ratio of at least 6%, a total risk-based capital ratio of at least 10% and a leverage ratio of at least 5%. Based on Centurion Bank&#146;s tier
one risk-based capital, total risk-based capital and leverage ratios, Centurion Bank was considered to be well-capitalized at December 31, 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">AEBFSB is subject to the risk-based capital adequacy requirements promulgated by the OTS. Under these regulations, a federal savings bank is deemed to be well-capitalized if it maintains a tier one risk-based capital ratio of at least 6%, a
total risk-based capital ratio of at least 10%, and a tier one core capital ratio of at least 5%. Based on AEBFSB&#146;s tier one risk-based capital, total risk-based capital and tier one core capital ratios, AEBFSB was considered to be
well-capitalized at December 31, 2008. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Charge Cards </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our charge Cards, which carry no pre-set spending limits, are primarily designed as a method of payment and not as a means of financing purchases of goods or services. Charges are approved based on a variety of
factors including a Cardmember&#146;s current spending patterns, payment history, credit record, and financial resources. Cardmembers generally must pay the full amount billed each month, and no finance charges are assessed on the balance. Charge
Card accounts that are past due are subject, in most cases, to a delinquency assessment and, if not brought to current status, may be cancelled. The no preset-spending limit and pay-in-full nature of these products attract high-spending Cardmembers
who want to use a charge Card to facilitate larger payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The charge Cards also
offer flexible payment features to Cardmembers. The Sign&nbsp;&amp; Travel<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> program gives qualified U.S. Cardmembers the option of extended payments for airline, cruise and certain travel
charges that are purchased with our charge Cards. The Extended Payment Option offers qualified U.S. Cardmembers the option of extending payment for certain charges on the charge Card in excess of a specified amount. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Revolving Credit Cards </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We offer a variety of
revolving credit Cards. These Cards have a range of different payment terms, grace periods and rate and fee structures. Lending products such as Blue from American Express, Blue Cash from American Express and Blue Sky from American Express, enable
card members to put a larger proportion of spending on American Express and promote increased relevance for our expanding merchant network. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Co-brand
Cards </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We issue Cards under co-brand agreements with selected commercial firms in the United States. The competition among card issuers
and networks for attractive co-brand card partnerships is quite intense because these partnerships can generate high-spending loyal cardholders. The duration of our co-brand arrangements generally ranges from five to ten years. Cardmembers earn
rewards provided by the partners&#146; respective loyalty programs based upon their spending on the co-brand Cards, such as frequent flyer miles, hotel loyalty points and cash back. We make payments to our co-brand partners, which can be
significant, based primarily on the amount of Cardmember spending and corresponding rewards earned on such spending and, under certain arrangements, on the number of accounts acquired and retained. We expense amounts due under co-brand arrangements
in the month earned. Payment terms vary by arrangement, but are monthly or quarterly. Generally, once we make payment to the co-brand partner, the partner is solely liable for providing rewards to the Cardmember under the co-brand partner&#146;s own
loyalty program. As the issuer of the co-brand card, we retain all the credit risk with the Cardmember and bear the receivables funding and operating expenses for such cards. The co-brand partner retains the risk associated with the miles, points or
other currency earned by the Cardmember under the partner&#146;s loyalty program. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In December 2008, we announced a multiyear extension of several key agreements with Delta Air Lines,
including, among others, our Co-Brand Card Agreement, Membership Rewards Agreement and Card Service Agreement. The multiyear extension, which was signed following Delta Air Lines&#146; acquisition of Northwest Airlines, allows continued expansion of
programs with American Express across our Co-brand credit card, Membership Rewards, merchant services and travel businesses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the
year, we launched the Delta Reserve Credit Card, a super premium Delta co-brand product, for U.S. based consumers and small businesses. Delta Reserve offers Cardmembers the ability to earn Medallion Qualification Miles (&#147;MQMs&#148;) at a faster
rate, share MQMs with friends or family, access the Crown Room Club, priority boarding and security lines, as well as concierge services and an annual Coach or First Class companion certificate. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Also in 2008, working with Delta, we launched <I>Pay with Miles</I>, available exclusively to American Express Gold, Platinum and Reserve Delta SkyMiles
Credit Cardmembers. <I>Pay with Miles</I> allows Cardmembers to book flights on delta.com and use Miles to pay for all or part of a Delta ticket, with no blackout dates or inventory restrictions. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Co-brand Partnerships with Financial Services Institutions </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We also issue Cards that are marketed under co-brand partnership arrangements with financial services partners. Such partnerships involve the offering of a standard product (issued by TRS or one of its subsidiaries) to customers of the
financial services partner, generally co-branded with the partner&#146;s name on the Card. Under these arrangements, we make payments to the financial services partners that are primarily based on the number of accounts acquired and retained through
the arrangement and the amount of Cardmember spending on such Cards. The duration of such arrangements generally ranges from three to seven years. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Card
Pricing and Account Management </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain of our Cards, particularly charge Cards, charge an annual fee that varies based on the type of
Card and the number of Cards for each account. We also offer many revolving credit Cards with no annual fee but on which we assess finance charges for revolving balances. Depending on the product, we also charge Cardmembers an annual program fee to
participate in the Membership Rewards programs and fees for account performance (e.g., late fees) or for certain services (e.g., additional copies of account statements). We apply standards and criteria for creditworthiness to each Cardmember
through a variety of means both at the time of initial solicitation or application and on an ongoing basis during the Card relationship. We use sophisticated credit models and techniques in our risk management operations. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"><I>Membership Rewards<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Program </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Membership Rewards program from American Express has over 1,600 redemption partners worldwide, is offered in 98 markets around the world and is built
around 48 programs, each tailored to local market needs. The program allows Cardmembers to earn one point for virtually every dollar charged on eligible, enrolled American Express Cards, and then redeem their points for a wide array of rewards,
including travel, retail merchandise, dining and entertainment, financial services and even donations to benefit tens of thousands of charities. Points generally have no expiration date and there is no limit on the number of points one can earn. A
large majority of spending by eligible Cardmembers earns points under this program. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The U.S. Membership Rewards program has over 150
redemption partners and features over 350 merchandise brands. Enrollees may also customize their own redemption experiences through the program&#146;s Create Your Reward and Experiences options. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Membership Rewards program levels are aligned with specific card products to better meet Cardmember lifestyle and reward program usage needs. American
Express Cardmembers participate in one of three </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top">
<FONT FACE="Times New Roman" SIZE="2">Membership Rewards program levels based on the Credit or Charge Card they have in their wallet. For those Cardmembers with American Express Credit Cards,
including Blue from American Express, we have the Membership Rewards Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> program. American Express Charge Cardmembers with American Express Green and Gold Cards have the Membership
Rewards program. Platinum Card<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> members and Centurion<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Card members are enrolled in the Membership Rewards First<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> program. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">During the year we
also expanded our list of redemption partners and announced a number of innovations to meet customer demand. We expanded the 2008 Membership Rewards Program to include partners such as Brookstone, Coach, Legal Sea Foods, Old Navy, Mandarin Oriental
Hotel Group, The Peninsula Hotels, Ruth&#146;s Chris Steak House, west elm, and Jumeirah Hotels and Resorts. We also launched new redemption options like the Express Rewards</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>SM</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> Gas Card, a prepaid card that can be used at any gas station that welcomes American Express. And to deliver more value to our Cardmembers so they can be rewarded even faster, we recently increased the number of bonus
points Cardmembers can earn when they shop through the Bonus Points Mall<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Web site, a one-stop shopping portal that features over 200 popular brands. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">When a Cardmember enrolled in the Membership Rewards program uses the Card, we establish reserves to cover the cost of estimated future reward
redemptions for points earned to date. When a Membership Rewards program enrollee redeems a reward using Membership Rewards points, we make a payment to the Membership Rewards program partner providing the reward pursuant to contractual
arrangements. Membership Rewards expense is driven by Cardmember charge volume, customer participation in the program, and contractual arrangements with redemption partners. At year end, we estimated that current Cardmembers will redeem
approximately 90% of their points. For more information on our Membership Rewards Program, see &#147;Critical Accounting Policies&#151;Reserves for Membership Rewards Costs&#148; appearing on page 17 of our 2008 Annual Report to Shareholders, which
information is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Membership Rewards continues to be an important driver of Cardmember spending and
loyalty. We believe, based on historical experience, that Cardmembers enrolled in rewards programs yield higher spend, stronger credit performance and greater profit for us. By offering a broader range of redemption choices, we have given our
Cardmembers more flexibility in the use of their rewards points and favorably affected our average cost per point. We continually seek to optimize the overall economics of the program and make changes to enhance its value to Cardmembers. Our program
is also valuable to merchants that become redemption partners as we bring them high-spending Cardmembers and new marketing channels to reach these Cardmembers. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Cardmember Special Services and Programs </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B></B>Throughout the world, our Cardmembers have access to a variety of fee-free and fee-based special services and programs, depending on the type of
Cards they have. Examples of these special services and programs include:<B> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Membership Rewards<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> program</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Assist<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Hotline</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Warranty</FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Car Rental Loss
and Damage Insurance Plan</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase Protection Plan</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT
FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Card Replacement</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Protection</FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manage Your Card
Account Online</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year-End Summary</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT
FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Roadside Assistance Services</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Bill Pay<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Check Cashing Privileges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Flight Insurance</FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium Baggage
Protection</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CreditSecure</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT
FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Protector</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Reservations</FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Fraud
Protection Guarantee</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card Registry</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT
FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Free Credit Score and Report</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identity Theft Assistance</FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman" SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Event Ticket
Protection Plan</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-1.50em"><FONT FACE="Times New Roman"
SIZE="2">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum Office Program</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">During 2008, we announced the return of
Members Project<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, 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 $2.5 million. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"><I>OPEN </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In addition to our U.S. Consumer Card business, through AEBFSB we are also a leading provider of
financial services to small businesses (firms that generally have less than 100 employees and/or annual sales of $10 million or less), a key growth area in the United States. American Express OPEN<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> (&#147;OPEN&#148;) offers small business owners a wide range of tools, services and savings designed to meet their evolving needs, including: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">charge and credit cards; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">unique rewards on eligible spend and business relevant redemptions; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3% - 25% discounts at select suppliers of business services and products, including airline tickets, car rentals, hotel stays, package shipping, printing and
photocopying services, event tickets, books, flowers, gifts and other business services; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">resources to help grow and manage a business through the community-driven Web Site, OPEN Forum<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">expense management reporting; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">enhanced online account management capabilities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">retail and travel protections such as baggage insurance; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">travel services. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">All American Express OPEN Cardmembers are
automatically enrolled in OPEN Savings<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, which is a program that offers savings for all OPEN customers on travel and other major business expenses simply by using their American Express
Business Card at participating companies. These savings may be combined with any existing discounts or offers. During 2008, we expanded OPEN</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">
Savings by signing new partners in various categories, including Epson America, Barnes&amp;Noble.com, Carey International and StubHub. We also renewed relationships with existing partners such as FedEx, Hertz, Marriott International, Hyatt Hotels
&amp; Resorts, 1-800-FLOWERS.COM, Logoworks by HP, and added Marriott&#146;s TownePlace Suites and Residence Inn brands to the program. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Card-Issuing
Business&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our proprietary Card business encounters substantial and intense competition in the United States and
internationally. As a card issuer, we compete in the United States with financial institutions (such as Citibank, Bank of America, JPMorgan Chase, and Capital One Financial) that issue general-purpose charge and revolving credit cards, and Discover
Financial Services, which issues the Discover Card on the Discover Business Services network. We also encounter limited competition from businesses that issue their own cards or otherwise extend credit to their customers, such as retailers and
airline associations, although these cards are generally accepted only at limited locations. Because of continuing consolidations among banking and financial services companies and credit card portfolio acquisitions by major card issuers, there are
now a smaller number of significant issuers. The largest competing issuers have continued to grow, in several cases by acquiring card portfolios, and also by cross-selling through their retail branch networks, and competition among all issuers
remains intense. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Competing card issuers offer a variety of products and services to attract cardholders, including premium cards with
enhanced services or lines of credit, airline frequent flyer program mileage credits, cash rebates and other reward or rebate programs, services for small business owners, &#147;teaser&#148; promotional interest rates for both credit card
acquisition and balance transfers, and co-branded arrangements with partners that offer benefits to cardholders. In recent years we have encountered increasingly intense competition in the small business sector, as competitors have targeted
OPEN&#146;s customer base and our leadership position in providing financial services to small businesses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Most financial institutions
that offer demand deposit accounts also issue debit cards to permit depositors to access their funds. Use of debit cards for point-of-sale purchases has grown as most financial institutions have replaced ATM cards with general-purpose debit cards
bearing either the Visa or MasterCard logo. As a result, the volume of transactions made with debit cards in the United States has continued to increase significantly and has grown more rapidly than credit and charge card transactions. Debit cards
are marketed as replacements for cash and checks, and transactions made with debit cards are typically for small dollar amounts. The ability to substitute debit cards for credit and charge cards is limited because there is no credit extended and the
consumer must have sufficient funds in his or her demand deposit account to pay for the purchase at the time of the transaction. We do not currently issue point-of-sale debit cards for use on the American Express network. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The principal competitive factors that affect the card-issuing business include: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">features and the quality of the services, including rewards programs, provided to Cardmembers; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the number, spending characteristics and credit performance of Cardmembers; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the quantity and quality of the establishments that accept Cards; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the cost of Cards to Cardmembers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">pricing, payment and other Card account terms and conditions; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the number and quality of other charge and credit cards available to Cardmembers; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the nature and quality of expense management data capture and reporting capability; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the success of targeted marketing and promotional campaigns; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">reputation and brand recognition; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the ability of issuers to manage credit and interest rate risk throughout the economic cycle; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the ability of issuers to implement operational and cost efficiencies; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the quality of customer service. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As
the payment industry continues to evolve, we are also beginning to face competition from non-traditional players, such as online networks and telecom providers, that leverage new technologies and customers&#146; existing charge and credit card
account and bank relationships to create payment solutions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Financing Activities </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">American Express Credit Corporation, a wholly owned subsidiary of TRS, along with its subsidiaries (&#147;Credco&#148;), purchases the majority of charge
Card receivables arising from the use of corporate cards issued in the United States and consumer and corporate Cards issued in certain currencies outside the United States. Credco traditionally financed the purchase of receivables principally
through the issuance of commercial paper and the sale of medium- and long-term notes. Similarly, Centurion Bank and AEBFSB have financed their revolving credit receivables and consumer and small business charge card receivables, in part, through the
sale of short- and medium-term notes and certificates of deposit in the United States. TRS, Centurion Bank and AEBFSB also typically have funded receivables through asset securitization programs. The cost of funding Cardmember receivables and loans
is a major expense of Card operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company meets its funding needs through a variety of sources, including debt instruments such
as commercial paper, senior unsecured debentures and asset securitizations, long-term committed bank borrowing facilities in certain non-U.S. markets, and deposits placed with the Company&#146;s U.S. banks by individuals and institutions.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As discussed elsewhere in this Report, the fragility of the credit markets and the current economic environment have impacted financial
services companies through market volatility, loss of confidence and rating agency actions. Since September 2008, the market for the Company&#146;s unsecured term debt and asset securitizations, like that for virtually all financial institutions,
has been effectively frozen, except in connection with the Company&#146;s participation in certain programs sponsored by the federal government and certain of its departments and agencies. Therefore, the Company&#146;s ability to obtain financing in
the debt capital markets for unsecured term debt and asset securitizations is dependent on a renewal of investor demand. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A series of
government programs launched or announced by the U.S. and other governments during the fourth quarter of 2008 provided some stability to the capital markets and reduced dislocations in benchmark indices such as LIBOR. The Company has participated in
certain of these programs, including the Commercial Paper Funding Facility (&#147;CPFF&#148;) and the Temporary Liquidity Guarantee Program (&#147;TLGP&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In late 2008, we also moved to increase our flexibility in funding U.S. consumer and small business charge cards by amending agreements between Credco and Centurion Bank and AEBFSB to allow us to shift from time to
time the funding of those receivables from Credco to Centurion Bank and AEBFSB. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(You can find a discussion of our securitization and other
financing activities on page 15, page 18, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">pages 29-41 and pages 49-50 under the caption &#147;Financial Review,&#148; and Note 6 on pages 84-87 of our 2008
Annual Report to Shareholders, which portions we incorporate herein by reference.) In addition, please see <I>&#147;Difficult conditions in the global capital markets and economy generally, as well as political conditions in the United States and
elsewhere, may materially adversely affect our business and results of operations&#148;</I> and &#147;<I>Adverse capital and credit market conditions may significantly affect the Company&#146;s ability to meet liquidity needs, access to capital and
cost of capital&#148; </I>in Item&nbsp;1A&#151;Risk Factors below<I>.</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Card-Issuing Business&#151;Regulation </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The charge card and consumer lending businesses are subject to extensive regulation. In the United States, we are subject to a number of federal laws and
regulations, including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the Equal Credit Opportunity Act (which generally prohibits discrimination in the granting and handling of credit); </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the Fair Credit Reporting Act (&#147;FCRA&#148;), as amended by the Fair and Accurate Credit Transactions Act (&#147;FACT Act&#148;) (which, among other things,
regulates use by creditors of consumer credit reports and credit prescreening practices and requires certain disclosures when an application for credit is rejected); </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the Truth in Lending Act (&#147;TILA&#148;) (which, among other things, requires extensive disclosure of the terms upon which credit is granted), including the
amendments to TILA that were adopted through the enactment of the Fair Credit and Charge Card Disclosure Act (which mandates certain disclosures on credit and charge card applications); </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the Fair Credit Billing Act (which, among other things, regulates the manner in which billing inquiries are handled and specifies certain billing requirements);
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the Electronic Funds Transfer Act (which regulates disclosures and settlement of transactions for electronic funds transfers including those at ATMs);
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the final rules recently issued by the Federal Reserve amending Regulation AA (i.e., &#147;UDAP&#148;) (which prohibits certain acts or practices in connection with
consumer credit card accounts) and Regulation Z (which substantially revises the open-end credit provisions of Regulation Z); and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Federal and state laws and regulations that generally prohibit engaging in unfair and deceptive business practices. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain federal privacy-related laws and regulations govern the collection and use of customer information by financial institutions (see
&#147;Corporate&nbsp;&amp; Other&#148; below). Federal legislation also regulates abusive debt collection practices. In addition, a number of states, the European Union, and many foreign countries in which we operate have significant consumer credit
protection and disclosure and privacy-related laws (in certain cases more stringent than the laws of the United States). Bankruptcy and debtor relief laws affect us to the extent that such laws result in amounts owed being classified as delinquent
and/or charged off as uncollectible. As stated above, card issuers and card networks are subject to certain provisions of the Bank Secrecy Act as amended by the Patriot Act, with regard to maintaining effective anti-money laundering programs. For a
discussion of these and other regulations and legislation that impact our business, please see &#147;Supervision&nbsp;&amp; Regulation&#151;General&#148; within &#147;Corporate&nbsp;&amp; Other&#148; below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Centurion Bank, AEBFSB and our other bank entities are subject to a variety of laws and regulations applicable to financial institutions. Changes in such
laws and regulations or in the regulatory application or judicial interpretation thereof could impact the manner in which we conduct our business and the costs of compliance. The regulatory environment in which our Card and lending businesses
operate has become increasingly complex and robust. The U.S. Congress and regulators, as well as various consumer advocacy groups, have continued their focus and attention on certain practices of credit card issuers, such as increases in APRs,
changes in the terms of the account, and the types and levels of fees and financial charges charged by card issuers for, among other things, late payments, returned checks, payments by telephone, copies of statements and the like. We regularly
review and, as appropriate, refine our business practices in light of existing and anticipated developments in laws, regulations and industry trends so we can continue to manage our business prudently and consistent with regulatory requirements and
expectations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In January 2003, the Federal Financial Institutions Examination Council (the &#147;FFIEC&#148;), an interagency body
composed of the principal U.S. federal entities that regulate banks and other financial institutions, issued new guidance to the industry on credit card account management and loss allowance practices (the &#147;Guidance&#148;). The </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Guidance covers five areas: (i)&nbsp;credit line management; (ii)&nbsp;over-limit practices; (iii)&nbsp;minimum payment and negative amortization practices;
(iv)&nbsp;workout and forbearance practices; and (v)&nbsp;certain income (fee) recognition and loss allowance practices. The Guidance is generally applicable to all institutions under the supervision of the federal bank regulatory agencies that
comprise the FFIEC, although it is primarily the result of the identification by bank regulators in their examinations of other credit card lenders&#146; practices deemed by them to be inappropriate, particularly, but not exclusively, with regard to
subprime lending programs. At present, we do not have any lending programs that target the subprime market. Centurion Bank and AEBFSB evaluate and discuss the Guidance with their respective regulators on an ongoing basis as part of their regulatory
examination processes, and, as a result, may refine their practices from time to time based on regulatory input. The Guidance has not had, nor do we expect it to have, any material impact on our businesses or practices. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>American Express Consumer Travel Network&#151;USA </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The American Express Consumer Travel Network&#151;USA provides travel, financial and Cardmember
services to consumers through American Express-owned travel service offices, call centers, participating American Express Representatives (independently-owned travel agency locations that operate under the American Express brand) and the Consumer
Travel Web site. U.S. Consumer Travel has distinguished itself in the luxury marketplace through its Platinum Travel Services and Centurion Travel Services, which provide programs such as the International Airline Program, which offers special
discount fares on certain international first and business class tickets, and the Fine Hotels&nbsp;&amp; Resorts program, a luxury hotel program offering room upgrades and value-added amenities. Other premium programs developed by Consumer Travel
for Centurion Card and Platinum Card members include Centurion Cruise Privileges<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, Centurion Destinations<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> and Platinum
Destinations<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Vacations, the Private Jets Program, Private Villas and Yachts. Consumer Travel also provides Membership Rewards programs designed for specific Cardmember segments such as
Gold Card Destinations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, the Consumer Travel business operates a wholesale travel business in the United States through our
Travel Impressions subsidiary. (A wholesaler purchases inventory, such as hotel rooms, from suppliers and then resells the services to the customer at retail prices that the wholesaler determines.) Our wholesale travel business packages American
Express Vacations and distributes travel packages through other retail travel agents and private label brands for third parties in the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our Consumer Travel Web site, americanexpress.com/travel, offers a full range of travel rates and discounts on airfares, hotels, car rentals, last-minute deals, cruises and full vacation packages. The Web site offers
unique American Express Cardmember benefits such as an American Express Travel Office locator, Travel Specialist finder tools, double Membership Rewards points, and travel planning resources and destination content through the &#147;Local
Color&#148; portion of the Web site. In addition, Cardmembers are able to Pay With Points by redeeming Membership Rewards points for some categories of travel through our Web site, as well as through our call centers and Travel Offices. The ability
to Pay With Points for travel is unique among our competitors and has been well received by our customers, as well as a material driver of incremental sales. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Consumer Travel continues to attract agencies to our Representative Network to increase our network footprint in areas where American Express Cardmembers are concentrated. In 2008, 13 new member agencies were added to
the Representative Network. Key signings include Corporate Travel Planners of San Antonio, TX&#151;the largest privately held travel management company in Texas, and Travel-On of Beltsville, MD&#151;the largest privately owned travel management
company in Maryland. In addition, we opened a new, larger customer call center in Lawrenceville, Georgia. TRS&#146; worldwide travel network of retail travel locations is important in supporting the American Express brand and providing Cardmember
servicing throughout the world, including a range of Travelers Cheques, Gift Cheques, Gift Cards and foreign exchange services. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Consumer Travel
Network&#151;USA&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">American Express Consumer Travel competes with a variety of different competitors including
traditional &#147;brick and mortar&#148; travel agents, credit card issuers offering products with significant travel benefits, online </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">travel agents and travel suppliers that distribute their products to consumers directly via the Internet or telephone-based customer service centers. In
recent years we have experienced an increasing presence of &#147;niche&#148; players that are seeking to capitalize on the growth in the luxury travel segment by combining luxury travel offers with concierge-type services. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_6"></A>INTERNATIONAL CARD SERVICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We issue our charge and credit Cards in numerous countries around the globe. Our geographic scope is widespread and we focus primarily on those markets that we believe offer us the greatest financial opportunity. For
a discussion of Cards issued internationally through our GNS partner relationships, please see the section &#147;Global Network Services&#148; above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company continued to bolster its international proprietary Card business through the launch of numerous new or enhanced Card products during 2008. These are Cards that we issue, either on our own or, as further
described below, as co-brands with partnering institutions. This past year, among other new proprietary products, we announced or launched Cards with David Jones (Department Stores) in Australia, Cathay Pacific in Hong Kong and Taiwan, and Centurion
Charge Cards in Argentina and Canada. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We offer many of the same programs and
services in our international proprietary Card-issuing business as we do in our U.S. proprietary issuing business. For example, as in the United States, we offer various flexible payment options similar to our Sign&nbsp;&amp; Travel<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> program and our Extended Payment Option to Cardmembers in several international markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Also, as in the United States, we issue Cards internationally under distribution agreements with banks. Another example of our distribution partnerships is affinity cards with fraternal, professional, educational and other organizations.
For instance, we have been successful in penetrating the affinity card segment in Australia, where we issue Cards with the majority of the largest professional associations in that country. In Australia, affinity cards are a substantial part of our
total revolving portfolio and contribute to our proprietary consumer lending activities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As in the United States, rewards programs are a
strong driver of Cardmember spending in the international consumer business. We have more than 1,500 redemption partners across our international business, with an average of 95 partners in each country; less than 25% of these partners are in the
travel industry. Cardmembers can redeem their points with more than 50 airlines and over 200 hotels. Our redemption options include travel, retail merchandise, entertainment, shopping and recreation gift certificates, experiences, financial services
and charity rewards. In 2008, we continued to enhance our rewards programs in several markets, offering more flexible choices that enable Cardmembers to redeem Membership Rewards points more quickly. Among other new participants, we added British
Airways Miles in the United Kingdom and in a number of other international markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Membership Travel Services International provides
premium travel and concierge services to our Platinum and Centurion Customers, through 25 exclusively dedicated call centers in 25 countries. Additionally, Membership Travel Services operates 19 proprietary Travel Service Offices in Mexico, Italy
and Argentina to provide all Cardmembers with travel and general card service assistance. We also provide foreign exchange services in Mexico and Italy. We have taken steps to enhance our capabilities to sell exclusively-negotiated benefits and
luxury travel packages with preferred suppliers through the Fine Hotels and Resorts Program, American Express Vacations and American Express&#146;s International Airline Program. In 2008, we added 11 to the existing 21 airline partners in our
International Airline Program (IAP), which is exclusively available to Platinum and Centurion Cardmembers and which allows them to receive complimentary companion tickets or a class upgrade when flying on qualifying international flights in business
or first class. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We increased the flexibility of payment for travel and concierge services by allowing Platinum Card and
Centurion Card members to use their Membership Rewards points to pay for their travel purchases in 11 international markets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>International Proprietary
Consumer Card&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Compared to the United States, consumers outside the United States use general-purpose charge and credit
cards for a smaller percentage of their total payments, with some large emerging market countries just beginning to transition to card usage in any meaningful way. Although our geographic scope is widespread, we generally do not have significant
share in the markets in which we operate outside the United States. Internationally, our proprietary Card-issuing business is subject to competition from multinational banks, such as Citibank, HSBC and Banco Santander, as well as many local banks
and financial institutions. Globally, we view Citibank and HSBC as our strongest competitors, as they currently offer card products in a large number of markets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><I>International Proprietary Consumer Card&#151;Regulation </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Initiatives by regulators to implement reforms to the payments
landscape continued in 2008 in a number of our key international markets and we expect similar activity in 2009. While the nature of the initiatives varies widely, regulators are increasingly looking at developments in other jurisdictions to help
inform and guide their policy. In a number of markets APRs and other card practices have been the focus of attention&#151;and we expect this to continue in 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As a consequence, international markets may consider and implement additional card practice regulation in 2009. As we move forward we continue to evaluate our business planning in light of changing market
circumstances and the evolving political, economic, regulatory and media environment. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_7"></A>GLOBAL COMMERCIAL
SERVICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Through our Global Commercial Services (&#147;GCS&#148;) group, we provide expense management services to more than 100,000
companies and organizations worldwide through Global Commercial Card and Global Travel Services. American Express is a leading global issuer of commercial cards and is also a leading global travel management company for corporations and businesses.
During 2008, we added or retained several major Commercial Card clients in the United States and internationally, including Dell, Hallmark, Symantec and GE (following the acquisition of GE Money&#146;s Corporate Payment Services business in March
2008). Additionally, in 2008, we added or retained several American Express Business Travel clients in the United States and internationally, including Ford, Sun Microsystems, Unisys, Fluor, Commonwealth Bank and Tyco International. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">GCS offers five primary products and services: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Corporate Cards, issued to individuals through a corporate account established by their employer and designed primarily for travel and entertainment spending;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Corporate Purchasing Solutions, an account established by corporations to pay for everyday business expenses such as office and computer supplies;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Buyer Initiated Payment, an electronic solution for companies looking to streamline their payment processes; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">vPayment technology, which provides fast and efficient payment for large ticket purchases and permits the processing of large transactions with effective fraud
controls; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">American Express Business Travel, which helps businesses manage and optimize their travel expenses through a variety of travel-related products, services and
solutions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Global Commercial Card </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Global Commercial Card (&#147;GCC&#148;) offers a range of expense management solutions to companies worldwide through our Corporate Card program, Corporate Purchasing Solutions, and electronic payment services such
as Buyer Initiated Payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The American Express<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> Corporate Card is a charge card that individuals may obtain through a corporate account established by their employer for business purposes. Through our Corporate Card Program, companies can manage their travel,
entertainment and purchasing expenses and improve negotiating leverage with suppliers, among other benefits. We use our direct relationships with merchants to offer Corporate Card clients superior data about company spending, as well as streamlined
dispute resolution. We issue local currency Corporate Cards in over 50 countries, which we distribute through proprietary operations and partner banks, and international dollar Corporate Cards in over 100 countries. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Corporate Purchasing Solutions (&#147;CPS&#148;) helps large corporations and mid-sized companies manage their everyday spending. CPS is used to pay for
everyday goods and business expenses, such as office supplies, industrial supplies and business equipment in 22 markets around the world. These types of purchases by corporations help to diversify our spend mix beyond travel and entertainment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Buyer Initiated Payment allows American Express to pay B2B suppliers electronically on behalf of our clients, permitting them to manage
payments, extend their own days payable outstanding or float and increase their cash on hand. Buyer Initiated Payment has first been offered to clients in the United States and will be offered in other markets around the world in 2010. This solution
is best suited for mid to large-sized companies that want to streamline their payment processes, reduce supplier inquiries, convert paper to electronic payments, and optimize cash flow. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With the increased focus on cost containment by firms, we have experienced significant growth over the past few years with the Corporate Meeting Card,
which helps companies control meeting expenses. The Corporate Meeting Card is available in 24 markets including the United States. It provides clients with a tool to capture spend and provides corporate meeting planners with a tool to simplify the
meetings payment process and access to data to support negotiations with suppliers. GCC also offers the Corporate Defined Expense Program (&#147;CDEP&#148;). This product allows companies to set a maximum amount to be charged on a CDEP Card before
expiration and permits them to separate spending data for specific purposes on projects. It is designed for companies that want to allocate funds for a specific purpose, such as employee relocations or training. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In addition to providing expense management services to large and global corporations, our GCC
business markets Commercial Card programs to middle market companies (defined in the United States as firms with annual revenues of $1 million to $1 billion) worldwide. GCC is focused on continuing to expand its business with mid-sized companies,
which represent significant growth opportunities. Businesses of this size often do not have corporate card programs. However, once enrolled in a Card program, mid-sized companies, which usually do not have well-defined purchasing programs, typically
put a significant portion of their business spending (both travel and entertainment and non-T&amp;E, such as office supplies) on the Card because they can gain control, savings and employee benefits. GCS offers the Savings at Work<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Program to mid-sized companies in the U.S., as well as similar programs globally, which provide companies with cash back and/or discounted pricing on everyday business products and services,
such as car rentals, hotels, restaurants and overnight shipping. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On March&nbsp;28, 2008, we purchased Corporate Payment Services, the
commercial card and corporate purchasing business unit of General Electric Company (&#147;GE&#148;) for approximately $1.1 billion plus the repayment of Corporate Payment Services&#146; $1.2 billion in outstanding debt of this business as of the
acquisition date. GE continues to be the unit&#146;s largest single client and has signed a multi-year agreement to remain a client of ours. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The sale also included the purchase of GE&#146;s patented vPayment technology, which provides fast and
efficient payment for large ticket purchases. This platform provides unique account numbers for each transaction that expire once the purchase has been authorized. As a result, vPayment permits the processing of large transactions with effective
fraud controls. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In 2008, we also announced an alliance with Concur Technologies,
Inc., a leading provider of on-demand T&amp;E expense management services, that involves both an exclusive marketing partnership and a strategic equity investment in the company. Concur will exclusively promote American Express&#146;s Corporate
Cards to its clients, in return for promotional exclusivity of Concur<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Expense by American Express&#146;s Global Commercial Card and Global Travel Services businesses. We purchased
6.4&nbsp;million shares of newly issued common stock of Concur, representing 13% post issuance of the currently outstanding common equity voting interest in Concur, at a price per share of $39.27, for approximately $251 million in cash. In addition
we received a warrant in connection with our stock purchase, pursuant to which we have the right to purchase an additional 1.28&nbsp;million shares of Concur common stock at any time during the next two years, at $39.27 per share. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Extending its travel agency partnership strategy, GCC signed a multi-year preferred supplier agreement with Carson Wagonlit Travel (&#147;CWT&#148;). As
part of the agreement, CWT will promote and distribute three American Express payment solutions to its clients and prospects in 21 countries. We also signed a hotel folio agreement with InterContinental Hotels Group (&#147;IHG&#148;) that enables
American Express to provide its Card customers with reports that break down their lodging expenditures at nearly 2,800 IHG properties in the United States. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">GCC offers American Express @ Work<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, a
secure, web-based suite of online tools that enables clients to manage their Commercial Card, Corporate Purchasing Solutions and Corporate Meeting Card programs on a 24/7 basis through a single user interface. American Express @ Work provides
authorized client representatives online access to global management information to help them gain visibility into their spending patterns, as well as the ability to make changes to their program or Commercial Card accounts through an easy to use
online interface. American Express @ Work also includes automated expense reporting and reconciliation tools that enable clients to enforce program compliance and effectively integrate spend information with their internal accounting systems. This
suite of online tools is intended to assist companies in managing expenses more efficiently than offline alternatives, thereby decreasing both the direct and indirect costs associated with maintaining accounts and ensuring program compliance.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Global Commercial Card Business&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The commercial payments industry is dynamic and highly competitive, with competition increasingly intense at both the card network and card issuer levels. Our Commercial Card offerings have experienced increasing
competition, including competitors&#146; aggressive expansion into new and emerging markets, efforts to transition business-to-business spend from cash and check to electronic invoicing and payment vehicles, and expanded marketing and advertising
budgets for commercial card services. In the current economic environment, the interest in expense management tools is particularly strong, as clients aim to capture data, analyze trends and make decisions that enhance their cash flow and
profitability. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, both Visa and MasterCard have increased efforts to support card issuers such as U.S. Bank, JPMorgan Chase, and
Citibank to build and support data collection and reporting necessary to satisfy customer requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Commercial Card issuers have
increasingly acquired niche technology offerings to enhance data capture capabilities and reporting functionality. These efforts are built on the solid progress of Visa and MasterCard to offer more global, robust solutions. As such, global
servicing, data quality, technological functionality and simplicity, and customer experience are among the key competitive factors in the commercial card business. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Global Commercial Card Business&#151;Regulation </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Global Commercial Card business, which engages in the extension of commercial credit, is subject to more limited regulation than our consumer lending
business. In the United States, we are subject to certain of the federal and state laws applicable to our consumer lending business, including the Equal Credit Opportunity Act, the FCRA (as amended by the FACT Act), as well laws that generally
prohibit engaging in unfair and deceptive business practices. (For a discussion of this legislation, see &#147;Card-Issuing Business&#151;Regulation&#148;.) We are also subject to certain state laws that regulate fees and charges on our products.
Additionally, as a global business, we are subject to U.S. state data security and breach notification laws and regulations, as well as significant data protection laws in the European Union and many foreign countries in which we operate. We are
also subject to bankruptcy and debtor relief laws that can affect our ability to collect amounts owed to us. Along with the rest of our business, as a card issuer, as discussed above, we are subject to certain provisions of the Bank Secrecy Act as
amended by the Patriot Act, with regard to maintaining effective anti-money laundering programs. (For a discussion of this legislation and its effect on our business, see &#147;Supervision&nbsp;&amp; Regulation&#151;General&#148; within
&#147;Corporate&nbsp;&amp; Other&#148; below.) </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Global Travel Services </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Global Travel Services (&#147;GTS&#148;) consists of American Express Business Travel and Global Foreign Exchange Services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">American Express Business Travel (&#147;Business Travel&#148;) provides globally integrated solutions, both online and offline, to help organizations manage and optimize their travel investments and service their
traveling employees. As well as 24-hour customer service to clients globally, both on a day-to-day and emergency basis, these solutions include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Travel reservation advice and booking transaction processing; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Travel expense management policy consultation; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Supplier negotiation and consultation; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Management information reporting, data analysis and benchmarking; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Group and incentive travel services; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Advisory services; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A suite of best-in-class products and solutions that help organizations to maximize the return on travel expenses. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">American Express operates one of the world&#146;s largest travel networks, which caters to both consumer and corporate customers&#146; travel needs with
$25.4 billion of travel spend globally in 2008 (through proprietary operations and consolidated joint ventures). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Organic growth of the
business along with acquisition and partnership strategies with local market companies remain key components of Business Travel&#146;s global growth strategy. In 2008, we launched Avexia Voyages, a new independent agency dedicated to meeting the
needs of small sized enterprise customers in France. We also increased our investment in Rearden Commerce, a company that provides a digital personal assistant to support business travel. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We continue to update our economic model and invest in innovative and new products, services and technologies to enhance the value that we deliver to our
customers and address ongoing travel industry challenges and opportunities. For example, we have substantially reduced our reliance on commission revenues from suppliers (such as airlines or hotels), and now generate revenues primarily from
customers who pay for the services that we provide. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We offer a range of other solutions to our
customers that provide them with savings, control, services and traveler care. For example, we offer customers savings and benefits through the Preferred Extra supplier value programs and advisory services, which provide preferred supplier rates and
consulting solutions in all areas of travel and entertainment expense management. We also offer the TravelBahn<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> High-Speed Network, which is our data management network, and our
TravelBahn<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Distribution Solution, which provides access to airline inventory and fares for Business Travel customers with a number of carriers in North America and in select international
markets. In 2008, we launched several innovative solutions and service enhancements that increased the savings and control clients could achieve, including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch of after hours servicing (aXcess) and PreTrip Approval (giving companies better visibility and control over travel expenses) products;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch of the online booking tool AXIOM<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> (powered by Rearden
Commerce) in the UK market, which helps companies manage travel and entertainment spend beyond air, car and hotel; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Launch of an Eco suite of solutions to help companies building environmentally friendly travel programs; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Enhancement of our Management Information solution to deliver improved business intelligence to clients; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Creation of the industry&#146;s first social networking site, BusinessTravelConneXion, designed to connect travel buyers on a central platform.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2008, we also established in the marketplace comprehensive cost-saving travel management offerings, including
products such as Recession-Proof Your Travel Investment, a proprietary methodology that allows us to make travel program recommendations to maximize returns. Other products offered included Webfare guarantees for the small- and mid-sized segments in
the United States, a travel management loyalty program with double Membership Reward points for individual travelers and automatic ticket refunds in the United States and select international markets. We also help to drive customer savings and
benefits through a dedicated best in class Advisory team, which provides comprehensive consulting solutions in all areas of travel and entertainment expense management. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Business Travel has moved many of its business processes and customer servicing online. In the United States, more than 50% of all Business Travel transactions continue to be processed online. In addition, the volume
of online transactions is growing in other markets around the world. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Global Foreign Exchange Services (&#147;FES&#148;) consists of retail
and wholesale foreign exchange services and FX International Payments. Other than in Australia, Mexico, Singapore and Italy, where we operate foreign exchange offices in city locations, we concentrate our retail foreign exchange business in key
international airports, for example at London Heathrow, the Aeroports de Paris and Changi Airport in Singapore. For corporate clients, our FX International Payments online product allows companies and banks to make cross-border payments in major
foreign currencies at competitive exchange rates. In 2008 we secured agreements to operate and opened new foreign exchange bureaus at Heathrow Terminal 1 and Terminal 3 at Changi to complement our existing presence in those airports; signed a
three-year extension to our strategic alliance with Westpac Bank for the provision of foreign currency banknotes and travelers cheques through its branch network; retained and expanded wholesale supply agreements with TUI in the United Kingdom and
Australia Post Office; re-signed five credit unions in Australia; signed eight U.S. banks along with adding over 2,000 new corporate clients globally to our FX International Payments business. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Global Travel Services&#151;Competition </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Business Travel continues to face intense competition in the United States and internationally from numerous traditional and online travel management
companies, as well as from direct sales by airlines and other travel suppliers. Competition among travel management companies is mainly based on price, service, value creation, convenience, global capabilities and proximity to the customer.
Competition also comes from corporate customers themselves, as some companies have become accredited as in-house corporate travel agents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">For many years, travel management companies have faced pressure on revenues from airlines, as most carriers have stopped paying &#147;base&#148; commissions to travel agents for tickets sold. Carriers have also increased the number of
transactions they book directly through their Web sites and other means. These trends have reduced the revenue opportunities for travel agents because they do not receive distribution revenue from directly booked transactions. In recent years, the
airline industry has undergone bankruptcies, restructurings, consolidations and other similar events. These types of structural changes may result in additional challenges to travel management companies. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Overall, intense competition among travel management companies, the ongoing trends of increasing direct sales by airlines, the rise of low-cost carriers
and ongoing reductions in or elimination of airline commissions and fees, continue to put pressure on revenue for travel agents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Over the
last few years we have evolved our business model allowing us to charge customers for the services we provide and the value we create, and restructured our expense base through the rationalization of our call center locations and the transitioning
of many of our services online. This restructuring, as well as the leverage our global presence provides, has helped us to balance these revenue pressures. We continue to look for new ways to enhance the value we deliver for our customers both
online and offline. Additionally, we are focusing on developing new and innovative products, services and technologies, which enhance the value we deliver to our customers and suppliers and address ongoing travel industry challenges and
opportunities. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_8"></A>CORPORATE&nbsp;&amp; OTHER </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Corporate&nbsp;&amp; Other consists of corporate functions and auxiliary businesses, including the Company&#146;s publishing business, Travelers Cheques
and other prepaid products, as well as other company operations. We also discuss information relevant to the Company as a whole in this section. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>American Express Publishing </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Through American Express Publishing, we
publish luxury lifestyle magazines such as Travel+Leisure<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>, Travel+Leisure Golf, Food&nbsp;&amp; Wine<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> and Departures<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>; travel resources such as SkyGuide<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>; business resources such as the American Express Appointment Book and SkyGuide Executive Travel,
a business traveler supplement; a variety of general interest, cooking, travel, wine, financial and time management books; branded membership services; a growing roster of international magazine editions; as well as directly sold and licensed
products. American Express Publishing also has a custom publishing group and is expanding its service-driven Web sites such as: travelandleisure.com, foodandwine.com, departures.com, tlgolf.com, tlfamily.com and eskyguide.com. We have an agreement
with Time Inc. under which it manages our publishing business, and we share profits relating to this business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Global Prepaid (formerly known as Global
Travelers Cheques and Prepaid Services) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We have been in the business of issuing
and selling travelers checks since 1891. We sell the American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Travelers Cheque (&#147;Travelers Cheque&#148; or &#147;Cheque&#148;) as a safe and convenient alternative to cash.
Travelers Cheques are currently available in U.S. dollars and four foreign currencies, including Euros. We also issue and sell other forms of paper travelers checks, including American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP>
</FONT> Gift Cheques, which are available in U.S. and Canadian dollars. Sales of Travelers Cheques continued to decline in 2008. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In addition to travelers checks, Global Prepaid
also offers prepaid gift cards in the United States: the American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Gift Card, which can be used in the United States at merchants that accept American Express Cards, and
mall-branded gift cards, which can also be used at multiple unaffiliated merchants that are located within a specific shopping mall and that accept the American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Card. The gift
cards we offer are not for use at cruise lines or ATMs and, subject to applicable law, a monthly service fee applies in the thirteenth month after purchase of the gift card. Sales of gift cards continued to rise in 2008, reflecting the growing
popularity of these products and our efforts to increase buying convenience for customers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Through American Express Incentive Services
L.L.C., a joint venture with Maritz Inc., we offer various incentive prepaid products, including the Corporate Gift Cheque, the Incentive Funds Card and several points-based incentive cards. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We sell American Express prepaid products through a variety of channels, including sales directly to customers via phone and the Internet. Travelers
Cheques and Gift Cheques are sold primarily through a broad network of selling outlets worldwide, including American Express travel offices, independent travel agents and third-party financial institutions. Gift cards are primarily sold through
travel offices and retail establishments, including supermarkets and drug stores. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During 2008, we solidified our position as the largest
gift card issuer in the United States by signing distribution deals with two of the largest mall operators, including The Macerich Partnership, and are continuing to expand the supermarkets and everyday spend retailers that sell our gift card
products. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Global Prepaid&#151;Competition </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Travelers Cheques compete with a wide variety of financial payment products, including cash, foreign currency, checks, other brands of travelers checks, debit, prepaid and ATM cards and, in some circumstances, other payment cards. Our
prepaid cards (&#147;open-system&#148; cards that can be used at multiple unaffiliated sellers of goods or services) compete with the same payment methods; gift cards compete primarily with cash, checks and other open-system and store-specific gift
cards. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The principal competitive factors affecting the travelers check and prepaid card industry are: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the number and location of merchants willing to accept the form of payment; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the availability to the consumer of other forms of payment; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the amount of fees charged to the consumer; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the compensation paid to, and frequency of settlement by, selling outlets; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the accessibility of sales and refunds for the products; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the success of marketing and promotional campaigns; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the ability to service the customer satisfactorily, including for lost or stolen instruments. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Global Prepaid&#151;Regulation </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As an issuer of
travelers checks, we are regulated in the United States under the &#147;money transmitter&#148; or &#147;sale of check&#148; laws in effect in most states. These laws require travelers check (and, where applicable, prepaid card) issuers to obtain
licenses, to meet certain safety and soundness criteria, to hold outstanding proceeds of sale in highly-rated and secure investments, and to provide detailed reports. We invest the proceeds from sales of our Travelers Cheques and prepaid cards in
accordance with applicable law, predominantly in highly-rated debt securities consisting primarily of intermediate- and long-term federal, state and municipal obligations. Many states examine licensees annually. In addition, travelers check issuers
are required by the laws of many states to comply with state unclaimed and abandoned property laws under which such issuers must pay to states the face amount of any travelers check that is uncashed or unredeemed after 15 years. Numerous states have
amended their abandoned property laws to apply to prepaid cards. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the past few years, some states have enacted laws pertaining to the issuance and the sale of gift
cards. We continue to monitor state legislative activity restricting the fees that consumers can be charged or the expiration dates that can apply to gift cards. In 2008, we observed that a few states, Massachusetts and Rhode Island, revised their
statutes to permit issuers to charge fees on gift cards that can be used at multiple unaffiliated sellers of goods and services. We believe this is an important development as state legislators continue to recognize the differences between
&#147;open system&#148; gift cards and store-specific or &#147;closed system&#148; gift cards. In certain states where regulation continues to restrict fees and has made it unprofitable for us to offer gift cards, we have limited or withdrawn from
selling these cards. Federal anti-money laundering regulations require, among other things, the registration of traveler check issuers as &#147;Money Service Businesses&#148; and compliance with anti-money laundering recordkeeping and reporting
requirements by issuers and selling outlets. At this time, stored value issuers and redeemers, while considered to be &#147;Money Service Businesses,&#148; are not required to register under these regulations. Outside the United States, there are
varying licensing and anti-money laundering requirements, including some that are similar to those in the United States. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>American Express Banking Corp.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">American Express Banking Corp. (&#147;AEBC&#148;) is a New York investment company organized under Article XII of the New York State
Banking Law and is a wholly owned direct subsidiary of American Express. Immediately prior to the sale of American Express Bank Ltd. (&#147;AEBL&#148;) to Standard Chartered, AEBL transferred to AEBC its banking business in Greece and Card and
related businesses in India. Following the sale, AEBC directly owns and operates these businesses. AEBC now has branch offices in Greece and India and is subject to continuous supervision and examination by the New York State Banking Department
(&#147;NYSBD&#148;) pursuant to the New York State Banking Law. AEBC&#146;s branches are licensed and regulated in the jurisdictions in which they do business and are subject to the same local requirements as other competitors that have the same
license. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Service and Technology Infrastructure </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We continue to make significant investments, both in the United States and internationally, in our Card systems and infrastructure to allow faster introduction and greater customization of products. We also are using technology to develop
and improve our service capabilities to continue to deliver a high quality customer experience. For example, we maintain a service delivery platform that our employees use in the Card business to support a variety of customer servicing and account
management activities such as account maintenance, updating of Cardmember information, the addition of new Cards to an account and resolving customer satisfaction issues. In international markets, we are enhancing our global platforms and
capabilities, such as in revolving credit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We continue to leverage the Internet to lower costs, improve service quality and enhance our
business model. During 2008, we continued to broaden our focus to use the Internet to drive revenue and build our brand, while continuing to migrate transaction volumes at lower costs. We also continue to have more online customer service
interactions in the United States than we do by telephone or in person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of year-end, customers had enrolled approximately
24&nbsp;million Cards globally in our &#147;Manage Your Card Account&#148; service. This service enables Cardmembers to review and pay their American Express bills electronically, view and service their Membership Rewards program accounts and
conduct various other functions quickly and securely online. We now have an online presence in 23 markets around the world, including the United Kingdom, Australia, Italy, France, Mexico and Japan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We continue to devote substantial resources to our technology platform to ensure the highest level of data integrity, security and privacy. In 2006, we
and several other payment card networks formed PCI SSC, an independent standards-setting organization to manage the evolution of technical data security standards. (For a discussion of this organization, see the &#147;Global Network Services&#148;
section above.) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2002, we outsourced most of our technology infrastructure management and support to IBM. The various
arrangements covered under our agreement with IBM range in term from 7 to 11 years, with certain rights to extend. This arrangement currently enables us to benefit from IBM&#146;s expertise while lowering our information technology costs. IBM is
currently responsible for managing most of our day-to-day technology infrastructure functions, including most of our mainframe and midrange computing systems; Web hosting; database administration; help desk services and data center operations. We
also outsource other technology infrastructure functions to other third-party service providers. Our internal IT organization continues to retain the Company&#146;s key technology competencies, including information technology strategy, information
security, managing strategic relationships with technologies&#146; partners, developing and maintaining applications and databases and managing the technology portfolios of our businesses. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Supervision and Regulation&#151;General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Overview
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On November&nbsp;14, 2008, American Express Company and TRS became bank holding companies under the BHC Act and elected to be treated
as financial holding companies under the BHC Act. As a bank holding company under the BHC Act, the Company is subject to supervision and examination by the Federal Reserve. Under the system of &#147;functional regulation&#148; established under the
BHC Act, the Federal Reserve supervises the Company, including all of its nonbank subsidiaries, as an &#147;umbrella regulator&#148; of the consolidated organization and generally defers to the primary U.S. regulators of the Company&#146;s U.S.
depository institution subsidiaries, as applicable, and to the other U.S. regulators of the Company&#146;s U.S. non-depository institution subsidiaries that regulate certain activities of those subsidiaries, such as insurance companies regulated by
state insurance authorities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Most aspects of our business continue to be subject to rigorous regulation by other U.S. Federal and state
regulatory agencies and securities exchanges and by non-U.S. government agencies or regulatory bodies and securities exchanges. Certain of our public disclosure, internal control environment and corporate governance principles are subject to the
Sarbanes-Oxley Act of 2002 (&#147;Sarbanes-Oxley&#148;) and related regulations and rules of the SEC and the New York Stock Exchange, Inc. New laws or regulations or changes to existing laws and regulations (including changes in interpretation or
enforcement) could materially adversely affect our financial condition or results of operations. As a global financial institution, to the extent that different regulatory systems impose overlapping or inconsistent requirements on the conduct of our
business, we face complexity and additional costs in our compliance efforts. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Banking Regulation </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Federal and state banking laws, regulations and policies extensively regulate the Company, TRS, Centurion Bank and AEBFSB, including prescribing standards
relating to capital, earnings, dividends, the repurchase or redemption of shares, loans or extension of credit to affiliates and insiders, internal controls, information systems, internal audit systems, loan documentation, credit underwriting, asset
growth and impaired assets. Such laws and regulations are intended primarily for the protection of depositors, other customers and the federal deposit insurance funds and not for the protection of holders of our securities. Bank regulatory agencies
have broad examination and enforcement power over bank holding companies and their subsidiaries, including the power to impose substantial fines, limit dividends and restrict operations and acquisitions. Bank holding companies and banks are
prohibited by law from engaging in unsafe and unsound banking practices. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Financial Holding Company Status and Activities
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under the BHC Act, an eligible bank holding company may elect to be a &#147;financial holding company&#148; and thereafter may engage
in a range of activities that are financial in nature and that were not previously permissible for banks and bank holding companies. A financial holding company may engage directly or through a subsidiary </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">in certain statutorily authorized activities. A financial holding company also may engage in any activity that has been determined by rule or order to be
financial in nature, incidental to such financial activity, or (with prior Federal Reserve approval) complementary to a financial activity and that does not pose a substantial risk to the safety and soundness of an institution or to the financial
system generally. In addition to these activities, a financial holding company may engage in those activities permissible for a bank holding company that has not elected to be treated as a financial holding company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For a bank holding company to be eligible for financial holding company status, all of its subsidiary U.S. depository institutions must be well
capitalized and well managed. A bank holding company may become a financial holding company by filing a declaration with the Federal Reserve that it elects to become a financial holding company. The Federal Reserve generally must deny expanded
authority to any bank holding company with a subsidiary insured depository institution that received less than a satisfactory rating on its most recent Community Reinvestment Act of 1977 (the &#147;CRA&#148;) review as of the time it submits its
declaration. If, after becoming a financial holding company and undertaking activities not permissible for a bank holding company, the company fails to continue to meet any of the requirements for financial holding company status, the company must
enter into an agreement with the Federal Reserve to comply with all applicable capital and management requirements. If the company does not return to compliance within 180 days, the Federal Reserve may order the company to divest its subsidiary
banks or the company may discontinue or divest investments in companies engaged in activities permissible only for a bank holding company that has elected to be treated as a financial holding company. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Activities and Acquisitions </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The BHC
Act requires a bank holding company to obtain the prior approval of the Federal Reserve before: (1)&nbsp;it may acquire direct or indirect ownership or control of any voting shares of any bank or savings and loan association, if after such
acquisition, the bank holding company will directly or indirectly own or control more than 5% of any class of the voting securities of the institution; (2)&nbsp;it or any of its subsidiaries, other than a bank, may acquire all or substantially all
of the assets of any bank or savings and loan association; or (3)&nbsp;it may merge or consolidate with any other bank holding company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, as amended (the &#147;Interstate Banking Act&#148;), generally permits bank holding companies to acquire banks in any state, and preempts all state laws restricting
the ownership by a bank holding company of banks in more than one state. The Interstate Banking Act also permits (1)&nbsp;a bank to merge with an out-of-state bank and convert any offices into branches of the resulting bank if both states have not
opted out of interstate branching, (2)&nbsp;a bank to acquire branches from an out-of-state bank if the law of the state where the branches are located permits the interstate branch acquisition and (3)&nbsp;banks to establish and operate de novo
interstate branches whenever the host state opts-in to de novo branching. Bank holding companies and banks seeking to engage in transactions authorized by the Interstate Banking Act must be adequately capitalized and managed. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Federal Reserve must approve certain additional capital contributions to an existing non-U.S. investment and certain direct and indirect acquisitions
by the Company of an interest in a non-U.S. company, including in a foreign bank, as well as the establishment by Centurion Bank of foreign branches in certain circumstances. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Change in Bank Control Act prohibits a person, entity, or group of persons or entities acting in concert, from acquiring &#147;control&#148; of a
bank holding company such as the Company unless the Federal Reserve has been given prior notice and has not objected to the transaction. Under Federal Reserve regulations, the acquisition of 10% or more of a class of voting stock of the Company
would, under the circumstances set forth in the regulations, create a rebuttable presumption of acquisition of control of the Company. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, any company is required to obtain the approval of the Federal Reserve under the BHC Act
before acquiring control of the Company, which, among other things, includes the acquisition of ownership or control over 25% or more of any class of voting securities of the Company or the power to exercise a &#147;controlling influence&#148; over
the Company. In the case of an acquirer that is a bank or bank holding company, the BHC Act requires approval of the Federal Reserve for the acquisition of ownership or control of any voting securities of the Company, if the acquisition results in
the bank or bank holding company controlling more than 5% of the outstanding shares of any class of voting securities of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman"
SIZE="2"><I>Source of Strength </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under Federal Reserve policy, the Company is expected to act as a source of strength to Centurion Bank
and to commit capital and financial resources to support it. The required support may be needed at times when, absent that Federal Reserve policy, we may not find ourselves able to provide it. Capital loans by a bank holding company to any of its
subsidiary banks are subordinate in right of payment to deposits and to certain other indebtedness of such subsidiary banks. In the event of a bank holding company&#146;s bankruptcy, any commitment by the bank holding company to a federal bank
regulator to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to a priority of payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">However, because the BHC Act provides for functional regulation of bank holding company activities by various regulators, the BHC Act prohibits the Federal Reserve from requiring payment by a holding company or subsidiary to a depository
institution if the functional regulator of the payor objects to such payment. In such a case, the Federal Reserve could instead require the divestiture of the depository institution and impose operating restrictions pending the divestiture.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Capital Adequacy </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
Company, TRS, Centurion Bank and AEBFSB are required to comply with the applicable capital adequacy standards established by the federal banking regulators. There are two risk-based measures of capital adequacy for bank holding companies that have
been promulgated by the Federal Reserve, as well as a leverage measure. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The risk-based capital standards are designed to make regulatory
capital requirements more sensitive to differences in credit and market risk profiles among banks and financial holding companies, to account for off-balance-sheet exposure, and to minimize disincentives for holding liquid assets. Assets and
off-balance-sheet items are assigned to broad risk categories, each with appropriate weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets and off-balance sheet items. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The minimum guideline for the ratio of total capital (&#147;Total Capital&#148;) to risk-weighted assets (including certain off-balance-sheet items, such
as standby letters of credit) is 8%. At least half of the Total Capital must be composed of common equity, undivided profits, minority interests in the equity accounts of consolidated subsidiaries (including, for bank holding companies but not
banks, trust preferred securities), non-cumulative perpetual preferred stock and for bank holding companies (but not banks) a limited amount of cumulative perpetual preferred stock, less goodwill and certain other intangible assets (&#147;Tier 1
Capital&#148;). Tier 2 Capital may consist of, among other things, qualifying subordinated debt, mandatorily convertible debt securities, other preferred stock and trust preferred securities and a limited amount of the allowance for loan losses.
Non-cumulative perpetual preferred stock, trust preferred securities and other so-called &#147;restricted core capital elements&#148; are generally limited to 25% of Tier 1 Capital. The minimum guideline for the ratio of Tier 1 Capital to risk
weighted assets is 4%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, the Federal Reserve has established minimum leverage ratio guidelines for bank holding companies.
These guidelines provide for a minimum ratio of Tier 1 Capital to average total assets, less goodwill and certain other intangible assets (the &#147;Leverage Ratio&#148;), of 3% for bank holding companies that meet certain </FONT>
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<FONT FACE="Times New Roman" SIZE="2">specified criteria, including having the highest regulatory rating. All other bank holding companies generally are required to maintain a Leverage Ratio of
at least 4%. The guidelines also provide that bank holding companies experiencing internal growth or making acquisitions will be expected to maintain strong capital positions substantially above the minimum supervisory levels without significant
reliance on intangible assets. Furthermore, the Federal Reserve has indicated that it will consider a &#147;tangible Tier 1 Capital leverage ratio&#148; (deducting all intangibles) and other indicators of capital strength in evaluating proposals for
expansion or new activities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In February 2009, the U.S. Department of the Treasury outlined the various aspects of its proposed Financial
Stability Plan, which is being implemented in response to the ongoing financial crisis. Although the details of the Financial Stability Plan are still being developed, a key aspect of the Plan will be an effort to improve financial
institutions&#146; public disclosures with respect to the exposures on their bank balance sheets. The Department of the Treasury will work with the Federal Reserve, the FDIC, the OTS and the Office of the Comptroller of the Currency to bring a
&#147;more consistent, realistic and forward looking assessment of exposures on the balance sheet of financial institutions.&#148; In addition, the Treasury indicated that all banking institutions with assets in excess of $100 billion (which
includes the Company) will be required to participate in the review undertaken by the Department of the Treasury and the various financial regulators and will be subject to a &#147;stress test,&#148; which will be a forward looking comprehensive
assessment of whether we have the capital necessary to continue lending and to absorb the potential losses that could result from a more severe decline in the economy than projected. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For information regarding our capital ratios, please see Note 13 on pages 95-96 of our 2008 Annual Report to Shareholders, which information is
incorporated herein by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Prompt Corrective Action </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Federal Deposit Insurance Act (&#147;FDIA&#148;) requires, among other things, that federal banking regulators take prompt corrective action in
respect of FDIC-insured depository institutions that do not meet minimum capital requirements. The FDIA specifies five capital tiers: &#147;well capitalized,&#148; &#147;adequately capitalized,&#148; &#147;undercapitalized,&#148; &#147;significantly
undercapitalized,&#148; and &#147;critically undercapitalized.&#148; A depository institution&#146;s capital tier will depend upon how its capital levels compare to various relevant capital measures and certain other factors, as established by
regulation. A bank may be deemed to be in a capitalization category that is lower than is indicated by its actual capital position if it receives an unsatisfactory examination rating. Once an institution becomes &#147;undercapitalized,&#148; the
FDIA imposes progressively more restrictive constraints on operations, management and capital distributions, depending on the capital category in which an institution is classified. A depository institution that is not well capitalized is also
subject to certain limitations on brokered deposits and Certificate of Deposit Account Registry Service deposits. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The FDIA generally
prohibits an FDIC-insured depository institution from making any capital distribution (including payment of dividends) or paying any management fee to its holding company if the depository institution would thereafter be undercapitalized.
Undercapitalized depository institutions are subject to restrictions on borrowing from the Federal Reserve and to growth limitations, and are required to submit a capital restoration plan. For a capital restoration plan to be acceptable, any holding
company must guarantee the capital plan up to an amount equal to the lesser of 5% of the depository institution&#146;s assets at the time it became undercapitalized and the amount of the capital deficiency at the time it fails to comply with the
plan. In the event of the holding company&#146;s bankruptcy, such guarantee would take priority over claims of its general unsecured creditors. If a depository institution fails to submit an acceptable plan, it is treated as if it is significantly
undercapitalized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Significantly undercapitalized depository institutions may be subject to a number of requirements and restrictions,
including orders to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets and cessation of receipt of deposits from correspondent banks. Critically undercapitalized depository institutions are subject to
appointment of a receiver or conservator. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Dividends </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company and TRS as well as Centurion Bank and AEBFSB are limited in their ability to pay dividends. In general, federal and applicable state bank laws prohibit, without first obtaining regulatory approval, insured
depository institutions, such as Centurion Bank and AEBFSB, from making dividend distributions if such distributions are not paid out of available recent earnings or would cause the institution to fail to meet capital adequacy standards. In addition
to specific limitations on the dividends that subsidiary banks can pay to their holding companies, federal regulators could prohibit a dividend that would constitute an unsafe or unsound banking practice in light of the financial condition of the
banking organization. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">It is Federal Reserve policy that bank holding companies should generally pay to common shareholders dividends on
common stock only out of earnings and only if prospective earnings retention is consistent with the organization&#146;s expected future needs, asset quality, and financial condition. Moreover, bank holding companies should not maintain dividend
levels that undermine the company&#146;s ability to be a source of strength to its banking subsidiaries. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>Transactions between Centurion
Bank or AEBFSB and Their Respective Affiliates </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain transactions (including loans and credit extensions from Centurion Bank and
AEBFSB) between Centurion Bank and AEBFSB, on the one hand, and their affiliates (including the Company, TRS and their non-bank subsidiaries), on the other hand, are subject to quantitative and qualitative limitations, collateral requirements, and
other restrictions imposed by statute and Federal Reserve regulation. Transactions subject to these restrictions are generally required to be made on an arms-length basis. These restrictions generally do not apply to transactions between a
depository institution and its subsidiaries. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>FDIC Insurance Assessments </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2006, the FDIC issued final regulations, as required by the Federal Deposit Insurance Reform Act of 2005, by which the FDIC established a new
base rate schedule for the assessment of deposit insurance premiums and set new assessment rates that became effective in January 2007. Under these regulations, each depository institution is assigned to a risk category based upon capital and
supervisory measures. Depending upon the risk category to which it is assigned, the depository institution is then assessed insurance premiums based upon its deposits. Some depository institutions are entitled to apply against these premiums a
credit that is designed to give effect to premium payments, if any, that the depository institution may have made in certain prior years. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Under the FDIA, the FDIC may terminate the insurance of an institution&#146;s deposits upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has
violated any applicable law, regulation, rule, order or condition imposed by the FDIC. We do not know of any practice, condition or violation that might lead to termination of our deposit insurance. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><I>FDIC Powers Upon Insolvency of Insured Depository Institutions </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under the &#147;cross-guarantee&#148; provision of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (&#147;FIRREA&#148;), insured depository institutions, such as Centurion Bank and AEBFSB, may
be liable to the FDIC with respect to any loss incurred or reasonably anticipated to be incurred by the FDIC in connection with the default of, or FDIC assistance to, any commonly controlled insured depository institution. Centurion Bank and AEBFSB
are commonly controlled within the meaning of the FIRREA cross-guarantee provision. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If the FDIC is appointed the conservator or receiver
of an insured depository institution upon its insolvency or in certain other events, the FDIC has the power: (1)&nbsp;to transfer any of the depository institution&#146;s assets and liabilities to a new obligor without the approval of the depository
institution&#146;s creditors; (2)&nbsp;to enforce the terms </FONT>
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<FONT FACE="Times New Roman" SIZE="2">of the depository institution&#146;s contracts pursuant to their terms; or (3)&nbsp;to repudiate or disaffirm any contract or lease to which the depository
institution is a party, the performance of which is determined by the FDIC to be burdensome and the disaffirmation or repudiation of which is determined by the FDIC to promote the orderly administration of the depository institution. The above
provisions would be applicable to obligations and liabilities of Centurion Bank and AEBFSB, including, without limitation, obligations under senior or subordinated debt issued by Centurion Bank or AEBFSB to investors (referred to below as
&#147;public noteholders&#148;) in the public markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under federal law, the claims of a receiver of an insured depository institution
for administrative expense and the claims of holders of U.S. deposit liabilities (including the FDIC, as subrogee of the depositors) have priority over the claims of other unsecured creditors of the institution, including public noteholders and
depositors in non-U.S. offices, in the event of the liquidation or other resolution of the institution. As a result, whether or not the FDIC would ever seek to repudiate any obligations held by public noteholders, such persons would be treated
differently from, and could receive, if anything, substantially less, than the depositors in U.S. offices of the depository institution. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Community
Reinvestment Act </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Centurion Bank and AEBFSB are subject to the provisions of the Community Reinvestment Act (&#147;CRA&#148;). Under the
terms of the CRA, the primary federal regulator of a depository institution is required, in connection with its examination of the depository institution, to assess such depository institution&#146;s record in meeting the credit needs of the
communities served by that depository institution, including low- and moderate-income neighborhoods. Furthermore, such assessment is also required of any depository institution that has applied, among other things, to merge or consolidate with or
acquire the assets or assume the liabilities of a federally regulated financial institution or to open or relocate a branch office. In the case of a bank holding company applying for approval to acquire a bank or bank holding company, the Federal
Reserve will assess the record of each subsidiary depository institution of the applicant bank holding company in considering the application. In addition, as discussed previously, the failure of the Company&#146;s subsidiary depository institutions
to maintain satisfactory CRA ratings could result in restrictions on the Company&#146;s and TRS&#146; ability to engage in activities in reliance on financial holding company authority. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><I>Privacy and Fair Credit Reporting </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We use information about our customers to develop and make
available relevant, personalized products and services. Certain customers are given choices about how we use and disclose their information, and we give them notice regarding the measures we take to safeguard this information. Regulatory activity in
the areas of privacy and data protection continues to increase worldwide, spurred by advancements in technology and related concerns about the rapid and widespread dissemination and use of information. As noted above, as part of our efforts to
enhance payment account data security, in 2006, we and several other payment card networks formed PCI SSC, an independent standards-setting organization to manage the evolution of the PCI Data Security Standard. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Gramm-Leach-Bliley Act (&#147;GLBA&#148;) became effective on July&nbsp;1, 2001. GLBA provides for disclosure of a financial institution&#146;s
privacy policies and practices and affords customers the right to &#147;opt out&#148; of the institution&#146;s disclosure of their personal financial information to unaffiliated third parties (with limited exceptions). This legislation does not
preempt state laws that afford greater privacy protections to consumers, and several states have adopted such legislation. For example, in 2003 California enacted that state&#146;s Financial Information Privacy Act. We continue our efforts to
safeguard the data entrusted to us in accordance with applicable law and our internal data protection policies, including taking steps to reduce the potential for identity theft, while seeking to collect and use data properly to achieve our business
objectives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, over 40 states, Puerto Rico and the District of Columbia have enacted security breach legislation, requiring
varying levels of consumer notification in the event of a security breach. In addition, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">several states are considering legislation requiring certain data security standards that could result in higher technology costs for the Company. In 1995,
the European Parliament and Council passed European Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data (commonly referred to as the Data Protection Directive),
which obligates the controller of an individual&#146;s personal data to take the necessary technical and organizational measures to protect personal data. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In December 2008, the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration (collectively, the &#147;Agencies&#148;) promulgated final rules prohibiting certain credit card
practices for consumer credit card accounts. The Agencies exercised their authority under Section&nbsp;5(a) of the Federal Trade Commission Act (&#147;FTC Act&#148;) to amend Regulation AA (i.e., &#147;UDAP&#148;), which prohibits unfair or
deceptive acts or practices. Additionally, the Federal Reserve promulgated final rules substantially revising the open-end credit provisions of Regulation Z. The final amendments to Regulation AA and Regulation Z become effective July&nbsp;1, 2010.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The final Regulation AA amendments, among other requirements, prohibit issuers from treating a payment as late for any purpose, including
increasing the annual percentage rate or imposing a fee, unless a consumer has been provided a &#147;reasonable amount of time&#148; to make the payment. Additionally, the amendments require issuers to apply payment amounts in excess of the minimum
payment either: (1)&nbsp;first to the balance with the highest APR; or (2)&nbsp;pro rata to the types of outstanding balances based on the amounts of those outstanding balances. In addition, the amendments prohibit an issuer from increasing the APR,
unless one of the following five express exceptions apply relating to : (1)&nbsp;account-opening disclosure; (2)&nbsp;variable rates; (3)&nbsp;advance notice; (4)&nbsp;delinquency; and (5)&nbsp;workout arrangements. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The final Regulation Z amendments, among other requirements, extend the advance notice period for changes to principal account terms from the current 15
days to 45 days and requires the changes to be disclosed in a tabular disclosure similar to that provided at account opening. The amendments also require revisions to the format and content of all main types of open-end credit disclosures governed
by Regulation Z, including applications and solicitations, account-opening disclosures, and periodic billing statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The final
amendments to both Regulation AA and Regulation Z were issued largely as proposed. While we anticipate making changes to our products that are designed to lessen the impact of these changes, there is no assurance that we will be successful. If we
are not able to lessen the impact of these changes, they will have a material adverse effect on our results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Fair Credit
Reporting Act of 1970 (&#147;FCRA&#148;) regulates the disclosure of consumer credit reports by consumer reporting agencies and the use of consumer credit report information by banks and other companies. FCRA was significantly amended by the
enactment in December 2003 of the Fair and Accurate Credit Transactions Act (the &#147;FACT Act&#148;). The FACT Act requires any company that receives information concerning a consumer from an affiliate, subject to certain exceptions, to permit the
consumer to opt out from having that information used to market the company&#146;s products to the consumer. In November 2007, the Federal banking agencies issued a final rule implementing the affiliate marketing provisions of the FACT Act.
Companies subject to oversight by these agencies were required to comply with the rules by October&nbsp;1, 2008. We qualify for an exception from the affiliate marketing provisions of the FACT Act, and as a result, we do not need to provide an
affiliate marketing opt out. The FACT Act further amends the FCRA by adding several new provisions designed to prevent or decrease identity theft and to improve the accuracy of consumer credit information. The Federal banking agencies and the FTC
published a final rule in November 2007 requiring financial institutions to implement a program containing reasonable policies and procedures to address the risk of identity theft and to identify accounts where identity theft is more likely to
occur. Companies subject to oversight by the Federal banking agencies were required to comply with the rule by November&nbsp;1, 2008 but the FTC has stated it will suspend enforcement of its rule until May&nbsp;1, 2009. TRS continues to be regulated
by the FTC with respect to this new rule and is currently evaluating what steps it will need to take to comply. The FACT Act also imposes new </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">duties on both consumer reporting agencies and on businesses that furnish or use information contained in consumer credit reports. For example, a furnisher
of information is required to implement procedures to prevent the reporting of any information that it learns is the result of identity theft. Also, if a consumer disputes the accuracy of information provided to a consumer reporting agency, the
furnisher of that information must conduct an investigation and respond to the consumer in a timely fashion. The Federal banking regulatory agencies and the FTC have proposed rules that specify the circumstances under which furnishers of information
would be required to investigate disputes regarding the accuracy of the information provided to a consumer reporting agency. The FACT Act also requires grantors of credit that use consumer credit report information in making a determination to offer
a borrower credit on terms that are &#147;materially less favorable&#148; than the terms offered to most of the lender&#146;s other customers to notify the borrower that the terms are based on a consumer credit report. In such a case the borrower is
entitled to receive a free copy of the report from the consumer reporting agency. Grantors of credit using prescreened consumer credit report information in credit solicitations are also required to include an enhanced notice to consumers that they
have the right to opt out from receiving further prescreened offers of credit. The enactment of the FACT Act and the promulgation of rules implementing it are not expected to have a significant impact on our business or practices. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Anti-Money Laundering Compliance </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the United
States, the USA Patriot Act was enacted in October 2001 in the wake of the September&nbsp;11, 2001 terrorist attacks. The Patriot Act, in addition to substantially broadening existing anti-money laundering (&#147;AML&#148;) and terrorist financing
legislation, amended the Bank Secrecy Act, the primary legislation governing AML requirements. The Patriot Act contains a wide variety of provisions aimed at fighting terrorism and money laundering, including provisions aimed at impeding
terrorists&#146; ability to access and move funds used in support of terrorist activities. Among other things, the Bank Secrecy Act, as amended by the Patriot Act, requires financial institutions to establish AML programs that meet certain
standards, including, in some instances, expanded reporting and enhanced information gathering and recordkeeping requirements. While American Express has long maintained AML programs in our businesses, certain of our business activities are subject
to specific AML regulations that prescribe minimum standards for components of the AML programs. For example, our GNS business maintains a risk-based program to ensure that institutions that are licensed to issue cards or acquire merchants on their
networks maintain adequate AML controls. We have also developed and implemented a Know Your Customer, or due diligence, program and an enhanced due diligence program, including a program for verifying the identity of our customers (&#147;Customer
Identification Program&#148;) for applicable businesses. We will take steps to comply with any additional regulations or initiatives that are adopted, whether in the United States or in other jurisdictions in which we conduct business. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Over the last several years, the industry has seen increased regulatory scrutiny of the AML compliance programs of financial institutions, with
emphasis on record keeping and reporting requirements such as the requirement to identify and report suspicious activity, leading to enforcements actions for non-compliance. To meet this increased scrutiny, we continue to enhance our enterprise-wide
AML compliance program. One example is the recent adoption by the Company&#146;s Board of Directors of a newly revised Global AML Policy. This Policy governs AML compliance throughout our organization, with each of our businesses being provided with
resources, guidance and oversight designed to ensure that we meet our legal and regulatory obligations. Our AML compliance programs primarily consist of risk-based policies, procedures and controls that are reasonably designed to prevent, detect and
report money laundering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have significant operations in the European Union, including a number of regulated businesses. We monitor
developments in EU legislation, as well as in the other markets in which we operate, to ensure that we are in a position to comply with all applicable legal requirements, including European Union directives applicable to payment institutions, credit
providers, insurance intermediaries and other financial institutions. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_9"></A>FOREIGN OPERATIONS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We derive a significant portion of our revenues from the use of our Card products, Travelers Cheques, travel and other financial products and services in
countries outside the United States and continue to broaden the use of these products and services outside the United States. (For a discussion of our revenue by geographic region, see Note 24 to our Consolidated Financial Statements, which you can
find on pages 112-114 of our 2008 Annual Report to Shareholders and which is incorporated herein by reference.) Our revenues can be affected by political and economic conditions in these countries (including the availability of foreign exchange for
the payment by the local Card issuer of obligations arising out of local Cardmembers&#146; spending outside such country, for the payment of Card bills by Cardmembers who are billed in other than their local currency, and for the remittance of the
proceeds of Travelers Cheque sales). Substantial and sudden devaluation of local Cardmembers&#146; currency can also affect their ability to make payments to the local issuer of the Card in connection with spending outside the local country.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a result of our foreign operations, we are exposed to the possibility that, because of foreign exchange rate fluctuations, assets and
liabilities denominated in currencies other than the U.S. dollar may be realized in amounts greater or less than the U.S. dollar amounts at which they are currently recorded in our Consolidated Financial Statements. Examples of transactions in which
this may occur include the purchase by Cardmembers of goods and services in a currency other than the currency in which they are billed; the sale in one currency of a Travelers Cheque denominated in a second currency; and, in most instances,
investments in foreign operations. These risks, unless properly monitored and managed, could have an adverse effect on our operations. For more information on how we manage risk relating to foreign exchange, see &#147;Risk Management&#151;Market
Risk Management Process&#148; on pages 44-45 of our 2008 Annual Report to Shareholders, which information is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>SALE OF AMERICAN EXPRESS BANK LTD. / DISCONTINUED OPERATIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On September&nbsp;18, 2007, we entered into an agreement to
sell our international banking subsidiary, AEBL, to Standard Chartered PLC (&#147;Standard Chartered&#148;). On February&nbsp;29, 2008, Standard Chartered completed its purchase of AEBL. In the second quarter of 2008, the Company and Standard
Chartered agreed on the final purchase price of $796 million, equaling the final net asset value of the AEBL businesses that were sold plus $300 million. For 2008 through the date of disposition and all prior periods presented, the operating
results, assets and liabilities, and cash flows of AEBL (except for certain components of the AEBL businesses that were not sold) have been removed from the Corporate&nbsp;&amp; Other segment and reported separately within the discontinued
operations captions in the Company&#146;s Consolidated Financial Statements and notes related thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On September&nbsp;18, 2007, the
Company also entered into an agreement with Standard Chartered to sell American Express International Deposit Company (&#147;AEIDC&#148;), a subsidiary that issued investment certificates to AEBL&#146;s customers, 18 months after the close of the
AEBL sale through a put/call agreement. A subsequent payment from or to Standard Chartered will be made based on the net (deficit) asset value of AEIDC on the date the business is transferred to Standard Chartered. The net (deficit) asset value of
AEIDC at December&nbsp;31, 2008 and December&nbsp;31, 2007 was $(44) million and $232 million, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the third quarter of 2008,
AEIDC qualified to be reported as a discontinued operation, as it is the Company&#146;s intention to exercise its AEIDC put option in the third quarter of 2009. Accordingly, for all the periods presented, AEIDC&#146;s operating results, assets and
liabilities, and cash flows have been removed from our Corporate&nbsp;&amp; Other segment and reported separately within the discontinued operations captions in our Consolidated Financial Statements and notes related thereto. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company recognized losses of $275 million ($179 million after-tax) and $105 million ($69 million
after-tax) for the fiscal years ended December&nbsp;31, 2008 and 2007, respectively, for mark-to-market adjustments and sales associated with the AEIDC investment portfolio. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You can find more information regarding this transaction on page 14 under caption &#147;Financial Review&#148; and in Note 2 to our Consolidated
Financial Statements, appearing on pages 77-79 of our 2008 Annual Report to Shareholders, which are incorporated herein by reference. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_10">
</A>SEGMENT INFORMATION AND CLASSES OF SIMILAR SERVICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">You can find information regarding the Company&#146;s reportable operating
segments, geographic operations and classes of similar services in Note 24 to our Consolidated Financial Statements, which appears on pages 112-114 of our 2008 Annual Report to Shareholders, which Note is incorporated herein by reference.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_11"></A>EXECUTIVE OFFICERS OF THE COMPANY </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Set forth below in alphabetical order is a list of all our executive officers as of February 27, 2009. None of our executive officers has any family
relationship with any other executive officer, and none of our executive officers became an officer pursuant to any arrangement or understanding with any other person. Each executive officer has been elected to serve until the next annual election
of officers or until his or her successor is elected and qualified. Each officer&#146;s age is indicated by the number in parentheses next to his or her name. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">KENNETH&nbsp;I.&nbsp;CHENAULT&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chairman and Chief Executive Officer</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Chenault (57)&nbsp;has been Chairman since April 2001 and Chief Executive Officer since January 2001.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">L.&nbsp;KEVIN&nbsp;COX -</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, Human Resources</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px; text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Cox (45)&nbsp;has been Executive Vice
President, Human Resources of the Company since April 2005. Prior thereto, he had been Executive Vice President of The Pepsi Bottling Group since September 2004. Prior thereto, he had been Senior Vice President, Human Resources of such company since
March 1999.</FONT></P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">EDWARD&nbsp;P.&nbsp;GILLIGAN&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Vice Chairman</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Gilligan (49)&nbsp;has been Vice Chairman of the Company and head of the Company&#146;s
Global Business-to-Business Group since July 2007. Prior thereto, he had been Group President, American Express International&nbsp;&amp; Global Corporate Services since July 2005. Prior thereto, he had been Group President, Global Corporate Services
since June 2000 and Group President, Global Corporate Services&nbsp;&amp; International Payments, since July 2003. </FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">WILLIAM&nbsp;H.&nbsp;GLENN&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, Global Merchant Services</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Glenn (51) has been Executive Vice President since September 2008 and President, Global
Merchant Services since June 2007. Prior thereto, he had been President of Merchant Services North America and Global Merchant Network Group since September 2002. </FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ASH&nbsp;GUPTA&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President of Risk, Information Management and Banking Group and Chief Risk Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Gupta (55)&nbsp;has been President of Risk, Information Management and Banking Group and
Chief Risk Officer since July 2007. Prior thereto, he had been Executive Vice President and Chief Risk Officer of the Company since July 2003. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">JOHN&nbsp;D.&nbsp;HAYES&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, Global Advertising and Brand Management and Chief Marketing Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Hayes (54)&nbsp;has been Executive Vice President, Global Advertising and Brand
Management since May 1995 and Chief Marketing Officer of the Company since August 2003. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">DANIEL&nbsp;T.&nbsp;HENRY&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Henry (59)&nbsp;has been Executive Vice President and Chief Financial Officer of the
Company since October 2007. Since February 2007, Mr.&nbsp;Henry had been serving as Executive Vice President and Acting Chief Financial Officer of the Company. Prior thereto, he had been Executive Vice President and Chief Financial Officer, U.S.
Consumer, Small Business and Merchant Services since October 2005 and Executive Vice President and Chief Financial Officer, U.S. Consumer and Small Business Services since August 2000. </FONT></P> <P
STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ALFRED&nbsp;F.&nbsp;KELLY,&nbsp;JR.&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Kelly (50)&nbsp;has been President of the Company and head of the Company&#146;s Global
Consumer Group since July 2007. Prior thereto, he was Group President, Consumer, Small Business and Merchant Services since October 2005. Prior thereto, he had been President, U.S. Consumer and Small Business Services since June 2000. </FONT></P> <P
STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">JUDSON&nbsp;C.&nbsp;LINVILLE&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer, Consumer Services.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Linville (51)&nbsp;has been President and Chief Executive Officer of Consumer Services,
since July 2007. Prior thereto, he had been President, U.S. Consumer Card Services Group from 2005 through 2007. Prior thereto, he was Executive Vice President, Service Delivery Network from 2001 through 2005. </FONT></P> <P
STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="73%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">LOUISE&nbsp;M.&nbsp;PARENT&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and General Counsel</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Ms.&nbsp;Parent (58)&nbsp;has been Executive Vice President and General Counsel since May 1993.
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="73%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">THOMAS&nbsp;SCHICK&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, Corporate Affairs and Communications</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Schick (62)&nbsp;has been Executive Vice President, Corporate Affairs and Communications
since March 1993. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="73%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">STEPHEN SQUERI -</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, Corporate Development and Chief Information Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Squeri (49)&nbsp;has been Executive Vice President, Chief Information Officer since May
2005. In July 2008, he took on the additional responsibilities as head of Corporate Development. Prior thereto, he had been President, Global Commercial Card &#150; Global Corporate Services since January 2002. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_12"></A>EMPLOYEES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We had approximately 66,000 employees on December&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">44 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_13"></A>GUIDE 3 &#150; STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The accompanying supplemental information should be read in conjunction with the Consolidated Financial Statements and the Notes to the Consolidated
Financial Statements in the Company&#146;s 2008 Annual Report to Shareholders, which information is incorporated herein by reference (&#147;Annual Report&#148;). This information excludes discontinued operations unless otherwise noted. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>DISTRIBUTION OF ASSETS, LIABILITIES, AND SHAREHOLDERS&#146; EQUITY; INTEREST RATES AND INTEREST DIFFERENTIAL </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following tables provide a summary of the Company&#146;s consolidated average balances including major categories of interest-earning assets and
interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are
attributed to U.S. and non-U.S. based on location of the office recording such items. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="1"><B></B><B><I>(Millions, except percentages)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Yield</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Yield</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Yield</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Interest-earning assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest-bearing deposits in other banks (b) (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. (primarily U.S. in 2007 and 2006)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,864</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>124</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,091</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">287</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,265</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">117</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>662</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>19</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2.9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Federal funds sold and securities purchased under agreements to resell</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>711</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">705</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">262</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>8.2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Short-term investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,926</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>73</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">107</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember loans (d) (e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>36,962</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,464</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37,298</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,881</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">13.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,894</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,566</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">12.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,670</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,649</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>15.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,774</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,371</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">14.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,493</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">13.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>175</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">145</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">17.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">699</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>646</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>74</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>11.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">802</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">13.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">938</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">110</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxable investment securities (f)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,841</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>333</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>5.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,280</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">272</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,201</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">207</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>382</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">363</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">338</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-taxable investment securities (f)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,565</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>334</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,445</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">356</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,468</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">363</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Primarily U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>336</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>79</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>n.m.</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">109</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total interest-earning assets (h)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>75,893</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,201</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65,782</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,424</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53,843</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,701</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>63,380</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,423</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">54,788</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,922</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44,034</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,398</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,513</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,778</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,994</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,502</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,809</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,303</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">45 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31,<BR></B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-interest-earning assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash and due from banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>902</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>361</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>20,220</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,699</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>16,500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,934</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,516</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,349</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">991</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,279</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">984</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reserves for cardmember and other loans losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,923</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(432</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets (i)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,699</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,741</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,205</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,972</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-interest-earning assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>51,160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31,247</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28,055</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26,279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>19,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,962</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Assets of discontinued operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,372</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>132,798</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">134,644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">118,456</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>94,627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82,843</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">70,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,292</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,771</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Assets of discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,372</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Percentage of total average assets attributable to non-U.S. activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Averages based on monthly balances, except that reserves for cardmember and other receivables/loans are based on quarterly averages. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amounts include (i)&nbsp;average interest-bearing restricted cash balances of $214 million, $293 million, and $320 million for 2008, 2007 and 2006, respectively, which are included
in other assets on the Consolidated Balance Sheets, and (ii)&nbsp;the associated interest income. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Average balances in 2006 and 2007 include negative cash balances not reclassified to liabilities which also could not be segregated between U.S. and non-U.S. As a result, the yield
on interest-bearing deposits in other banks has not been shown for 2007 and 2006 as it would not be meaningful (n.m.). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Card fees related to cardmember loans included in interest income were $95 million, $90 million, and $122 million in U.S. and $51 million, $40 million and $48 million in non-U.S.
for 2008, 2007 and 2006, respectively. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Average non-accrual loans were included in the average loan balances used to determine the average yield on loans in amounts of $8 million, $34 million and $220 million in U.S. as
well as $6 million, $5 million and $5 million in non-U.S. for 2008, 2007 and 2006, respectively. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Average yields for investment securities available-for-sale have been calculated using total amortized cost balances and do not include changes in fair value recorded within other
comprehensive income. Yield on non-taxable investment securities is calculated on a tax-equivalent basis based on the U.S. federal statutory tax rate of 35 percent. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amounts include (i) average equity securities balances, which are included in investment securities on the Consolidated Balance Sheets, and (ii) the associated dividend income. The
average yield on other assets has not been shown as it would not be meaningful. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The yield on total interest-earning assets is adjusted for the impacts of items mentioned in (f)&nbsp;above. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes premises and equipment, net of accumulated depreciation. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">46 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="1"><B></B><B><I>(Millions, except percentages)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Expense</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Expense</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate (a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest<BR>Expense</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate (a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Interest-bearing liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Customer deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,130</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>366</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>3.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">8,390</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">436</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">8,352</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">423</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>1,432</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>88</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>6.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">130</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">6.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">120</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Federal funds purchased and securities sold under agreements to repurchase</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>1,493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>53</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>3.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,974</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">99</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,756</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">76</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Short-term borrowings (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>399</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>3.2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">12,408</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">615</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">12,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">547</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>942</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>3.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">1.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">1.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Long-term debt (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>54,408</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>2,491</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>4.6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">46,788</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,547</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">34,094</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,581</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>1,968</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>82</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>4.2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">94</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,027</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">82</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Other liabilities (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Primarily U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>45</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>n.m.</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">42</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">n.m.</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">225</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">n.m</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Total interest-bearing liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>85,140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>3,555</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>4.2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">75,232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">62,330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,866</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">4.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>80,798</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>3,354</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">69,819</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">56,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,644</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>4,342</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>201</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,413</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">242</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,584</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">222</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Non-interest-bearing liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Travelers Cheques outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>6,289</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">6,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">6,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>410</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">448</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>6,933</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">6,679</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">6,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>2,666</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,390</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>9,033</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,660</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,371</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>4,691</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,811</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Total non-interest-bearing liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>30,022</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">27,955</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">25,817</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>22,255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20,871</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20,275</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>7,767</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,084</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,542</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Liabilities of discontinued operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>5,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20,706</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">19,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Total liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>120,723</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">123,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">107,773</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>103,053</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">90,690</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">77,021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,109</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">12,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">11,126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Liabilities of discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>5,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20,706</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">19,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Total shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,075</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">10,751</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">10,683</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Total liabilities and shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>132,798</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">134,644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">118,456</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage of total average liabilities attributable to non-U.S. activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>10.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">10.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">10.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Interest rate spread</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>5.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">6.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">6.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Net interest income and net yield on interest-earning assets (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>3,646</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>5.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,443</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,835</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">5.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="1">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="1">Averages based on monthly balances. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="1">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="1">Interest expense related to qualifying hedge derivative instruments has been reported in interest expense for the related debt instrument outstanding for each period.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="1">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="1">Amounts include (i) average deferred compensation liability balances which are included in other liabilities on the Consolidated Balance Sheets, and (ii) the associated interest
expense. The average rate on other liabilities has not been shown as it would not be meaningful. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="1">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="1">Net yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in note (f)&nbsp;on page
46. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">47 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>CHANGES IN NET INTEREST INCOME -VOLUME AND RATE ANALYSIS (a) </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major
categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average rate and average volume variances on a consistent
basis based upon the respective percentage changes in average balances and average rates. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008 versus 2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007 versus 2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I></I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="1"><B></B><B><I>(Millions)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Increase (Decrease)<BR>due to change in:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net<BR>change</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Increase&nbsp;(Decrease)</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>due to change in:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net<BR>change</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Volume</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Volume</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Interest-earning assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest-bearing deposits in other banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Primarily U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(657</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(144</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Federal funds sold and securities purchased under agreements to resell</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Short-term investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">278</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">176</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxable investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-taxable investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Primarily U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Change in interest income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>874</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,097</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,501</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>222</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,723</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Interest-bearing liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Customer deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Federal funds purchased and securities sold under agreements to repurchase</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Short-term borrowings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(471</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">589</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">966</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Primarily U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Change in interest expense</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>540</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(966</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>512</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Change in net interest income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>334</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(131</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>203</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>898</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>608</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Refer to the notes on pages 46 and 47 for additional information. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">48 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">INVESTMENT SECURITIES PORTFOLIO </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following table presents the fair value of the Company&#146;s investment securities portfolio that consists of available-for-sale securities. Refer to Note 5, &#147;Investment Securities&#148; on page 81 in the
Annual Report for additional information. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">State and municipal obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,555</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,761</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,855</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. Government and agency obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,166</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,110</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,036</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mortgage backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>75</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">62</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Retained subordinated interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>744</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">78</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>544</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Corporate debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>218</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">282</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">316</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign government bonds and obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>81</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>143</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">851</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">915</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total available-for-sale securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,526</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13,214</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13,207</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Primarily includes short-term money market securities with original maturities of 91 days to one year, state tax-exempt securities and other securities, primarily mutual funds.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents an analysis of remaining contractual maturities and weighted average yields for
available-for-sale debt securities. Yields on tax-exempt obligations have been computed on a tax-equivalent basis as discussed earlier. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Due&nbsp;in&nbsp;1<BR>year&nbsp;or&nbsp;less</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Due&nbsp;after&nbsp;1<BR>through</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>5 years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Due&nbsp;after&nbsp;5<BR>through</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>10 years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Due&nbsp;after<BR>10 years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">State and municipal obligations (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>305</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,083</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,555</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. Government and agency obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,091</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,048</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,166</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mortgage backed securities (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>72</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Retained subordinated interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>598</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>744</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Corporate debt securities (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>187</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>216</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign government bonds and obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>127</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>127</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total fair value (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,355</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,943</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>472</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,964</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Weighted average yield (e)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4.68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6.30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7.39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5.46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The expected payments on state and municipal obligations and mortgage backed securities may not coincide with their contractual maturities because borrowers have the right to call
or prepay certain obligations. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Excludes $2 million of preferred stock included in the prior table above as these are not debt securities with contractual maturities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Primarily includes short-term money market securities with original maturities of 91 days to one year and state tax-exempt securities. The prior table above includes certain mutual
fund investments that do not have contractual maturities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Excludes equity securities included in the prior table above as these are not debt securities with contractual maturities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Average yields for available-for-sale debt securities have been calculated using the effective yield on the date of purchase. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2008, the Company does not hold investments in any one issuer, other than the U.S. Government and agency obligations, with
aggregate book value that exceeds 10 percent of shareholders&#146; equity. </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">49 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">U.S. Government and agency obligations include U.S. Treasury securities and senior debentures issued by Government Sponsored Enterprises (Fannie Mae and
Freddie Mac).&nbsp;At December&nbsp;31, 2008, these amounts included $1.7 billion and $1.5 billion, respectively, of securities issued by Fannie Mae and Freddie Mac.</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>LOANS AND CARDMEMBER RECEIVABLES PORTFOLIOS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents gross loans, net of
unearned income, and gross cardmember receivables by customer type segregated between U.S. and non-U.S., based on the domicile of the borrowers. Allowance for losses is presented beginning on page 56. Refer to Note 3, &#147;Accounts Receivable&#148;
and Note 4, &#147;Loans&#148; on page 80 in the Annual Report for additional information. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,684</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43,253</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33,543</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,788</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,558</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>144</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">91</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">132</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">985</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">943</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,527</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,155</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,685</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,234</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,269</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>913</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">716</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">885</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">851</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">815</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>43,268</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55,215</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44,245</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34,858</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28,585</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17,822</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,418</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,586</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,241</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,405</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,269</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,261</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,897</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,370</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,741</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,769</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,243</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,484</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,926</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,663</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,128</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,622</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,267</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,988</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40,072</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37,367</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34,159</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31,076</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents loans to individual and small business consumers. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Primarily represents small business installment loans. Other loans at December&nbsp;31, 2008, also includes the acquisition of a storecard portfolio in the third quarter of 2008
whose billed business is not processed on the Company&#146;s network, a loan to an affiliate in discontinued operations, and small business loans associated with the acquisition of Corporate Payment Services. The distribution of other loans between
U.S. and non-U.S. for 2004 was based on management&#146;s estimates. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents receivables from individual and small business charge card consumers. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents receivables from corporate charge card clients. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">50 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents contractual maturities of loans and cardmember receivables by customer type and segregated between U.S. and non-U.S.
borrowers, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Within</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>1&nbsp;year&nbsp;(a)&nbsp;(b)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>1-5<BR>years&nbsp;(c)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>After<BR>5&nbsp;years&nbsp;(c)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,684</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,684</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>124</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>144</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,504</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,527</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>786</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>116</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>913</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>43,098</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>133</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>43,268</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loans due after one year at fixed interest rates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>132</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>160</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loans due after one year at variable interest rates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>133</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>170</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17,822</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17,822</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,269</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,269</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,769</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,769</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,128</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,128</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,988</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32,988</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cardmember loans have no stated maturity and are therefore included in the due within one year category. However, many of our cardmembers will revolve their balances, which may
extend their repayment period beyond one year for balances due at December&nbsp;31, 2008. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cardmember receivables are immediately due upon receipt of cardmember statements and have no stated interest rate and are included within the due within one year category.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cardmember and other loans due after one year primarily represent installment loans and approximately $25 million of restructured loans. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">51 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>CARDMEMBER LOAN AND CARDMEMBER RECEIVABLE CONCENTRATIONS </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents the Company&#146;s exposure to any concentration of gross cardmember loans and cardmember receivables which exceeds 10
percent of total cardmember loans and cardmember receivables. Cardmember loan and cardmember receivable concentrations are defined as cardmember loans and cardmember receivables due from multiple borrowers engaged in similar activities that would
cause these borrowers to be impacted similarly to certain economic or other related conditions. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008&nbsp;(a)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Individuals</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>65,802</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,397</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total on-balance sheet</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>75,199</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Unused lines of credit-individuals</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>252,659</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Refer to &#147;Impact of Credit and Capital Market Environment&#148; on page 29 of the Annual Report for a discussion of how the Company&#146;s cardmember base is impacted by
current market conditions. Additionally, refer to Note 18, &#147;Significant Credit Concentrations&#148; on page 101 of the Annual Report for additional information on concentrations, including those from airlines and for a discussion of how the
Company manages concentration exposures. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes corporate charge card receivables of $490 million from financial institutions, $10 million from U.S. Government agencies and $8.9 billion from other corporate institutions.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">52 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RISK ELEMENTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The following table presents the amounts of non-performing loans and cardmember receivables that are either non-accrual, past due, or restructured, segregated between U.S. and non-U.S. borrowers. Past due loans are loans that are
contractually past due 90 days or more as to principal or interest payments. Restructured loans and cardmember receivables are those that meet the definition of &#147;troubled debt restructurings&#148; as defined in Statement of Financial Accounting
Standards No.&nbsp;15 (FAS 15), &#147;Accounting by Debtors and Creditors for Troubled Debt Restructurings.&#148; </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,</B><B><I> (Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004&nbsp;(a)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-accrual loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">112</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">274</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-accrual loans (c)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">117</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">275</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Loans contractually 90 days past-due and still accruing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>761</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">558</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">277</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">115</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>166</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">133</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">110</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total loans contractually 90 days past-due and still accruing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>927</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">707</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">410</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">248</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">196</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Restructured loans (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>678</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">130</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">203</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">235</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">66</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total restructured loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>702</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">171</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">269</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">235</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-performing loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,643</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">891</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">796</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">758</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Restructured cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>119</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total restructured cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>119</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">For 2004, information related to non-accrual and restructured loans is not available. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">2005 and 2006 non-accrual loans included a single loan to a U.S. commercial airline of approximately $266 million and $104 million, respectively, which was paid off in full during
the second quarter of 2007. The loan was put on non-accrual status in the third quarter of 2005. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s policy is generally to cease accruing interest income once a related cardmember loan is 180 days past due at which time the cardmember loan is written off. The
Company establishes loan loss reserves for estimated uncollectible interest receivable balances prior to write-off. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents impaired loans and cardmember receivables that have been modified for borrowers who have been experiencing financial difficulties. The Company may modify cardmember loans
and receivables and such modification may include reducing the interest rate/delinquency fees on the loan/receivable and/or placing the cardmember on a fixed payment plan not exceeding 60 months. If the cardmember does not comply with the modified
terms, then the loan or receivable agreement reverts back to its original terms. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">53 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>IMPACT OF NON-PERFORMING LOANS ON INTEREST INCOME </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents the gross interest income for both non-accrual and restructured loans for 2008 that would have been recognized if such loans
had been current in accordance with their original contractual terms, and had been outstanding throughout the period or since origination if held for only part of 2008. The table also presents the interest income related to these loans that was
actually recognized for the period. These amounts are segregated between U.S. and non-U.S. borrowers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended December&nbsp;31, </B><B><I>(Millions)</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>U.S.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Non-U.S.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross amount of interest income that would have been recorded in accordance with the original contractual terms (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">57</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest income actually recognized</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total interest revenue foregone</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>36</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on the contractual rate that was being charged at the time the loan was restructured or placed on non-accrual status. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>POTENTIAL PROBLEM RECEIVABLES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table
presents outstanding amounts as well as specific reserves for certain receivables where information about possible credit problems of borrowers causes management to have serious doubts as to the ability of such borrowers to comply with the present
repayment terms. These amounts were not included in &#147;Risk Elements&#148; above. At December&nbsp;31, 2008, the Company did not identify any potential problem loan within the cardmember loan portfolio that were not already included in &#147;Risk
Elements&#148; above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, </B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Outstanding<BR>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Specific<BR>Reserves,&nbsp;if&nbsp;any</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial cardmember receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>20</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">54 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>CROSS-BORDER OUTSTANDINGS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following table presents the aggregate amount of cross-border outstandings from borrowers or counterparties for each foreign country that exceeds 1 percent of consolidated total assets for any of the periods
reported below. Cross-border outstandings include loans, receivables, interest-bearing deposits with other banks, other interest-bearing investments and monetary assets that are denominated in either dollars or other non-local currency. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The table separately presents the amounts of cross-border outstandings by type of borrower including governments, banks and financial institutions and
other, along with an analysis of local country assets net of local country liabilities. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I></I></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B></B><B><I>(Millions)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Governments<BR>and official<BR>institutions</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Banks and<BR>other<BR>financial<BR>institutions</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net<BR>local<BR>country<BR>claims</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>cross-border<BR>outstandings</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cross-border<BR>commitments&nbsp;(b)</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total<BR>exposure</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">France</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,150</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>803</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,961</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,961</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">252</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">858</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,117</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,117</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">828</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">864</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">864</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">United Kingdom</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>191</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,100</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,298</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,298</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">132</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,980</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,113</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,113</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,336</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,352</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,352</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other countries (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,752</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,351</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,124</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,124</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">503</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,452</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,979</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,979</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">215</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,060</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,287</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,287</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes the following countries each of whose cross-border outstandings are between 0.75 percent and 1.0 percent of consolidated total assets: (i)&nbsp;Sweden;
(ii)&nbsp;Netherlands; and (iii)&nbsp;Italy. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Generally, all charge and credit cards have revocable lines of credit, and therefore, are not disclosed as cross border commitments. Refer to loan concentrations on page 52 for
amount of unused lines of credit. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">55 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>SUMMARY OF LOAN LOSS EXPERIENCE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table summarizes the changes to the
Company&#146;s allowance for cardmember loan losses. The table segregates such changes between U.S. and non-U.S. borrowers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for loan losses at beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,457</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">836</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>374</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,831</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">972</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember lending provisions (a)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">993</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">895</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>741</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">582</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">408</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cardmember lending provisions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,231</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,761</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(2,816</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(946</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(867</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(708</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(655</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(3,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,148</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>207</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>301</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">295</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net write-offs (b) (c)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(3,223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,359</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,040</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Other (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(174</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(95</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(269</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for loan losses at end of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,164</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">836</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>406</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,570</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,831</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">972</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net write-offs / average cardmember loans<BR>outstanding (b)&nbsp;(c) (e)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Provisions for losses are determined primarily based upon models that analyze specific portfolio statistics and reflect management&#146;s judgment regarding overall reserve
adequacy. Refer to &#147;Critical Accounting Policies&#148; on page 16 and Note 1 on page 69 in the Annual Report for additional information. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In the third quarter of 2008, the Company revised its method of reporting the cardmember lending net write-off rate. Historically, the net write-off rate has been presented using
net write-off amounts for principal, interest, and fees. However, industry convention is generally to include only the net write-offs related to principal in write-off rate disclosures. The write-off rate for 2008 and 2007 is a principal only
write-off rate consistent with industry convention. The write-off rate for 2006-2004 reflects principal only write-offs in the U.S. and total write-offs (principal, interest, and fees) outside the U.S. as principal only write-off information was not
available outside the U.S. for 2006 and prior periods. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">For purposes of calculating the net write-off rate in accordance with (b)&nbsp;above, net write-offs were $2.6 billion, $1.6 billion, $1.2 billion, $985 million and $857 million for
2008-2004, respectively. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">56 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes foreign currency translation and other adjustments primarily related to the reclassification of waived fee reserves to a contra-cardmember loan. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Average cardmember loans are based on monthly balances. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The following table summarizes the changes to the Company&#146;s allowance for other loan losses. The table segregates such changes between U.S. and non-U.S. borrowers. (a)</FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Other loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for loan losses at beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Provisions for other loan losses (b) </B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total provisions for other loan losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Write-offs/other (c)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total write-offs/other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for loan losses at end of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. Loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non-U.S. Loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net write-offs/average other loans outstanding (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Not all information for 2005 and 2004 has been presented as the information was not available for these periods. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Provisions for other loan losses are determined based on a specific identification methodology and models that analyze specific portfolios statistics. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes primarily foreign currency translation. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Calculated as write-offs/other as a percentage of average other loans, which are based on monthly balances. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">57 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table summarizes the changes to the Company&#146;s allowance for losses on cardmember
receivables. The table segregates such changes between U.S. and non-U.S. borrowers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004&nbsp;(a)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for losses at beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>844</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">533</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>948</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>201</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">183</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,149</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">981</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">916</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Provisions for losses (b) </B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>899</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">824</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">696</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>130</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. provisions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,029</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">635</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">793</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. provisions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>334</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total provisions for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,363</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,038</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">833</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(748</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(671</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,468</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(859</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(769</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(214</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(208</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(172</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(271</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total write-offs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(987</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(979</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">58 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">139</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total recoveries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>187</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net write-offs (c)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,552</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(907</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(810</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(820</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(943</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Other (d)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(86</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Allowance for losses at end of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>474</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>113</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>587</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">948</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>173</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">175</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-U.S. receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total allowance for losses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>810</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">981</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net write-offs / average cardmember receivables outstanding (e)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net loss ratio as a percentage of charge volume (f)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Not all information for 2004 has been presented as the information was not available. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Provisions for losses are determined primarily based upon models that analyze specific portfolio statistics and reflect management&#146;s judgment regarding overall reserve
adequacy. Refer to &#147;Critical Accounting Policies&#148; on page 16 or Note 1 on page 69 in the Annual Report for additional information. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In the fourth quarter of 2008, the Company revised the time period in which past due cardmember receivables in U.S. Card Services are written off to 180 days past due, consistent
with applicable regulatory guidance. Previously, receivables were written off when 360 days past due. The net write-offs for 2008 include approximately $341 million resulting from this write-off methodology change. Write-offs in 2004 include
write-offs and other items described in (d) below. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes foreign currency translation and other adjustments primarily related to the reclassification of waived fee reserves to a contra-cardmember receivable.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The net write-off rate presented is on a worldwide basis. The U.S. Card Services write-off rate was 5.4 percent for 2008. Excluding the $341 million discussed in (c) above, the U.S.
Card Services write-off rate was 3.6 percent for 2008. Averages are based on monthly balances. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The net loss ratio represents the worldwide ratio of charge card write-offs consisting of principal (resulting from authorized and unauthorized transactions) and fee components,
less recoveries, on cardmember receivables expressed as a percent of gross amounts billed to customers. As a result of the change discussed in (c) above, the Company stopped calculating the worldwide net loss ratio beginning in 2008. The net loss
ratio for 2008 for International Card Services and Global Commercial Services was 0.24 percent and 0.13 percent, respectively. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">59 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ALLOCATION OF ALLOWANCE FOR LOSSES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following table presents an allocation of the allowance for losses for loans and cardmember receivables and the percent of loans and cardmember receivables in each category of total loans and cardmember
receivables, respectively, by customer type. The table segregates loans and cardmember receivables and related allowances for losses between U.S. and non-U.S. borrowers. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B></B><B><I>(Millions,
except percentages)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:78pt"><FONT FACE="Times New Roman" SIZE="1"><B>Allowance for losses at<BR>end of year applicable to</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percent of<BR>loans/<BR>receivables<BR>in each<BR>category<BR>to total<BR>loans/<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percent of<BR>loans/<BR>receivables<BR>in each<BR>category<BR>to total<BR>loans/<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percent of<BR>loans/<BR>receivables<BR>in each<BR>category<BR>to total<BR>loans/<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percent of<BR>loans/<BR>receivables<BR>in each<BR>category<BR>to total<BR>loans/<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percent of<BR>loans/<BR>receivables<BR>in each<BR>category<BR>to total<BR>loans/<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Cardmember</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>2,164</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>76</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,457</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">79</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">836</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">76</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">727</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">71</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">727</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">69</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>15</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Non-U.S. loans</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Cardmember</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>406</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>22</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">374</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">335</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">22</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">269</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">24</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">245</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>2,609</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,876</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,211</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,034</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">989</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>U.S.&nbsp;cardmember&nbsp;receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>474</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>54</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">844</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">666</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">55</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">659</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">533</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>113</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>16</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">104</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">16</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">99</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">16</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">96</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">16</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">90</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">15</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1"><B>Non-U.S. cardmember receivables</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Consumer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>173</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>17</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">167</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">188</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">17</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">17</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">156</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="1">Commercial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>50</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>13</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">13</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">11</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">11</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>810</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,149</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">942</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">806</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">60 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>CUSTOMER DEPOSITS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following table presents the average balances and average interest rate paid for types of customer deposits segregated between U.S. and non-U.S. offices. Refer to Note 9, &#147;Customer Deposits&#148; on page 92
of the Annual Report for additional information. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="1"><B></B><B><I>(Millions, except percentages)</I></B><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Balance&nbsp;(a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>U.S. customer deposits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Savings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,215</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2.5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,383</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,652</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,737</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,930</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,645</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>178</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">77</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total U.S. customer deposits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,130</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3.0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,390</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,352</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-U.S. customer deposits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>791</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>5.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,180</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,383</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>641</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6.7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">841</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">781</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total Non-U.S. customer deposits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,432</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6.1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,021</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,164</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total customer deposits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13,562</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3.3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,411</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,516</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Averages based on monthly balances. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The average balances include primarily non-interest-bearing and interest-bearing demand deposits. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes non-interest-bearing demand, interest-bearing demand and savings deposits. None of these customer deposit categories exceeded 10 percent of average total customer deposits
for any of the periods presented. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>TIME CERTIFICATES OF DEPOSIT OF $100,000 OR MORE </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents the amount of time certificates of deposit of $100,000 or more issued by the Company in its U.S. offices, further segregated
by time remaining until maturity. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>By remaining maturity as of December&nbsp;31, 2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B></B><B><I>(Millions)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>3&nbsp;months</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>or less</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Over 3<BR>months</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>but&nbsp;within</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>6 months</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Over 6<BR>months</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>but&nbsp;within</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>12 months</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Over&nbsp;12<BR>months</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">U.S. time certificates of deposits ($100,000 or more)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>569</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>125</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>200</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>894</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The amount of time deposits of $100,000 or more issued by non-U.S. offices was $153 million as of
December&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RETURN ON EQUITY AND ASSETS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following table presents the Company&#146;s return on average total assets, return on average shareholders&#146; equity, dividend payout ratio, and average shareholders&#146; equity to average total assets ratio.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,699</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,707</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income per share&#151;basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dividends declared per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>0.72</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Return on average total assets (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Return on average shareholders&#146; equity (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dividend payout ratio (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Average shareholders&#146; equity to average total assets ratio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">61 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on the year&#146;s net income as a percentage of average total assets calculated using monthly balances. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on the year&#146;s net income as a percentage of average shareholders&#146; equity calculated using monthly balances. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Calculated on the year&#146;s dividends declared per share as a percentage of the year&#146;s net income per basic share. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>SHORT-TERM BORROWINGS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents
amounts and weighted average rates for categories of short-term borrowings. Refer to Note 10, &#147;Debt&#148; on page 92 of the Annual Report for additional information. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31, </B><B><I>(Millions, except percentages)</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Commercial paper</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Balance at the end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,272</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Monthly average balance outstanding during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,638</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,807</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maximum month-end balance during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14,634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,822</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stated rate at December&nbsp;31 (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average rate during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Federal funds purchased and securities sold under repurchase agreements (b)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Balance at the end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,791</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Monthly average balance outstanding during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,974</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,756</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maximum month-end balance during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,972</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,358</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stated rate at December&nbsp;31 (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1.30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average rate during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3.58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Other short-term borrowings</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Balance at the end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,251</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Monthly average balance outstanding during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,794</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,794</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maximum month-end balance during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,632</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stated rate at December&nbsp;31 (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average rate during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4.33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">For floating rate debt issuances, the stated interest rates are based on the floating rates in effect at December&nbsp;31, 2008, 2007, and 2006. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes term federal funds purchased and overnight federal funds purchased. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Short-term borrowings, including commercial paper and federal funds purchased, are defined as any debt with an original maturity of 12 months or less. Federal funds purchased represent overnight and term funds as well
as Federal Home Loan Bank advances. Commercial paper generally is issued in amounts not less than $100,000 and with maturities of 270 days or less. Other short-term borrowings include bank overdrafts, bank notes with original maturities of 365 days
or less, and other borrowed funds. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">62 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_14"></A>ITEM&nbsp;1A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This section
highlights specific risks that could affect our Company and its businesses. You should carefully consider each of the following risks and all of the other information set forth in this Annual Report on Form 10-K. Based on the information currently
known to us, we believe that the following information identifies the most significant risk factors affecting our Company. However, the risks and uncertainties our Company faces are not limited to those described below. Additional risks and
uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If any of
the following risks and uncertainties develops into actual events or if the circumstances described in the risks and uncertainties occur or continue to occur, these events or circumstances could have a material adverse effect on our business,
financial condition or results of operations. These events could also have a negative effect on the trading price of our securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Current Economic and
Political Risks </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Difficult conditions in the global capital markets and economy generally, as well as political conditions in the
United States and elsewhere, may materially adversely affect our business and results of operations. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our results of operations are
materially affected by conditions in the global capital markets and the economy generally, both in the United States and elsewhere around the world. The stress experienced by global capital markets that began in the second half of 2007 continued and
substantially increased during 2008, and we do not expect these conditions to improve in the near future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Recently, concerns over the
availability and cost of credit, the U.S. mortgage market, a declining real estate market in the United States (in particular, in those markets in which we have generated significant spend volume on our charge and credit card products) and
geopolitical issues have contributed to increased volatility and diminished expectations for the economy and the markets going forward. These factors, combined with declining business and consumer confidence, increased unemployment and volatile oil
prices have precipitated a global recession, which may cause further declines in credit and charge card usage and has already resulted in adverse changes in payment patterns, causing increases in delinquencies and default rates. If the performance
of our charge card and credit card portfolios continues to weaken through increasing delinquencies and write-offs, our long-term and short-term debt ratings could be downgraded and our access to capital could be materially adversely affected and our
cost of capital could increase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These events and the continuing market upheavals may have an adverse effect on us, in part because we are
dependent upon consumer and business behavior. Our revenue growth is likely to decline in such circumstances and, in certain instances, revenues may decrease, and our profit margins could erode. In addition, in the event of extreme prolonged market
adversity, such as the global credit crisis and economic slowdown, we could incur significant losses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Factors such as consumer spending,
business investment, government spending, interest rates, the volatility and strength of the capital markets and inflation all affect the business and economic environment and, ultimately, our profitability. An economic downturn characterized by
higher unemployment, lower family income, lower corporate earnings, lower business investment and lower consumer spending could materially and adversely affect our business, results of operations and financial condition. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The lack of available credit, lack of confidence in the financial markets, reduced consumer and business spending, and worsening credit metrics also pose
other risks to our results of operations and financial condition. In particular, we may face the following risks, among others, in connection with these events: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The processes we use to estimate losses may no longer be reliable because they rely on complex judgments, including forecasts of economic conditions, that may no
longer be capable of accurate estimation. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Our ability to assess the creditworthiness of our customers may be impaired if the models and approaches we use to select, manage, and underwrite credit to our
customers become less predictive of future write-offs. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In the event that (i)&nbsp;the three-month average rate of excess spread earned on credit card loans securitized by us falls below zero or (ii)&nbsp;our undivided,
pro rata interest in the securitization trust established by us for credit card loans represents less than seven percent of the outstanding securities in the American Express Credit Account Master Trust (the &#147;Lending Trust&#148;) (or 15 percent
of the total receivables in the American Express Issuance Trust (the &#147;Charge Trust&#148;), then such trust would be required to amortize earlier than scheduled, which would accelerate our need for additional funding and would have a significant
effect on the ability of certain of our business entities to meet capital adequacy requirements. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In the event that the three-month average rate of excess spread earned on credit card loans securitized by us falls below 5 percent for the Lending Trust or 4
percent for the Charge Trust, the securitization trusts established by us for credit card loans and charge card receivables, respectively, would be required to fund a cash reserve account of up to approximately $2 billion or $207 million,
respectively, depending on how low the applicable excess spread falls. Beginning with the monthly period ending January&nbsp;24, 2009 and the respective distribution date occurring on February&nbsp;17, 2009, the three-month average excess spread
percentage fell below five percent for the Group 1 fixed rate series in the Lending Trust. As a result, the Company and certain of its subsidiaries are required to fund the cash reserve accounts for the benefit of the respective secured notes (i.e.,
most subordinated interests) for such series in an aggregate amount of $22 million. To the extent current economic conditions continue to persist or worsen, we would expect to continue to fund such cash reserve accounts, as well as the cash reserve
accounts of other series of certificates issued from the Lending Trust. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Political or economic instability in certain
regions or countries could also affect our commercial or other lending activities, among other businesses, or result in restrictions on convertibility of certain currencies. In addition, our travel network may be adversely affected by world
geopolitical and other conditions. Travel expenditures are sensitive to business and personal discretionary spending levels and tend to decline during general economic downturns. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Terrorist attacks, natural disasters or other catastrophic events may have a negative effect on our business. Because of our proximity to the World Trade
Center, our headquarters were damaged as a result of the terrorist attacks of September&nbsp;11, 2001. Similar events or other disasters or catastrophic events in the future could have a negative effect on our businesses and infrastructure,
including our information technology systems. Because we derive a portion of our revenues from travel-related spending, our business will be sensitive to safety concerns, and thus may decline during periods in which travelers become concerned about
safety issues or when travel might involve health-related risks. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As the conditions described above (or similar ones) persist or worsen, we
could experience continuing or increased adverse effects on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Adverse capital and
credit market conditions may significantly affect our ability to meet liquidity needs, access to capital and cost of capital. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As
discussed above, the money and capital markets have been experiencing extreme volatility and disruption since August 2007, which have negatively impacted market liquidity conditions. In recent months, the volatility and disruption have reached
unprecedented levels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The concerns on the part of market participants have focused on a broad range of mortgage- and asset-backed and
other fixed income securities, including those rated investment grade, the U.S. and international credit and interbank money markets generally, and a wide range of financial institutions and markets, asset </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">classes and sectors. As a result, the market for fixed income instruments has experienced decreased liquidity, increased price volatility, credit downgrade
events and increased probability of default. Securities that are less liquid are more difficult to value and may be hard to dispose of. Domestic and international equity markets have also been experiencing heightened volatility and turmoil, with
issuers such as us that have exposure to or rely on the credit markets particularly affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We need liquidity to pay operating expenses,
interest on debt and dividends on capital stock and to repay maturing liabilities. Without sufficient liquidity, we could be forced to limit our investments in growth opportunities or curtail operations. The principal sources of our liquidity are
payments from Cardmembers, cash flow from our investment portfolio and assets, consisting mainly of cash or assets that are readily convertible into cash, deposits and issuances of commercial paper. Sources of liquidity in normal markets also
include a variety of short- and long-term instruments, including medium- and long-term unsecured debt and the securitization of our credit card loan and charge card receivables. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding our solid financial position, we are not immune from the pressures brought on by the current crisis in the financial markets. The
fragility of the credit markets and the current economic environment have impacted financial services companies through market volatility, loss of confidence and rating agency actions. Since September 2008, the market for our unsecured term debt and
asset securitizations, like that for virtually all financial institutions, has been effectively frozen, except in connection with our participation in certain programs sponsored by the federal government and certain of its departments and agencies
discussed below. Therefore, our ability to obtain financing in the debt capital markets for unsecured term debt and asset securitizations is dependent on a renewal of investor demand. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the event current sources of liquidity, including internal sources, do not satisfy our needs, we would be required to seek additional financing. The
availability of additional financing will depend on a variety of factors such as market conditions, the general availability of credit, the overall availability of credit to the financial services industry, our credit ratings (which were downgraded
in 2008, with respect to our long-term debt, by two of the major ratings agencies), and credit capacity, as well as the possibility that lenders could develop a negative perception of our long- or short-term financial prospects if we incur large
credit losses or if the level of our business activity decreases due to an economic downturn. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Similarly, our access to funds may be
impaired if regulatory authorities or rating agencies take negative actions against us. In addition, certain sources of contingent liquidity, including the CPFF and the TLGP, which are being made available through the Federal Reserve Bank of New
York, the FDIC and other federal departments and agencies, are subject to our ability to meet or continue to meet the criteria for participation in such facilities and programs and are temporary in nature as such programs are scheduled to terminate
on various dates during 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The U.S. government has also taken certain other actions in addition to those described above to support the
financial markets, including investing in financial institutions for the purpose of stabilizing and providing liquidity to the U.S. financial markets pursuant to the Capital Purchase Program of the U.S. Department of the Treasury, the impact of
which we cannot assess at this time. In addition, the Federal Reserve announced the introduction of the Term Asset-Backed Securities Loan Facility (the &#147;TALF&#148;) in an effort to facilitate the issuance of asset-backed securities and improve
the market conditions for asset-backed securities generally. It is unclear at this time what impact the TALF program will have on returning the securitization market to historical capacity and pricing levels. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Disruptions, uncertainty or volatility in the capital and credit markets may also limit our access to capital required to operate our business. Such
market conditions may limit our ability to replace, in a timely manner, maturing liabilities, satisfy regulatory capital requirements and access the capital necessary to grow our business. As such, we may be forced to delay raising capital, issue
shorter-tenured securities than desired, or bear an </FONT>
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<FONT FACE="Times New Roman" SIZE="2">unattractive cost of capital, which could decrease profitability and significantly reduce financial flexibility. In addition, during 2008, our credit spreads
widened considerably. Our liquidity position will also be impacted by our ability to meet our objectives with respect to the growth of our brokered retail CD program and brokerage sweep account program and the implementation of our direct deposit
initiative. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If current levels of market disruption and volatility continue or worsen, there can be no assurance that we will not
experience an adverse effect, which may be material, on our ability to access capital and on our business, financial condition and results of operations. In addition, declines in the value of our retained interests in our securitization transactions
could materially adversely affect our financial condition and results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For a further discussion of our liquidity and funding
needs, see &#147;Financial Review &#150; Funding Programs and Activities&#148; on pages 35-41 of our 2008 Annual Report to Shareholders, which information is incorporated herein by reference. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We can be adversely affected by the impairment of other financial institutions. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial services
institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. We routinely execute transactions with counterparties in the financial services industry, including commercial
banks, investment banks and insurance companies. Defaults or non-performance by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, have led to market-wide liquidity problems
and could lead to losses or defaults by one or more of our counterparties, which, in turn, could have a material adverse effect on our results of operations and financial condition. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Any reduction in the Company&#146;s and its subsidiaries credit ratings could increase the cost of our funding from, and restrict our access to,
the capital markets and have a material adverse effect on our results of operations and financial condition. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Although the
Company&#146;s and its subsidiaries&#146; long-term debt is currently rated investment grade (at &#147;A&#148; levels) by the major rating agencies, the ratings of that debt have been downgraded during the fourth quarter of 2008 by Moody&#146;s
Investors Services (&#147;Moody&#146;s&#148;) and Standard&nbsp;&amp; Poor&#146;s (&#147;S&amp;P&#148;), two of the major rating agencies. The rating agencies regularly evaluate the Company and its subsidiaries, and their ratings of the
Company&#146;s and its subsidiaries long-term and short-term debt are based on a number of factors, including their financial strength as well as factors not entirely within their control, including conditions affecting the financial services
industry generally. In light of the difficulties in the financial services industry and the financial markets, there can be no assurance that the Company and its subsidiaries will maintain their current respective ratings. Failure to maintain those
ratings could, among other things, adversely limit our access to the capital markets and adversely affect the cost and other terms upon which the Company and its subsidiaries are able to obtain funding. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, although each of Moody&#146;s and S&amp;P has affirmed the Company&#146;s and its subsidiaries short-term debt ratings in the fourth quarter
of 2008, a downgrade of the short-term ratings of the Company&#146;s TRS subsidiary below its current P-1 rating by Moody&#146;s and A-1 rating by S&amp;P would require TRS, as servicer to our securitization trusts, to transfer collections on the
securitized assets to investors on a daily, rather than a monthly, basis or make alternative arrangements with the rating agencies to allow TRS to continue to transfer collections on a monthly basis. Such alternative arrangements include obtaining
appropriate guarantees for the performance of payment and deposit obligations of TRS, as servicer. The downgrade of TRS&#146;s short-term ratings and the consequent increased operational costs of daily collections or the costs associated with the
making of any alternative arrangements could have an adverse effect on our results of operations and may adversely affect the market for our asset-backed securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In addition, a downgrade of the short-term ratings of our Credco subsidiary below its current P-1/A-1/F1 ratings by two or more rating agencies would restrict such company&#146;s ability to participate in the CPFF
</FONT>
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<FONT FACE="Times New Roman" SIZE="2">established by the Federal Reserve Bank of New York, which would have a material adverse effect on our liquidity and our ability to fund charge card
receivables and credit card loans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We cannot predict what actions rating agencies may take. As with other companies in the financial
services industry, the Company&#146;s and its subsidiaries ratings could be downgraded at any time and without any notice by any of the rating agencies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>Adverse currency fluctuations and foreign exchange controls could decrease revenue we receive from our international operations. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During 2008, over 32% of our revenue net of interest expense was generated from activities outside the United States. We are exposed to foreign exchange
risk from our international operations, and some of the revenue we generate outside the United States is subject to unpredictable and indeterminate fluctuations if the values of other currencies change relative to the U.S. dollar. Resulting exchange
gains and losses are included in our net income. Furthermore, we may become subject to exchange control regulations that might restrict or prohibit the conversion of our other revenue currencies into U.S. dollars. The occurrence of any of these
events or circumstances could decrease the revenues we receive from our international operations and have a material adverse effect on our business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Legal
and Regulatory Risks </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our business, financial condition and results of operations could be adversely affected by new regulations to
which we are subject as a result of becoming a bank holding company. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On November&nbsp;14, 2008, American Express Company and TRS
each became bank holding companies under the BHC Act and elected to be treated as financial holding companies under the BHC Act. As a result of becoming a bank holding company, we are subject to regulation by the Federal Reserve, including, without
limitation, consolidated capital regulation at the holding company level, maintenance of certain capital and management standards in connection with our two U.S. depository institutions and restrictions on our non-banking activities under the
Federal Reserve&#146;s regulations. For additional information about this change in regulatory status, please see &#147;Supervision and Regulation&#151;General&#148; beginning on page 34 above. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If we fail to satisfy new regulatory requirements applicable to bank holding companies, our financial condition and results of operations could be
adversely affected. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We are subject to restrictions and obligations that limit our ability to pay dividends and repurchase our
capital stock. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In January 2009, we issued preferred stock and a warrant to purchase our common shares to the Treasury as part of
the CPP prior to January&nbsp;9, 2012, unless we have redeemed the preferred stock or the Treasury has transferred the preferred stock to a third party, the consent of the Treasury will be required for us to (1)&nbsp;declare or pay any dividend or
make any distribution on our common shares (other than regular quarterly cash dividends of not more than $0.18 per share) or (2)&nbsp;redeem, purchase or acquire any of our common shares or other equity or capital securities, other than in
connection with benefit plans consistent with past practice and certain other limited circumstances. In addition, our ability to declare or pay dividends or repurchase our common shares or other equity or capital securities will be subject to
restrictions in the event that we fail to declare and pay (or set aside for payment) full dividends on the preferred stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Congress has
held hearings on implementation of the CPP and the use of funds provided by this program and has adopted, and may adopt in the future, legislation impacting financial institutions that obtain funding under the CPP. This could also include changing
lending practices that legislators believe led to the current economic situation. Although it is unclear whether any future legislation will be enacted into law, further </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">restrictions may be imposed administratively by the Treasury. Such provisions could further restrict our lending or increase governmental oversight of our
businesses and our corporate governance practices. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We are also limited in our ability to pay dividends by our regulators who could
prohibit a dividend that would be considered an unsafe or unsound banking practice. For example, it is the policy of the Federal Reserve that bank holding companies should generally pay dividends on common stock only out of earnings, and only if
prospective earnings retention is consistent with the organization&#146;s expected future needs, asset quality, and financial condition. For more information on bank holding company dividend restrictions, please see &#147;Financial Review&#151;Share
Repurchases and Dividends&#148; on page 34 and Note 13 on page 96 of our 2008 Annual Report to Shareholders, which information is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>Certain rules adopted by federal bank regulators could have a material adverse effect on our results of operations. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On December&nbsp;18, 2008, federal bank regulators in the United States published final amendments to Regulation AA (i.e., &#147;UDAP&#148;), which relate to unfair and deceptive acts or practices, and Regulation Z,
which relate to truth in lending, that restrict certain credit and charge card practices and require expanded disclosures to consumers. These amendments, among other things: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Prohibit interest rate increases on outstanding credit card balances except under limited circumstances; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Prohibit interest rate increases on new transactions during the first year after the account is opened, except under limited circumstances;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In the case of accounts with different annual percentage rates (&#147;APR&#148;) on different balances, prohibit the application of payments to the lowest-rate
balances first; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Prohibit the imposition of a higher or default APR on existing balances unless an account is 30 days past due; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Require that consumers be provided with a certain, reasonable amount of time to make credit card payments. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These amendments become effective on July&nbsp;1, 2010. We are still evaluating the final amendments and their resulting impact on our business. While we
anticipate making changes to our products that are designed to lessen the impact of these changes, there is no assurance that we will be successful. If we are not able to lessen the impact of these changes, they will have a material adverse effect
on our results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, regulators and Congress are continuing their scrutiny of our industry&#146;s pricing, finance
charges and practices relating to its customers, including increases in APRs and fees. Any legislative or regulatory restrictions on our ability to price our services and manage our business practices freely could materially and adversely affect our
transaction volume and revenues. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Banks, card issuers and card network operators generally are the subject of increasing global
regulatory focus, which may impose costly new compliance burdens on our company and lead to decreased transaction volumes and revenues through our network. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We are subject to regulations that affect banks and the payments industry in the United States and many other countries in which our charge and credit Cards are used and where we conduct banking and Card activities.
In particular, we are subject to numerous regulations applicable to financial institutions in the United States and abroad. We are also subject to regulations as a provider of services to financial institutions. Regulation of the payments industry
has increased significantly in recent years. For example, we are subject to certain provisions of the Bank Secrecy Act as amended by the Patriot Act, with regard to maintaining effective anti-money laundering programs. Increased regulatory focus in
this area could result in additional obligations or restrictions with respect to the types of products and services that we may offer to consumers, the countries in which our </FONT>
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<FONT FACE="Times New Roman" SIZE="2">charge and credit Cards may be used, and the types of cardholders and merchants who can obtain or accept our charge and credit Cards. In addition, the
European Union has adopted a new legislative directive, called the Payment Services Directive, for electronic payment services, including cards, that puts in place a common legal framework for licensing and supervision of payment services providers,
including card issuers and merchant acquirers, and for their conduct of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The U.S. Congress is also presently considering, or may
consider, legislative initiatives in the area of Internet transactions, such as Internet prescription drug purchases and copyright and trademark infringement, among others, that could impose additional compliance burdens on our Company.<B>
</B>Federal and state law enforcement authorities have also contacted payment companies concerning these issues. If implemented, these initiatives may require us to monitor, filter, restrict, or otherwise oversee various categories of charge and
credit card transactions, thereby increasing our costs or decreasing our transaction volumes. Various regulatory agencies and legislatures are also considering regulations covering identity theft, account management guidelines, disclosure rules,
security, and marketing that would impact us directly, in part due to increased scrutiny of our underwriting standards. These new requirements may restrict our ability to issue charge and credit cards or partner with other financial institutions,
which could decrease our transaction volumes. In some circumstances, new regulations could have the effect of limiting our ability to offer new types of charge or credit cards or restricting our ability to offer existing Cards, such as stored value
cards, which could materially and adversely reduce our revenues and revenue growth. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In recent years, regulators in several countries
outside the United States have focused on the fees involved in the operation of card networks, including the fees merchants are charged to accept cards. Regulators in the United Kingdom, Poland, Germany, Hungary, the European Union (EU), Australia,
Mexico, and Venezuela, among others, have conducted investigations that are either ongoing or on appeal. The collectively-set interchange fee, which is the fee paid by the bankcard merchant acquirer to the card issuing bank in &#147;four party&#148;
payment networks, like Visa and MasterCard, is generally the largest component of the merchant service charge charged to merchants for bankcard debit and credit card acceptance in these systems. By contrast, the American Express network does not
have collectively-set interchange fees.<B> </B>Although the regulators&#146; focus has primarily been on Visa and MasterCard as the dominant card networks and on their operations on a multilateral basis, antitrust actions and government regulation
of the bankcard associations&#146; pricing could ultimately affect all networks. Lower interchange and/or merchant discount revenue may lead card issuers to look for other sources of revenue such as higher annual card fees or interest charges, as
well as to reduce costs by scaling back or eliminating rewards programs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the United States, Congress continues to debate the
interchange issue. There have been several hearings on Visa/MasterCard interchange over the last two years, and at the request of Congress, the Government Accountability Office completed a study on the cost of credit card acceptance to federal
agencies and is undertaking a study on the structure of interchange fees and their impact on small merchants. In 2008, federal legislation was introduced that would give all U.S. merchants antitrust immunity to negotiate collectively the price and
terms of card acceptance on networks with at least a 20% share of U.S. credit and debit card payments combined, with a default process for having prices and terms set through government action rather than competitive forces. One version of this
legislation, the Credit Card Fair Fee Act (&#147;CCFFA&#148;), was passed in the House Judiciary Committee. As drafted, this legislation would not apply to the American Express network, but, if enacted, would have an effect on American Express in
the marketplace. It is expected that Congressional hearings will continue and some version of the CCFFA will be introduced again in 2009. The Federal Reserve and various Federal Reserve Banks have been following developments on interchange and have
held several conferences focused on interchange rates. While the Federal Reserve has expressed interest in monitoring this issue, it has not indicated the need to regulate interchange rates in the United States. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Increased regulatory focus on our Company, such as in connection with the matters discussed above, may increase our compliance costs or result in a
reduction of transactions processed on our networks or merchant discount revenues from such transactions, which could materially and adversely impact our financial performance. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>If we are not able to protect our intellectual property, and invest successfully in, and compete at
the leading edge of, technological developments across all our businesses, our revenue and profitability could be negatively affected. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Our industry is subject to rapid and significant technological changes. In order to compete in our industry, we need to continue to invest in business process and technology advances across all areas of our business, including in
transaction processing, data management, customer interactions and communications, travel reservations systems, prepaid products, alternative payment mechanisms and risk management and compliance systems. We rely in part on third parties, including
some of our competitors and potential competitors, for the development of and access to new technologies. We expect that new technologies applicable to the payments industry will continue to emerge, and these new technologies may be superior to, or
render obsolete, the technologies we currently use in our Cards, networks and other services. Our ability to develop, acquire, or access competitive technologies or business processes on acceptable terms may be limited by patent rights that third
parties, including competitors and potential competitors, may assert. In addition, our ability to adopt new technologies that we develop may be inhibited by a need for industry-wide standards or by resistance from Cardmembers or merchants to such
changes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We rely on a variety of measures to protect our intellectual property and proprietary information, including copyrights,
trademarks, patents and controls on access and distribution. These measures may not prevent misappropriation or infringement of our intellectual property or proprietary information and a resulting loss of competitive advantage. In addition,
competitors or other third parties may allege that our systems, processes or technologies infringe their intellectual property rights. Given the complex, rapidly changing and competitive technological and business environment in which we operate and
the potential risks and uncertainties of intellectual property related litigation, we cannot assure you that a future assertion of an infringement claim against us will not cause us to lose significant revenues, incur significant license, royalty or
technology development expenses, or pay significant monetary damages. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Changes to the accounting treatment of securitization
transactions could materially adversely affect our financial condition, reserve requirements, capital requirements, liquidity, cost of funds and operations. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Financial Accounting Standards Board has proposed amendments that would significantly affect the accounting for off-balance sheet securitization activities, which could, if ultimately adopted, result in the
Company having to consolidate approximately $29 billion (as of December&nbsp;31, 2008) of assets and liabilities of the Lending Trust. This consolidation would also require the Company to reestablish loss reserves of approximately $1.8 billion (as
of December&nbsp;31, 2008), which would reduce the Company&#146;s regulatory capital ratios at the bank holding company level. The consolidation of the Lending Trust would primarily impact the Company&#146;s Centurion Bank and AEBFSB banking
subsidiaries. Any consolidation of the Lending Trust could increase the Company&#146;s, Centurion Bank&#146;s and AEBFSB&#146;s risk-weighted assets on their respective balance sheets and thus increase the capital needed to maintain our regulatory
capital levels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If our banking subsidiaries were to fail to meet their regulatory capital requirements, we would become subject to
restrictions that could materially adversely affect our ability to conduct normal operations, our liquidity and our cost of funds, such as limiting our ability to issue brokered deposits. In addition, changes to the accounting treatment for
securitizations may result in an inability to achieve bankruptcy remote status for the securitization trusts and prevent issuance from the trusts of highly rated investor interests. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We cannot at this time predict the terms and conditions of any final amendments to be promulgated by the Financial Accounting Standards Board or the
impact of any such amendments, including whether, when and in what form any transfers that currently qualify as sales will be recognized on our balance sheet; what effect the recognition of transfers would have on capital, capital requirements, the
ability to maintain a sufficient level of receivables in the trust, or our results of operations; the impact of the amendments on the market for asset-backed securities; whether the amendments will cause us to execute fewer securitizations; whether
the amendments will </FONT>
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<FONT FACE="Times New Roman" SIZE="2">trigger the breach of any financial covenants in our credit facility; or what effect the amendments will have on our credit ratings or the credit ratings of
debt issued by the trust. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Regulation in the areas of privacy and data security could increase our costs and decrease the number of
charge and credit cards issued. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We are subject to regulations related to
privacy and data security, and we could be negatively impacted by these regulations. For example, in the United States, we are subject to the data security rule under the Gramm-Leach-Bliley Act. The data security rule requires that each financial
institution develop, implement and maintain a written, comprehensive information security program containing safeguards that are appropriate to the financial institution&#146;s size and complexity, the nature and scope of the financial
institution&#146;s activities, and the sensitivity of any customer information at issue. The heightened legislative and regulatory focus on data security, including requiring consumer notification in the event of a data breach, continues. The new
111</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> Congress will likely consider data security/data breach legislation in 2009 that, if implemented, could affect us. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, over 40 states, Puerto Rico and the District of Columbia have enacted security breach legislation, requiring varying levels of consumer
notification in the event of a security breach. In addition, several states are considering legislation requiring certain data security standards that could result in higher technology costs for the Company. In 1995, the European Parliament and
Council passed European Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data (commonly referred to as the Data Protection Directive), which obligates the controller
of an individual&#146;s personal data to take the necessary technical and organizational measures to protect personal data. The Data Protection Directive has been implemented through local laws regulating data protection in European Union Member
States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Regulation of privacy and data security may materially increase our costs and may decrease the number of our cards that we issue,
or restrict our ability to fully exploit our closed-loop capability, which could materially and adversely affect our profitability. Our failure to comply with the privacy and data security laws and regulations to which we are subject could result in
fines, sanctions and damage to our global reputation and our brand. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our success is dependent, in part, upon our executive officers
and other key personnel, and the loss of key personnel could materially adversely affect our business. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our success depends, in
part, on our executive officers and other key personnel. Our senior management team has significant industry experience and would be difficult to replace. Our senior management team is relatively small and we believe we are in a critical period of
competition in the financial services and payments industry. The market for qualified individuals is highly competitive, and we may not be able to attract and retain qualified personnel or candidates to replace or succeed members of our senior
management team or other key personnel. In addition, as a current participant in the U.S. Department of the Treasury&#146;s Capital Purchase Program, we are subject to provisions contained in the recently enacted American Recovery and Reinvestment
Act of 2009, which contains significant limitations on the amount and form of bonus, retention and other incentive compensation that we may pay to our executive officers and other members of senior management. These provisions could further affect
our ability to attract and retain our executive officers and other key personnel. The loss of key personnel could materially adversely affect our business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>Litigation and regulatory actions could subject us to significant fines, penalties and/or requirements resulting in increased expenses. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Businesses in the credit card industry have historically been subject to significant legal actions, including class action lawsuits and patent claims. Many of these actions have included claims for substantial
compensatory or </FONT>
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<FONT FACE="Times New Roman" SIZE="2">punitive damages. In addition, we may be involved in various actions or proceedings brought by governmental regulatory agencies in the event of noncompliance
with laws or regulations, which could subject us to significant fines, penalties or other requirements resulting in increased expenses. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Business Risks
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our operating results may suffer because of substantial and increasingly intense competition worldwide in the payments industry.
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The payments industry is highly competitive and includes, in addition to charge and credit card networks, evolving alternative
payment mechanisms and systems. We are the third largest general-purpose charge and credit card network based on charge volume, behind Visa and MasterCard, which are larger than we are in most markets. As a result, other card issuers may be able to
benefit from the strong position and marketing and pricing power of Visa and MasterCard. Because of continuing consolidations among banking and financial services companies and credit card portfolio acquisitions by major card issuers, there are now
a smaller number of significant issuers. Continuing consolidation in the banking industry may result in a financial institution with a strong relationship with us being acquired by an institution that has a strong relationship with a competitor,
resulting in a potential loss of business for us. The largest competing issuers have continued to grow, in several cases by acquiring card portfolios, and also by cross-selling through their retail branch networks, and competition among all issuers
remains intense. We are also subject to increasing pricing pressure from our competitors. In addition, some of our competitors have developed, or may develop, substantially greater financial and other resources than we have, may offer a wider range
of programs and services than we offer or may use more effective advertising and marketing strategies to achieve broader brand recognition or merchant acceptance than we have. We may not continue to be able to compete effectively against these
threats. In addition, our competitors may be more efficient in introducing innovative products, programs and services than we are. As a result, our revenue or profitability may decline. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We face increasingly intense competitive pressure that may impact the prices we charge merchants who accept our cards for payment for goods and
services. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Unlike our competitors in the payments industry that rely on high revolving credit balances to drive profits, our
business model is focused on Cardmember spending. Discount revenue, which represents fees charged to merchants when Cardmembers use their Cards to purchase goods and services on our network, is primarily driven by billed business volumes and is our
largest single revenue source. In recent years, we have been under market pressure to reduce merchant discount rates and undertake other repricing initiatives. This pressure arises, in part, due to the regulatory pressure on our competitors outside
the United States, which has been increasing. If we continue to experience a decline in the average merchant discount rate we charge merchants or are unable to sustain premium merchant discount rates on our Cards without experiencing overall volume
growth or an increase in merchant coverage, our revenues and profitability could be materially and adversely affected. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We may not be
able to increase consumer and business spending and borrowing on our payment services products or manage the costs of our Cardmember benefits intended to stimulate such use. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our business is characterized by the high level of spending by our Cardmembers. Increasing consumer and business spending and borrowing on our payment
services products, particularly credit and charge Cards and Travelers Cheques and other prepaid products, and growth in Card lending balances, depend in part on our ability to develop and issue new or enhanced Card and prepaid products and increase
revenues from such products, and is impacted by economic conditions beyond our control that reduce our Cardmembers&#146; spending, such as the current economic downturn affecting global markets. Increasing revenues also depends on our ability to
attract new Cardmembers, reduce Cardmember attrition, increase merchant coverage, and capture a greater share of customers&#146; total spending on Cards issued on our network, both in the United States and in our international operations. One of the
ways in which we attract new Cardmembers is through our Membership Rewards </FONT>
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<FONT FACE="Times New Roman" SIZE="2">program, as well as other Cardmember benefits. We may not be able to cost effectively manage and expand Cardmember benefits, including containing the growth
of marketing, promotion and rewards expenses and Cardmember services expenses. In addition, many credit card issuers have instituted rewards programs that are similar to ours, and issuers may in the future institute rewards programs that are more
attractive to cardmembers than our programs. If we are not successful in increasing consumer and business spending or in managing the costs of our Cardmember benefits, our revenues and profitability could be negatively affected. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our brand and reputation are key assets of our Company and our business may be affected by how we are perceived in the marketplace.
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our brand and its attributes are key assets of the Company. Our ability to attract and retain consumer Cardmembers and corporate
clients is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices and financial condition. Negative perceptions or publicity regarding these matters could damage our reputation among existing and
potential Cardmembers and corporate clients, which could make it difficult for us to attract new Cardmembers and maintain existing ones. Adverse developments with respect to our industry may also, by association, negatively impact our reputation, or
result in greater regulatory or legislative scrutiny or litigation against us. Although we monitor developments for areas of potential risk to our reputation and brand, negative perceptions or publicity could materially and adversely affect our
revenues and profitability. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>An increase in account data breaches and fraudulent activity using our Cards could lead to reputational
damage to our brand and could reduce the use and acceptance of our charge and credit Cards. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We and other third parties store
Cardmember account information in connection with our charge and credit Cards. Criminals are using increasingly sophisticated methods to capture various types of information relating to Cardmembers&#146; accounts, including Membership Rewards
accounts, to engage in illegal activities such as fraud and identity theft. As outsourcing and specialization become a more acceptable and common way of doing business in the payments industry, there are more third parties involved in processing
transactions using our Cards. If data breaches or fraud levels involving our Cards were to rise, it could lead to regulatory intervention (such as mandatory card reissuance) and reputational and financial damage to our brand, which could reduce the
use and acceptance of our Cards, and have a material adverse impact on our business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We have agreements with business partners in a
variety of industries, including the airline industry, that represent a significant portion of our billed business. We are exposed to the risk of downturns in these industries, including bankruptcies, restructurings and consolidations of our
partners, and the possible obligation to make payments to our partners. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the ordinary course of our business we enter into
different types of contractual arrangements with business partners in a variety of industries. For example, we have partnered with Costco and Delta Air Lines to offer co-branded cards for consumers and small businesses, and through our Membership
Rewards program we have partnered with businesses in many industries, most notably the airline industry, to offer benefits to Cardmember participants. The airline industry represents a significant portion of our billed business and in recent years
has undergone bankruptcies, restructurings, consolidations and other similar events. In addition, under some types of these contractual arrangements, upon the occurrence of certain triggering events, we may be obligated to make payments to certain
co-brand partners, merchants, vendors and customers. If we are not able to effectively manage the triggering events, we could unexpectedly have to make payments to these partners, which could have a negative effect on our financial condition and
results of operations. We are also exposed to risk from bankruptcies, restructurings, consolidations and other similar events that may occur in any industry representing a significant portion of our billed business, which could negatively impact
particular card products and services (and billed business generally) and our financial condition and results of operations. For example, we could be materially impacted if we were obligated to or elected to reimburse Cardmembers for products and
services purchased from merchants that are bankrupt or have ceased operations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There could be continued significant consolidation in the airline industry, particularly in the United
States. We would not expect consolidation to have any significant effect on our merchant relationships with the airlines. However, airlines are also some of the most important and valuable partners in our Membership Rewards program. If a
participating airline merged with an airline that did not participate in Membership Rewards, the combined airline would have to determine whether or not to continue participation. Similarly, if one of our co-brand airline partners merged with an
airline that had a competing co-brand card, the combined airline would have to determine which co-brand cards it would offer. If a surviving airline determined to withdraw from Membership Rewards or to cease offering an American Express co-brand
card, our business could be adversely affected. For additional information relating to the agreements with Delta and general risks related to the airline industry, see &#147;Financial Review&#151;Exposure to Airline Industry&#148; on pages 56-57 of
our 2008 Annual Report to Shareholders, which is hereby incorporated by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our reengineering and other cost control
initiatives may not prove successful, and we may not realize all or a significant portion of the benefits we intended. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have
regularly undertaken, and are currently considering undertaking, a variety of efforts to reengineer our business operations in order to achieve cost savings and other benefits (including the reinvestment of such savings in key areas such as
marketing, promotion and rewards), enhance revenue-generating opportunities and improve our operating expense to revenue ratio both in the short-term and over time. These efforts include cost management, structural and strategic measures such as
vendor, process, facilities and operations consolidation, outsourcing functions (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 these reengineering actions. If we do not successfully achieve these efforts in a timely manner or if we are not able to capitalize on these efforts, we may not realize all or a
significant portion of the benefits we intended. Failure to achieve these benefits could have a negative effect on our financial condition and results of operations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>Our risk management policies and procedures may not be effective. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We must effectively manage
credit risk related to consumer debt, business loans, settlement risk with regard to GNS partners, merchant bankruptcies, the rate of bankruptcies, and other credit trends which can affect spending on card products, debt payments by individual and
corporate customers and businesses that accept our card products. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Credit risk is the risk of loss from obligor or counterparty default. We
are exposed to both consumer credit risk, principally from Cardmember receivables and our other consumer lending activities, and institutional credit risk from merchants and GNS partners. Third parties may default on their obligations to us due to
bankruptcy, lack of liquidity, operational failure or other reasons. Country, regional and political risks are components of credit risk. Rising delinquencies and rising rates of bankruptcy are often precursors of future write-offs and may require
us to increase our reserve for loan losses. Higher write-off rates and an increase in our reserve for loan losses adversely affect our profitability and the performance of our securitizations, and may increase our cost of funds. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Although we make estimates to provide for credit losses in our outstanding portfolio of loans and receivables, these estimates may not be accurate. In
addition, the information that we use in managing our credit risk may be inaccurate or incomplete. Although we regularly review our credit exposure to specific clients and counterparties and to specific industries, countries and regions that we
believe may present credit concerns, default risk may arise from events or circumstances that are difficult to foresee or detect, such as fraud. We may also fail to receive full information with respect to the credit risks of our customers.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We must also effectively manage market risk to which we are exposed. Market risk represents the loss in value of portfolios and financial
instruments due to adverse changes in market variables. We are exposed to </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">market risk from interest rates in our Card business and in our investment portfolios. Changes in the interest rates at which we borrow and lend money affect
the value of our assets and liabilities. If the rate of interest we pay on our borrowings increases more than the rate of interest we earn on our loans, our net interest yield, and consequently our net income, could fall. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We must also accurately estimate the fair value of the assets in our investment portfolio and, in particular, those investments that are not readily
marketable, including the valuation of the interest-only strip (commonly referred to as the I/O strip) arising from our securitization of credit Card receivables. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Additionally, we must also effectively manage liquidity risk to which we are exposed. Liquidity risk is defined as the inability to access cash and equivalents needed to meet business requirements and satisfy our
obligations. If we are unsuccessful in managing our liquidity risk, we may maintain too much liquidity, which can be costly and limit financial flexibility, or we may be too illiquid, which could result in financial distress during a liquidity
event. For additional information regarding our management of liquidity risk, see &#147;<I>Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs, access to capital and cost of capital </I>&#147;
above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Finally, we must also manage the operational risks to which we are exposed. We consider operational risk to be the risk of not
achieving our business objectives due to failed processes, people or information systems, or from the external environment, such as natural disasters. Operational risks include the risk that we may not comply with specific regulatory or legal
requirements, exposing us to fines and/or penalties and possibly brand damage; employee error or intentional misconduct that results in a material financial misstatement; or a failure to monitor an outsource partner&#146;s compliance with a service
level agreement, resulting in economic harm to us. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Although we have devoted significant resources to develop our risk management policies
and procedures and expect to continue to do so in the future, our hedging strategies and other risk management techniques may not be fully effective. See <B>&#147;</B>Financial Review&#151;Risk Management&#148; on pages 42-46 of our 2008 Annual
Report to Shareholders for a discussion of the policies and procedures we use to identify, monitor and manage the risks we assume in conducting our businesses. Management of credit, market and operational risk requires, among other things, policies
and procedures to record properly and verify a large number of transactions and events, and these policies and procedures may not be fully effective. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>If our global network systems are disrupted or we are unable to process transactions efficiently or at all, our revenue or profitability would be materially reduced. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our transaction authorization, clearing and settlement systems may experience service interruptions as a result of fire, natural disasters, power loss,
disruptions in long distance or local telecommunications access, fraud, terrorism or accident. A natural disaster or other problem at our facilities could interrupt our services. Additionally, we rely on third-party service providers for the timely
transmission of information across our global network. If a service provider fails to provide the communications capacity or services we require, as a result of natural disaster, operational disruption, terrorism or any other reason, the failure
could interrupt our services, adversely affect the perception of our brands&#146; reliability and materially reduce our revenue or profitability. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>We rely on third-party providers of various computer systems and other services integral to the operations of our businesses. These third parties may act in ways that could harm our business. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We operate a service network around the world. In order to achieve cost and operational efficiencies, we outsource to third party vendors many of the
computer systems and other services that are integral to the operations of our global businesses. A significant amount of this outsourcing occurs in developing countries. We are subject to the risk that certain decisions are subject to the control
of our third-party service providers and that these decisions may adversely affect our activities. In addition, the management of multiple third-party vendors </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">increases our operational complexity and decreases our control. It is also possible that the cost efficiencies of certain outsourcings will decrease as the
demand for these services increases around the world. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Special Note About Forward-Looking Statements </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have made various statements in this report that may constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may also be made in our other reports filed with or furnished to the SEC, in our press releases and in other documents. In addition, from time to time, we, through our management, may make
oral forward-looking statements. Forward-looking statements are subject to risks and uncertainties, including those identified above, which could cause actual results to differ materially from such statements. The words &#147;believe,&#148;
&#147;expect,&#148; &#147;anticipate,&#148; &#147;optimistic,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;may,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;likely&#148; and similar
expressions are intended to identify forward-looking statements. We caution you that the risk factors described above are not exclusive. There may also be other risks that we are unable to predict at this time that may cause actual results to differ
materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or
revise any forward-looking statements. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_15"></A>ITEM&nbsp;1B.&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>STAFF COMMENTS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_16"></A>ITEM&nbsp;2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PROPERTIES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our principal executive offices are in
a 51-story, 2.2&nbsp;million square foot building located in lower Manhattan. This building, which is on land leased from the Battery Park City Authority for a term expiring in 2069, is one of four office buildings in a complex known as the World
Financial Center. We have a 49% ownership interest in the building. Brookfield Financial Properties owns the remaining 51% interest in the building. We also lease space in the building from Brookfield. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Other owned or leased principal locations include: the American Express Service Centers in Fort Lauderdale, Florida; Phoenix, Arizona; Greensboro, North
Carolina; and Salt Lake City, Utah; the American Express Data Centers in Phoenix, Arizona and in Minneapolis, Minnesota; the American Express Finance Center in Phoenix, Arizona; the headquarters for American Express Services Europe Limited in
London, England; the Amex Canada Inc. headquarters in Markham, Ontario, Canada; and service centers located in Mexico City, Mexico; Sydney, Australia; Gurgaon, India and Brighton, United Kingdom. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During 2004 and 2005, we engaged in several sale-leaseback transactions pursuant to which we sold various owned properties to third parties and leased
back the properties under long-term net leases whereby each American Express entity that leases back the property is responsible for all costs and expenses relating to the property (including maintenance, repair, utilities, operating expenses and
insurance costs) in addition to annual rent. The sale-leaseback transactions have not materially impacted our financial results in any year. Gains resulting from completed sale and leaseback transactions are amortized over the initial ten-year lease
periods. We continue to consider whether sale-leaseback transactions are appropriate for other properties that we currently own. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In
February 2000, we entered into a ten-year agreement with CB Richard Ellis, Inc., formerly known as Trammell Crow Corporate Services, Inc., for facilities, project and transaction management and other related services. The agreement covers North and
South America and parts of Europe and Asia. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Generally, we lease the premises we occupy in other locations. We believe that the facilities
we own or occupy suit our needs and are well maintained. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_17"></A>ITEM&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>LEGAL PROCEEDINGS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company and its subsidiaries
are involved in a number of legal and arbitration proceedings, including class actions, concerning matters arising in connection with the conduct of their respective business activities. The Company believes it has meritorious defenses to each of
these actions and intends to defend them vigorously. In the course of its business, the Company and its subsidiaries are also subject to governmental examinations, information gathering requests, subpoenas, inquiries and investigations. The Company
believes that it is not a party to, nor are any of its properties the subject of, any pending legal, arbitration, regulatory, tax or investigative proceedings that would have a material adverse effect on the Company&#146;s consolidated financial
condition or liquidity. However, it is possible that the outcome of any such proceeding could have a material impact on results of operations in any particular reporting period as the proceedings are resolved. Certain legal proceedings involving the
Company are described below. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Corporate Matters </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Beginning in mid-July&nbsp;2002, 12 putative class action lawsuits were filed in the United States District Court for the Southern District of New York. In October&nbsp;2002, these cases were consolidated under the caption <U>In re American
Express Company Securities Litigation</U>.&nbsp;These lawsuits allege violations of the federal securities laws and the common law in connection with alleged misstatements regarding certain investments in high-yield bonds and write-downs in the
2000-2001 timeframe.&nbsp;The purported class covers the period from July&nbsp;26, 1999 to July&nbsp;17, 2001.&nbsp;The actions seek unspecified compensatory damages as well as disgorgement, punitive damages, attorneys&#146; fees and costs, and
interest.&nbsp;On March&nbsp;31, 2004, the Court granted the Company&#146;s motion to dismiss the lawsuit.&nbsp;Plaintiffs appealed the dismissal to the United States Court of Appeals for the Second Circuit.&nbsp;In August&nbsp;2006, the Court of
Appeals, without expressing any views whatsoever on the merits of the cases, vacated the District Court&#146;s judgment and remanded all claims to the District Court for further proceedings.&nbsp;Plaintiffs filed an amended complaint on
January&nbsp;5, 2007.&nbsp;The Company subsequently filed a motion to dismiss the amended complaint, which motion was granted in September&nbsp;2008. Plaintiffs have appealed the dismissal. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In January&nbsp;2006, a purported class action captioned<U> Paula Kritzman, individually and on behalf of all others similarly situated v. American
Express Retirement Plan et al.</U> was filed in the U.S. District Court for the Southern District of New York.&nbsp;The plaintiff alleges that when the American Express Retirement Plan (the &#147;AXP Plan&#148;) was amended effective July&nbsp;1,
1995, to convert from a final average pay formula to a &#147;cash balance&#148; formula for the calculation of benefits, the terms of the amended AXP Plan violated the Employee Retirement Income Security Act, as amended (ERISA), in at least the
following ways:&nbsp;(i)&nbsp;the AXP Plan violated ERISA&#146;s prohibition on reducing rates of benefit accrual due to the increasing age of a plan participant; (ii)&nbsp;the AXP Plan violated ERISA&#146;s prohibition on forfeiture of accrued
benefits; and (iii)&nbsp;the AXP Plan violated ERISA&#146;s present value calculation rules.&nbsp;The plaintiff seeks, among other remedies, injunctive relief entitling the plaintiff and the purported class to benefits that are the greater of
(x)&nbsp;the benefits to which the members of the class would have been entitled without regard to the conversion of the benefit payout formula of the AXP Plan to a cash balance formula and (y)&nbsp;the benefits under the AXP Plan with regard to the
cash balance formula.&nbsp;The plaintiff also seeks pre- and post-judgment interest and attorneys&#146; fees and expenses.&nbsp;The Company has filed a motion with the Court seeking to dismiss the complaint.&nbsp;In July&nbsp;2008, the U.S. Court of
Appeals for the Second Circuit issued a decision in a case not involving American Express, captioned <U>Hirt v. Equitable Retirement Plan for Employees, Managers and Agents</U>, finding that cash balance plans do not discriminate based on
age.&nbsp;In light of the Second Circuit&#146;s decision in the <U>Hirt</U> case, the <U>Kritzman</U> plaintiffs have voluntarily dismissed their complaint. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In May&nbsp;2008, a shareholders&#146; derivative suit was filed in New York State Supreme Court in Manhattan naming American Express Company and certain current and former directors and senior executives as
defendants. The case captioned as <U>City of Tallahassee Retirement System v. Akerson et al.</U> alleges breaches of fiduciary duty &#147;arising from knowing breaches of fiduciary obligations by certain current and former officers and directors of
the Company that have led to the imposition of deferred criminal charges on a bank that at the time such charges were entered was owned by American Express, as well as the Company&#146;s payment of approximately $65 million in penalties to federal
and state regulators&#148; related to American Express Bank </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Limited&#146;s (AEBL) and TRS&#146;s anti-money laundering programs.&nbsp;The complaint also states that the sale of AEBL took place after American Express
had &#147;allowed the value of its banking business unit to be dramatically impaired on account of the systemic violations of law and resulting deferred criminal charges&#148;.&nbsp;The complaint seeks monetary damages on behalf of the
Company.&nbsp;The defendants have filed a motion to dismiss the complaint and are awaiting a ruling from the Court. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November&nbsp;2004,
the Company filed a lawsuit captioned<U> American Express Travel Related Services Company,&nbsp;Inc. v. Visa USA Inc., MasterCard International,&nbsp;Inc. et al.</U> in the U.S. District Court for the Southern District of New York. The lawsuit
sought unspecified monetary damages against Visa, MasterCard and eight major banks that are or were members of the two card associations for the business lost as a result of the illegal, anticompetitive practices of the card associations that
effectively locked the Company out of the bank-issued card business in the United States.&nbsp;The lawsuit follows the U.S. Supreme Court&#146;s October&nbsp;2004 decision not to hear an appeal from Visa and MasterCard that sought to overturn a
lower court ruling that found the two card associations in violation of U.S. antitrust laws.&nbsp;Since the date that the action was filed through September&nbsp;30, 2007, TRS had voluntarily dismissed its claims against the following bank
defendants:&nbsp;Bank of America, N.A., Bank of America Corporation (including its subsidiaries Fleet Bank (RI), N.A. and Fleet National Bank), Household Bank, N.A., Household International,&nbsp;Inc. and USAA Federal Savings Bank.&nbsp;On
November&nbsp;7, 2007, the Company announced that it had entered into an agreement with Visa Inc., Visa USA and Visa International to drop Visa as a defendant in the lawsuit.&nbsp;Under the terms of the settlement agreement, American Express also
agreed to voluntarily dismiss its claims against the following individual banks and financial institutions:&nbsp;Capital One F.S.B., Capital One Bank, Capital One Financial Corp., Chase Bank USA, N.A., JPMorgan Chase&nbsp;&amp; Co., New American
Capital,&nbsp;Inc., Washington Mutual Bank, U.S. Bank, N.A., U.S. Bancorp, Wells Fargo&nbsp;&amp; Co. and Wells Fargo Bank, N.A., as well as any other Visa member bank.&nbsp;In addition, under the terms of the agreement, Visa has agreed to pay a
maximum amount of $2.25 billion to the Company, consisting of (i)&nbsp;$1.13 billion, which was paid to the Company in the first quarter of 2008 and (ii)&nbsp;16 additional quarterly payments of up to $70 million per quarter commencing with quarter
ending March&nbsp;31, 2008.&nbsp;The quarterly payments are subject to the achievement of certain quarterly performance criteria by the Company&#146;s U.S. Global Network Services business.&nbsp;As a result of the settlement with Visa and the
various individual bank defendants, MasterCard was the sole remaining defendant in the lawsuit.&nbsp;On June&nbsp;24, 2008, the Company entered into an agreement with MasterCard International,&nbsp;Inc. and MasterCard Incorporated to drop all claims
against MasterCard. Under the terms of the agreement MasterCard has agreed to pay a maximum amount of $1.8 billion to the Company, consisting of 12 quarterly payments of up to $150 million per quarter commencing with the quarter ending
September&nbsp;30, 2008.&nbsp;The quarterly payments to be made by MasterCard are also subject to the achievement of certain quarterly performance criteria by the Company&#146;s U.S. Global Network Services business.&nbsp;The Company has no
remaining claims against any defendants and has dismissed its suit.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In December 2008, a putative class action captioned <U>Obester v.
American Express Company, et al.</U> was filed in the United States District Court for the Southern District of New York. The complaint alleges that the defendants violated certain ERISA obligations by: allowing the investment of American Express
Retirement Savings Plan assets in American Express common stock when American Express common stock was not a prudent investment; misrepresenting and failing to disclose material facts to Plan participants in connection with the administration of the
Plan; and breaching certain fiduciary obligations. The Company is also a defendant in three other putative class actions making allegations similar to those made in the <U>Obester</U> matter: <U>Tang v. American Express Company, et. al</U>., filed
on December&nbsp;29, 2008 in the United States District Court for the Southern District of New York, <U>Miner v. American Express Company et. al.</U>, filed on February&nbsp;4, 2009 in the United States District Court for the Southern District of
New York, and <U>DiLorenzo v. American Express Company et. al.</U>, filed on February&nbsp;10, 2009 in the United States District Court for the Southern District of New York. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On February 20, 2009, a putative class action was filed in the United States District Court for the Southern District of New York captioned <U>Brozovich
v. American Express Co., Kenneth I. Chenault and Daniel T. Henry.</U> The lawsuit alleges violations of the federal securities laws in connection with certain alleged misstatements regarding the credit quality of the Company&#146;s credit card
customers. The purported class covers the period from March 1, 2007 to November 12, 2008. The action seeks unspecified damages and costs and fees. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has been named in a number of purported class actions in which the plaintiffs allege an unlawful antitrust tying arrangement between the
Company&#146;s charge cards and credit cards in violation of various state and federal laws, including the following: (i)&nbsp;<U>Cohen Rese Gallery et al. v. American Express Company et al.</U> , U.S. District Court for the Northern District of
California (filed July&nbsp;2003); (ii)&nbsp;<U>Italian Colors Restaurant v. American Express Company et al.</U> , U.S. District Court for the Northern District of California (filed August&nbsp;2003); (iii)&nbsp;<U>DRF Jeweler Corp. v. American
Express Company et al.</U> , U.S. District Court&nbsp;for the Southern District of New York (filed December&nbsp;2003); (iv)&nbsp;<U>Hayama Inc. v. American Express Company et al.</U> , Superior Court of California, Los Angeles County (filed
December&nbsp;2003); (v)&nbsp;<U>Chez Noelle Restaurant v. American Express Company et al.</U> , U.S. District Court for the Southern District of New York (filed January&nbsp;2004); (vi)&nbsp;<U>Mascari Enterprises d/b/a Sound Stations v. American
Express Company et al.</U> , U.S. District Court for the Southern District of New York (filed January&nbsp;2004); (vii)&nbsp;<U>Mims Restaurant v. American Express Company et al.</U> , U.S. District Court for the Southern District of New York (filed
February&nbsp;2004); and (viii)&nbsp;<U>The Marcus Corporation v. American Express Company et al.</U> , U.S. District Court for the Southern District of New York (filed July&nbsp;2004). The plaintiffs in these actions seek injunctive relief and an
unspecified amount of damages. Upon motion to the Court by the Company, the venue of the Cohen Rese and Italian Colors actions was moved to the U.S. District Court for the Southern District of New York (SDNY) in December&nbsp;2003. Each of the
above-listed actions (except for Hayama) is now pending in the SDNY under the consolidated caption &#147;<U>In re American Express Merchants&#146; Litigation</U>&#148;. On April&nbsp;30, 2004, the Company filed a motion to dismiss all the actions
filed prior to such date that were pending in the SDNY, and on March&nbsp;15, 2006, such motion was granted, with the Court finding the claims of the plaintiffs to be subject to arbitration. Plaintiffs asked the Court to reconsider its dismissal.
That request was denied. The plaintiffs appealed the Court&#146;s arbitration ruling and on January&nbsp;30, 2009, the United States Court of Appeals for the Second Circuit reversed the District Court. The parties have requested a conference with
the District Court to discuss next steps in light of the Second Circuit&#146;s ruling. In addition, the Company continues to request the California Superior Court hearing the Hayama action referenced above to stay that action. To date the Hayama
action has been stayed. The Company also filed a motion to dismiss the action filed by the Marcus Corporation, which was denied in July 2005. On October 1, 2007, Marcus filed a motion seeking certification of a class. The Company has opposed
Marcus&#146; motion for class certification. In addition, each of the Company and Marcus have moved for summary judgment in their favor. A decision on the class certification motion and the summary judgment motions is pending. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On February&nbsp;19, 2009, an amended complaint was filed in In Re: American Express Merchants&#146; Litigation. The amended complaint contains a single
count alleging a violation of federal antitrust laws through an alleged unlawful tying of: (a)&nbsp;corporate, small business and/or personal charge card services; and (b)&nbsp;Blue, Costco and standard GNS credit card services.&#148; In addition,
on February&nbsp;19, 2009, a new complaint making the same allegations as made in the amended complaint filed in In Re: American Express Merchants&#146; Litigation was also filed in the United States District Court for the Southern District of New
York. That new case is captioned: Greenporter LLC and Bar Hama LLC, on behalf of themselves and all others similarly situated v. American Express Company and American Express Travel Related Services Company, Inc.</FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In January&nbsp;2006, in a matter captioned<U> Hoffman, et al. v. American Express Travel Related Services Company,&nbsp;Inc.</U>, No.&nbsp;2001-02281,
Superior Court of the State of California, County of Alameda, the Court certified a class action against TRS.&nbsp;In a case management order dated April&nbsp;8, 2008, the Court defined two classes as follows:&nbsp;(1)&nbsp;all persons who obtained
American Express charge cards governed by New York law with billing addresses in California who purchased American Express&#146; fee based travel related insurance plans from September&nbsp;6, 1995, through February&nbsp;12, 2008, and (2)&nbsp;all
persons who obtained American Express charge cards governed by New York law with billing addresses in states other than California who purchased American Express&#146; fee based travel related insurance plans from September&nbsp;6, 1995, through
February&nbsp;12, 2008.&nbsp;The Court denied the plaintiff&#146;s motion to certify a class to pursue claims on behalf of persons who held American Express credit cards governed by Utah law.&nbsp;Plaintiffs allege that American Express violated
California and New York law by allegedly billing customers for flight and baggage insurance that they did not receive.&nbsp;American Express denies the allegations.&nbsp;American Express filed a motion for summary judgment asking that the case be
dismissed as a matter of law.&nbsp;The summary judgment motion was partially granted in July&nbsp;2008 when the Court dismissed </FONT>
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<FONT FACE="Times New Roman" SIZE="2">certain claims against American Express including claims for punitive damages.&nbsp;Certain other claims survived summary judgment.&nbsp;A trial on the
remaining claims began in November&nbsp;2008.&nbsp;The Company prevailed in Phase 1 of that trial with the Court ruling that the contract between the Company and its cardmembers was not ambiguous and that the Company operated the air-flight and
baggage insurance program consistent with the contract. Phase 2 of the trial continues. In Phase 2 the Court will decide whether: (1)&nbsp;the contract is unconscionable; (2)&nbsp;whether the Company violated California consumer protection laws; and
(3)&nbsp;whether the Company violated New York consumer protection laws. In addition, a matter making related allegations to those raised in the <U>Hoffman</U> case is pending in the U.S. District Court for the Eastern District of New
York.&nbsp;That matter, captioned <U>Environment Law Enforcement Systems v. American Express et al.</U>, has effectively been stayed pending the proceedings in the Hoffman action. Lastly, on October&nbsp;30, 2008, a case making allegations similar
to those raised in the <U>Hoffman</U> case was filed in the United States District Court for the Southern District of Florida. That matter, captioned <U>Kass v. American Express Card Services, Inc, American Express Company, and American Express
Travel Related Services</U>, was filed as a putative class action on behalf of American Express credit card holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In June&nbsp;2006, a
putative class action captioned <U>Homa v. American Express Company et al.</U> was filed in the U.S. District Court for the District of New Jersey.&nbsp;The case alleges, generally, misleading and fraudulent advertising of the &#147;tiered&#148;
&#147;up to 5 percent&#148; cash rebates with the Blue Cash card.&nbsp;The complaint initially sought certification of a nationwide class consisting of &#147;all persons who applied for and received an American Express Blue Cash card during the
period from September&nbsp;30, 2003 to the present and who did not get the rebate or rebates provided for in the offer.&#148;&nbsp;On December&nbsp;1, 2006, however, plaintiff filed a First Amended Complaint dropping the nationwide class claims and
asserting claims only on behalf of New Jersey residents who &#147;while so residing in New Jersey, applied for and received an American Express Blue Cash card during the period from September&nbsp;30, 2003 to the present.&#148;&nbsp;The plaintiff
seeks unspecified damages and other unspecified relief that the Court deems appropriate. In May&nbsp;2007, the Court granted the Company&#146;s motion to compel individual arbitration and dismissed the complaint. Plaintiff appealed that decision to
the U.S. Court of Appeals for the Third Circuit, and on February&nbsp;24, 2009, the Third Circuit reversed the decision and remanded the case back to the District Court for further proceedings to determine whether individual arbitration should be
compelled in the case. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In June&nbsp;2008, five separate lawsuits were filed against American Express Company in the U.S. District Court
for the Eastern District of New York alleging that the Company&#146;s &#147;anti-steering&#148; rules&nbsp;in its merchant acceptance agreements violate federal antitrust laws.&nbsp;As alleged by the plaintiffs, these rules prevent merchants from
offering consumers incentives to use alternative forms of payments when consumers wish to use an American Express-branded card. The five suits were filed by each of Rite-Aid Corp., CVS Pharmacy Inc., Walgreen Co., Bi-Lo LLC., and H.E. Butt Grocery
Company.&nbsp;The plaintiff in each action seeks damages and injunctive relief.&nbsp;American Express&#146; time to respond to the suits has been extended to April 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In August 2005, a purported class action captioned <U>Performance Labs Inc. v. American Express
Travel Related Services Company, Inc. (&#147;TRS&#148;), MasterCard International Incorporated, Visa USA, Inc. et al.</U> was filed in the U. S. District Court for the District of New Jersey. The action was then transferred to the U.S. District
Court for the Eastern District of New York. The complaint alleged that the Company&#146;s policy prohibiting merchants from imposing restrictions on the use of American Express<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Cards that
are not imposed equally on other forms of payment violates U.S. antitrust laws. The suit sought injunctive relief. TRS moved to dismiss the complaint. In addition, the Company learned that two additional purported class actions that made allegations
similar to those made in the Performance Labs action had also been filed: <U>518 Restaurant Corp. v. American Express Travel Related Services Company, Inc., MasterCard International Incorporated, Visa USA, Inc. et al</U>. (filed in August 2005 in
the United States District Court for the Eastern District of Pennsylvania) and <U>Lepkowski v. American Express Travel Related Services Company, Inc., MasterCard International Incorporated, Visa USA, Inc. et al.</U> (filed in October 2005 in the
U.S. District Court for the Eastern District of New York). The plaintiffs in these actions sought injunctive relief. The 518 Restaurant Corp. action was voluntarily withdrawn without TRS ever having been served with the complaint. The complaint in
the Lepkowski action was also never served. The Lepkowski and Performance Labs cases were consolidated in the U.S. District Court for the Eastern District of New York for pre-trial purposes in a larger multi-district litigation involving other named
defendants not </FONT>
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<FONT FACE="Times New Roman" SIZE="2">affiliated with the Company, and all proceedings in the consolidated action were stayed pending the filing of a consolidated amended complaint. Such
consolidated amended complaint was filed on April&nbsp;24, 2006, but the Company was not named in that action. Other defendants, not affiliated with the Company, were named. However, on April&nbsp;18, 2006, Performance Labs, Inc., Joseph Lepkowski,
DDS d/b/a Oak Park Dental Studio, and Jasa Inc., filed an action in the SDNY against American Express Company and American Express Travel Related Services Company, Inc. Other merchants have since filed similar complaints, including, Animal Land
Inc., Rookies, Inc., Lopez DeJong Inc., Pranzo Inc., Gina Kim-Park d/b/a Mille Fiore, and Parlor Corporation. All these complaints challenge the Company&#146;s &#147;anti-steering&#148; rules as unlawful under the antitrust laws. Originally
plaintiffs sought only injunctive relief but have since amended their complaint to also seek unspecified damages. These plaintiffs have agreed that a stay would be imposed with regard to their respective actions pending the appeal of the
Court&#146;s arbitration ruling discussed above. Given the recent ruling of the Second Circuit (discussed above), the stay has been lifted, and American Express&#146;s response to the complaint is due in April 2009. Plaintiffs have also filed an
amended complaint in the Lopez DeJong case and proposed that the amended complaint would serve as a &#147;model for the First Consolidated Class Complaint&#148; in all these matters. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In July&nbsp;2004, a purported class action captioned <U>Ross, et al. v. American Express Company, American Express Travel Related Services and American
Express Centurion Bank</U> was filed in the U.S. District Court for the Southern District of New York.&nbsp;The complaint alleges that AMEX conspired with Visa, MasterCard and Diners Club in the setting of foreign conversion rates and in the
inclusion of arbitration clauses in certain of their cardmember agreements.&nbsp;The suit seeks injunctive relief and unspecified damages. The class is defined as &#147;all Visa, MasterCard and Diners Club general-purpose cardholders who used cards
issued by any of the MDL Defendant Banks.&#148; American Express cardholders are not part of the class.&nbsp;In September&nbsp;2005, the Court denied the Company&#146;s motion to dismiss the action and preliminarily certified an injunction class of
Visa and MasterCard cardholders to determine the validity of Visa&#146;s and MasterCard&#146;s cardmember arbitration clauses.&nbsp;American Express filed a motion for reconsideration with the District Court, which motion was denied in
September&nbsp;2006.&nbsp;The Company filed an appeal from the District Court&#146;s order denying its motion to compel arbitration.&nbsp;In October&nbsp;2008, the U.S. Court of Appeals for the Second Circuit denied the Company&#146;s appeal and
remanded the case to the District Court for further proceedings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In January 2009, the Company signed a Memorandum of Understanding to
resolve claims raised in putative class action captioned <U>Kaufman v. American Express Travel Related Services</U>, pending in the United States District Court for the Northern District of Illinois. The proposed Settlement Class consists of
&#147;All purchasers, recipients and holders of all gift cards issued by American Express from January&nbsp;1, 2002 through the date of preliminary approval of the Settlement, including without limitation, gift cards sold at physical retail
locations, via the internet, or through mall co-branded programs.&#148; The allegations in Kaufman revolve primarily around monthly service fee charges, with the critical claim being that the product violates consumer protection statutes because
consumers allegedly have difficulty spending small remaining amounts on the Gift Cards. The Company is also a defendant in two other putative class actions making allegations similar to those made in Kaufman: <U>Goodman v. American Express Travel
Related Services</U>, pending in the United States District Court for the Eastern District of New York, and <U>Jarratt v. American Express Company</U>, filed in California state court in San Diego. If the Kaufman settlement ultimately receives final
approval, all related gift cards claims and suits would also be released. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>International Matters </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In May&nbsp;2006, in a matter captioned <U>Marcotte v. Bank of Montreal et al.</U>, filed in the Superior Court of Quebec, District of Montreal (originally filed in April&nbsp;2003) the Court authorized a class action
against Amex Bank of Canada, Bank of Montreal, Toronto-Dominion Bank, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, National Bank of Canada, Laurentian Bank of Canada and Citibank Canada. The action alleges that conversion
commissions made on foreign currency transactions are credit charges under the Quebec Consumer Protection Act (the QCPA) and cannot be charged prior to the 21-day grace period under the QCPA.&nbsp;The class includes all persons holding a credit card
issued by one of the defendants to whom fees were charged since April&nbsp;17, 2000, for transactions made in foreign currency before expiration of the period of 21 days following the statement of account.&nbsp;The class claims reimbursement of all
foreign currency conversions, CDN$400 per class member for trouble, inconvenience and punitive damages, interest and fees and costs.&nbsp;The trial in the <U>Marcotte</U> action commenced in September&nbsp;2008 and was completed in November.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November&nbsp;2006, in a matter captioned <U>Sylvan Adams v. Amex Bank of Canada</U> filed in the Superior Court of Quebec, District of
Montreal (originally filed in November&nbsp;2004), the Court authorized a class action against Amex Bank of Canada.&nbsp;The plaintiff alleges that prior to December&nbsp;2003, Amex Bank of Canada charged a foreign currency conversion commission on
transactions to purchase goods and services in currencies other than Canadian dollars and failed to disclose the commissions in monthly billing statements or solicitations directed to prospective cardmembers.&nbsp;The class, consisting of all
Cardmembers in Quebec that purchased goods or services in a foreign currency prior to December&nbsp;2003, claims reimbursement of all foreign currency conversion commissions, CDN$1,000 in punitive damages per class member, interest and fees and
costs.&nbsp;The trial in the <U>Adams</U> action commenced, and was completed, in December&nbsp;2008 after the conclusion of the trial in the <U>Marcotte</U> action. The parties are awaiting a decision from the court in those two cases. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In March 2006, a motion to authorize a class action captioned <U>Jasmin v. Amex Bank of Canada</U> was filed in the Superior Court of Quebec, District
of Montreal. The motion purports to claim, on behalf of a Canada-wide class of persons who were holders of an American Express Credit Card who paid their credit card account at the counter or at an automatic banking machine of an authorized
financial institution, and who obtained a grace period that was less than that appearing on their statement of account and/or who were charged interest under a three- to five- day processing delay contrary to their contracts, violated the law
respecting banks and the Civil Code of Quebec. A claim is also being made of an alleged violation of the Charter of Human Rights and Freedoms for depriving the class members of their use of property. The class claims reimbursement per class member
of finance charges in the amount of CDN $75, CDN $100 in punitive damages and CDN $25 for having to pay their account early and being deprived of the use of their money, interest, fees and costs. The claim in Jasmin has been withdrawn as part of the
settlement in Ptack, below. Amex Bank of Canada will pay a nominal amount for the costs of the withdrawal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In March 2006, in a matter
captioned <U>Ptack v. Amex Bank of Canada</U>, filed in the Superior Court of Quebec, District of Montreal (originally filed in March 2004), the Court authorized a class action against Amex Bank of Canada. The class includes all persons who were
holders of an American Express Credit Card who paid their credit card account via Internet, telephone and/or automatic banking machine, on or before the due date and incurred a finance charge as a result of the alleged payment processing policy of
Amex Bank. The class claims reimbursement per class member of finance charges, CDN $100 in punitive damages and CDN $100 for waste of time, interest and fees and costs. A settlement agreement has been entered into by the parties, and that settlement
agreement was approved by the Court on February&nbsp;18, 2008. Under the settlement agreement terms Amex Bank of Canada will pay attorneys&#146; fees of approximately CDN $200,000 and make certain changes to the Cardmember billing statements
regarding timing of payment processing. No payments will be made to class members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2006, in a matter captioned <U>Option
Consommateurs and Benoit Fortin v. Amex Bank of Canada et al.</U> filed in the Superior Court of Quebec, District of Montreal (originally filed in July 2003), the Court authorized a class action against Amex Bank of Canada, Citibank Canada, MBNA
Canada, Diners Club International, Capital One and Royal Bank of Canada. The plaintiff alleges that the defendants have violated the </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Quebec Consumer Protection Act (&#147;QCPA&#148;) by imposing finance charges on credit card transactions prior to 21 days following the receipt of the
statement containing the charge. It is alleged that the QCPA provisions which require a 21-day grace period prior to imposing finance charges applies to credit cards issued by Amex Bank of Canada in Quebec and that finance charges imposed prior to
this grace period violate the Act. The class seeks reimbursement of all finance charges imposed in violation of the Act, CDN$200 in punitive damages per class member, interest and fees and costs. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In May 2005, Amex Bank of Canada was added as a defendant to a motion to authorize a class action captioned <U>Option Consommateurs and Joel-Christian
St-Pierre v. Bank of Montreal et al.</U> filed in the Superior Court of Quebec, District of Quebec. The motion, which also names as defendants Royal Bank of Canada, Toronto-Dominion Bank, HSBC Bank of Canada, among others, alleges that the
defendants violated QCPA by imposing finance charges on credit card transactions prior to 21 days following the receipt of the statement containing the charge. It is alleged that the QCPA provisions, which require a 21-day grace period prior to
imposing finance charges, applies to credit cards issued by Amex Bank of Canada in Quebec and that finance charges imposed prior to this grace period violate the QCPA. The proposed class seeks reimbursement of all finance charges imposed in
violation of the QCPA, CDN$100 in punitive damages per class member, interest and fees and costs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Matters </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the last few years as regulatory interest in credit card network pricing to merchants and related issues has increased, the Company has responded
to many inquiries from banking and competition authorities throughout the world. On October&nbsp;14, 2008, the Company received a Civil Investigative Demand (CID), dated October&nbsp;10, 2008, from the Antitrust Division of the United States
Department of Justice (DOJ). A CID is a request for information in the course of a civil investigation and does not constitute the commencement of legal proceedings.&nbsp;The DOJ is permitted by statute to issue a CID to anyone whom it believes may
have information relevant to an investigation.&nbsp;The receipt of a CID does not presuppose that there is probable cause to believe that a violation of the antitrust laws has occurred or that a formal complaint ultimately will be filed. The DOJ has
requested the production of documents and information regarding the Company&#146;s policies relating to merchant surcharging and its &#147;anti-steering&#148; policies that prohibit merchants from discriminating against the Card in favor of other
forms of payment. The Company intends to cooperate with the DOJ&#146;s request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In September 2006, American Express Travel Related
Services Company, Inc. (&#147;TRS&#148;) received a Request for Arbitration that was filed in the London Court of International Arbitration (&#147;LCIA&#148;) by Mawarid Investments Limited (&#147;Mawarid&#148;), the Company&#146;s partner in the
joint venture it operates in the Middle East/North Africa, Amex (Middle East) E.C. (&#147;AEME&#148;).&nbsp;Mawarid alleged breach of fiduciary and/or contractual duties with regard to four claims:&nbsp;(i)&nbsp;TRS&#146;s having required AEME to
discontinue certain types of assessments, (ii)&nbsp;an alleged breach of AEME&#146;s exclusivity rights, (iii)&nbsp;the amount of revenue to which AEME was entitled based on billed business generated at airlines located in the AEME region and
(iv)&nbsp;delay in the launch of a local currency Card in Egypt.&nbsp;The action sought unspecified amounts of lost dividends and other damages related to such claims, as well as attorneys&#146; fees and other costs and interest.&nbsp;An arbitration
panel held hearings on the matters in dispute in early 2008.&nbsp;In a partial award announced in May 2008, the LCIA dismissed the claims described in clauses (i), (ii)&nbsp;and (iv)&nbsp;above that Mawarid brought against TRS.&nbsp;With regard to
the claim described in clause (iii)&nbsp;above, the LCIA agreed with the formula put forward by TRS to determine the amount of revenue to which AEME was entitled based on billed business generated at airlines located in the AEME region and directed
the parties to agree on whether an audit should be required to determine whether AEME was underpaid or overpaid for the years in question based on such formula.&nbsp;Though the parties have not finished their discussions on this issue, TRS believes
that amounts owed by it, if any, under the formula mandated by the LCIA will not be material. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_18"></A>ITEM&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">We did not submit any matters to a vote of our security holders during the last quarter of our fiscal year ended December&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_19"></A>PART II </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_20"></A>ITEM&nbsp;5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP. As of December&nbsp;31, 2008, we had 43,257 common
shareholders of record. You can find price and dividend information concerning our common stock in Note 28 to our Consolidated Financial Statements, which can be found on page 118 of our 2008 Annual Report to Shareholders, which note is incorporated
herein by reference. For information on dividend restrictions, please see &#147;Financial Review&#151;Share Repurchases and Dividends&#148; on page 34 and Note 13 on page 96 of our 2008 Annual Report to Shareholders, which information is
incorporated herein by reference. You can find information on securities authorized for issuance under our equity compensation plans under the captions &#147;Executive Compensation&#151;Share Plans,&#148; and &#147;Executive Compensation&#151;Equity
Compensation Plan Information&#148; to be contained in the Company&#146;s definitive 2009 proxy statement for our Annual Meeting of Shareholders, which is scheduled to be held on April&nbsp;27, 2009. The information to be found under such captions
is incorporated herein by reference. Our definitive 2009 proxy statement for our Annual Meeting of Shareholders is expected to be filed with the SEC in March 2009 (and, in any event, not later than 120 days of the close of our most recently
completed fiscal year). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Under the Treasury&#146;s CPP pursuant to the Emergency
Economic Stabilization Act of 2008, we announced on January&nbsp;9, 2009, the receipt of aggregate proceeds of $3.39 billion from the Treasury in exchange for the sale to the Treasury of (i)&nbsp;3,388,890 shares of our Fixed Rate Cumulative
Perpetual Preferred Stock, Series A, par value $1.66 2/3 per share, having a liquidation preference per share equal to $1,000 and (ii)&nbsp;a ten-year warrant (the &#147;Warrant&#148;) to purchase up to 24,264,129 shares of our common shares at an
initial per share exercise price of $20.95 per share. For additional information about this transaction, please see our Current Report on Form 8-K filed with the SEC on January&nbsp;9, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Not applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The table below
sets forth the information with respect to purchases of our common stock made by or on behalf of the Company during the quarter ended December&nbsp;31, 2008. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:22pt"><FONT FACE="Times New Roman" SIZE="1"><B>Period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total&nbsp;Number<BR>of Shares<BR>Purchased</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Average&nbsp;Price<BR>Paid&nbsp;Per&nbsp;Share</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total&nbsp;Number&nbsp;of<BR>Shares<BR>Purchased as<BR>Part of Publicly<BR>Announced<BR>Plans or<BR>Programs (3)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Maximum<BR>Number&nbsp;of&nbsp;Shares<BR>that May Yet Be<BR>Purchased Under<BR>the Plans or<BR>Programs</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;1-31, 2008</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Repurchase program (1)</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Employee transactions (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">452</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">$</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34.88</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,018,968</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;1-30, 2008</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Repurchase program (1)</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Employee transactions (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,332</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">$</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24.96</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,018,968</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;1-31, 2008</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Repurchase program (1)</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Employee transactions (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,347</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">$</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19.12</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,018,968</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT
FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Repurchase program (1)</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Employee
transactions (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,131</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">$</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22.74</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">At December&nbsp;31, 2008, there are approximately 100&nbsp;million shares of common stock remaining under Board authorization. Such authorization does not have an expiration date,
and at present, there is no intention to modify or otherwise rescind such authorization. Since September 1994, the Company has acquired 670&nbsp;million shares under various Board authorizations to repurchase up to an aggregate of 770&nbsp;million
shares of common stock, including purchases made under agreements with third parties. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">84 </FONT></P>


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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes: (a)&nbsp;shares delivered by or deducted from holders of employee stock options who exercised options (granted under the Company&#146;s incentive compensation plans) in
satisfaction of the exercise price and/or tax withholding obligation of such holders and (b)&nbsp;restricted shares withheld (under the terms of grants under the Company&#146;s incentive compensation plans) to offset tax withholding obligations that
occur upon vesting and release of restricted shares. The Company&#146;s incentive compensation plans provide that the value of the shares delivered or attested to, or withheld, shall be the average of the high and low price of the Company&#146;s
common stock on the date the relevant transaction occurs. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Share purchases under publicly announced programs are made pursuant to open market purchases or privately negotiated transactions (including with employee benefit plans) as market
conditions warrant and at prices the Company deems appropriate. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_21"></A>ITEM&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SELECTED FINANCIAL DATA </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The &#147;Consolidated
Five-Year Summary of Selected Financial Data&#148; appearing on page <B></B>119 of our 2008 Annual Report to Shareholders is incorporated herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_22"></A>ITEM&nbsp;7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The information set forth under the heading &#147;Financial Review&#148; appearing on pages <B></B>12-61 of our 2008 Annual Report to Shareholders is
incorporated herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_23"></A>ITEM&nbsp;7A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The information set forth under the heading &#147;Risk Management&#148; appearing on pages <B></B>42-46 and in Note 14 to our Consolidated Financial Statements on pages <B></B>97-98 of our 2008 Annual Report to Shareholders is incorporated
herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_24"></A>ITEM&nbsp;8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
&#147;Report of Independent Registered Public Accounting Firm&#148; (PricewaterhouseCoopers LLP), the &#147;Consolidated Financial Statements&#148; and the &#147;Notes to Consolidated Financial Statements&#148; appearing on pages&nbsp;63-118 of our
2008 Annual Report to Shareholders are incorporated herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_25"></A>ITEM&nbsp;9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_26"></A>ITEM&nbsp;9A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CONTROLS AND PROCEDURES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s
management, with the participation of the Company&#146;s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company&#146;s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that,
as of the end of such period, the Company&#146;s disclosure controls and procedures are effective. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There have not been any changes in the
Company&#146;s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company&#146;s fourth quarter that have materially affected, or are reasonably likely to materially
affect, the Company&#146;s internal control over financial reporting. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">85 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Management&#146;s Report on Internal Control over Financial Reporting,&#148; which sets forth
management&#146;s evaluation of internal control over financial reporting, and the &#147;Report of Independent Registered Public Accounting Firm&#148; on the effectiveness of the Company&#146;s internal control over financial reporting as of
December&nbsp;31, 2008, appearing on page 62-63 of our 2008 Annual Report to Shareholders, are incorporated herein by reference. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_27"></A>ITEM&nbsp;9B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>OTHER INFORMATION </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The following is provided pursuant to Item 5.03 of Form&nbsp;8-K&#151;&#147;Amendments to Articles of Incorporation or By-laws; Change in Fiscal Year.&#148; On February 23, 2009,
the Board of Directors adopted certain amendments to the By-Laws of the Company to: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">amend Section 2.1 to remove the default requirement that the annual meeting of shareholders of the Company be held between March 15 and April 30 and instead provide that the annual
meeting of shareholders be held on such date and at such time as shall be fixed by the Board; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">amend Sections 2.9 and 3.11 to require shareholders proposing business or nominating directors to disclose their ownership of derivative securities and any other transaction,
agreement, arrangement or understanding involving the shareholder with the effect or intent of mitigating losses, managing risk or benefiting from share price changes, or increasing or decreasing the voting power or economic interest of such
shareholder or any of its affiliates or associates; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">amend Sections 2.9 and 3.11 to provide that the Company is required to re-open the advance notice window for business proposed by a shareholder to be brought before an annual
meeting and nominations of directors if the date of the annual meeting is not set for within 25 (rather than 30) days of the anniversary date of the prior year&#146;s meeting; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">make explicit that Section 2.9 of the By-Laws relating to advance notice applies to any business proposed to be brought before an annual meeting of shareholders, other than
(i)&nbsp;any proposal made pursuant to the shareholder proposal rule (Rule 14a-8) of the Securities and Exchange Commission or (ii)&nbsp;nominations of directors (which is subject to Section 3.11 of the By-Laws). </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">86 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_28"></A>PART III </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman"
SIZE="2"><B><A NAME="toc79267_29"></A><A NAME="toc79267_30"></A><A NAME="toc79267_31"></A><A NAME="toc79267_32"></A>ITEMS&nbsp;10,&nbsp;11,&nbsp;12&nbsp;and&nbsp;13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE; EXECUTIVE COMPENSATION; SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS;
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We expect to file with the SEC, in March 2009
(and, in any event, not later than 120 days after the close of our last fiscal year), a definitive proxy statement, pursuant to SEC Regulation 14A in connection with our Annual Meeting of Shareholders to be held April&nbsp;27, 2009, which involves
the election of directors. The following information to be included in such proxy statement is incorporated herein by reference: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Corporate Governance&#151;Summary of the Company&#146;s Corporate Governance Principles&#151;Independence of
Directors;&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included in the table under the caption &#147;Corporate Governance&#151;Membership on Board Committees;&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information under the captions &#147;Corporate Governance&#151;Compensation and Benefits Committee&#151;Compensation Committee Interlocks and Insider
Participation&#148; and &#147;Report of the Compensation and Benefits Committee;&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Corporate Governance&#151;Audit Committee;&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Compensation of Directors;&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Ownership of Our Common Shares;&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Items to be Voted on by Shareholders&#151;Item&nbsp;1&#151;Election of Directors;&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information included under the caption &#147;Executive Compensation;&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information under the caption &#147;Certain Relationships and Transactions;&#148; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">information under the caption &#147;Section 16(a) Beneficial Ownership Reporting Compliance.&#148; </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, the information regarding executive officers called for by Item&nbsp;401(b) of Regulation S-K may be found under the caption &#147;Executive
Officers of the Company&#148; in this report. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have adopted a set of Corporate Governance Principles, which together with the charters
of the four standing committees of the Board of Directors (Audit; Compensation and Benefits; Nominating and Governance; and Public Responsibility), our Code of Conduct (which constitutes the Company&#146;s code of ethics), and the Code of Business
Conduct for the Members of the Board of Directors, provide the framework for the governance of the Company. A complete copy of our Corporate Governance Principles, the charters of each of the Board committees, the Code of Conduct (which applies not
only to our Chief Executive Officer, Chief Financial Officer and Comptroller, but also to all other employees of the Company) and the Code of Business Conduct for the Members of the Board of Directors may be found by clicking on the &#147;Corporate
Governance&#148; link found on our Investor Relations Web site at http://ir.americanexpress.com. You may also access our Investor Relations Web site through the Company&#146;s main Web site at www.americanexpress.com by clicking on the &#147;About
American Express&#148; link, which is located at the bottom of the Company&#146;s homepage. (Information from such sites is not incorporated by reference into this report.) You may also obtain free copies of these materials by writing to our
Secretary at the Company&#146;s headquarters. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_33"></A>ITEM&nbsp;14.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PRINCIPAL ACCOUNTING FEES AND SERVICES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
information set forth under the heading &#147;Item&nbsp;2&#151;Ratification of the Appointment of Independent Registered Public Accounting Firm&#151;Audit Fees;&#148; &#147;&#151;Audit-Related Fees;&#148; &#147;&#151;Tax Fees;&#148; &#147;&#151;All
Other Fees;&#148; and &#147;&#151;Policy on Pre-Approval of Services Provided by Independent Registered Public Accounting Firm,&#148; which will appear in the Company&#146;s definitive proxy statement in connection with our Annual Meeting of
Shareholders to be held April&nbsp;27, 2009, is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">87 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_34"></A>PART IV </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_35"></A>ITEM&nbsp;15.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBITS, FINANCIAL STATEMENT SCHEDULES </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <I>Financial Statements</I>: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The financial statements filed as a part of this report are listed on page F-1 hereof under &#147;Index to Financial Statements Covered by Report of
Independent Registered Public Accounting Firm,&#148; which is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <I>Financial Statement Schedules</I>:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All schedules are omitted since the required information is either not applicable, not deemed material, or is shown in the respective
financial statements or in notes thereto. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <I>Exhibits</I>: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The list of exhibits required to be filed as exhibits to this report are listed on pages E-1 through E-4 hereof under &#147;Exhibit Index,&#148; which is
incorporated herein by reference. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">88 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_36"></A>SIGNATURES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">AMERICAN EXPRESS COMPANY</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February 27, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;D<SMALL>ANIEL</SMALL> T.
H<SMALL>ENRY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Daniel T. Henry</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Executive Vice President and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Chief Financial Officer</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Company and in the capacities and on the date indicated. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="51%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;K<SMALL>ENNETH</SMALL> I.
C<SMALL>HENAULT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>AN</SMALL>
L<SMALL>ESCHLY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Kenneth I. Chenault</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Chairman, Chief Executive Officer and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Jan Leschly</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;D<SMALL>ANIEL</SMALL> T.
H<SMALL>ENRY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>ICHARD</SMALL> C.
L<SMALL>EVIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Daniel T. Henry</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Executive Vice President and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Chief Financial Officer</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Richard C. Levin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>OAN</SMALL> C.
A<SMALL>MBLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>ICHARD</SMALL> A.
M<SMALL>C</SMALL>G<SMALL>INN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Joan C. Amble</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Executive Vice President and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Comptroller</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Richard A. McGinn</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;D<SMALL>ANIEL</SMALL> F.
A<SMALL>KERSON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>DWARD</SMALL> D.
M<SMALL>ILLER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Daniel F. Akerson</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Edward D. Miller</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>HARLENE</SMALL>
B<SMALL>ARSHEFSKY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>TEVEN</SMALL> S
R<SMALL>EINEMUND&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Charlene Barshefsky</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Steven S Reinemund</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;U<SMALL>RSULA</SMALL> M.
B<SMALL>URNS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>OBERT</SMALL> D.
W<SMALL>ALTER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ursula M. Burns</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Robert D. Walter</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>ETER</SMALL>
C<SMALL>HERNIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>ONALD</SMALL> A.
W<SMALL>ILLIAMS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Peter Chernin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Director</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ronald A. Williams</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Director</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">February 27, 2009 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">89 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_37"></A>INDEX TO FINANCIAL STATEMENTS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>COVERED BY REPORT OF
INDEPENDENT REGISTERED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>(Items 15(a)(1) and 15(a)(2) of Form 10-K) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Form&nbsp;10-K</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Annual&nbsp;Report<BR>to&nbsp;Shareholders</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>(Page)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Company and Subsidiaries:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Data incorporated by reference from 2008 Annual Report to Shareholders:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Management&#146;s report on internal control over financial reporting</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">62</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Report of independent registered public accounting firm (PricewaterhouseCoopers LLP)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">63</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated statements of income for each of the three years in the period ended December&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated balance sheets at December&nbsp;31, 2008 and 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">66</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated statements of cash flows for each of the three years in the period ended December&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">67</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated statements of shareholders&#146; equity for each of the three years in the period ended December&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Notes to consolidated financial statements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">69-118</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consent of independent registered public accounting firm</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">F-2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Schedules:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All schedules for American Express Company and subsidiaries have been omitted since the required
information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the respective financial statements or notes thereto. Refer to Notes 3, 4, and 26 to the
Consolidated Financial Statements in our 2008 Annual Report to Shareholders for information on accounts receivable reserves, loan reserves and condensed financial information of the Parent Company Only, respectively. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Consolidated Financial Statements of American Express Company (including the report of independent registered public accounting firm)
listed in the above index, which are included in our 2008 Annual Report to Shareholders, are hereby incorporated by reference. With the exception of the pages listed in the above index, unless otherwise incorporated by reference elsewhere in this
Annual Report on Form 10-K, our 2008 Annual Report to Shareholders is not to be deemed filed as part of this report. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">F-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 23.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We hereby consent to the incorporation by
reference in the Registration Statements (Form S-8 No.&nbsp;2-46918, No.&nbsp;2-59230, No.&nbsp;2-64285, No.&nbsp;2-73954, No.&nbsp;2-89680, No.&nbsp;33-01771, No.&nbsp;33-02980, No.&nbsp;33-28721, No.&nbsp;33-33552, No.&nbsp;33-36442,
No.&nbsp;33-48629, No.&nbsp;33-62124, No.&nbsp;33-65008, No.&nbsp;33-53801, No.&nbsp;333-12683, No.&nbsp;333-41779, No.&nbsp;333-52699, No.&nbsp;333-73111, No.&nbsp;333-38238, No.&nbsp;333-98479; and No.&nbsp;333-142710; Form S-3 No.&nbsp;2-89469,
No.&nbsp;33-43268, No.&nbsp;33-50997, No.&nbsp;333-32525, No.&nbsp;333-45445, No.&nbsp;333-47085, No.&nbsp;333-55761, No.&nbsp;333-51828, No.&nbsp;333-113768, No.&nbsp;333-117835 and No.&nbsp;333-138032) of American Express Company of our report
dated February 26, 2009, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in the Annual Report to Shareholders, which is incorporated by reference in this Annual
Report on Form 10-K. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ PricewaterhouseCoopers LLP</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">New York, New York</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">February 26, 2009</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">F-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc79267_38"></A>EXHIBIT INDEX </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following exhibits are filed as part of this Annual Report. The exhibit numbers preceded by an asterisk (*)&nbsp;indicate exhibits electronically
filed herewith. All other exhibit numbers indicate exhibits previously filed and are hereby incorporated herein by reference. Exhibits numbered 10.1 through 10.28, 10.30 through 10.35 and 10.39 through 10.40 are management contracts or compensatory
plans or arrangements. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Company&#146;s Restated Certificate of Incorporation (incorporated by reference to Exhibit 4.1 of the Company&#146;s Registration Statement on Form S-3, dated July&nbsp;31, 1997 (Commission File
No. 333-32525)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Company&#146;s Certificate of Amendment of the Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No.
1-7657) for the quarter ended March 31, 2000).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Company&#146;s Certificate of Amendment of the Certificate of Incorporation (incorporated by reference to Exhibit&nbsp;3.3 of the Company&#146;s Quarterly Report on Form&nbsp;10-Q (Commission
File No.&nbsp;1-7657) for the quarter ended March&nbsp;31, 2008).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Company&#146;s Certificate of Amendment of the Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&#146;s Current Report on Form 8-K (Commission File No.
1-7657), dated January 7, 2009 (filed January 9, 2009)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;*3.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Company&#146;s By-Laws, as amended through February 23, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The instruments defining the rights of holders of long-term debt securities of the Company and its subsidiaries are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The
Company hereby agrees to furnish copies of these instruments to the SEC upon request.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Warrant to Purchase Common Stock (incorporated by reference to Exhibit 4.1 of the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated January 7, 2009 (filed January 9,
2009)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 1998 Incentive Compensation Plan, as amended through July 25, 2005 (incorporated by reference to Exhibit 10.4 of the Company&#146;s Annual Report on Form 10-K
(Commission File No. 1-7657) for the year ended December 31, 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 1998 Incentive Compensation Plan Master Agreement, dated April&nbsp;27, 1998 (for awards made prior to January&nbsp;22, 2007) (incorporated by reference to Exhibit 10.1
of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No. 1-7657) for the quarter ended September&nbsp;30, 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment of American Express Company 1998 Incentive Compensation Plan Master Agreement, dated April 27, 1998 (for awards made prior to January 22, 2007) (incorporated by reference to Exhibit
10.1 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No. 1-7657) for the quarter ended March 31, 2000).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 1998 Incentive Compensation Plan Master Agreement, dated January 22, 2007 (for awards made on or after such date) (as amended and restated effective January 1, 2009).
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of award agreement for executive officers in connection with Portfolio Grants under the American Express Company 1998 Incentive Compensation Plan, as amended (for awards made after
January&nbsp;22, 2007) (incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated January&nbsp;22, 2007 (filed January&nbsp;26, 2007)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section 409A Amendments to form of award agreement for Portfolio Grants made under the American Express Company 1998 Incentive Compensation Plan, as amended (for awards made after January 22,
2007).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">E-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2007 Incentive Compensation Plan, (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated April
23, 2007 (filed April 27, 2007)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2007 Incentive Compensation Plan Master Agreement (as amended and restated effective January 1, 2009).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of award agreement for executive officers in connection with Portfolio Grants under the American Express Company 2007 Incentive Compensation Plan (incorporated by reference to Exhibit 10.13
of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for the year ended December 31, 2007).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section 409A Amendments to form of award agreement for Portfolio Grants made under the American Express Company 2007 Incentive Compensation Plan.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of award agreement for executive officers in connection with Performance Grant awards (a/k/a Incentive Awards) under the American Express Company 2007 Incentive Compensation Plan (as
amended and restated effective January 1, 2009).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Description of Compensation Payable to Non-Management Directors (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated
November 21, 2005 (filed January 13, 2006)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company Deferred Compensation Plan for Directors and Advisors, as amended through January 1, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2007 Pay-for-Performance Deferral Program Document (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (Commission File No.
1-7657), dated November 20, 2006 (filed November 22, 2006)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Description of amendments to 1994 &#150; 2006 Pay-for-Performance Deferral Programs (incorporated by reference to Exhibit 10.13 of the Company&#146;s Annual Report on Form 10-K (Commission File
No. 1-7657) for the year ended December 31, 2006).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2006 Pay-for-Performance Deferral Program Guide (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657),
dated November 21, 2005 (filed November 23, 2005)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2005 Pay-for-Performance Deferral Program Guide (incorporated by reference to Exhibit 10.10 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657)
for the year ended December 31, 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Description of American Express Company Pay-for-Performance Deferral Program (incorporated by reference to Exhibit 10.2 of the Company&#146;s Current Report on Form 8-K (Commission File No.
l-7657), dated November 22, 2004 (filed January 28, 2005)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment to the Pre-2008 Nonqualified Deferred Compensation Plans of American Express Company.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company Retirement Plan for Non-Employee Directors, as amended (incorporated by reference to Exhibit 10.12 of the Company&#146;s Annual Report on Form 10-K (Commission File No.
1-7657) for the year ended December 31, 1988).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Amendment of the American Express Company Retirement Plan for Non-Employee Directors dated March&nbsp;21, 1996 (incorporated by reference to Exhibit 10.11 of the Company&#146;s
Annual Report on Form 10-K (Commission File No. 1-7657) for the year ended December&nbsp;31, 1995).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">E-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Key Executive Life Insurance Plan, as amended (incorporated by reference to Exhibit 10.12 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for the
fiscal year ended December 31, 1991).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.23</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment to American Express Company Key Executive Life Insurance Plan (incorporated by reference to Exhibit 10.3 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No.
1-7657) for the quarter ended September 30, 1994).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment to American Express Company Key Executive Life Insurance Plan, effective as of January 22, 2007 (incorporated by reference to Exhibit 10.22 of the Company&#146;s Annual Report on Form
10-K (Commission File No. 1-7657) for the year ended December 31, 2006).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Key Employee Charitable Award Program for Education (incorporated by reference to Exhibit 10.13 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for
the year ended December&nbsp;31, 1990).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Directors&#146; Charitable Award Program (incorporated by reference to Exhibit 10.14 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for the year
ended December 31, 1990).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company Salary/Bonus Deferral Plan (incorporated by reference to Exhibit 10.20 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for the year ended
December 31, 1988).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment to American Express Company Salary/Bonus Deferral Plan (incorporated by reference to Exhibit 10.4 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No. 1-7657) for
the quarter ended September 30, 1994).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.29</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tax Allocation Agreement, dated May 27, 1994, between Lehman Brothers Holdings Inc. and the Company (incorporated by reference to Exhibit 10.2 of Lehman Brothers Holdings Inc.&#146;s Transition
Report on Form 10-K (Commission File No. 1-9466) for the transition period from January 1, 1994 to November 30, 1994).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.30</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 1993 Directors&#146; Stock Option Plan, as amended (incorporated by reference to Exhibit 10.11 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No.
1-7657) for the quarter ended March 31, 2000).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">*10.31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Senior Executive Severance Plan Effective January 1, 1994 (as amended and restated through January 1, 2009).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.32</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendments of (i) the American Express Supplemental Retirement Plan, (ii) the American Express Salary/Bonus Deferral Plan and (iii) the American Express Key Executive Life Insurance Plan
(incorporated by reference to Exhibit 10.37 of the Company&#146;s Annual Report on Form 10-K (Commission File No. 1-7657) for the year ended December&nbsp;31, 1997).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">*10.33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Supplemental Retirement Plan (as amended and restated effective January 1, 2009).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Directors&#146; Stock Plan (incorporated by reference to Exhibit 4.4 of the Company&#146;s Registration Statement on Form S-8, dated December 9, 1997 (Commission File No.
333-41779)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">*10.35</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Annual Incentive Award Plan (as amended and restated effective January 1, 2009).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.36</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Agreement dated February 27, 1995 between the Company and Berkshire Hathaway Inc. (incorporated by reference to Exhibit 10.43 of the Company&#146;s Annual Report on Form 10-K (Commission File
No. 1-7657) for the year ended December 31, 1994).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">E-3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.37</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Agreement dated July 20, 1995 between the Company and Berkshire Hathaway Inc. and its subsidiaries (incorporated by reference to Exhibit 10.1 of the Company&#146;s Quarterly Report on Form 10-Q
(Commission File No. 1-7657) for the quarter ended September 30, 1995).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.38</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amendment dated September 8, 2000 to the agreement dated February 27, 1995 between the Company and Berkshire Hathaway Inc. (incorporated by reference to Exhibit 99.3 of the Company&#146;s
Current Report on Form 8-K (Commission File No. 1-7657) dated January 22, 2001).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Description of a special grant of a stock option and restricted stock award to Kenneth I. Chenault, the Company&#146;s President and Chief Operating Officer (incorporated by reference to Exhibit
10.2 of the Company&#146;s Quarterly Report on Form 10-Q (Commission File No. 1-7657) for the quarter ended June 30, 1999).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*10.40</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">American Express Company 2003 Share Equivalent Unit Plan for Directors, as amended and restated, effective January&nbsp;1, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Separation and Distribution Agreement between American Express Company and Ameriprise Financial, Inc., dated August 24, 2005 (incorporated by reference to Exhibit 10.1 of the Company&#146;s
Current Report on Form 8-K (Commission File No. 1-7657), dated August 24, 2005 (filed August 30, 2005)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.42</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Employee Benefits Agreement, dated as of September 30, 2005, by and between American Express Company and Ameriprise Financial, Inc. (incorporated by reference to Exhibit 10.1 of the
Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated October 6, 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.43</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tax Allocation Agreement, dated as of September&nbsp;30, 2005, by and between American Express Company and Ameriprise Financial, Inc. (incorporated by reference to Exhibit 10.2 of the
Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated October&nbsp;6, 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;10.44</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Letter Agreement, dated January 9, 2009, between American Express Company and the United States Department of the Treasury, which includes the Securities Purchase Agreement&#150;Standard Terms
attached thereto (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (Commission File No. 1-7657), dated January 7, 2009 (filed January 9, 2009)).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Computation in Support of Ratio of Earnings to Fixed Charges.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Portions of the Company&#146;s 2008 Annual Report to Shareholders that are incorporated herein by reference.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Subsidiaries of the Company.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consent of PricewaterhouseCoopers LLP (contained on page F-2 of this Annual Report on Form 10-K).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*31.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Kenneth I. Chenault, Chief Executive Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*31.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Daniel T. Henry, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">*32.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Kenneth I. Chenault, Chief Executive Officer, and Daniel T. Henry, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.</FONT></TD></TR>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P
STYLE="font-size:60px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:60px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 10-K </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the fiscal year ended December&nbsp;31, 2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Commission File No. 1-7657</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:60px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:60px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>American Express Company </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Exact name of Company as specified in charter) </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>EXHIBITS </B></FONT></P>
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<DOCUMENT>
<TYPE>EX-3.5
<SEQUENCE>2
<FILENAME>dex35.htm
<DESCRIPTION>COMPANY'S BY-LAWS AS AMENDED THROUGH FEBRUARY 23, 2009
<TEXT>
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<TITLE>Company's By-Laws as amended through February 23, 2009</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 3.5 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">BY-LAWS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">OF </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">AMERICAN EXPRESS COMPANY </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(A New York Corporation) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(as amended through February&nbsp;23, 2009) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">BY-LAWS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">OF </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">AMERICAN EXPRESS COMPANY </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">ARTICLE I </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">OFFICES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">SECTION 1.1 PRINCIPAL OFFICE. The principal office of the corporation within the State of New York shall be located in the City of New York, County of New York. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 1.2 OTHER OFFICES. The corporation may have such other offices and places of business within and without the State of New York as the business of
the corporation may require. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE II </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">SHAREHOLDERS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.1 ANNUAL MEETING. The annual meeting of the shareholders for the election of
directors and for the transaction of other business shall be held at such place, within or without the State of New York, on such date and at such time as shall be fixed by the Board of Directors (hereinafter referred to as the &#147;Board&#148;)
from time to time. If the election of directors shall not be held on the date so fixed for the annual meeting, a special meeting of the shareholders for the election of directors shall be called forthwith in the manner provided herein for special
meetings, or as may otherwise be provided by law. (B.C.L. Section&nbsp;602.)(1) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.2 SPECIAL MEETINGS. Special Meetings of the
shareholders may be held for such purpose or purposes as shall be specified in a call for such meeting made by resolution of the Board or by a majority of the directors then in office or by the Chief Executive Officer. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">At any such special meeting only such business may be transacted which is related to the purpose or purposes set forth in the notice of meeting. (B.C.L.
Section&nbsp;602(c).) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.3 NOTICE OF MEETINGS. Notice of all meetings of shareholders shall be in writing and shall state the
place, date and hour of the meeting and such other matters as may be required by law. Notice of any special meeting shall also state the purpose or purposes for which the meeting is called and shall indicate that it is being issued by or at the
direction of the person or persons calling the meeting. A copy of the notice of any meeting, shall be given, personally or by mail, not less than ten nor more than sixty days before the date of the meeting, </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">This and other references to the New York Business Corporation Law are not part of the by-laws, but are included solely for convenience in locating relevant portions of the statute.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">provided that a copy of such notice may be given by third class mail not less than twenty-four nor more than sixty days
before the date of the meeting, to each shareholder entitled to vote at such meeting. If mailed, such notice shall be deemed given when deposited in the United States mail, with postage thereon prepaid, directed to the shareholder at his address as
it appears on the record of shareholders, or, if he shall have filed with the Secretary of the corporation a written request that notices to him be mailed at some other address, then directed to him at such other address. Notice of any adjourned
meeting of the shareholders shall not be required if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken, but if after the adjournment the Board or Chief Executive Officer fixes a new
record date for the adjourned meeting, notice of the adjourned meeting shall be given to each shareholder of record on the new record date. (B.C.L. Section&nbsp;605.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">SECTION 2.4 QUORUM AND VOTING. Except as otherwise provided by law or the certificate of incorporation, the holders of a majority of the votes of the shares entitled to vote thereat shall constitute a quorum at any
meeting of the shareholders for the transaction of any business, but a lesser interest may adjourn any meeting from time to time and from place to place until a quorum is obtained. Any business may be transacted at any adjourned meeting that might
have been transacted at the original meeting. When a quorum is once present to organize a meeting of shareholders, it is not broken by the subsequent withdrawal of any shareholders. Any corporate action taken by vote of the shareholders shall,
except as otherwise required by law or the certificate of incorporation, be authorized by a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote thereon. Every shareholder of record shall be entitled at
every meeting of shareholders to one vote for each share standing in his name on the record of shareholders, unless otherwise provided in the certificate of incorporation. Neither treasury shares, nor shares held by any other corporation, if a
majority of the shares entitled to vote in the election of directors of such other corporation is held by the corporation, shall be voted at any meeting or counted in determining the total number of outstanding shares then entitled to vote.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">In a non-contested election of directors, any incumbent director nominee who is not elected by the shareholders shall immediately tender
his or her resignation. The Board of Directors shall decide whether or not to accept such resignation, and shall promptly disclose and explain its decision in a Form 8-K (or successor form) filed with the Securities and Exchange Commission within 90
days after the date the results of the election are certified. An incumbent director who tenders his or her resignation pursuant to this paragraph will not participate in the Board&#146;s deliberations with respect to such resignation. In acting on
the resignation, the Board shall consider all factors that it may deem relevant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">If the incumbent director&#146;s resignation is not
accepted by the Board, he or she shall continue to serve until the next annual meeting of shareholders and until his or her successor is elected and qualified. If the resignation is accepted or if the nominee who failed to receive the required vote
is not an incumbent director, the Board may fill the resulting vacancy or decrease the size of the Board in accordance with these by-laws. (B.C.L. Sections 608, 614.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">SECTION 2.5 PROXIES. Every shareholder entitled to vote at a meeting of the shareholders may authorize another person to vote for him by proxy executed in writing (or in such manner permitted by law) by the
shareholder or his attorney-in-fact. No proxy shall be valid after </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">the expiration of eleven months from the date thereof, unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the
shareholder executing it, except that a proxy which is entitled &#147;irrevocable proxy&#148; and which states that it is irrevocable shall be irrevocable when and to the extent permitted by law. (B.C.L. Section&nbsp;609.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.6 LIST OF SHAREHOLDERS AT MEETINGS. A list of shareholders as of the record date, certified by the Secretary or by the transfer agent of the
corporation, shall be produced at any meeting of shareholders upon the request thereat or prior thereto of any shareholder. If the right to vote at any meeting is challenged, the inspectors of election or person presiding thereat shall require such
list of shareholders to be produced as evidence of the right of the persons challenged to vote at such meeting, and all persons who appear from such list to be shareholders entitled to vote thereat may vote at such meeting. (B.C.L.
Section&nbsp;607.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.7 WAIVER OF NOTICE. Notice of a shareholders&#146; meeting need not be given to any shareholder who submits a
signed waiver of notice, in person or by proxy, whether before or after the meeting. The attendance of any shareholder at a meeting, in person or by proxy, without protesting prior to the conclusion of the meeting the lack of notice of such meeting,
shall constitute a waiver of notice by him. (B.C.L. Section&nbsp;606.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.8 INSPECTORS AT SHAREHOLDERS&#146; MEETINGS. The Board,
in advance of any shareholders&#146; meeting, may appoint one or more inspectors to act at the meeting or any adjournment thereof and to perform such duties thereat as are prescribed by law. If inspectors are not so appointed, the person presiding
at a shareholders&#146; meeting shall appoint one or more inspectors. In case any person appointed fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the person presiding
thereat. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability. (B.C.L.
Section&nbsp;610.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 2.9 BUSINESS TO BE TRANSACTED AT SHAREHOLDERS&#146; MEETINGS. Only such business (other than nominations for
the election of directors to the Board, which must comply with the provisions of Section&nbsp;3.11 of these by-laws) may be transacted at any annual meeting of shareholders as is (i)&nbsp;specified in the notice of the meeting given by or at the
direction of the Board (including, if so specified, any shareholder proposal submitted pursuant to the rules and regulations of the Securities and Exchange Commission), (ii)&nbsp;otherwise brought before the meeting by or at the direction of the
Board or (iii)&nbsp;otherwise brought before the meeting in accordance with the procedure set forth in the following paragraph by a shareholder of the corporation entitled to vote at such meeting. This Section&nbsp;2.9 is expressly intended to apply
to any business proposed to be brought before an annual meeting of shareholders other than any proposal made pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">For business to be brought by a shareholder before an annual meeting of shareholders pursuant to clause (iii)&nbsp;above, the shareholder must have given
written notice thereof to the Secretary of the corporation, such notice to be received at the principal executive offices of the corporation not less than 90 nor more than 120 days prior to the one year anniversary of the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">date of the annual meeting of shareholders of the previous year; PROVIDED, HOWEVER, that in the event that the annual meeting of shareholders is called for a
date that is not within 25 days before or after such anniversary date, notice by the shareholder must be received at the principal executive offices of the corporation not later than the close of business on the tenth day following the day on which
the corporation&#146;s notice of the date of the meeting is first given or made to the shareholders or disclosed to the general public (which disclosure may be effected by means of a publicly available filing with the Securities and Exchange
Commission), whichever occurs first. A shareholder&#146;s notice to the Secretary shall set forth, as to each matter the shareholder proposes to bring before the annual meeting of shareholders, (i)&nbsp;a brief description of the business proposed
to be brought before the annual meeting of shareholders and of the reasons for bringing such business before the meeting and, if such business includes a proposal to amend either the certificate of incorporation or these by-laws, the text of the
proposed amendment, (ii)&nbsp;the name and record address of the shareholder proposing such business, (iii)&nbsp;as to the shareholder giving the notice, (A)&nbsp;the class, series and number of all shares of the corporation that are owned of record
or beneficially by such shareholder, (B)&nbsp;the name of each nominee holder of shares owned beneficially but not of record by such shareholder and the number of shares of the corporation held by each such nominee holder, (C)&nbsp;whether and the
extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest has been entered into by or on behalf of such shareholder or any of its affiliates or associates with respect to the shares of the
corporation, (D)&nbsp;whether any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made by or on behalf of such shareholder or any of its affiliates or
associates, the effect or intent of which is to mitigate loss to, or to manage risk or benefit of share price changes for, such shareholder or any of its affiliates or associates or to increase or decrease the voting power or pecuniary or economic
interest of such shareholder or any of its affiliates or associates with respect to the shares of the corporation, and (E)&nbsp;a representation that such shareholder will notify the corporation in writing of the information required in clauses
(A)&nbsp;through (D), in each case as in effect as of the record date for the meeting, promptly following the later of the record date or the date notice of the record date is first publicly disclosed, (iv)&nbsp;any material interest of the
shareholder in such business and (v)&nbsp;such other information relating to the proposal that is required to be disclosed in solicitations pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities
and Exchange Commission or other applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding anything in these by-laws to the contrary, no business (other than
nominations for the election of directors to the Board, which must comply with the provisions of Section&nbsp;3.11 of these by-laws) shall be conducted at an annual meeting of shareholders except in accordance with the procedures set forth in this
Section&nbsp;2.9; PROVIDED, HOWEVER, that nothing in this Section&nbsp;2.9 shall be deemed to preclude discussion by any shareholder of any business properly brought before the annual meeting of shareholders in accordance with such procedures. The
chairman of an annual meeting of shareholders shall, if the facts warrant, determine and declare to the meeting that the business was not properly brought before the meeting in accordance with the provisions of this Section&nbsp;2.9, and if he
should so determine, he shall so declare to the meeting and any such business not properly brought before the annual meeting of shareholders shall not be transacted. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE III </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">DIRECTORS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.1 POWERS, NUMBER, QUALIFICATIONS AND TERM OF OFFICE. The business of the corporation
shall be managed by its Board, which shall consist of not less than seven persons, each of whom shall be at least twenty-one years of age. Subject to such limitation, the number of directors shall be fixed and may be increased or decreased from time
to time by a majority of the entire Board. Directors need not be shareholders. Except as otherwise provided by law or these by-laws, the directors shall be elected at the annual meetings of the shareholders, and each director shall hold office until
the next annual meeting of shareholders, and until his successor has been elected and qualified. Newly created directorships resulting from an increase in the number of directors and any vacancies occurring in the Board for any reason, including
vacancies occurring by reason of the removal of any of the directors with or without cause, may be filled by vote of a majority of the directors then in office, although less than a quorum exists. No decrease in the number of directors shall shorten
the terms of any incumbent director. A director elected to fill a vacancy shall be elected to hold office for the unexpired term of his predecessor. If the Board has not elected a Chairman of the Board as an officer, it may choose a Chairman of the
Board from among its members to preside at its meetings. (B.C.L. Sections 701, 702, 703, 705.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.2 REGULAR MEETINGS. There shall
be regular meetings of the Board, which may be held on such dates and without notice or upon such notice as the Board may from time to time determine. Regular meetings shall be held at the principal office of the corporation within the State of New
York or at such other place either within or without the State of New York and at such specific time as may be fixed by the Board from time to time. There shall also be a regular meeting of the Board, which may be held without notice or upon such
notice as the Board may from time to time determine, after the annual meeting of the shareholders or any special meeting of the shareholders at which an election of directors is held. (B.C.L. Sections 710, 711.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.3 SPECIAL MEETINGS. Special meetings of the Board may be held at any place within or without the State of New York at any time when called by
the Chairman of the Board or the President or four or more directors. Notice of the time and place of special meetings shall be given to each director by serving such notice upon him personally within the City of New York at least one day prior to
the time fixed for such meeting, or by mailing or telegraphing it, prepaid, addressed to him at his post office address, as it appears on the books of the corporation, at least three days prior to the time fixed for such meeting. Neither the call or
notice nor any waiver of notice need specify the purpose of any meeting of the Board. (B.C.L. Sections 710, 711.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.4 WAIVER OF
NOTICE. Notice of a meeting need not be given to any director who signs a waiver of notice whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to him. (B.C.L.
Section&nbsp;711(c).) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.5 QUORUM AND VOTING. One-third of the entire Board shall constitute a quorum. A majority of the
directors present, whether or not a quorum is present, may adjourn any meeting to another time and place. Notice of any adjournment shall be given to the directors who were not present at the time of the adjournment and, unless the time and place of
such adjournment are announced at the meeting, to the other directors. The vote of a majority of the directors present at the time of the vote, if a quorum is present at such time, shall be the act of the Board, except where a larger vote is
required by law, the certificate of incorporation or these by-laws. (B.C.L. Sections 701, 708, 711(d).) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.6 ACTION BY THE BOARD.
Any reference in these by-laws to corporate action to be taken by the Board shall mean such action at a meeting of the Board. However, any action required or permitted to be taken by the Board or any committee thereof may be taken without a meeting
if all members of the Board or the committee consent in writing to the adoption of a resolution authorizing the action. The resolution and the written consent thereto by the members of the Board or committee shall be filed with the minutes of the
proceedings of the Board or committee. Any one or more members of the Board or any committee thereof may participate in a meeting of such Board or committee by means of a conference telephone or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at the meeting. (B.C.L. Section&nbsp;708.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.7 COMMITTEES OF THE BOARD. The Board by resolution adopted by a majority of the entire Board may designate from among its members one or more
committees, each consisting of three or more directors. Each such committee shall have all the authority of the Board to the extent provided in such resolution, except as limited by law. No such committee shall exercise its authority in a manner
inconsistent with any action, direction, or instruction of the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Board may appoint a Chairman of any committee (except for the
Executive Committee, if one is established, in the case where the Chairman of the Executive Committee has been elected pursuant to Section&nbsp;4.1 of these by-laws), who shall preside at meetings of their respective committees. The Board may fill
any vacancy in any committee and may designate one or more directors as alternate members of such committee, who may replace any absent member or members at any meeting of such committee. Each such committee shall serve at the pleasure of the Board,
but in no event beyond its first meeting following the annual meeting of the shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">All acts done and powers conferred by any
committee pursuant to the foregoing authorization shall be deemed to be and may be certified as being done or conferred under authority of the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">A record of the proceedings of each committee shall be kept and submitted at the next regular meeting of the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">At least one-third but not less than two of the members of any committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members present at the time of the vote, if a quorum is present at such
time, shall be the act of the committee. </FONT>
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<FONT FACE="Times New Roman" SIZE="2">If a committee or the Board shall establish regular meetings of any committee, such meetings may be held without notice or upon such notice as the committee
may from time to time determine. Notice of the time and place of special meetings of any committee shall be given to each member of the committee in the same manner as in the case of special meetings of the Board. Notice of a meeting need not be
given to any member of a committee who signs a waiver of notice whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to him. Except as otherwise provided in
these by-laws, each committee shall adopt its own rules of procedure. (B.C.L. Section&nbsp;712.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.8 COMPENSATION OF DIRECTORS.
The Board shall have authority to fix the compensation of directors for services in any capacity. (B.C.L. Section&nbsp;713(e).) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION
3.9 RESIGNATION AND REMOVAL OF DIRECTORS. Any director may resign at any time by giving written notice thereof to the Chief Executive Officer or to the Board, and such resignation shall take effect at the time therein specified without the necessity
of further action. Any director may be removed with or without cause by vote of the shareholders, or with cause by action of the Board. (B.C.L. Section&nbsp;706.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">SECTION 3.10 THE &#147;ENTIRE BOARD&#148;. As used in these by-laws the term &#147;the entire Board&#148; or &#147;the entire Board of Directors&#148; means the total number of directors which the corporation would
have if there were no vacancies. (B.C.L. Section&nbsp;702.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 3.11 NOMINATION OF DIRECTORS. Subject to the rights of holders of any
class or series of shares having a preference over the common shares as to dividends or upon liquidation, nominations for the election of directors may only be made (i)&nbsp;by the Board or a committee appointed by the Board or (ii)&nbsp;by a
shareholder of the corporation entitled to vote at the meeting at which a person is to be nominated in accordance with the procedure set forth in the following paragraph. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">A shareholder may nominate a person or persons for election as directors only if the shareholder has given written notice of its intent to make such nomination to the Secretary of the corporation, such notice to be
received at the principal executive offices of the corporation (i)&nbsp;with respect to an annual meeting of shareholders, not less than 90 nor more than 120 days prior to the one year anniversary of the date of the annual meeting of shareholders of
the previous year; PROVIDED, HOWEVER, that in the event that the annual meeting of shareholders is called for a date that is not within 25 days before or after such anniversary date, notice by the shareholder must be received at the principal
executive offices of the corporation not later than the close of business on the tenth day following the day on which the corporation&#146;s notice of the date of the meeting is first given or made to the shareholders or disclosed to the general
public (which disclosure may be effected by means of a publicly available filing with the Securities and Exchange Commission), whichever occurs first and (ii)&nbsp;with respect to a special meeting of shareholders called for the purpose of electing
directors, not later than the close of business on the tenth day following the day on which the corporation&#146;s notice of the date of the meeting is first given or made to the shareholders or disclosed to the general public (which disclosure may
be effected by means of a publicly available filing with the Securities and Exchange Commission), whichever occurs first. A </FONT>
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<FONT FACE="Times New Roman" SIZE="2">shareholder&#146;s notice to the Secretary shall set forth (i)&nbsp;the name and record address of the shareholder who intends to make such nomination,
(ii)&nbsp;the name, age, business and residence addresses and principal occupation of each person to be nominated, (iii)&nbsp;as to the shareholder giving the notice, (A)&nbsp;the class, series and number of all shares of the corporation that are
owned of record or beneficially by such shareholder, (B)&nbsp;the name of each nominee holder of shares owned beneficially but not of record by such shareholder and the number of shares the corporation held by each such nominee holder,
(C)&nbsp;whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest has been entered into by or on behalf of such shareholder or any of its affiliates or associates with respect to the
shares of the corporation, (D)&nbsp;whether any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made by or on behalf of such shareholder or any of its
affiliates or associates, the effect or intent of which is to mitigate loss to, or to manage risk or benefit of share price changes for, such shareholder or any of its affiliates or associates or to increase or decrease the voting power or pecuniary
or economic interest of such shareholder or any of its affiliates or associates with respect to the shares of the corporation, and (E)&nbsp;a representation that such shareholder will notify the corporation in writing of the information required in
clauses (A)&nbsp;through (D), in each case as in effect as of the record date for the meeting, promptly following the later of the record date or the date notice of the record date is first publicly disclosed, (iv)&nbsp;a description of all
arrangements and understandings between the shareholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such shareholder, (v)&nbsp;such other information
relating to the person(s) that is required to be disclosed in solicitations for proxies for election of directors pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission or
other applicable law and (vi)&nbsp;the written consent of each proposed nominee to be named as a nominee and to serve as a director of the corporation if elected, together with an undertaking, signed by each proposed nominee, to furnish to the
corporation any information it may request upon the advice of counsel for the purpose of determining such proposed nominee&#146;s eligibility to serve as a director. The chairman of the meeting shall, if the facts warrant, determine and declare to
the meeting that a nomination was not made in accordance with the foregoing procedures and if he should so determine, he shall so declare to the meeting and the defective nomination shall be disregarded. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE IV </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">OFFICERS AND OFFICIALS
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.1 OFFICERS. The Board shall elect a Chairman of the Board or a President or both, and a Secretary, a Treasurer and a Comptroller
and may elect such other officers, including a Chairman of the Executive Committee and one or more Vice Chairmen of the Board, as the Board shall determine. Each officer shall have such powers and perform such duties as are provided in these by-laws
and as may be provided from time to time by the Board or by the Chief Executive Officer. Each officer shall at all times be subject to the control of the Board, and any power or duty assigned to an officer by these by-laws or the Board or the Chief
Executive Officer shall be subject to control, withdrawal or limitation by the Board. (B.C.L. Section&nbsp;715.) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.2 QUALIFICATIONS. Any person may hold two or more offices, except that neither the Chairman nor
the President shall be Secretary or Treasurer. The Board may require any officer to give security for the faithful performance of his duties. (B.C.L. Sections 715(e) and (f).) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.3 ELECTION AND TERMINATION. The Board shall elect officers at the meeting of the Board following the annual meeting of the shareholders and may
elect additional officers and fill vacancies at any other time. Unless the Board shall otherwise specify, each officer shall hold office until the meeting of the Board following the next annual meeting of the shareholders, and until his successor
has been elected and qualified, except as hereinafter provided. The Board may remove any officer or terminate his duties and powers, at any time, with or without cause. Any officer may resign at any time by giving written notice thereof to the Chief
Executive Officer or to the Board, or by retiring or by leaving the employ of the corporation (without being employed by a subsidiary or affiliate) and any such action shall take effect as a resignation without necessity of further action. The Chief
Executive Officer may suspend any officer until the next meeting of the Board. (B.C.L. Sections 715, 716.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.4 DELEGATION OF
POWERS. Each officer may delegate to any other officer and to any official, employee or agent of the corporation, such portions of his powers as he shall deem appropriate, subject to such limitations and expirations as he shall specify, and may
revoke such delegation at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.5 CHAIRMAN OF THE BOARD. The Chairman of the Board may be, but need not be, a person other
than the Chief Executive Officer of the corporation. The Chairman of the Board may be, but need not be, an officer or employee of the corporation. The Chairman of the Board shall preside at meetings of the Board of Directors and shall establish
agendas for such meetings. In addition, he shall assure that matters of significant interest to shareholders and the investment community are addressed by management. The Chairman of the Board shall be an ex-officio member of each of the standing
committees of the Board, except for the Executive Committee, of which he shall be a member. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.6 CHIEF EXECUTIVE OFFICER. The Chief
Executive Officer shall, subject to the direction of the Board, have general and active control of the affairs and business of the corporation and general supervision of its officers, officials, employees and agents. He shall preside at all meetings
of the shareholders. He shall also preside at all meetings of the Board and any committee thereof of which he is a member, unless the Board or such committee shall have chosen another chairman. He shall see that all orders and resolutions of the
Board are carried into effect, and in addition he shall have all the powers and perform all the duties generally appertaining to the office of the Chief Executive Officer of a corporation. The Chief Executive Officer shall designate the person or
persons who shall exercise his powers and perform his duties in his absence or disability and the absence or disability of the President. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">SECTION 4.7 PRESIDENT. The President may be Chief Executive Officer if so designated by the Board. If not, he shall have such powers and perform such duties as are prescribed by the Chief Executive Officer or by the Board, and, in the
absence or disability of the Chief Executive Officer, he shall have the powers and perform the duties of the Chief Executive Officer, except to the extent that the Board shall have otherwise provided. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.8 CHAIRMAN OF THE EXECUTIVE COMMITTEE. The Chairman of the Executive Committee shall be a
member of the Executive Committee. He shall preside at meetings of the Executive Committee and shall have such other powers and perform such other duties as are prescribed by the Board or by the Chief Executive Officer. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.9 VICE CHAIRMAN OF THE BOARD. Each Vice Chairman of the Board shall have such powers and perform such duties as are prescribed by the Chief
Executive Officer or by the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.10 SECRETARY. The Secretary shall attend all meetings and keep the minutes of all proceedings
of the shareholders, the Board, the Executive Committee and any other committee unless it shall have chosen another secretary. He shall give notice of all such meetings and all other notices required by law or by these by-laws. He shall have custody
of the seal of the corporation and shall have power to affix it to any instrument and to attest thereto. He shall have charge of the record of shareholders required by law, which may be kept by any transfer agent or agents under his direction. He
shall maintain the records of directors and officers as required by law. He shall have charge of all documents and other records, except those for which some other officer or agent is properly accountable, and shall generally perform all duties
appertaining to the office of secretary of a corporation. (B.C.L. Sections 605, 624, 718.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.11 TREASURER. The Treasurer shall
have the care and custody of all of the funds, securities and other valuables of the corporation, except to the extent they shall be entrusted to other officers, employees or agents by direction of the Chief Executive Officer or the Board. The
Treasurer may hold the funds, securities and other valuables in his care in such vaults or safe deposit facilities, or may deposit them in and entrust them to such bank, trust companies and other depositories, all as he shall determine with the
written concurrence of the Chief Executive Officer or his delegate. The Treasurer shall account regularly to the Comptroller for all of his receipts, disbursements and deliveries of funds, securities and other valuables. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Treasurer or his delegate, jointly with the Chief Executive Officer or his delegate, may designate in writing and certify to any bank, trust company,
safe deposit company or other depository the persons (including themselves) who are authorized, singly or jointly as they shall specify in each case, to open accounts in the name of the corporation with banks, trust companies and other depositories,
to deposit therein funds, instruments and securities belonging to the corporation, to draw checks or drafts on such accounts in amounts not exceeding the credit balances therein, to order the delivery of securities therefrom, to rent safe deposit
boxes or vaults in the name of the corporation, to have access to such facility and to deposit therein and remove therefrom securities and other valuables. Any such designation and certification shall contain the regulations, terms and conditions
applicable to such authority and may be amended or terminated at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Such powers may also be granted to any other officer, official,
employee or agent of the corporation by resolution of the Board or by power of attorney authorized by the Board. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.12 COMPTROLLER. The Comptroller shall be the chief accounting officer of the corporation and
shall have control of all its books of account. He shall see that correct and complete books and records of account are kept as required by law, showing fully, in such form as he shall prescribe, all transactions of the corporation, and he shall
require, keep and preserve all vouchers relating thereto for such period as may be necessary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Comptroller shall render periodically
such financial statements and such other reports relating to the corporation&#146;s business as may be required by the Chief Executive Officer or the Board. He shall generally perform all duties appertaining to the office of comptroller of a
corporation. (B.C.L. Section&nbsp;624.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 4.13 OFFICIALS AND AGENTS. The Chief Executive Officer or his delegate may appoint such
officials and agents of the corporation as the conduct of its business may require and assign to them such titles, powers, duties and compensation as he shall see fit and may remove or suspend or modify such titles, powers, duties or compensation at
any time with or without cause. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE V </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">SHARES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 5.1 CERTIFICATES. The shares of the corporation shall be represented by certificates or
shall be uncertificated shares. Certificates shall be in such form, consistent with law, as prescribed by the Board, and signed and sealed as provided by law. (B.C.L. Section&nbsp;508.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 5.2 TRANSFER OF SHARES. Except as provided in the certificate of incorporation, upon surrender to the corporation or to its transfer agent of a
certificate representing shares, duly endorsed or accompanied with proper evidence of succession, assignment or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto and to cancel
the old certificate. The corporation shall be entitled to treat the holder of record of any shares as the holder in fact thereof, and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such shares on the
part of any other person, whether or not the corporation shall have express or other notice thereof, except as may be required by law. (B.C.L. Section&nbsp;508(d).) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">SECTION 5.3 RECORD OF SHAREHOLDERS. The corporation shall keep at its principal office within the State of New York, or at the office of its transfer agent or registrar in the State of New York, a record in written
form, or in any other form capable of being converted into written form within a reasonable time, which shall contain the names and addresses of all shareholders, the numbers and class of shares held by each, and the dates when they respectively
became the owners of record thereof. (B.C.L. Section&nbsp;624(a).) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 5.4 LOST OR DESTROYED CERTIFICATES. In case of the alleged
loss, destruction or mutilation of a certificate or certificates representing shares, the Board may direct the issuance of a new certificate or certificates in lieu thereof upon such terms and conditions in conformity with law as the Board may
prescribe. (B.C.L. Section&nbsp;508(e).) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 5.5 FIXING RECORD DATE. The Board or the Chief Executive Officer may fix, in advance, a date as
the record date for the purpose of determining the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or for the purpose of determining shareholders entitled to receive payment of any dividend or
the allotment of any rights, or for the purpose of any other action. Such date shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. (B.C.L. Section&nbsp;604.)
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE VI </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">INDEMNIFICATION OF
CORPORATION PERSONNEL </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 6.1 DIRECTORS, OFFICERS AND EMPLOYEES. The corporation shall, to the fullest extent permitted by applicable
law as the same exists or may hereafter be in effect, indemnify any person, made or threatened to be made, a party to, or who is otherwise involved in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative, legislative or investigative, by reason of the fact that such person, is or was or has agreed to become a director of the corporation, or is or was an officer or employee of the corporation, or serves or served or has agreed to serve
any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity at the request of the corporation, against judgments, fines, penalties, amounts paid in settlement and reasonable expenses, including
attorneys&#146; fees actually and necessarily incurred in connection with such action or proceeding, or any appeal therein; PROVIDED, HOWEVER, that no indemnification shall be provided to any such person if a judgment or other final adjudication
adverse to the director, officer or employee establishes that (i)&nbsp;his acts were committed in bad faith or were the result of active and deliberate dishonesty and, in either case, were material to the cause of action so adjudicated, or
(ii)&nbsp;he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Any action or proceeding by or in the right of the corporation to procure a judgment in its favor or by or in the right of any other
corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise, which any director, officer or employee serves or served or agreed to serve at the request of the corporation
shall be included in the actions for which directors, officers and employees will be indemnified under the terms of this Section&nbsp;6.1. Such indemnification shall include the right to be paid advances of any expenses incurred by such person in
connection with such action, suit or proceeding, upon receipt of an undertaking by or on behalf of such person to repay such amount consistent with the provisions of applicable law. (B.C.L. Sections 721, 722, 723(c).) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 6.2 OTHER INDEMNIFICATION. The corporation may indemnify any person to whom the corporation is permitted by applicable law or these by-laws to
provide indemnification or the advancement of expenses, whether pursuant to rights granted pursuant to, or provided by, the New York Business Corporation Law or any other law or these by-laws or other rights created by (i)&nbsp;a resolution of
shareholders, (ii)&nbsp;a resolution of directors, or (iii)&nbsp;an agreement </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">providing for such indemnification, it being expressly intended that these by-laws authorize the creation of other rights in any such manner. The right to be
indemnified and to the reimbursement or advancement of expenses incurred in defending a proceeding in advance of its final disposition authorized by this Section&nbsp;6.2, shall not be exclusive of any other right which any person may have or
hereafter acquire under any statute, provision of the certificate of incorporation, by-laws, agreement, vote of shareholders or disinterested directors or otherwise. (B.C.L. Sections 721, 723(c).) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 6.3 MISCELLANEOUS. The right to indemnification conferred by Section&nbsp;6.1, and any indemnification extended under Section&nbsp;6.2,
(i)&nbsp;is a contract right pursuant to which the person entitled thereto may bring suit as if the provisions thereof were set forth in a separate written contract between the corporation and such person, (ii)&nbsp;is intended to be retroactive to
events occurring prior to the adoption of this Article VI, to the fullest extent permitted by applicable law, and (iii)&nbsp;shall continue to exist after the rescission or restrictive modification thereof with respect to events occurring prior
thereto. The benefits of Section&nbsp;6.1 shall extend to the heirs, executors, administrators and legal representatives of any person entitled to indemnification under this Article. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE VII </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">MISCELLANEOUS </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 7.1 FISCAL YEAR. The fiscal year of the corporation shall be the calendar year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 7.2 VOTING OF SHARES OF OTHER CORPORATIONS. The Board may authorize any officer, agent or proxy to vote shares of any domestic or foreign
corporation of any type or kind standing in the name of this corporation and to execute written consents respecting the same, but in the absence of such specific authorization the Chief Executive Officer of this corporation or his delegate may vote
such shares and may execute proxies and written consents with relation thereto. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ARTICLE VIII </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">AMENDMENTS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 8.1 GENERAL. Except as
otherwise provided by law, these by-laws may be amended or repealed or new by-laws may be adopted by the Board of Directors, or by vote of the holders of the shares at the time entitled to vote in the election of any directors, except that the Board
may not amend or repeal any by-law, or adopt any new by-law with respect to the subject matter of any by-law, which specifically states that it may be amended or repealed only by the shareholders. (B.C.L. Section&nbsp;601.) </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">SECTION 8.2 AMENDMENT OF THIS ARTICLE. This Article VIII may be amended or repealed only by the
shareholders entitled to vote hereon as provided in Section&nbsp;8.1 above. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>dex104.htm
<DESCRIPTION>AMERICAN EXPRESS COMPANY 1998 INCENTIVE COMPENSATION PLAN MASTER AGREEMENT
<TEXT>
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<TITLE>American Express Company 1998 Incentive Compensation Plan Master Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.4 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g79267ex1pg1_ex3pg1.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1998 INCENTIVE COMPENSATION PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As Amended and Restated Effective January&nbsp;1, 2009) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Nonqualified Stock Options,
Restricted Stock Awards, UK Stock Options and Letter of Intent Awards (&#147;Awards&#148;) are issued pursuant to the 1998 Incentive Compensation Plan, as amended (the &#147;Plan&#148;) of American Express Company (the &#147;Company&#148;) at the
discretion and subject to the administration of the Compensation and Benefits Committee, or its successor (the &#147;Committee&#148;) of the Board of Directors of the Company (the &#147;Board&#148;). Awards issued on or after January&nbsp;22, 2007
shall contain the general terms set forth in the applicable provisions of this Master Agreement. The specific terms of individual Awards will be contained in the Award Schedule(s) delivered to participants in the Plan (the &#147;Participants&#148;).
All Awards shall be subject to the Plan, the Plan being incorporated into this Master Agreement by reference and made a part hereof. As used herein, the term &#147;shares&#148; refers to the common shares of the Company having a par value of $.60
per share, or the shares of any other stock of any other class into which such shares may thereafter be changed. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section I </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>A GRANT OF NONQUALIFIED STOCK OPTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Sections I and V of this Master Agreement, together with an Award Schedule
referring to Section I of this Master Agreement, shall contain the terms of a specific Nonqualified Stock Option (&#147;Option&#148;) issued to a Participant. Each Award Schedule shall specify the number of shares subject to the Option, the Option
Date of Grant, the Option Exercise Date(s), the Option Exercise Price and any additional terms applicable to the Option. Such additional terms may address any matter deemed appropriate by the Committee or its delegate and may include terms not
contained in this Master Agreement and/or may delete terms contained in this Master Agreement. A stock appreciation right is included herein only if specifically approved by the Committee and reflected in an Award Schedule. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Unless otherwise determined by the Committee and subject to the provisions of this Master Agreement and the applicable provisions of the Plan, a
Participant may exercise this Option as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) No part of this Option may be exercised before the first Option
Exercise Date listed in the Award Schedule or after the expiration of ten years from the Date of Grant set forth in the Award Schedule; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) At any time or times on or after the first Option Exercise Date listed in the Award
Schedule, a Participant may exercise this Option as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 25% of the total number of shares covered
hereby; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) At any time or times on or after the second Option Exercise Date listed in the Award Schedule, a Participant
may exercise this Option as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 50% of the total number of shares covered hereby; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) At any time or times on or after the third Option Exercise Date listed in the Award Schedule, a Participant may exercise this Option
as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 75% of the total number of shares covered hereby; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) At any time or times on or after the fourth Option Exercise Date listed in the Award Schedule and thereafter through the expiration
date of this Option, a Participant may exercise this Option as to any number of shares which, when added to the number of shares as to which the Participant has theretofore exercised this Option, if any, will not exceed the total number of shares
covered hereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Option may not be exercised for a fraction of a share. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3. A Participant may not exercise this Option and, if applicable, any stock appreciation right included herein, unless all of the following conditions are met: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Legal counsel for the Company must be satisfied at the time of exercise that the issuance of shares upon exercise will be in
compliance with the Securities Act of 1933, as amended, and applicable United States federal, state, local and foreign laws; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) The Participant must pay at the time of exercise the full purchase price for the shares being acquired hereunder, by (i)&nbsp;paying in cash in United States dollars (which may be in the form of a check), (ii)&nbsp;tendering shares
owned by the Participant which have a fair market value equal to the full purchase price for the shares being acquired, such fair market value to be determined in such reasonable manner as may be provided from time to time by the Committee or as may
be required in order to comply with the requirements of any applicable laws or regulations, or (iii)&nbsp;if permitted by the Committee, by authorizing a third party to sell, on behalf of the Participant, the appropriate number of shares otherwise
issuable to the Participant upon the exercise of this Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise, or (iv)&nbsp;tendering a
combination of the forms of payment provided for in this Subparagraph 3(b); and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The Participant must, at all times during the period beginning with the Date of Grant
of this Option and ending on the date of such exercise, have been employed by the Company or an Affiliate (as defined in the Plan) or have been engaged in a period of Related Employment (as defined in the Plan). However, if the Participant ceases to
be so employed or terminates a period of Related Employment by reason of the Participant&#146;s disability or retirement (as such terms are defined in the Plan and interpreted and administered by the Committee) while holding this Option which has
not expired and has not been fully exercised, the Participant may, at any time within five years of the date of the onset of such disability (but in no event after the expiration of this Option under Paragraph 2(a) above with respect to ten years
from the Date of Grant) or in the case of retirement until the expiration of the Option under Paragraph 2(a) above, exercise this Option with respect to the number of shares, after giving full effect to the gradual vesting provisions of Paragraph 2
above, as to which the Participant could have exercised this Option on the date of the onset of such disability or retirement, or with respect to such greater number of shares as determined by the Committee in its sole discretion, and any remaining
portion of this Option shall be canceled by the Company. In the event the Participant&#146;s employment by the Company and its Affiliates or Related Employment terminates for reasons other than disability or retirement as described in this
Subparagraph 3(c) or death as described in Paragraph 4 below, this Option shall be canceled by the Company; provided, however, if within two years following a Change in Control (as defined in Section V of this Master Agreement), a Participant is
terminated under circumstances that would entitle the Participant to severance under an applicable U.S. severance plan (other than Constructive Termination, as defined in the applicable plan), the Participant may, at any time within 90 days
following such termination (but in no event after the expiration of this Option under Paragraph 2(a) above with respect to ten years from the Date of Grant), exercise this Option with respect to the number of shares as to which the Participant could
have exercised this Option on the date of such termination. For any other Participant not covered by a U.S. severance plan, the 90-day extension period shall apply if the Participant is terminated within two years following a Change in Control and
the Participant would have been entitled to severance under the applicable U.S. severance plan had the Participant been a U.S. employee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">4. Except as otherwise determined by the Committee, a Participant may not assign, transfer, pledge, hypothecate or otherwise dispose of this Option (and any stock appreciation right included herein), except by will or the laws of descent
and distribution, and this Option is exercisable during the Participant&#146;s lifetime only by the Participant. If the Participant or anyone claiming under or through the Participant attempts to violate this Paragraph 4, such attempted violation
shall be null and void and without effect, and the Company&#146;s obligation to make any further payments (stock or cash) hereunder shall terminate. If at the time of the Participant&#146;s death this Option has not been fully exercised, the
Participant&#146;s estate or any person who acquires the right to exercise this Option by bequest or inheritance or by reason of the Participant&#146;s death may, at any time within five years after the date of the Participant&#146;s death (but in
no event after the expiration of this Option under Paragraph 2 (a)&nbsp;above with respect to ten years from the Date of Grant or the time period described in Paragraph 3(c) above with respect to disability), exercise </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">this Option with respect to the number of shares, after giving full effect to the gradual vesting provisions of Paragraph 2 above, as to which the
Participant could have exercised this Option at the time of the Participant&#146;s death, or with respect to such greater number of shares as determined by the Committee in its sole discretion. The applicable requirements of Paragraph&nbsp;3 above
must be satisfied at the time of such exercise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. In the event of any change in the outstanding shares of the Company by reason of any
stock split, stock dividend, split-up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision or exchange of shares, sale by the Company of all or part of its assets, distribution to
shareholders other than a normal cash dividend, or other extraordinary or unusual event occurring after the Date of Grant specified in the Award Schedule and prior to its exercise in full, the Committee shall make such adjustment in the number and
kind of shares for which this Option may then be exercised and the Option Exercise Price per share as may be determined to be appropriate by the Committee, in its sole discretion, so as to reflect such change, and such adjustments shall be final,
conclusive and binding for all purposes of the Plan, this Master Agreement and any Award Schedule. In the event that the Company or any of its Affiliates is a participant in a corporate merger, consolidation or other similar transaction, neither the
Company nor such Affiliate shall be obligated to cause any other participant in such transaction to assume this Option or to substitute a new option for this Option. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6. (a) If approved by the Committee and subject to the conditions specified in Paragraph 6(b) below, within such time or times as this Option shall be exercisable in whole or in part and to the extent that it shall
then be exercisable in accordance with Paragraph 2 above, the Participant (or any person acting under Paragraph 4 above) may surrender unexercised this Option or any portion thereof which is then exercisable to the Company and receive from the
Company in exchange therefor that number of shares having an aggregate value equal to 100% of the excess of the value of one share over the Option Exercise Price per share heretofore specified times the lesser of (i)&nbsp;the number of shares as to
which this Option then is exercisable or (ii)&nbsp;the number of shares as to which this Option is surrendered to the Company. This right to surrender unexercised this Option or any portion thereof which is then exercisable is referred to herein as
a &#147;stock appreciation right.&#148; No fractional shares shall be delivered, but in lieu thereof a cash adjustment shall be made. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(b) If granted by the Committee, the stock appreciation right may be exercised only if, and to the extent that, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(A) this Option is at the time exercisable, and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B) on the date of exercise (1)&nbsp;this
Option will, in accordance with Paragraph 2(a) above, expire within 30 days, or (2)&nbsp;the Participant has ceased to be an employee of the Company or an Affiliate thereof or terminated a period of Related Employment by reason of the
Participant&#146;s disability or retirement (as defined in the Plan), or (3)&nbsp;the Participant has died. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding Paragraph
6(b)(ii) above, but subject to the conditions of Paragraph&nbsp;6(b)(i) above, (1)&nbsp;the ability to exercise a stock appreciation right may be further limited to the extent determined by the Committee as necessary or desirable to </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">comply with applicable provisions of United States federal, state, local or foreign law or regulation, and (2)&nbsp;if the Participant is on the date of
exercise an executive officer of the Company as that term is defined in the Securities Exchange Act of 1934, as amended, and the rules thereunder (an &#147;Insider&#148;), the stock appreciation right may be exercised only with respect to a maximum
of 50% of the shares subject to this Option granted hereunder, unless otherwise determined by the Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The
Committee may elect from time to time in its sole discretion to settle the obligation arising out of the exercise of the stock appreciation right, by the payment of cash equal to the aggregate value of the shares it otherwise would be obligated to
deliver or partly by the payment of cash and partly by the delivery of shares. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) For all purposes under this Paragraph 6,
the value of a share shall be the fair market value thereof, as determined by the Committee, on the last business day preceding the date of the election to exercise the stock appreciation right, provided that if notice of such election is received
by the Committee more than three business days after the date of such election (as such date of election is stated in the notice of election), the Committee may, but need not, determine the value of a share as of the day preceding the date on which
the notice of election is received. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. It shall be a condition to the obligation of the Company to furnish shares upon exercise of this
Option or settlement of a stock appreciation right by delivery of shares and/or cash (a)&nbsp;that the Participant (or any person acting under Paragraph 4 above) pay to the Company or its designee, upon its demand, in accordance with Paragraph 18(f)
of the Plan, such amount as may be demanded for the purpose of satisfying its obligation or the obligation of any of its Affiliates or other person to withhold United States federal, state, local or foreign income, employment or other taxes incurred
by reason of the exercise of this Option or the settlement of the stock appreciation right or the transfer of shares thereupon, (b)&nbsp;whether the settlement of the stock appreciation right is to be made by delivery of shares or by the payment of
cash, that the Participant (or any person acting under Paragraph 4 above) execute such forms as the Committee shall prescribe for the purpose of evidencing the surrender of this Option in whole or in part, as the case may be, and (c)&nbsp;that the
Participant (or any person acting under Paragraph 4 above) provide the Company with any forms, documents or other information reasonably required by the Company in connection with the grant. The Company shall have the right to deduct or cause to be
deducted from any payment made in settlement of a stock appreciation right any United States federal, state, local or foreign income, employment or other taxes that it determines are required by law to be withheld with respect to such payment. If
the amount requested for the purpose of satisfying the withholding obligation is not paid, the Company may refuse to furnish shares upon exercise of this Option or shares and/or cash upon settlement of the stock appreciation right. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING
TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AWARDS OF RESTRICTED STOCK </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. Sections II and V of this Master Agreement, together with an Award Schedule referring to Section II of this Master Agreement, shall contain the terms of a specific Restricted Stock Award (&#147;RSA&#148;) issued to
a Participant. Each Award Schedule shall specify the number of </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">shares awarded, the Award Date, the Expiration Date and any additional terms applicable to the Award. Such additional terms may address any matter deemed
appropriate by the Committee or its delegate and may include terms not contained in this Master Agreement and/or may delete terms contained in this Master Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">2. An RSA consists of the number of shares specified in an Award Schedule and is subject to the provisions of the Plan. In addition, the following terms, conditions and restrictions apply to RSAs issued under the
Plan: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise determined by the Committee, such shares cannot be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of (except that Participants may designate a beneficiary as provided herein) on or before the Expiration Date and prior to the subsequent issuance to a Participant (or, in the event of a Participant&#146;s death,
the Participant&#146;s designated beneficiary) of a certificate for such shares free of any legend or other transfer restriction relating to the terms, conditions and restrictions provided for in the Award Schedule or this Master Agreement. If a
Participant or anyone claiming under or through such Participant attempts to violate this Subparagraph 2(a), such attempted violation shall be null and void and without effect, and the Company&#146;s obligation to make any further payments or
deliveries (in stock or cash) hereunder shall terminate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) An RSA shall be evidenced by a share certificate or an
uncertificated book entry memo position maintained by the Company&#146;s transfer agent and registrar. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) If (i)&nbsp;a
Participant&#146;s continuous employment with the Company and its Affiliates (as defined in the Plan) shall terminate for any reason on or before the Expiration Date, except for a period of Related Employment (as defined in the Plan), and except as
provided in Paragraph 2(d) below or (ii)&nbsp;within the period following the Expiration Date as determined by the Committee, a Participant (or such Participant&#146;s designated beneficiary) has not paid to the Company or such Affiliate or other
person an amount equal to any United States federal, state, local or foreign income, employment or other taxes which the Company determines is required to be withheld in respect of such shares, or fails to provide such information as is described in
Paragraph 4 below, then, unless the Committee determines otherwise, the Participant&#146;s RSA or portion thereof shall be automatically terminated, cancelled, and rendered null and void as of the Expiration Date without any action on the part of
the Company, and the Company shall be deemed to have exercised its repurchase option without the requirement of any payment, and shall be entitled to the return from such Participant (or the Participant&#146;s designated beneficiary or the Secretary
of the Company) of any share certificate(s) issued in respect of the Award or the cancellation of any book entry memo position maintained by the Company&#146;s transfer agent and registrar with respect to a Participant&#146;s RSA. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) On or before the Expiration Date, the Committee shall have the authority, in its sole discretion, to determine whether and to what
extent, the termination provisions of Paragraph 2(c) shall cease to be effective with respect to a Participant&#146;s Award in the following situations: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(i) a Participant shall die or have a termination of employment or Related Employment by reason of disability or retirement (as such terms are defined in the Plan and interpreted and administered by the Committee); or
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) in such circumstances as the Committee, in its sole discretion, shall deem
appropriate if, since the Award Date, a Participant has been in the continuous employment of the Company or an Affiliate or has undertaken Related Employment. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) The share certificate, if any, issued in respect of a RSA shall be held in escrow by the Secretary of the Company during the period up
to and including the date determined by the Committee pursuant to Paragraph 2(c) above, unless otherwise determined by the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.
In the event of any change in the outstanding shares of the Company by reason of any stock split, stock dividend, split-up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision or
exchange of shares, sale by the Company of all or part of its assets, distribution to shareholders other than a normal cash dividend, or other extraordinary or unusual event, or in the event a Participant (or the Participant&#146;s designated
beneficiary) receives any shares, securities or other property in respect of the shares which have been awarded to a Participant (including, but not limited to, by way of a dividend or other distribution on such shares), any such shares, securities
or other property received by a Participant (or a Participant&#146;s designated beneficiary) in respect of the shares awarded to such Participant shall, other than upon a Change In Control as defined in Article V, be subject to the Company&#146;s
right to receive or cancel such shares, securities or other property from such Participant (or such Participant&#146;s designated beneficiary) as provided in Paragraph 2(c) above and the other terms, conditions and restrictions specified herein to
the extent that, and in such manner as, the Committee shall determine, and if the Committee shall determine, in its sole discretion, that such a change equitably requires an adjustment in the terms of this Award, such adjustment may be made by the
Committee. Any such determination by the Committee under this Paragraph 3 shall be final, binding and conclusive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. If the Company, in
its sole discretion, shall determine that the Company or an Affiliate or other person has incurred or will incur any obligation to withhold any United States federal, state, local or foreign income, employment or other taxes by reason of making of
the Award to a Participant, the transfer of shares to a Participant (or the Participant&#146;s designated beneficiary) pursuant thereto or the lapse or release of the termination provisions contained in Paragraph 2(c) above with respect to a
Participant&#146;s Award or any other restrictions upon such shares, such Participant (or such Participant&#146;s designated beneficiary) will, promptly upon demand therefor by the Company, pay to the Company or such Affiliate or other person any
amount demanded by it for the purpose of satisfying such liability. If the amount so demanded is not promptly paid or if such Participant (or such Participant&#146;s designated beneficiary) shall fail to promptly provide the Company with any and all
forms, documents or other information reasonably required by the Company in connection with the Award, the Company or its designee may refuse to permit the transfer of such shares and may, without further consent by or notice to such Participant (or
such Participant&#146;s designated beneficiary), cancel the Award and the shares otherwise issuable under the Award. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section III </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>A GRANT OF A STOCK OPTION UNDER </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>THE 1989 UK STOCK OPTION SCHEME </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(and
not qualifying as an incentive stock UK Option) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Sections III and V of this Master Agreement, together with an Award Schedule
referring to Section III of this Master Agreement, and applicable provisions of the 1989 UK Stock Option Scheme (the &#147;Scheme&#148;), shall contain all the terms of a specific UK Stock Option (&#147;UK Option(s)&#148;) issued to a Participant.
Each Award Schedule shall specify the number of shares subject to the UK Option, the UK Option Date of Grant, the UK Option Exercise Date(s), the UK Option Exercise Price and any additional terms applicable to the UK Option. Such additional terms
may address any matter deemed appropriate by the Committee or its delegate and may include terms not contained in this Master Agreement and or may delete terms contained in this Master Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Subject to the provisions of this Master Agreement and the applicable provisions of the Plan, a Participant may exercise this UK Option as follows:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Unless otherwise determined by the Committee no part of this UK Option may be exercised before the first option
Exercise Date listed in the Award Schedule or after the expiration of ten years from the Date of Grant set forth in the Award Schedule; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(b) At any time or times on or after the first option Exercise Date listed in the Award Schedule, a Participant may exercise this UK Option as to any number of shares which, when added to the number of shares as to
which a Participant has theretofore exercised this UK Option, if any, will not exceed 25% of the total number of shares covered hereby; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(c) At any time or times on or after the second Option Exercise Date listed above, a Participant may exercise this UK Option as to any number of shares which, when added to the number of shares as to which a
Participant has theretofore exercised this UK Option, if any, will not exceed 50% of the total number of shares covered hereby; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(d) At any time or times on or after the third Option Exercise Date listed above, a Participant may exercise this UK Option as to any number of shares which, when added to the number of shares as to which a Participant has theretofore
exercised this UK Option, if any, will not exceed 75% of the total number of shares covered hereby; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) At any time or
times after the fourth Option Exercise Date listed above and thereafter through the tenth year after the Date of Grant hereof, a Participant may exercise this UK Option as to any number of shares which, when added to the number of shares as to which
a Participant has theretofore exercised this UK Option, if any, will not exceed the total number of shares covered hereby. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This UK Option may not be exercised for a fraction of a share. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. This UK Option may not be exercised by a Participant unless all of the following conditions are met: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Legal counsel for the Company must be satisfied at the time of exercise that the issuance of shares upon exercise will be in
compliance with the Securities Act of 1933, as amended, and applicable United States federal, state, local and foreign laws; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) The Participant must pay at the time of exercise the full subscription price for the shares being acquired hereunder, by (i)&nbsp;paying in cash in United States dollars (which may be in the form of a check), (ii)&nbsp;tendering shares
owned by the Participant which have a fair market value equal to the full subscription price for the shares being acquired, such fair market value to be determined in such reasonable manner as may be provided from time to time by the Committee or as
may be required in order to comply with the requirements of any applicable laws or regulations, (iii)&nbsp;if permitted by the Committee, by authorizing a third party to sell, on behalf of the Participant, the appropriate number of shares otherwise
issuable to the Participant upon the exercise of the UK Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise, or (iv)&nbsp;tendering a
combination of the forms of payment provided for in this Subparagraph; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The Participant must, at all times during
the period beginning with the Date of Grant and ending on the date of such exercise, have been employed by the Company or an Affiliate (as defined in the Scheme) or have been engaged in a period of Related Employment (as defined in the Scheme).
However, if a Participant ceases to be so employed or terminates a period of Related Employment by reason of a Participant&#146;s disability or retirement (as such terms are defined in the Scheme and interpreted and administered by the Committee)
while holding this UK Option which has not expired and has not been fully exercised, a Participant may, at any time within five years of the date of the onset of such disability (but in no event after the expiration of this UK Option under Paragraph
2(a) above with respect to ten years from the Date of Grant), or in the case of retirement until the expiration of this UK Option under Paragraph 2(a), exercise this UK Option with respect to the number of shares, after giving full effect to the
gradual vesting provisions of Paragraph 2 above, as to which a Participant could have exercised the UK Option on the date of the onset of such disability or retirement, or with respect to such number of shares adjusted pursuant to Clause 8 of the
Scheme, and any remaining portion of this UK Option shall be canceled by the Company. In the event a Participant&#146;s employment by the Company and its Affiliates or a Participant&#146;s Related Employment terminates for reasons other than
disability or retirement as described in this Subparagraph 3(c) or death as described in Paragraph 4 below, this UK Option shall be canceled by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">4. Except as otherwise determined by the Committee, a Participant may not sell, assign, transfer, pledge, hypothecate or otherwise dispose of this UK Option, except by will or the laws of descent and distribution and
is exercisable during the Participant&#146;s lifetime only by a Participant. If a Participant or anyone claiming under or through a Participant attempts to violate </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">this Paragraph 4, such attempted violation shall be null and void and without effect, and the Company&#146;s obligation to make any further payments
hereunder shall terminate. If at the time of the Participant&#146;s death this UK Option has not been fully exercised, the Participant&#146;s estate or any person who acquires the right to exercise this UK Option by bequest or inheritance or by
reason of the Participant&#146;s death may, at any time within five years after the date of the Participant&#146;s death (but in no event after the expiration of this UK Option under Paragraph 2(a) above with respect to ten years from the Date of
Grant or expiration under the time periods described in Paragraph 3(c) above with respect to disability or retirement), exercise this UK Option with respect to the number of shares, after giving full effect to the gradual vesting provisions of
Paragraph 2 above, as to which a Participant could have exercised this UK Option at the time of the Participant&#146;s death, or such number of shares adjusted pursuant to Clause 8 of the Scheme, and any remaining portion of this UK Option shall be
canceled by the Company. The Committee may, in its discretion, provide the Participant&#146;s estate, or any person acquiring the right to exercise this Option upon the Participant&#146;s death, a minimum of six months to exercise this Option
without regard to the expiration of this Option under Paragraph 3(a) above. The applicable requirements of Paragraph 3 above must be satisfied at the time of such exercise. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. In the event of any change in the outstanding shares of the Company by reason of any stock split, stock dividend, split-up, recapitalization, merger,
consolidation, rights offering, reorganization, combination, subdivision or exchange of shares, sale by the Company of all or part of its assets, distribution to shareholders other than a normal cash dividend or other extraordinary or unusual event
occurring after the Date of Grant specified above and prior to its exercise in full, the Committee shall make such adjustment in the number and kind of shares for which this UK Option may then be exercised and the subscription price per share as may
be determined to be appropriate by the Committee, in its sole discretion, subject to the prior approval of the Inland Revenue in writing, so as to reflect such change, and such adjustments shall be final, conclusive and binding for all purposes of
the Plan, this Master Agreement and any Award Schedule. In the event that the Company or any of its Affiliates is a participant in a corporate merger, consolidation or other similar transaction, neither the Company nor such Affiliate shall be
obligated to cause any other participant in such transaction to assume this UK Option or to substitute a new option for this UK Option </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.
It shall be a condition to the obligation of the Company to furnish shares upon exercise of this UK Option (a)&nbsp;that a Participant (or any person acting under Paragraph 4 above) pay to the Company or its designee, upon its demand, in accordance
with Clause 5(b) of the Scheme, such amount as may be demanded for the purpose of satisfying its obligation or the obligation of any of its Affiliates or other person to withhold United Kingdom taxes, United States federal, state, local or foreign
income, employment or other taxes incurred by reason of the exercise of this UK Option or the transfer of shares thereupon and (b)&nbsp;that a Participant (or any person acting under Paragraph 4 above) provide the Company with any forms, documents
or other information reasonably required by the Company in connection with the grant. If the amount requested for the purpose of satisfying the withholding obligation is not paid, the Company may refuse to furnish shares upon exercise of this UK
Option. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. It is hereby certified that this instrument falls within category L in the Schedule to the Stamp Duty (Exempt Instruments)
Regulations 1987. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. The terms of this UK Option are subject to the terms of the Scheme, which provides that the Committee
may at any time alter or add to the terms of any UK Option granted under the Scheme, and if such an alteration or amendment is made at a time when the Scheme is approved by the Inland Revenue under Schedule 9 to the Taxes Act 1988, the approval will
not thereafter have effect unless the Inland Revenue has approved the alteration or addition; provided that no alteration or addition to the terms of any UK Option granted under the Scheme (other than one which causes the Scheme to cease to hold
Inland Revenue approval under Schedule 9) shall adversely affect in a material manner any right of a Participant with respect to any UK Option granted hereunder without a Participant&#146;s written consent, unless the Committee determines in its
sole discretion that there have occurred or are about to occur significant changes in a Participant&#146;s position, duties or responsibilities, or significant changes in economic, legislative, regulatory, tax, accounting or cost/benefit conditions
which are determined by the Committee in its sole discretion to have or to be expected to have a substantial effect on the performance of the Company, or any subsidiary, Affiliate, division or department thereof, on the Plan, the Scheme or on this
UK Option. The Committee reserves the right to make amendments which will result in the Inland Revenue approval not having effect if it in its sole discretion considers that this is in the interests of the Company or any of its Affiliates.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section IV </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT
PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AWARDS OF A LETTER OF INTENT </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Sections IV and V of this Master Agreement, together with an Award Schedule referring to Section IV of this Master Agreement, shall contain the terms
of a specific Letter of Intent (&#147;LOI&#148;) issued to a Participant. Each Award Schedule shall specify the number of shares to be awarded, the LOI Date, the Expiration Date and any additional terms applicable to the Award. Such additional terms
may address any matter deemed appropriate by the Committee or its delegate and may include terms not contained in this Master Agreement and/or may delete terms contained in this Master Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Subject to the provisions of the Plan and the following terms, conditions and restrictions herein set forth, the Company will issue to a Participant a
certificate for the number of shares specified in an Award Schedule as promptly as practicable following the January&nbsp;1st of the calendar year immediately following the calendar year that includes the last day of the period of four years from
the LOI Date (the &#147;Restricted Period&#148;), but in no event later than 90 days thereafter: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise
determined by the Committee, rights under this LOI may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution, on or before the last day of the Restricted Period and
prior to the subsequent issuance to a Participant (or, in the event of a Participant&#146;s death, the Participant&#146;s designated beneficiary) of a certificate for such shares free of any legend or other transfer restriction relating to the
terms, conditions and restrictions provided for in this Master Agreement. If a Participant or anyone claiming under or through a Participant attempts to violate this Subparagraph&nbsp;2(a), such attempted violation shall be null and void and without
effect, and the Company&#146;s obligations hereunder shall terminate. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) If (i)&nbsp;a Participant&#146;s continuous employment with the Company and its
Affiliates (as defined in the Plan) shall terminate for any reason on or before the last day of the Restricted Period, except for a period of Related Employment (as defined in the Plan), and except as provided in Paragraph 2(c) below, or
(ii)&nbsp;within the period following the last day of the Restricted Period as determined by the Committee, a Participant (or such Participant&#146;s designated beneficiary) has not paid to the Company or such Affiliate or other person an amount
equal to any United States federal, state, local or foreign income, employment or other taxes which the Company determines is required to be withheld in respect of such shares, or fails to provide such information as is described in Paragraph 4
below, then, unless the Committee determines otherwise, this LOI or portion thereof shall be automatically terminated, cancelled, and rendered null and void as of the last day of the Restricted Period without any action on the part of the Company.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) If a Participant shall, on or before the last day of the Restricted Period, die or have a termination of employment or
Related Employment by reason of disability or retirement (as such terms are defined in the Plan and interpreted and administered by the Committee), or by reason of such other circumstances as the Committee, in its sole discretion, shall deem
appropriate, after a Participant have been, since the LOI Date, in the continuous employment of the Company or an Affiliate or have undertaken Related Employment, the Committee, in its sole discretion, shall determine whether and to what extent, if
any, the Company&#146;s right as specified in Paragraph 2(b) above (and in any and all other terms, conditions and restrictions imposed hereby) shall lapse and cease to be effective. The Company&#146;s right specified in Paragraph 2(b) above shall
be exercisable at such time as to the remaining shares, if any. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) From time to time during the Restricted Period, the
Company shall pay to a Participant an amount of cash equal to the regular quarterly cash dividend paid by the Company on a number of shares equal to the number of shares remaining to be issued to a Participant hereunder less any applicable United
States federal, state, local or foreign income, employment or other taxes that the Company determines are required to be withheld therefrom. Such payment shall be made as soon as practicable following the applicable dividend payment date, but in no
event later than 60 days thereafter. The Company&#146;s obligation to make such payment shall cease with respect to any shares at such time as the Company&#146;s right becomes exercisable with respect thereto pursuant to Paragraph 2(b) or 2(c)
above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. In the event of any change in the outstanding shares of the Company by reason of any stock split, stock dividend, split-up,
split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision or exchange of shares, sale by the Company of all or part of its assets, distribution to shareholders other than a normal cash
dividend, or other extraordinary or unusual event occurring after the LOI Date and on or before the last day of the Restricted Period and prior to the issuance of a share certificate to a Participant, the Committee shall make such adjustment in the
number and kind of shares to be awarded as may be determined to be appropriate by the Committee, in its sole discretion, so as to reflect such change, and such adjustments shall be final, conclusive and binding for all purposes of the Plan, this
Master Agreement and any Award Schedule. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. If the Company, in its sole discretion, shall determine that the Company or an Affiliate or other
person has incurred or will incur any obligation to withhold any United States federal, state, local or foreign income, employment or other taxes by reason of the issuance or operation of this LOI, a Participant (or, in the event of a
Participant&#146;s death, the legal representatives of a Participant&#146;s estate) will, promptly upon demand therefor by the Company, pay to the Company or such Affiliate or other person, in accordance with Subparagraph 18(f) of the Plan, any
amount demanded by it for the purpose of satisfying such obligation. If the amount so demanded is not promptly paid or if a Participant (or, in the event of a Participant&#146;s death, the legal representatives of a Participant&#146;s estate) shall
fail to promptly provide the Company with any and all forms, documents or other information reasonably required by the Company in connection with this LOI, the Company or its designee may refuse to permit the transfer of any shares and the
distribution of any proceeds and may, without further consent by or notice to a Participant (or, in the event of a Participant&#146;s death, the legal representatives of a Participant&#146;s estate) cancel its agreement to issue to a Participant any
shares and cancel any shares otherwise issuable hereunder. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section V </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT COMMON PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MORE THAN ONE FORM OF AWARD </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Notwithstanding anything in this Master Agreement to the contrary (but subject to those provisions in Paragraph 3 or 4 below which could reduce
payments hereunder as a result of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;)), upon a Change in Control (as applicable to a particular award), the awardholder shall immediately be: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) with respect to any Option or UK Option issued pursuant to the Option or UK Option provisions of this Master Agreement, 100% vested in
the total number of shares covered thereby such that they shall be fully exercisable; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) with respect to any RSA issued
pursuant to the RSA provisions of this Master Agreement, 100% vested in the total number of shares covered thereby such that they shall no longer be subject to any transfer restrictions imposed by this Master Agreement; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) with respect to any LOI issued pursuant to the LOI provisions of this Master Agreement, entitled to receive the total number of shares
covered thereby such that they shall no longer be subject to any restrictions on issuance imposed by this Master Agreement, and: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(1) if the Change in Control qualifies as a &#147;change in ownership,&#148; a &#147;change in effective control&#148; or a &#147;change in ownership of a substantial portion of the assets&#148; of the Company (each as defined by
Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance issued thereunder (collectively, &#147;Section 409A&#148;)), then the shares underlying such LOI shall be issued to the Participant immediately upon
the occurrence of the Change in Control, but in no event later than five days thereafter; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(2) if the Change in Control does not so qualify, then the shares underlying such LOI
shall be issued to the Participant as soon as administratively practicable following the January&nbsp;1st of the calendar year immediately following the calendar year that includes the last day of the original Restricted Period, but in no event
later than 90 days thereafter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Committee may not amend or delete this Section V of this Master Agreement in a manner that is detrimental to the
awardholder, without his written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. A &#147;Change in Control&#148; means the happening of any of the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;)) (a &#147;Person&#148;) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (i)&nbsp;the then outstanding common shares of the Company
(the &#147;Outstanding Company Common Shares&#148;) or (ii)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#147;Outstanding Company Voting
Securities&#148;); provided, however, that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A)&nbsp;any acquisition directly from the Company;
(B)&nbsp;any acquisition by the Company or any corporation, partnership, trust or other entity controlled by the Company (a &#147;Subsidiary&#148;); (C)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary; (D)&nbsp;any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (E)&nbsp;any acquisition by an individual, entity or group that is permitted to, and
actually does, report its beneficial ownership on Schedule 13-G (or any successor schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any
successor schedule), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial
ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (F)&nbsp;any acquisition by any corporation pursuant to a reorganization, merger or consolidation if,
following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of Paragraph 2(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;Subject Person&#148;) became the beneficial owner of 25% or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common Shares or
Outstanding Company Voting Securities by the Company which, by reducing the number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject Person;
provided, that if a Change in Control would be deemed to have occurred (but for </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company,
and after such share acquisition by the Company, the Subject Person becomes the beneficial owner of any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company
Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then a Change in Control shall then be deemed to have occurred; or </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Individuals who, as of the date hereof, constitute the Board (the &#147;Incumbent Board&#148;) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company&#146;s shareholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of agreement intended to avoid or settle any such actual or
threatened contest or solicitation; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The consummation of a reorganization, merger, statutory share exchange,
consolidation, or similar corporate transaction involving the Company or any of its direct or indirect Subsidiaries (each a &#147;Business Combination&#148;), in each case, unless, following such Business Combination, (i)&nbsp;the Outstanding
Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting or surviving entity
or any parent thereof) more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company&#146;s assets either directly or through one or more
subsidiaries), (ii)&nbsp;no Person (excluding the Company, any employee benefit plan (or related trust) of the Company, a Subsidiary or such corporation resulting from such Business Combination or any parent or subsidiary thereof, and any Person
beneficially owning, immediately prior to such Business Combination, directly or indirectly, 25% or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or
indirectly, 25% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or any parent thereof) were members of the
Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such Business Combination; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) The consummation of the sale, lease, exchange or other disposition of all or
substantially all of the assets of the Company, unless such assets have been sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i)&nbsp;more than 50% of,
respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors
is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities
immediately prior to such sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common Shares and
Outstanding Company Voting Shares, as the case may be, (ii)&nbsp;no Person (excluding the Company and any employee benefit plan (or related trust)) of the Company or a Subsidiary or of such corporation or a subsidiary thereof and any Person
beneficially owning, immediately prior to such sale, lease, exchange or other disposition, directly or indirectly, 25% or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns,
directly or indirectly, 25% or more of respectively, the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent
thereof) entitled to vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution
of the initial agreement or action of the Board providing for such sale, lease, exchange or other disposition of assets of the Company; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(e) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">3. This Paragraph 3 shall apply in the event of a Change in Control. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) In the event that any payment or benefit
received or to be received by a Participant hereunder in connection with a Change in Control or termination of such Participant&#146;s employment (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter
referred to collectively as the &#147;Payments&#148;), will be subject to the excise tax referred to in Section&nbsp;4999 of the Code (the &#147;Excise Tax&#148;), then (i)&nbsp;in the case of a Participant who is classified in Band 70 (or its
equivalent) or above immediately prior to such Change in Control (a &#147;Tier 1 Employee&#148;), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Paragraph 3(d)
below, an additional amount (the &#147;Gross-Up Payment&#148;) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax
upon the Gross-Up Payment, shall be equal to the Payments and (ii)&nbsp;in the case of a Participant other than a Tier 1 Employee, the Payments shall be reduced to the extent necessary so that no portion of the Payments is subject to the Excise Tax
but only if (A)&nbsp;the net amount of all Total Payments (as hereinafter </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments), is
greater than or equal to (B)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to
which the Participant would be subject in respect of such unreduced Total Payments); provided, however, that the Participant may elect in writing to have other components of his or her Total Payments reduced prior to any reduction in the Payments
hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such
Excise Tax and whether any Payments are to be reduced hereunder: (i)&nbsp;all payments and benefits received or to be received by the Participant in connection with such Change in Control or the termination of such Participant&#146;s employment,
whether pursuant to the terms of this Master Agreement or any other plan, arrangement or agreement with the Company, any Person (as such term is defined in Paragraph 2(a) above) whose actions result in such Change in Control or any Person affiliated
with the Company or such Person (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter
referred to as the &#147;Total Payments&#148;), shall be treated as &#147;parachute payments&#148; (within the meaning of Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change
in Control, the Company&#146;s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Committee (the &#147;Firm&#148;), such payments or benefits (in whole
or in part) do not constitute parachute payments, including by reason of Section&nbsp;280G(b)(2)(A) or Section&nbsp;280G(b)(4)(A) of the Code; (ii)&nbsp;no portion of the Total Payments the receipt or enjoyment of which the Participant shall have
waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken into account; (iii)&nbsp;all &#147;excess parachute payments&#148; within the meaning of
Section&nbsp;280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the
meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax; and (iv)&nbsp;the
value of any noncash benefits or any deferred payment or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of the Code and regulations or other guidance thereunder. For purposes of
determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a Participant (other than a Tier 1 Employee) shall be reduced, a Participant shall be deemed to pay federal income tax at the
highest marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of such Participant&#146;s residence, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the case of a Participant other than a Tier 1
Employee). The Firm will be paid reasonable compensation by the Company for its services. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event that the Excise Tax is finally determined to be less than the amount
taken into account hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the &#147;Excess Amount&#148;) will be deemed for all purposes to be a loan to
the Tier 1 Employee made on the date of the Tier 1 Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the Company on the fifth business day after demand, together with interest on such amount
at the lowest applicable Federal rate (as defined in Section&nbsp;1274(d) of the Code or any successor provision thereto), compounded semi-annually (the &#147;Section 1274 Rate&#148;) from the date of the Tier&nbsp;1 Employee&#146;s receipt of such
Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and such interest will not be treated as a parachute payment as previously defined). In the event that
the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up
Payment), within five business days of such determination, but not later than December&nbsp;31st of the year following the year in which the Tier 1 Employee remits the related tax, the Company will pay to the Tier 1 Employee an additional amount,
together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or such lesser rate (including zero) as may be designated by the Firm such that the amount of such
deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings
concerning the amount of any Gross-Up Payment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) As soon as practicable following a Change in Control, but in no event
later than 30 days thereafter, the Company shall provide to each Tier 1 Employee and to each other Participant with respect to whom it is proposed that Payments be reduced, a written statement setting forth the manner in which the Total Payments in
respect of such Tier 1 Employee or other Participant were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any
such opinions or advice which are in writing shall be attached to the statement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. The terms of any RSA, Option or LOI (including terms
under this Master Agreement or any Award Schedule) may be amended from time to time by the Committee in its sole discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of payments thereunder);
provided, however, that no such amendment shall adversely affect in a material manner any right of a Participant under such RSA, Option or LOI without the written consent of such Participant, unless the Committee determines in its sole discretion
that there have occurred or are about to occur significant changes in such Participant&#146;s position, duties or responsibilities, or significant changes in economic, legislative, regulatory, tax, accounting or cost/benefit conditions which are
determined by the Committee in its sole discretion to have or to be expected to have a substantial effect on the performance of the Company, or any subsidiary, affiliate, division, or department thereof, on the Plan or on a RSA, Option or LOI under
the Plan; provided, further, however, that the Committee shall not have the authority to amend any Option held by any executive officer of the Company as defined in Rule </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">3(b)(7) under the Securities Exchange Act of 1934, as amended, so that the amount of compensation an executive officer could receive is not based solely on
an increase in the value of shares, or to otherwise amend any Award issued to such executive officer if the amendment would cause compensation payable thereunder to be nondeductible under Section&nbsp;162(m) of the Code (or any successor provision)
or regulations thereunder assuming such executive officer is a covered employee for purposes of such Section. Notwithstanding the foregoing, the Committee shall not amend the terms of any Option, RSA or LOI (including terms under this Master
Agreement or any Award Schedule), to the extent such amendment would cause a violation of Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance issued thereunder (collectively, &#147;Section 409A&#148;).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. Subject to the provisions of the Plan, a Participant may, by completing a form acceptable to the Company and returning it to the
Corporate Secretary&#146;s Office in New York City, name a beneficiary or beneficiaries to receive any payment or exercise any rights to which such Participant may become entitled under an Award in the event of such Participant&#146;s death. A
Participant may change his or her designated beneficiary or beneficiaries from time to time by submitting a new form to the Corporate Secretary&#146;s Office in New York City, to the extent permitted by law (for example, unless such Participant has
made a prior irrevocable designation). If a Participant does not designate a beneficiary, or if no designated beneficiary is living on the date any amount becomes payable under an Award, such payment will be made to the legal representatives of such
Participant&#146;s estate, which will be deemed to be the Participant&#146;s designated beneficiary under the Award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. If the Company, in
its sole discretion, shall determine that the listing upon any securities exchange or registration or qualification under any United States federal, state, local or foreign law of any shares to be delivered pursuant to an Award is necessary or
desirable, delivery of such shares shall not be made in shares until such listing, registration or qualification shall have been completed. Until a certificate for some or all of the shares subject to an LOI is issued to a Participant, a Participant
shall have no rights as a shareholder of the Company and, in particular, shall not be entitled to vote such shares or to receive any dividend or other distribution paid in respect thereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. Notwithstanding anything to the contrary contained herein, the Committee, in its sole discretion, may approve and the Company may issue RSAs, Options,
UK Options, or LOIs that are not governed by the provisions contained in this Master Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. Any action taken or decision made by
the Company, the Board, or the Committee or its delegates arising out of or in connection with the construction, administration, interpretation or effect of any provision of the Plan, the Scheme or this Master Agreement shall lie within its sole and
absolute discretion, as the case may be, and shall be final, conclusive and binding on the Participant and all persons claiming under or through the Participant. By receipt of such Awards or other benefit under the Plan, the Participant and each
person claiming under or through the Participant shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken under the Plan or the Scheme, by the Company, the Board or the Committee or its
delegates. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. The validity, construction, interpretation, administration and effect of the Plan or the Scheme and of
its rules and regulations, and rights relating to the Plan or the Scheme, and to any Award issued under this Master Agreement, shall be governed by the substantive laws, but not the choice of law rules, of the State of New York, in the United States
of America. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. The Committee may rescind, without further notice to the Participant, any Award issued to the Participant under the Plan
in duplicate, or in error, as determined in the sole discretion of the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. Any Award issued under this Master Agreement is
subject to the terms of the Detrimental Conduct Provisions established by the Committee, and as from time to time amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. The Options
and RSAs subject to this Master Agreement are intended to be exempt from Section&nbsp;409A and the LOIs subject to this Master Agreement are intended to comply with Section&nbsp;409A, and the Plan, this Master Agreement and the applicable Award
Schedules shall be administered and interpreted consistent with such intent and the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>4
<FILENAME>dex106.htm
<DESCRIPTION>SECTION 409A AMENDMENTS TO FORM OF AWARD AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Section 409A Amendments to form of award agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.6 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SECTION 409A AMENDMENTS TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PORTFOLIO GRANT AWARDS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MADE UNDER THE AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>1998 INCENTIVE COMPENSATION PLAN, </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AS AMENDED </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(for awards made after January 22, 2007) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, American Express Company
(the &#147;<I>Company</I>&#148;) has granted PG Awards (as defined in Section&nbsp;1(b) below) to certain executive officers of the Company; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">WHEREAS, the Company desires to amend the PG Awards to comply with the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated and other official guidance issued
thereunder (collectively, &#147;<I>Section 409A</I>&#148;); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, the Company hereby adopts the following amendments to the PG
Awards, effective January&nbsp;1, 2009: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Definitions</U>. For purposes of this Section&nbsp;409A Amendments to American Express
Portfolio Grant Awards (this &#147;<I>Amendment</I>&#148;), the following terms shall have the meanings provided thereto by this Section: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) &#147;<I>Agreement</I>&#148; means an agreement representing a PG Award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) &#147;<I>PG Awards</I>&#148; mean, collectively,
the American Express Company 1998 Incentive Compensation Plan Portfolio Grant 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>-20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> and the American Express Company 2007 Incentive Compensation Plan Portfolio Grant
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>-20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Amendments</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The last sentence of Section&nbsp;4(a) of each Agreement is hereby amended in its entirety to provide as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;In the event of your death or your disability (if such disability qualifies as a &#147;disability&#148; for purposes of
Section&nbsp;409A of the Code), such amount, if any, shall be payable as soon as practicable thereafter, but in no event later than 90 days from the date of your disability or death, and unless otherwise determined by the Committee, in cash, common
shares of the Company, or other property, or any combination thereof, and you and all others claiming under or through you shall not be entitled to receive any other amounts under this Award. In the event of your disability (if such disability does
not qualify as a &#147;disability&#148; for purposes of Section&nbsp;409A of the Code), such amount, if any, shall be payable after the Award Period in accordance with Paragraph 5(b), and unless otherwise determined by the Committee, in cash, common
shares of the Company, or other property, or any combination thereof, and you and all others claiming under or through you shall not be entitled to receive any other amounts under this Award.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Section&nbsp;5(b) of each is hereby amended to replace the language &#147;February 1,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (or at such other time or times as the Committee shall determine as provided in Paragraph 7)&#148; with &#147;February 1, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, but in no event later than 90 days thereafter.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) Section&nbsp;8(b) of each Agreement is hereby amended to replace the first reference to &#147;termination of employment&#148; with
&#147;separation from service (as that term is defined for purposes of Section&nbsp;409A of the Code)&#148; and each subsequent reference in such subsection to &#147;termination of employment&#148; with &#147;separation from service.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) Section&nbsp;13(a) of each Agreement is hereby to replace the language &#147;within five days after receipt by you of the written
statement referred to in Subparagraph (e)&#148; with &#147;within five days after the expiration of the written-statement period referred to in Subparagraph 13(d) below.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Section&nbsp;13(c) of each Agreement is hereby amended to replace the language &#147;within five business days of such determination&#148; with
&#147;within five business days of such determination, but not later than the December&nbsp;31st of the year following the year in which you remit the related taxes.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) Section&nbsp;13(d) of each Agreement is hereby to replace the language &#147;As soon as practicable following a Change in Control&#148; with &#147;As
soon as practicable following a Change in Control, but in no event later than 30 days thereafter.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) A new Section&nbsp;16 is
hereby added to each Agreement which shall provide as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;16. <U>Section&nbsp;409A Compliance</U>. This
Agreement and the payment of the Award hereunder are intended to comply with Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance issued thereunder, and this Agreement shall be administered and
interpreted consistent with such intent and the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Miscellaneous</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a)
<I>Severability</I>. If any provision of this Amendment is held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of this Amendment, but shall be fully severable, and this Amendment shall be construed and
enforced as if said illegal or invalid provision had never been inserted herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Captions</I>. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of this Amendment, and shall not be considered in the construction of this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) <I>Gender and Number</I>. In this Amendment, the masculine pronoun shall be construed to include the feminine, and the singular shall be construed to include the plural, wherever appropriate. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Governing Law</I>. This Amendment shall be construed in accordance with and governed by the laws
of the State of New York to the extent not superseded by federal law, without reference to the principles of conflict of laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e)
<I>Compliance with Section&nbsp;409A</I>. The payment of PG Awards under this Amendment and PG Awards is intended to comply with Section&nbsp;409A, and this Amendment and the terms of the PG Awards shall be interpreted, operated and administered
consistent with this intent and the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>5
<FILENAME>dex108.htm
<DESCRIPTION>AMERICAN EXPRESS COMPANY 2007 INCENTIVE COMPENSATION PLAN MASTER AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>American Express Company 2007 Incentive Compensation Plan Master Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.8 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g79267ex1pg1_ex3pg1.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2007 INCENTIVE COMPENSATION PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As Amended and Restated Effective January&nbsp;1, 2009) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Nonqualified Stock Options,
Restricted Stock Awards and Restricted Stock Unit Awards (&#147;Awards&#148;) are issued pursuant to the 2007 Incentive Compensation Plan (the &#147;Plan&#148;) of American Express Company (the &#147;Company&#148;) at the discretion and subject to
the administration of the Compensation and Benefits Committee, or its successor (the &#147;Committee&#148;) of the Board of Directors of the Company (the &#147;Board&#148;). Awards issued on or after April&nbsp;23, 2007 shall contain the general
terms set forth in the applicable provisions of this Master Agreement. The specific terms of individual Awards will be contained in the Award Schedule(s) delivered to participants in the Plan (the &#147;Participants&#148;). All Awards shall be
subject to the Plan and any administrative guidelines or interpretations by the Committee under the Plan, the Plan and any such guidelines or interpretations being incorporated into this Master Agreement by reference and made a part hereof. As used
herein, the term &#147;shares&#148; refers to the common shares of the Company having a par value of $.20 per share, or the shares of any other stock of any other class into which such shares may thereafter be changed. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section I </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING TO
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>A GRANT OF NONQUALIFIED STOCK OPTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. Sections I, IV and V of this Master Agreement, together with an Award Schedule referring to Section I of this Master Agreement, shall contain the terms of a specific Nonqualified Stock Option (&#147;Option&#148;)
issued to a Participant. Each Award Schedule shall specify the number of shares subject to the Option, the Option Date of Grant, the Option Exercise Date(s), the Option Exercise Price and any additional terms applicable to the Option. Such
additional terms may address any matter deemed appropriate by the Committee or its delegate and may include terms not contained in this Master Agreement and/or may delete terms contained in this Master Agreement. A stock appreciation right is
included herein only if specifically approved by the Committee and reflected in an Award Schedule. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Unless otherwise determined by the
Committee and subject to the provisions of this Master Agreement and the applicable provisions of the Plan, a Participant may exercise this Option as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) No part of this Option may be exercised before the first Option Exercise Date listed in the Award Schedule or after the expiration of
ten years from the Date of Grant set forth in the Award Schedule; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) At any time or times on or after the first Option Exercise Date listed in the Award
Schedule, a Participant may exercise this Option as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 25% of the total number of shares covered
hereby; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) At any time or times on or after the second Option Exercise Date listed in the Award Schedule, a Participant
may exercise this Option as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 50% of the total number of shares covered hereby; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) At any time or times on or after the third Option Exercise Date listed in the Award Schedule, a Participant may exercise this Option
as to any number of shares which, when added to the number of shares as to which a Participant has theretofore exercised this Option, if any, will not exceed 75% of the total number of shares covered hereby; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) At any time or times on or after the fourth Option Exercise Date listed in the Award Schedule and thereafter through the expiration
date of this Option, a Participant may exercise this Option as to any number of shares which, when added to the number of shares as to which the Participant has theretofore exercised this Option, if any, will not exceed the total number of shares
covered hereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Option may not be exercised for a fraction of a share. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3. A Participant may not exercise this Option and, if applicable, any stock appreciation right included herein, unless all of the following conditions are met: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Legal counsel for the Company must be satisfied at the time of exercise that the issuance of shares upon exercise will be in
compliance with the Securities Act of 1933, as amended, and applicable United States federal, state, local and foreign laws; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) The Participant must pay at the time of exercise the full purchase price for the shares being acquired hereunder, by (i)&nbsp;paying in cash in United States dollars (which may be in the form of a check), (ii)&nbsp;tendering shares
owned by the Participant which have a fair market value equal to the full purchase price for the shares being acquired, such fair market value to be determined in such reasonable manner as may be provided from time to time by the Committee or as may
be required in order to comply with the requirements of any applicable laws or regulations, (iii)&nbsp;if permitted by the Committee, by authorizing a third party to sell, on behalf of the Participant, the appropriate number of shares otherwise
issuable to the Participant upon the exercise of this Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise, or (iv)&nbsp;tendering a
combination of the forms of payment provided for in this Paragraph 3(b); and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The Participant must, at all times during the period beginning with the Date of Grant
of this Option and ending on the date of such exercise, have been employed by the Company or an Affiliate (as defined in the Plan) or have been engaged in a period of Related Employment (as defined in the Plan). However, if the Participant ceases to
be so employed or terminates a period of Related Employment by reason of the Participant&#146;s disability or Retirement (as such terms are defined in the Plan and interpreted and administered by the Committee) while holding this Option which has
not expired and has not been fully exercised, the Participant may, at any time within five years of the date of the onset of such disability (but in no event after the expiration of this Option under Paragraph 2(a) above with respect to ten years
from the Date of Grant) or in the case of Retirement until the expiration of the Option under Paragraph 2(a) above, exercise this Option with respect to the number of shares, after giving full effect to the gradual vesting provisions of Paragraph 2
above, as to which the Participant could have exercised this Option on the date of the onset of such disability or Retirement, or with respect to such greater number of shares as determined by the Committee in its sole discretion, and any remaining
portion of this Option shall be canceled by the Company. In the event the Participant&#146;s employment by the Company and its Affiliates or Related Employment terminates for reasons other than disability or Retirement as described in this Paragraph
3(c) or death as described in Paragraph 4 below, this Option shall be canceled by the Company; provided, however, if within two years following a Change in Control (as defined in Section IV of this Master Agreement), a Participant is terminated
under circumstances that would entitle the Participant to severance under an applicable U.S. severance plan (other than Constructive Termination, as defined in the applicable plan), the Participant may, at any time within 90 days following such
termination (but in no event after the expiration of this Option under Paragraph 2(a) above with respect to ten years from the Date of Grant), exercise this Option with respect to the number of shares as to which the Participant could have exercised
this Option on the date of such termination. For any other Participant not covered by a U.S. severance plan, the 90-day extension period shall apply if the Participant is terminated within two years following a Change in Control and the Participant
would have been entitled to severance under the applicable U.S. severance plan had the Participant been a U.S. employee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. Except as
otherwise determined by the Committee, a Participant may not assign, transfer, pledge, hypothecate or otherwise dispose of this Option (and any stock appreciation right included herein), except by will or the laws of descent and distribution, and
this Option is exercisable during the Participant&#146;s lifetime only by the Participant. If the Participant or anyone claiming under or through the Participant attempts to violate this Paragraph 4, such attempted violation shall be null and void
and without effect, and the Company&#146;s obligation to make any further payments (stock or cash) hereunder shall terminate. If at the time of the Participant&#146;s death this Option has not been fully exercised, the Participant&#146;s estate or
any person who acquires the right to exercise this Option by bequest or inheritance or by reason of the Participant&#146;s death may, at any time within five years after the date of the Participant&#146;s death (but in no event after the expiration
of this Option under Paragraph 2 (a)&nbsp;above with respect to ten years from the Date of Grant or the time period described in Paragraph 3(c) above with respect to disability), exercise </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">this Option with respect to the number of shares, after giving full effect to the gradual vesting provisions of Paragraph 2 above, as to which the
Participant could have exercised this Option at the time of the Participant&#146;s death, or with respect to such greater number of shares as determined by the Committee in its sole discretion. The applicable requirements of Paragraph&nbsp;3 above
must be satisfied at the time of such exercise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. In the event that the Company or any of its Affiliates is a participant in a corporate
merger, consolidation or other similar transaction, neither the Company nor such Affiliate shall be obligated to cause any other participant in such transaction to assume this Option or to substitute a new option for this Option. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. (a) If approved by the Committee and subject to the conditions specified in Paragraph 6(b) below, within such time or times as this Option shall be
exercisable in whole or in part and to the extent that it shall then be exercisable in accordance with Paragraph 2 above, the Participant (or any person acting under Paragraph 4 above) may surrender unexercised this Option or any portion thereof
which is then exercisable to the Company and receive from the Company in exchange therefor that number of shares having an aggregate value equal to 100% of the excess of the value of one share over the Option Exercise Price per share heretofore
specified times the lesser of (i)&nbsp;the number of shares as to which this Option then is exercisable or (ii)&nbsp;the number of shares as to which this Option is surrendered to the Company. This right to surrender unexercised this Option or any
portion thereof which is then exercisable is referred to herein as a &#147;stock appreciation right.&#148; No fractional shares shall be delivered, but in lieu thereof a cash adjustment shall be made. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) If granted by the Committee, the stock appreciation right may be exercised only if, and to the extent that, </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) this Option is at the time exercisable, and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) on the date of exercise (1)&nbsp;this Option will, in accordance with Paragraph 2(a) above, expire within 30 days, or (2)&nbsp;the
Participant has ceased to be an employee of the Company or an Affiliate thereof or terminated a period of Related Employment by reason of the Participant&#146;s disability or Retirement (as defined in the Plan), or (3)&nbsp;the Participant has died.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding Paragraph 6(b)(ii) above, but subject to the conditions of Paragraph&nbsp;6(b)(i) above, (1)&nbsp;the ability to exercise a
stock appreciation right may be further limited to the extent determined by the Committee as necessary or desirable to comply with applicable provisions of United States federal, state, local or foreign law or regulation, and (2)&nbsp;if the
Participant is on the date of exercise an executive officer of the Company as that term is defined in the Securities Exchange Act of 1934, as amended, and the rules thereunder (an &#147;Insider&#148;), the stock appreciation right may be exercised
only with respect to a maximum of 50% of the shares subject to this Option granted hereunder, unless otherwise determined by the Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(c) The Committee may elect from time to time in its sole discretion to settle the obligation arising out of the exercise of the stock appreciation right, by the payment of cash equal to the aggregate value of the
shares it otherwise would be obligated to deliver or partly by the payment of cash and partly by the delivery of shares. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) For all purposes under this Paragraph 6, the value of a share shall be the fair
market value thereof, as determined by the Committee, on the last business day preceding the date of the election to exercise the stock appreciation right, provided that if notice of such election is received by the Committee more than three
business days after the date of such election (as such date of election is stated in the notice of election), the Committee may, but need not, determine the value of a share as of the day preceding the date on which the notice of election is
received. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. It shall be a condition to the obligation of the Company to furnish shares upon exercise of this Option or settlement of a
stock appreciation right by delivery of shares and/or cash (a)&nbsp;that the Participant (or any person acting under Paragraph 4 above) pay to the Company or its designee, upon its demand, in accordance with Paragraph 17(f) of the Plan, such amount
as may be demanded for the purpose of satisfying its obligation or the obligation of any of its Affiliates or other person to withhold United States federal, state, local or foreign income, employment or other taxes incurred by reason of the
exercise of this Option or the settlement of the stock appreciation right or the transfer of shares thereupon, (b)&nbsp;whether the settlement of the stock appreciation right is to be made by delivery of shares or by the payment of cash, that the
Participant (or any person acting under Paragraph 4 above) execute such forms as the Committee shall prescribe for the purpose of evidencing the surrender of this Option in whole or in part, as the case may be, and (c)&nbsp;that the Participant (or
any person acting under Paragraph 4 above) provide the Company with any forms, documents or other information reasonably required by the Company in connection with the grant. The Company shall have the right to deduct or cause to be deducted from
any payment made in settlement of a stock appreciation right any United States federal, state, local or foreign income, employment or other taxes that it determines are required by law to be withheld with respect to such payment. If the amount
requested for the purpose of satisfying the withholding obligation is not paid, the Company may refuse to furnish shares upon exercise of this Option or shares and/or cash upon settlement of the stock appreciation right. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING
TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AWARDS OF RESTRICTED STOCK </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. Sections II, IV and V of this Master Agreement, together with an Award Schedule referring to Section II of this Master Agreement, shall contain the terms of a specific Restricted Stock Award (&#147;RSA&#148;)
issued to a Participant. Each Award Schedule shall specify the number of shares awarded, the Award Date, the Expiration Date and any additional terms applicable to the Award. Such additional terms may address any matter deemed appropriate by the
Committee or its delegate and may include terms not contained in this Master Agreement and/or may delete terms contained in this Master Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">2. An RSA consists of the number of shares specified in an Award Schedule and is subject to the provisions of the Plan. In addition, the following terms, conditions and restrictions apply to RSAs issued under the Plan: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise determined by the Committee, such shares cannot be sold, assigned, transferred, pledged, hypothecated or otherwise
disposed of (except that Participants may designate a beneficiary as provided herein) on or before the Expiration Date and prior to the subsequent issuance to a Participant (or, in the event of a Participant&#146;s death, the Participant&#146;s
designated beneficiary) of a certificate or an uncertificated book entry position for such shares free of any legend or other transfer restriction relating to the terms, conditions and restrictions provided for in the Award Schedule or this Master
Agreement. If a Participant or anyone claiming under or through such Participant attempts to violate this Paragraph 2(a), such attempted violation shall be null and void and without effect, and the Company&#146;s obligation to make any further
payments or deliveries (in stock or cash) hereunder shall terminate. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) An RSA shall be evidenced by a share certificate or an uncertificated book entry
position maintained by the Company&#146;s transfer agent and registrar. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) If (i)&nbsp;a Participant&#146;s continuous
employment with the Company and its Affiliates (as defined in the Plan) shall terminate for any reason on or before the Expiration Date, except for a period of Related Employment (as defined in the Plan), and except as provided in Paragraph 2(d)
below or (ii)&nbsp;within the period following the Expiration Date as determined by the Committee, a Participant (or such Participant&#146;s designated beneficiary) has not paid to the Company or such Affiliate or other person an amount equal to any
United States federal, state, local or foreign income, employment or other taxes which the Company determines is required to be withheld in respect of such shares, or fails to provide such information as is described in Paragraph 4 below, then,
unless the Committee determines otherwise, the Participant&#146;s RSA or portion thereof shall be automatically terminated, cancelled, and rendered null and void as of the Expiration Date without any action on the part of the Company, and the
Company shall be deemed to have exercised its repurchase option without the requirement of any payment, and shall be entitled to the return from such Participant (or the Participant&#146;s designated beneficiary or the Secretary of the Company) of
any share certificate(s) issued in respect of the Award or the cancellation of any book entry memo position maintained by the Company&#146;s transfer agent and registrar with respect to a Participant&#146;s RSA. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) On or before the Expiration Date, the Committee shall have the authority, in its sole discretion, to determine whether and to what
extent, the termination provisions of Paragraph 2(c) shall cease to be effective with respect to a Participant&#146;s Award in the following situations: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(i) a Participant shall die or have a termination of employment or Related Employment by reason of disability or Retirement (as such terms are defined in the Plan and interpreted and administered by the Committee); or
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) in such circumstances as the Committee, in its sole discretion, shall deem appropriate if, since the Award Date, a
Participant has been in the continuous employment of the Company or an Affiliate or has undertaken Related Employment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) The share certificate, if any, issued in respect of a RSA shall be held in escrow by
the Secretary of the Company during the period up to and including the date determined by the Committee pursuant to Paragraph 2(c) above, unless otherwise determined by the Committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. In the event of any change in the outstanding shares of the Company by reason of any stock split, stock dividend, split-up, split-off, spin-off,
recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision or exchange of shares, sale by the Company of all or part of its assets, distribution to shareholders other than a normal cash dividend, or other
extraordinary or unusual event, or in the event a Participant (or the Participant&#146;s designated beneficiary) receives any shares, securities or other property in respect of the shares which have been awarded to a Participant (including, but not
limited to, by way of a dividend or other distribution on such shares), any such shares, securities or other property received by a Participant (or a Participant&#146;s designated beneficiary) in respect of the shares awarded to such Participant
shall, other than upon a Change In Control as defined in Section IV of this Master Agreement, be subject to the Company&#146;s right to receive or cancel such shares, securities or other property from such Participant (or such Participant&#146;s
designated beneficiary) as provided in Paragraph 2(c) above and the other terms, conditions and restrictions specified herein to the extent that, and in such manner as, the Committee shall determine. Any such determination by the Committee under
this Paragraph 3 shall be final, binding and conclusive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. If the Company, in its sole discretion, shall determine that the Company or an
Affiliate or other person has incurred or will incur any obligation to withhold any United States federal, state, local or foreign income, employment or other taxes by reason of making of the Award to a Participant, the transfer of shares to a
Participant (or the Participant&#146;s designated beneficiary) pursuant thereto or the lapse or release of the termination provisions contained in Paragraph 2(c) above with respect to a Participant&#146;s Award or any other restrictions upon such
shares, such Participant (or such Participant&#146;s designated beneficiary) will, promptly upon demand therefor by the Company, pay to the Company or such Affiliate or other person any amount demanded by it for the purpose of satisfying such
liability. If the amount so demanded is not promptly paid or if such Participant (or such Participant&#146;s designated beneficiary) shall fail to promptly provide the Company with any and all forms, documents or other information reasonably
required by the Company in connection with the Award, the Company or its designee may refuse to permit the transfer of such shares and may, without further consent by or notice to such Participant (or such Participant&#146;s designated beneficiary),
cancel the Award and the shares otherwise issuable under the Award. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section III </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AWARDS OF A RESTRICTED STOCK UNIT
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Sections III, IV and V of this Master Agreement, together with an Award Schedule referring to Section III of this Master Agreement,
shall contain the terms of a specific Restricted Stock Unit (&#147;RSU&#148;) issued to a Participant. Each Award Schedule shall specify the number of shares to be awarded, the RSU Date, the Expiration Date and any additional terms applicable to the
Award. Such additional terms may address any matter deemed appropriate by the Committee or its delegate and may include terms not contained in this Master Agreement and/or may delete terms contained in this Master Agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Subject to the provisions of the Plan and the following terms, conditions and restrictions herein set
forth, the Company will issue to a Participant a certificate for the number of shares specified in an Award Schedule as promptly as practicable following the January&nbsp;1st of the calendar year immediately following the calendar year that includes
the last day of the period of four years from the RSU Date (the &#147;Restricted Period&#148;), but in no event later than 90 days thereafter: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) Except as otherwise determined by the Committee, rights under this RSU may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and
distribution, on or before the last day of the Restricted Period and prior to the subsequent issuance to a Participant (or, in the event of a Participant&#146;s death, the Participant&#146;s designated beneficiary) of a certificate for such shares
free of any legend or other transfer restriction relating to the terms, conditions and restrictions provided for in this Master Agreement. If a Participant or anyone claiming under or through a Participant attempts to violate this
Paragraph&nbsp;2(a), such attempted violation shall be null and void and without effect, and the Company&#146;s obligations hereunder shall terminate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(b) If (i)&nbsp;a Participant&#146;s continuous employment with the Company and its Affiliates (as defined in the Plan) shall terminate for any reason on or before the last day of the Restricted Period, except for a
period of Related Employment (as defined in the Plan), and except as provided in Paragraph 2(c) below, or (ii)&nbsp;within the period following the last day of the Restricted Period as determined by the Committee, a Participant (or such
Participant&#146;s designated beneficiary) has not paid to the Company or such Affiliate or other person an amount equal to any United States federal, state, local or foreign income, employment or other taxes which the Company determines is required
to be withheld in respect of such shares, or fails to provide such information as is described in Paragraph 4 below, then, unless the Committee determines otherwise, this RSU or portion thereof shall be automatically terminated, cancelled, and
rendered null and void as of the last day of the Restricted Period without any action on the part of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) If a
Participant shall, on or before the last day of the Restricted Period, die or have a termination of employment or Related Employment by reason of disability or Retirement (as such terms are defined in the Plan and interpreted and administered by the
Committee), or by reason of such other circumstances as the Committee, in its sole discretion, shall deem appropriate, after a Participant have been, since the RSU Date, in the continuous employment of the Company or an Affiliate or have undertaken
Related Employment, the Committee, in its sole discretion, shall determine whether and to what extent, if any, the Company&#146;s right as specified in Paragraph 2(b) above (and in any and all other terms, conditions and restrictions imposed hereby)
shall lapse and cease to be effective. The Company&#146;s right specified in Paragraph 2(b) above shall be exercisable at such time as to the remaining shares, if any. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) From time to time during the Restricted Period, the Company shall pay to a
Participant an amount of cash equal to the regular quarterly cash dividend paid by the Company on a number of shares equal to the number of shares remaining to be issued to a Participant hereunder less any applicable United States federal, state,
local or foreign income, employment or other taxes that the Company determines are required to be withheld therefrom. Such payment shall be made as soon as practicable following the applicable dividend payment date, but in no event later than 60
days thereafter. The Company&#146;s obligation to make such payment shall cease with respect to any shares at such time as the Company&#146;s right becomes exercisable with respect thereto pursuant to Paragraph 2(b) or 2(c) above. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. If the Company, in its sole discretion, shall determine that the Company or an Affiliate or other person has incurred or will incur any obligation to
withhold any United States federal, state, local or foreign income, employment or other taxes by reason of the issuance or operation of this RSU, a Participant (or, in the event of a Participant&#146;s death, the legal representatives of a
Participant&#146;s estate) will, promptly upon demand therefor by the Company, pay to the Company or such Affiliate or other person, in accordance with Paragraph 17(f) of the Plan, any amount demanded by it for the purpose of satisfying such
obligation. If the amount so demanded is not promptly paid or if a Participant (or, in the event of a Participant&#146;s death, the legal representatives of a Participant&#146;s estate) shall fail to promptly provide the Company with any and all
forms, documents or other information reasonably required by the Company in connection with this RSU, the Company or its designee may refuse to permit the transfer of any shares and the distribution of any proceeds and may, without further consent
by or notice to a Participant (or, in the event of a Participant&#146;s death, the legal representatives of a Participant&#146;s estate) cancel its agreement to issue to a Participant any shares and cancel any shares otherwise issuable hereunder.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Section IV </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT COMMON
PROVISIONS RELATING TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MORE THAN ONE FORM OF AWARD </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. Notwithstanding anything in this Master Agreement to the contrary (but subject to those provisions in Paragraph 3 or 4 below which could reduce payments hereunder as a result of Section&nbsp;280G of the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;)), upon a Change in Control (as applicable to a particular award), the award holder shall immediately be: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) with respect to any Option issued pursuant to the Option provisions of this Master Agreement, 100% vested in the total number of
shares covered thereby such that they shall be fully exercisable; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) with respect to any RSA issued pursuant to the RSA
provisions of this Master Agreement, 100% vested in the total number of shares covered thereby such that they shall no longer be subject to any transfer restrictions imposed by this Master Agreement; and </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) with respect to any RSU issued pursuant to the RSU provisions of this Master Agreement, entitled to receive the total number of shares
covered thereby such that they shall no longer be subject to any restrictions on issuance imposed by this Master Agreement, and: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(1) if the Change in Control qualifies as a &#147;change in ownership,&#148; a &#147;change in effective control&#148; or a &#147;change in ownership of a substantial portion of the assets&#148; of the Company (each as defined by
Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance issued thereunder (collectively, &#147;Section 409A&#148;)), then the shares underlying such RSU shall be issued to the Participant immediately upon
the occurrence of the Change in Control, but in no event later than five days thereafter; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(2) if the Change in Control does not so qualify, then the shares underlying such RSU
shall be issued to the Participant as soon as administratively practicable following the January&nbsp;1st of the calendar year immediately following the calendar year that includes the last day of the original Restricted Period, but in no event
later than 90 days thereafter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Committee may not amend or delete this Section IV of this Master Agreement in a manner that is detrimental to the award
holder, without his written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. A &#147;Change in Control&#148; means the happening of any of the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;)) (a &#147;Person&#148;) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (i)&nbsp;the then outstanding common shares of the Company
(the &#147;Outstanding Company Common Shares&#148;) or (ii)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#147;Outstanding Company Voting
Securities&#148;); provided, however, that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A)&nbsp;any acquisition directly from the Company;
(B)&nbsp;any acquisition by the Company or any corporation, partnership, trust or other entity controlled by the Company (a &#147;Subsidiary&#148;); (C)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary; (D)&nbsp;any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (E)&nbsp;any acquisition by an individual, entity or group that is permitted to, and
actually does, report its beneficial ownership on Schedule 13-G (or any successor schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any
successor schedule), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial
ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (F)&nbsp;any acquisition by any corporation pursuant to a reorganization, merger or consolidation if,
following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of Paragraph 2(c) are </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the &#147;Subject Person&#148;) became
the beneficial owner of 25% or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company which,
by reducing the number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject Person; provided, that if a Change in Control would be deemed to have
occurred (but for the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person
becomes the beneficial owner of any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company Common Shares or Outstanding Company Voting Securities beneficially
owned by the Subject Person, then a Change in Control shall then be deemed to have occurred; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Individuals who, as of
the date hereof, constitute the Board (the &#147;Incumbent Board&#148;) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company&#146;s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(c) The consummation of a reorganization, merger, statutory share exchange, consolidation, or similar corporate transaction involving the Company or any of its direct or indirect Subsidiaries (each a &#147;Business
Combination&#148;), in each case, unless, following such Business Combination, (i)&nbsp;the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination, continue to represent (either
by remaining outstanding or being converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or
all or substantially all of the Company&#146;s assets either directly or through one or more subsidiaries), (ii)&nbsp;no Person (excluding the Company, any employee benefit plan (or related trust) of the Company, a Subsidiary or such corporation
resulting from such Business Combination or any parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or indirectly, 25% or more of the Outstanding Company Common Shares or
Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of common stock of the corporation resulting </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such corporation entitled to
vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or any parent thereof) were members of the Incumbent Board at the
time of the execution of the initial agreement or action of the Board providing for such Business Combination; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) The
consummation of the sale, lease, exchange or other disposition of all or substantially all of the assets of the Company, unless such assets have been sold, leased, exchanged or disposed of to a corporation with respect to which following such sale,
lease, exchange or other disposition (i)&nbsp;more than 50% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent
thereof) entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company
Common Shares and Outstanding Company Voting Securities immediately prior to such sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other
disposition of such Outstanding Company Common Shares and Outstanding Company Voting Shares, as the case may be, (ii)&nbsp;no Person (excluding the Company and any employee benefit plan (or related trust)) of the Company or a Subsidiary or of such
corporation or a subsidiary thereof and any Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition, directly or indirectly, 25% or more of the Outstanding Company Common Shares or Outstanding Company Voting
Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of respectively, the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding
voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of such corporation (or any parent thereof) were
members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale, lease, exchange or other disposition of assets of the Company; or </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. This Paragraph 3 shall apply in the event of a Change in Control. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) In the event that any payment or benefit received or to be received by a Participant hereunder in connection with a Change in Control
or termination of such Participant&#146;s employment (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;Payments&#148;), will be subject to the excise tax
referred to in Section&nbsp;4999 of the Code (the &#147;Excise Tax&#148;), then (i)&nbsp;in the case of a Participant who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a &#147;Tier 1
Employee&#148;), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">period referred to in Paragraph 3(d) below, an additional amount (the &#147;Gross-Up Payment&#148;) such that the net amount retained by such Tier 1
Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Payments and (ii)&nbsp;in the case of a Participant other than a
Tier 1 Employee, the Payments shall be reduced to the extent necessary so that no portion of the Payments is subject to the Excise Tax but only if (A)&nbsp;the net amount of all Total Payments (as hereinafter defined), as so reduced (and after
subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments), is greater than or equal to (B)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net
amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments); provided, however, that the Participant may
elect in writing to have other components of his or her Total Payments reduced prior to any reduction in the Payments hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such Excise Tax and whether any Payments are to be reduced hereunder: (i)&nbsp;all payments and benefits received or to be received by the
Participant in connection with such Change in Control or the termination of such Participant&#146;s employment, whether pursuant to the terms of this Master Agreement or any other plan, arrangement or agreement with the Company, any Person (as such
term is defined in Paragraph 2(a) above) whose actions result in such Change in Control or any Person affiliated with the Company or such Person (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to
which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the &#147;Total Payments&#148;), shall be treated as &#147;parachute payments&#148; (within the meaning of
Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change in Control, the Company&#146;s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or
not serving as independent auditors, designated by the Committee (the &#147;Firm&#148;), such payments or benefits (in whole or in part) do not constitute parachute payments, including by reason of Section&nbsp;280G(b)(2)(A) or
Section&nbsp;280G(b)(4)(A) of the Code; (ii)&nbsp;no portion of the Total Payments the receipt or enjoyment of which the Participant shall have waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of
Section&nbsp;280G(b) of the Code shall be taken into account; (iii)&nbsp;all &#147;excess parachute payments&#148; within the meaning of Section&nbsp;280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the
Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of
Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax; and (iv)&nbsp;the value of any noncash benefits or any deferred payment or benefit shall be determined by the Firm in
accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of the Code and regulations or other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in
respect of a Participant (other than a Tier 1 Employee) shall be reduced, a Participant shall be deemed to pay </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">federal income tax at the highest marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the
state and locality of such Participant&#146;s residence, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in the calendar year in which the Gross-Up Payment is to be made (in
the case of a Tier 1 Employee) or in which the Payments are made (in the case of a Participant other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the Company for its services. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the
Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the &#147;Excess Amount&#148;) will be deemed for all purposes to be a loan to the Tier 1 Employee made on the date of the Tier 1
Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the Company on the fifth business day after demand, together with interest on such amount at the lowest applicable Federal rate (as defined
in Section&nbsp;1274(d) of the Code or any successor provision thereto), compounded semi-annually (the &#147;Section 1274 Rate&#148;) from the date of the Tier&nbsp;1 Employee&#146;s receipt of such Excess Amount until the date of such repayment (or
such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the
amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination,
but not later than December&nbsp;31st of the year following the year in which the Tier 1 Employee remits the related tax, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional
amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or such lesser rate (including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a
parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) As soon as practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each
Tier 1 Employee and to each other Participant with respect to whom it is proposed that Payments be reduced, a written statement setting forth the manner in which the Total Payments in respect of such Tier 1 Employee or other Participant were
calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any such opinions or advice which are in writing shall be
attached to the statement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. The terms of any Option, RSA or RSU (including terms under this Master Agreement or any Award Schedule) may
be amended from time to time by the Committee in its sole discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of payments thereunder); provided, however, that no such amendment shall adversely
affect in a material manner any right of a Participant under such Option, RSA or RSU without </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">the written consent of such Participant; provided, however, that the Committee shall not have the authority to amend any Option held by any executive officer
of the Company as defined in Rule 3(b)(7) under the Securities Exchange Act of 1934, as amended, so that the amount of compensation an executive officer could receive is not based solely on an increase in the value of shares, or to otherwise amend
any Award issued to such executive officer if the amendment would cause compensation payable thereunder to be nondeductible under Section&nbsp;162(m) of the Code (or any successor provision) or regulations thereunder assuming such executive officer
is a covered employee for purposes of such Section. Notwithstanding the foregoing, the Committee shall not amend the terms of any Option, RSA or RSU (including terms under this Master Agreement or any Award Schedule), to the extent such amendment
would cause a violation of Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. If and to the extent permitted by the Committee, and subject to the provisions of the
Plan, a Participant may, by completing the form provided by the Corporate Secretary for such purpose and returning it to the Corporate Secretary&#146;s Office in New York City, name a beneficiary or beneficiaries to receive any payment or exercise
any rights to which such Participant may become entitled under an Award in the event of such Participant&#146;s death. To the extent permitted by the Corporate Secretary, a Participant may change his or her designated beneficiary or beneficiaries
from time to time by submitting a new form to the Corporate Secretary&#146;s Office in New York City, to the extent permitted by law (for example, unless such Participant has made a prior irrevocable designation). If a Participant does not designate
a beneficiary, or if no designated beneficiary is living on the date any amount becomes payable under an Award, such payment will be made to the legal representatives of such Participant&#146;s estate, which will be deemed to be the
Participant&#146;s designated beneficiary under the Award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. If the Company, in its sole discretion, shall determine that the listing
upon any securities exchange or registration or qualification under any United States federal, state, local or foreign law of any shares to be delivered pursuant to an Award is necessary or desirable, delivery of such shares shall not be made in
shares until such listing, registration or qualification shall have been completed. Until a certificate for some or all of the shares subject to an RSU is issued to a Participant, a Participant shall have no rights as a shareholder of the Company
and, in particular, shall not be entitled to vote such shares or to receive any dividend or other distribution paid in respect thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.
Notwithstanding anything to the contrary contained herein, the Committee, in its sole discretion, may approve and the Company may issue Options, RSAs or RSUs that are not governed by the provisions contained in this Master Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. Any action taken or decision made by the Company, the Board, or the Committee or its delegates arising out of or in connection with the construction,
administration, interpretation or effect of any provision of the Plan or this Master Agreement shall lie within its sole and absolute discretion, as the case may be, and shall be final, conclusive and binding on the Participant and all persons
claiming under or through the Participant. By receipt of such Awards or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated acceptance and
ratification of, and consent to, any action taken under the Plan or this Master Agreement, by the Company, the Board or the Committee or its delegates. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. The validity, construction, interpretation, administration and effect of the Plan and of its rules and
regulations, and rights relating to the Plan, and to any Award issued under this Master Agreement, shall be governed by the substantive laws, but not the choice of law rules, of the State of New York, in the United States of America. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. The Committee may rescind, without further notice to the Participant, any Award issued to the Participant under the Plan in duplicate, or in error,
as determined in the sole discretion of the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. The Options and RSAs subject to this Master Agreement are intended to be exempt
from Section&nbsp;409A and the RSUs subject to this Master Agreement are intended to comply with Section&nbsp;409A, and the Plan, this Master Agreement and the applicable Award Schedules shall be administered and interpreted consistent with such
intent and the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto (the &#147;409A Policy&#148;). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Section V </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MASTER AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>DETRIMENTAL CONDUCT PROVISIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Applicability</U>. Unless the Committee expressly determines
otherwise, the provisions of this Section V of this Master Agreement shall apply to all Awards issued under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Detrimental
Conduct</U>. If a current or former employee of, or other individual that provides or has provided services for the Company (the &#147;Employee&#148;) engages in Detrimental Conduct, Awards previously issued to such Employee may be canceled,
rescinded or otherwise restricted and the Company can recover any payments received by and stock delivered to the Employee in accordance with the terms of Paragraph 3. For purposes of this Section V, &#147;Detrimental Conduct&#148; shall mean the
conduct described in Paragraphs 2(a) through 2(g). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Noncompete</I>. For a one-year period after the last day of
active employment if the Employee is a Band 70 or above employee or for a six-month period after the last day of active employment if the Employee is a Band 50 or 60 employee, and during the Employee&#146;s employment with the Company, the Employee
shall not be employed by, provide advice to or act as a consultant for any Competitor. The Company has defined Competitor for certain lines of business, departments or job functions by establishing a specific standard and/or by name as set forth in
the Company&#146;s Competitor List(s). An Employee&#146;s personal list of competitors will be the sum of: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(1) either
(i)&nbsp;all competitors derived from the column titled Standard on the Competitor List for the lines of business and departments (as listed on the Competitor List under the Line of Business column) that the Employee provided services to or managed
during the two-year period preceding the date the Employee&#146;s active employment with the Company terminates, or (ii)&nbsp;if the job function the Employee is employed in at the time his or her active employment with the Company terminates is
listed on the Competitor List under the Line of Business column, the competitors cited for that job function under the Standard column of the Competitor List; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(2) the Entities (as that term is defined in Paragraph 8) listed on the Competitor List
under the column titled Business Unit Wide Competitors for the business units, i.e. AEB or TRS, the Employee provided services to or managed during the two-year period preceding the date his or her active employment with the Company terminates. If
any line(s) of business the Employee provided services to or managed during the two-year period preceding the date his or her active employment with the Company terminates is not listed on the Competitor List then, with respect to such line(s) of
business, the Employee shall not be employed by, provide advice to or act as a consultant for (i)&nbsp;an Entity&#146;s line of business that competes with those line(s) of business and (ii)&nbsp;the Entities listed on the Competitor List under the
column titled Business Unit Wide Competitors for the business units the Employee provided services to or managed during the two-year period preceding the date the Employee&#146;s active employment with the Company terminates. Except for Business
Unit Wide Competitors, the prohibition against being employed by, providing advice to or acting as a consultant for a Competitor is limited to the line(s) of business of the Competitor that compete with the line(s) of business of the Company that
the Employee provided services to or managed. With respect to Business Unit Wide Competitors, the Employee agrees not to be employed by, provide advice to or act as a consultant for such Entities in any line of business because these Entities
compete with several of the Company&#146;s lines of business. The Company can revise the Competitor List at its discretion at any time and from time to time and as revised will become part of this Section V; a copy of the current Competitor List
will be available through the Corporate Secretary&#146;s Office. Notwithstanding anything in this Section V to the contrary, the Company shall not make any addition to the Competitor List for a period of two years following the date of a Change in
Control (as defined in Section IV of this Plan Master Agreement, and as amended from time to time, or any successor thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) <I>Nondenigration</I>. For a one-year period after an Employee&#146;s last day of active employment (&#147;the Restricted Period&#148;) and during his or her employment with the Company, an Employee or anyone acting at his or her
direction may not denigrate the Company or the Company&#146;s employees to the media or financial analysts. During the Restricted Period an Employee may not (i)&nbsp;provide information considered proprietary by the Company to the media or financial
analysts or (ii)&nbsp;discuss the Company with the media or financial analysts, without the explicit written permission of the Executive Vice President of Corporate Affairs and Communications. This Paragraph shall not be applicable to any truthful
statement required by any legal proceeding. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Nonsolicitation of Employees</I>. During the Restricted Period, an
Employee may not employ or solicit for employment any employee of the Company. In addition, during the Restricted Period an Employee may not advise or recommend to any other person that he or she employ or solicit for employment, any person employed
by the Company for the purpose of employing that person at an Entity at which the Employee is or intends to be (i)&nbsp;employed, (ii)&nbsp;a member of the Board of Directors, or (iii)&nbsp;providing consulting services. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Nonsolicitation of Customers</I>. During the Restricted Period, an Employee may
not directly or indirectly solicit or enter into any arrangement with any Entity which is, at the time of such solicitation, a significant customer of the Company for the purpose of engaging in any business transactions of the nature performed or
contemplated by the Company. This Paragraph shall apply only to customers whom the Employee personally serviced while employed by the Company or customers the Employee acquired material information about while employed by the Company. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <I>Misconduct</I>. During his or her employment with the Company, an Employee may not engage in any conduct that results in
termination of his or her employment for Misconduct. For purposes of this Section V, &#147;Misconduct&#148; is (i)&nbsp;material violation of the American Express Company Code of Conduct, (ii)&nbsp;criminal activity, (iii)&nbsp;gross
insubordination, or (iv)&nbsp;gross negligence in the performance of duties. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(f) <I>Confidential Information</I>. During
the Restricted Period and during his or her employment with the Company, an Employee may not misappropriate or improperly disclose confidential information or trade secrets of the Company and its businesses, including but not limited to information
about marketing or business plans, possible acquisitions or divestitures, potential new products or markets and other data not available to the public. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(g) <I>Other Detrimental Conduct</I>. During the Restricted Period, an Employee may not take any actions that the Company reasonably deems detrimental to its interests. To the extent practicable, the Company will
request an Employee to cease and desist or rectify the conduct prior to seeking any legal remedies under this Paragraph and will only seek legal remedies if the Employee does not comply with such request. This Paragraph shall not be applied to
conduct that is otherwise permitted by Paragraphs 2(a) through 2(f). For example, if an Employee leaves the Company&#146;s employment to work for an Entity that is not a Competitor under Paragraph 2(a), the Company will not claim that employment
with that Entity violates Paragraph 2(g). Notwithstanding anything in this Section V to the contrary, this Paragraph 2(g) shall not be applicable to an Employee from and after his or her last day of active employment, if his or her active employment
terminates for any reason (other than for Misconduct, as defined in Paragraph 2(e) above) within two years following a Change in Control (as such term is defined in Section IV of this Master Agreement, as amended from time to time, or any successor
thereto). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Remedies</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) <I>Repayment of Financial Gain</I>. If an Employee fails to comply with the requirements of Paragraphs 2(a) through 2(g) and is at Band 70 or above at the time his or her active employment with the Company
terminates, the Company may cancel any outstanding Awards and recover from the Employee (i)&nbsp;the amount of any gain realized on Options and stock appreciation rights exercised, as of the date exercised, (ii)&nbsp;any payments received for
Portfolio Grant Awards or other Awards and (iii)&nbsp;stock whose restrictions lapsed (or the value of the stock at the time the restrictions lapsed) pursuant to </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">am RSA, RSU Award or other Awards, during the last two years the Employee was employed by the Company. If an Employee fails to comply with the requirements
of Paragraphs 2(a) through 2(g) and is at Band 50 or 60 at the time his or her active employment with the Company terminates, the Company may cancel any outstanding Awards and recover from the Employee the amount of any gain realized on Options and
stock appreciation rights exercised, as of the date exercised, which were exercised during the last six months the Employee was employed by the Company. If an Employee fails to comply with the requirements of Paragraphs 2(a) through 2(g), the
Employee must and agrees to repay the Company in accordance with the terms of this Paragraph and the Company shall be entitled, to the extent and in the manner permitted by the 409A Policy, to set-off against the amount of any such repayment
obligation any amount owed, from any source, to the Employee by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Other Remedies</I>. The remedy provided
pursuant to Paragraph 3(a) shall be without prejudice to the Company&#146;s right to recover any losses resulting from a violation of this Section V and shall be in addition to whatever other remedies the Company may have, at law or equity, for
violation of the terms of this Section V. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Approval to Exercise Options</U>. If an Employee is a Band 70 or above employee and elects
to exercise more than 40% of all of his or her outstanding vested Options in any 90-day period, such Employee will need the written approval of the Chief Executive Officer or President of American Express Company or their delegate. If an Employee is
a member of the Global Leadership Team (&#147;GLT&#148;) and elects to exercise more than 25% of all his or her outstanding vested Options in any 90-day period, such Employee will need the written approval of the Chief Executive Officer or President
of American Express Company or, if he or she is the Chief Executive Officer or President of American Express Company, the written approval of the Committee. If an Employee is a Band 50 or 60 employee and elects to exercise more than 40% of all of
his or her outstanding vested Options in any 90-day period, such Employee will need the written approval of the Executive Officer who manages the area he or she works in. The standard for determining whether to approve an Employee&#146;s request to
exercise options will be whether he or she is complying and will comply with the requirement of Paragraphs 2(a) through&nbsp;2(g). If an Employee&#146;s request for approval is denied, he or she may submit a second request after 90 days have elapsed
from the submission date of a completed Notice of Exercise of Employee Stock Option form (&#147;Form&#148;) on the first request. An Employee will have 30 trading days (exclusive of blackout periods due to &#147;window&#148; closings) from the date
he or she receives written approval to exercise up to the full number of options requested in the Form. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Compensation Band
Changes</U>. If the Company changes its current system of classifying employees in compensation bands and management tiers, the references to Bands 50, 60 and 70, Executive Officers and GLT members in this Section V will be construed to mean the
compensation level(s) and management tiers in the new or revised system that, in the Company&#146;s discretion, most closely approximates these bands and management tiers under the current system. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Involuntary Terminations</U>. This Section V will not apply to employees of the Company who enter into a severance agreement with the Company or
other involuntary terminations as determined by the Company (excluding terminations covered by Paragraph 2(e)). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Court Modification</U>. If any term of this Section V is determined by a court of competent
jurisdiction not to be enforceable in the manner set forth in this Section V, such term shall be enforceable to the maximum extent possible under applicable law and such court shall reform such term to make it enforceable. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Definition of Entity</U>. As used in this Section V, the word Entity or Entities shall mean any corporation, partnership, association, joint
venture, trust, government, governmental agency or authority, person or other organization or entity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Waivers</U>. The failure of
the Company to enforce at any time any term of this Section V shall not be construed to be a waiver of such term or of any other term. Any waiver or modification of the terms of this Section V will only be effective if reduced to writing and signed
by both the Employee and the President or Chief Executive Officer of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>

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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>6
<FILENAME>dex1010.htm
<DESCRIPTION>SECTION 409A AMENDMENTS TO PORTFOLIO GRANT AWARDS
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<TITLE>Section 409A Amendments to Portfolio Grant Awards</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.10 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SECTION 409A AMENDMENTS TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PORTFOLIO GRANT AWARDS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Made Under the American Express 2007 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Incentive Compensation Plan </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, American Express Company (the &#147;<I>Company</I>&#148;) has granted PG Awards (as
defined in Section&nbsp;1(b) below) to certain executive officers of the Company; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company desires to amend the PG Awards
to comply with the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated and other official guidance issued thereunder (collectively, &#147;<I>Section 409A</I>&#148;);
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, the Company hereby adopts the following amendments to the PG Awards, effective January&nbsp;1, 2009: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Definitions</U>. For purposes of this Section&nbsp;409A Amendments to American Express Portfolio Grant Awards (this &#147;<I>Amendment</I>&#148;),
the following terms shall have the meanings provided thereto by this Section: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) &#147;<I>Agreement</I>&#148; means an agreement
representing a PG Award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) &#147;<I>PG Awards</I>&#148; mean the American Express Company 2007 Incentive Compensation Plan Portfolio
Grant 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>-20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Amendments</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The last sentence of Section&nbsp;4(a) of each Agreement is hereby amended in its entirety to provide as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;In the event of your death or your disability (if such disability qualifies as a &#147;disability&#148; for purposes of
Section&nbsp;409A of the Code), such amount, if any, shall be payable as soon as practicable thereafter, but in no event later than 90 days from the date of your disability or death, and unless otherwise determined by the Committee, in cash, common
shares of the Company, or other property, or any combination thereof, and you and all others claiming under or through you shall not be entitled to receive any other amounts under this Award. In the event of your disability (if such disability does
not qualify as a &#147;disability&#148; for purposes of Section&nbsp;409A of the Code), such amount, if any, shall be payable after the Award Period in accordance with Paragraph 5(b), and unless otherwise determined by the Committee, in cash, common
shares of the Company, or other property, or any combination thereof, and you and all others claiming under or through you shall not be entitled to receive any other amounts under this Award.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Section&nbsp;5(b) of each Agreement is hereby amended to replace the language &#147;February 1, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, but in no event
later than 90 days thereafter (or at such other time or times as the Committee shall determine as provided in Paragraph 7)&#148; with &#147;February 1, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, but in no event later than 90 days thereafter.&#148;
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) Section&nbsp;8(b) of each Agreement is hereby amended to replace the first reference to
&#147;termination of employment&#148; with &#147;separation from service (as that term is defined for purposes of Section&nbsp;409A of the Code)&#148; and each subsequent reference in such subsection to &#147;termination of employment&#148; with
&#147;separation from service.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) Section&nbsp;13(a) of each Agreement is hereby to replace the language &#147;within five days
after receipt by you of the written statement referred to in Subparagraph (e)&#148; with &#147;within five days after the expiration of the written-statement period referred to in Subparagraph 13(d) below.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Section&nbsp;13(c) of each Agreement is hereby amended to replace the language &#147;within five business days of such determination&#148; with
&#147;within five business days of such determination, but not later than the December&nbsp;31st of the year following the year in which you remit the related taxes.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) Section&nbsp;13(d) of each Agreement is hereby to replace the language &#147;As soon as practicable following a Change in Control&#148; with &#147;As
soon as practicable following a Change in Control, but in no event later than 30 days thereafter.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) A new Section&nbsp;16 is
hereby added to each Agreement which shall provide as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;16. <U>Section&nbsp;409A Compliance</U>. This
Agreement and the payment of the Award hereunder are intended to comply with Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance issued thereunder, and this Agreement shall be administered and
interpreted consistent with such intent and the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Miscellaneous</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a)
<I>Severability</I>. If any provision of this Amendment is held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of this Amendment, but shall be fully severable, and this Amendment shall be construed and
enforced as if said illegal or invalid provision had never been inserted herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Captions</I>. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of this Amendment, and shall not be considered in the construction of this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) <I>Gender and Number</I>. In this Amendment, the masculine pronoun shall be construed to include the feminine, and the singular shall be construed to include the plural, wherever appropriate. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Governing Law</I>. This Amendment shall be construed in accordance with and governed by the laws
of the State of New York to the extent not superseded by federal law, without reference to the principles of conflict of laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e)
<I>Compliance with Section&nbsp;409A</I>. The payment of PG Awards under this Amendment and PG Awards is intended to comply with Section&nbsp;409A, and this Amendment and the terms of the PG Awards shall be interpreted, operated and administered
consistent with this intent and the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>7
<FILENAME>dex1011.htm
<DESCRIPTION>2007 INCENTIVE COMPENSATION PLAN PERFORMANCE GRANT
<TEXT>
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<TITLE>2007 Incentive Compensation Plan Performance Grant</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.11 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2007 INCENTIVE COMPENSATION PLAN </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PERFORMANCE GRANT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(ALSO KNOWN AS THE
20&nbsp;&nbsp;&nbsp;&nbsp; INCENTIVE AWARD) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TO </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Name of Employee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Award Date</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Expiration Date of Award Period</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As Amended and Restated Effective January&nbsp;1, 2009) </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We are pleased to inform you that, pursuant to the Company&#146;s 2007 Incentive Compensation Plan, as amended (the &#147;Plan&#148;), the Compensation
and Benefits Committee (the &#147;Committee&#148;) of the Board of Directors (the &#147;Board&#148;) of American Express Company (the &#147;Company&#148;), made an award of a performance grant (also known as the 20&nbsp;&nbsp;&nbsp;&nbsp; Incentive
Award) to you as hereinafter set forth (the &#147;Award&#148;) under the Plan as of the award date specified above (the &#147;Award Date&#148;). This Award is subject to the Detrimental Conduct Provisions established by the Committee, and as from
time to time amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>General</U>. You have been granted the Award subject to the provisions of the Plan and the terms, conditions
and restrictions set forth in this agreement (this &#147;Agreement&#148;). The period beginning on the first day of the fiscal year of the Company in which the Award Date occurs and ending on the Expiration Date specified above being the &#147;Award
Period.&#148; The Schedule A Value (as that term is defined below in Subparagraph 3(b)), if any, will be determined as specified in Paragraph 3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">2. <U>Requirement of Employment</U>. Your rights to the Cash Value and the Number of Restricted Shares or Restricted Stock Units, if any (as those terms are defined below) under Subparagraph 4(b) hereof, shall be provisional and shall be
canceled if your continuous employment with the Company and its Affiliates or your Related (as that term is defined in the Plan) (hereinafter collectively referred to as &#147;employment with the American Express companies&#148;), terminates for any
reason on or before the payment date as set forth in Subparagraph 4(b). Whether and as of what date your employment with the American Express companies shall terminate if you are granted a leave of absence or commence any other break in employment
intended by the Company to be temporary, shall be determined by the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Determination of the Schedule A Value, Cash Value and
the Number of Restricted Shares or Restricted Stock Units</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided below in this Paragraph 3 and in Paragraphs
2 and 5 hereof, there shall be paid to you in accordance with Paragraph 4 hereof, the Schedule A Value as of the last day of the Award Period, if any, as provided in Subparagraph 3(b). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><I>Page 1 of 10 </I></FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Schedule A Value</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) Except as otherwise provided in this Paragraph 3, the Schedule A Value as of the last day of the Award Period will be equal to the amount, if any,
determined by the Committee based on the performance (i.e., 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Return on Equity and 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Earnings Per Share) of the Company, pursuant to Schedule A to this Agreement. However, in no event
will the Schedule A Value be greater than the maximum value as set forth in Schedule A to this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) In the application of
Schedule A to this Agreement after the end of the Award Period for purposes of determining the Schedule A Value pursuant to this Subparagraph 3(b), (A)&nbsp;if the 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Return on Equity or the
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Earnings Per Share is less than the level needed to have some Schedule A Value, there shall be no Schedule A Value, and (B)&nbsp;if the 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Return on Equity and the
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> Earnings Per Share are equal to or greater than those levels needed to have some Schedule A Value and less than or equal to the maximum specified levels and are not represented on the table, the Schedule A Value
shall be determined by straight-line interpolation from the amounts specified in such table immediately less than and greater than the amounts actually attained. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(iii) The Committee shall determine in its own discretion what portion of the Schedule A Value, if any (as adjusted in accordance with Subparagraph 3(c) below), shall be payable in cash (the &#147;Cash Value&#148;),
and what portion shall be denominated in restricted shares or restricted stock units of the Company (&#147;the RSA&#148; or &#147;the RSU&#148;), in accordance with Paragraph 4 below. The RSA or the RSU shall have the terms substantially as set
forth in the form of restricted stock or restricted stock unit award granted generally under the Plan, or its successor, except that the RSA or the RSU shall vest pursuant to a period determined in the Committee&#146;s discretion, except that such
vesting period shall not be less than one year from date of grant, and (B)&nbsp;be forfeitable only if your employment with the American Express companies terminates by reason of voluntary resignation or terminates for cause (that is, violation of
the Code of Conduct as in effect from time to time) prior to the applicable vesting dates. The number of restricted shares or restricted stock units of the Company comprising the RSA or the RSU (the &#147;Number of Restricted Shares&#148; or the
&#147;Number of Restricted Stock Units&#148;) shall be determined by dividing such portion of the Schedule A value so designated by the Committee, if any, by the closing price of the shares on the date that the Committee approves payout of the
Awards, and shall be payable in the form of an RSA or an RSU in accordance with Paragraph 4 below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) For purposes of this Award, all
accounting terms are defined in accordance with generally accepted accounting principles as set forth in the Company&#146;s annual audited financial statements, except as otherwise provided below (which will take into account, in each case, the
expenses and other financial effect for the applicable year(s) of performance grants under the Plan): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(A) &#147;Net Income&#148; means,
for any given year, the after-tax net income (or loss) of the Company or of a segment or other part of the Company, as the case may be, for such year as adjusted below, as reported by the Company. The calculation of Net Income, for any given year,
will be adjusted to exclude: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">reported cumulative effect of accounting changes; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">reported income and losses from discontinued operations; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">reported extraordinary gains and losses as determined under generally accepted accounting principles. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) &#147;Average Annual Shareholders&#146; Equity&#148; means, for any given year, the sum of the total shareholders&#146; equity of the Company or of
a segment or other part of the Company, as the case may be, as of the first day of such year and as of the end of each month during such period (each as reported by the Company), divided by 13. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(C) &#147;Return on Equity&#148; means, for any given year, the Net Income for such year divided by the Average Annual Shareholders&#146; Equity for
such year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(D) &#147;Earnings Per Share&#148; means, for any given year, the diluted earnings (or loss) per share of the Company for such
year, as reported by the Company. The calculation of Earnings Per Share, for any given year, will be adjusted in the same fashion as Net Income for such year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(v) To the extent permissible for purposes of Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), in the event of any change in the corporate capitalization of the Company,
such as by reason of any stock split, or a material corporate transaction, such as any merger of the Company into another corporation, any consolidation of the Company and one or more corporations into another corporation, any separation of the
Company (including a spin-off or other distribution of stock or property by the Company), any reorganization of the Company (whether or not such reorganization comes within the definition of such term in Section&nbsp;368 of the Code), or any partial
or complete liquidation by the Company, other than a normal cash dividend, if the Committee shall determine that such a change equitably requires an adjustment in the calculation or terms of Return on Equity and/or Earnings Per Share, on the grounds
that any such change would produce an unreasonable value, such equitable adjustment will be made by the Committee. Any such determination by the Committee to reflect such change under this Subparagraph 3(b)(v) shall be final, binding and conclusive.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) As soon as practicable after the last day of the Award Period, the Committee may determine, in its sole discretion, that the Schedule
A Value, if any (as determined above in Subparagraph 3(b)), may be adjusted downward, but in no event upward, by a percentage from 0-100% (that is, to a value of zero). In no event may the Committee amend any provision hereof so as to increase or
otherwise adjust upward the Schedule A Value. In exercising its discretion to make a downward adjustment, the Committee may take into account factors such as the increase in shareholder value (as indicated, for example, by shareholder return,
earnings growth and return on equity), customer satisfaction (as indicated, for example, by customer satisfaction measures, client retention and growth in products and services), employee satisfaction (as indicated, for example, by the employee
values survey results), implementation of AEQL initiatives (as indicated, for example, by process changes that achieve </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">significant results), achievement of reengineering initiatives (as indicated, for example, by cost savings), and such other factors deemed relevant by the
Committee; provided that any such determination by the Committee need not be made in a uniform manner and may be made selectively among holders of awards of performance grants, whether or not such award holders are similarly situated. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The Committee&#146;s determinations as to the Schedule A Value, the Cash Value and the Number of Restricted Shares or the Number of Restricted Stock
Units pursuant to this Agreement shall be final, binding and conclusive upon you and all persons claiming under or through you. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.
<U>Payment of Award</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) As soon as practicable after the last day of the Award Period, the Committee shall determine whether the
conditions of Paragraphs 2 and 3 hereof have been met and, if so, shall ascertain the Schedule A Value (and any negative adjustment thereto), Cash Value and the Number of Restricted Shares or the Number of Restricted Stock Units, if any, in
accordance with Paragraph 3 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) If the Committee determines that there is no Schedule A Value, this Award will be canceled. If the
Committee determines that there is some Schedule A Value, however, the Cash Value as determined pursuant to Paragraph 3 hereof shall become payable to you in cash, and the Number of Restricted Shares or the Number of Restricted Stock Units shall be
issued to you in the form of a restricted stock or restricted stock unit award under the Plan, within fifteen business days following the regularly scheduled payroll payment date of the applicable pay period beginning after January&nbsp;31 of the
year following the Award Period, but in no event later than 90 days after January&nbsp;31 of the year following the Award Period (or at such other time or times as the Committee shall determine as provided in Paragraph 6 below). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Termination of Employment after the Award Period but on or before the Payment Date</U>. If, after the last day of the Award Period and on or before
the date specified above in Subparagraph 4(b), but during a period when you have been in continuous employment with the American Express companies since the Award Date, you terminate your employment with the American Express companies for any
reason, then you and all others claiming under or through you shall not be entitled to receive any amounts or awards under this Award, except as otherwise determined by the Committee in its sole discretion. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Deferral or Acceleration of Payment of Award</U>. Any payments to be made under this Award may be deferred or accelerated in such manner as the
Committee shall determine; provided, however, that any such deferral or acceleration must comply with the applicable requirements of Section&nbsp;409A of the Code. As to such a deferral of payment, any such payment in excess of the amount that was
originally payable to you under this Agreement will be based on a reasonable interest rate or on one or more predetermined actual investments (whether or not assets associated with the amount are actually invested therein) as determined by the
Committee, and as to such an acceleration of payment to you under this Agreement, any such payment will be discounted to reasonably reflect the time value of money as determined by the Committee. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Change in Control</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Notwithstanding anything in this Award to the contrary, if you have not received payment under this Award as discussed in Subparagraph 4(b) above, and
within two years following a Change in Control, as that term is defined in the Company&#146;s Senior Executive Severance Plan, you experience a separation from service (as that term is defined for purposes of Section&nbsp;409A of the Code) that
would otherwise entitle you to receive the payment of severance benefits under the provisions of the severance plan that you participate in as of the date of such separation from service, then you shall be paid under this Award, within five days
after the date of such separation from service, a cash payment under this Award equal to the value of (i)&nbsp;(A)&nbsp;the average award paid or payable to you under the 20&nbsp;&nbsp;&nbsp;&nbsp; and 20&nbsp;&nbsp;&nbsp;&nbsp; Annual Incentive
Award or such other annual incentive award program of the Company or one of its subsidiaries that you participated in at the time of such prior payment for the two years prior to the Change in Control, or (B)&nbsp;if you have not received two such
awards, the most recent award paid or payable (or guideline amount payable, if you have not previously received any such award) to you under the applicable annual incentive award program of the Company or one of its subsidiaries at the time of such
prior payment), multiplied by (ii)&nbsp;the number of full or partial months that have elapsed during the Award Period at the time of such separation from service divided by 12. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) The Committee reserves the right to amend or delete this Paragraph 7 in whole or in part at any time and from time to time; provided, that upon and
following the occurrence of a Change in Control, the Committee may not amend this Paragraph 7 in a manner that is detrimental to your rights without your express written consent. Any amendment of the definition of &#147;Change in Control&#148; in
the Senior Executive Severance Plan will be deemed to be an amendment permitted under this Paragraph. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Tax Withholding and Furnishing
of Information</U>. There shall be withheld from any payment of cash or vesting of any restricted shares or restricted stock units under this Award, such amount, if any, as the Company determines is required by law, including, but not limited to,
U.S. federal, state, local or foreign income, employment or other taxes incurred by reason of making of the Award or of such payment. It shall be a condition precedent to the obligation of the Company to make payments under this Award that you (or
those claiming under or through you) promptly provide the Company with all forms, documents or other information reasonably required by the Company in connection with the Award. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Rights Not Assignable</U>. Your rights and interests under the Award and the Plan may not be sold, assigned, transferred, or otherwise disposed of,
or made subject to any encumbrance, pledge, hypothecation or charge of any nature, except that you may designate a beneficiary pursuant to Paragraph 10 hereof. If you (or those claiming under or through you) attempt to violate this Paragraph 9, such
attempted violation shall be null and void and without effect, and the Company&#146;s obligation to make any further payments to you (or those claiming under or through you) hereunder shall terminate. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>Beneficiary Designation</U>. Subject to the provisions of the Plan, you may, by completing a form acceptable to the Company and returning it to
the Corporate Secretary&#146;s Office, at 200 Vesey Street, New York, New York 10285, name a beneficiary or beneficiaries to receive any payment to which you may become entitled under this Agreement in the event of your death. You may change your
beneficiary or beneficiaries from time to time by submitting a new form to the Corporate Secretary&#146;s Office at the same address. If you do not designate a beneficiary, or if no designated beneficiary is living on the date any amount or award
becomes payable under this Agreement, such payment will be made to the legal representatives of your estate, which will be deemed to be your designated beneficiary under this Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <U>Administration</U>. Any action taken or decision made by the Company, the Board or the Committee
or its delegates arising out of or in connection with the construction, administration, interpretation or effect of the Plan or this Agreement shall lie within its sole and absolute discretion, as the case may be, and shall be final, conclusive and
binding upon you and all persons claiming under or through you. By accepting this Award or other benefit under the Plan, you and each person claiming under or through you shall be conclusively deemed to have indicated acceptance and ratification of,
and consent to, any action taken or decision made under the Plan by the Company, the Board or the Committee or its delegates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.
<U>Change in Control Payments</U>. This Paragraph shall apply in the event of Change in Control (as defined in the American Express Senior Executive Severance Plan, as amended from time to time). </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) In the event that any payment or benefit received or to be received by you hereunder in connection with a Change in Control or termination of your
employment (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;Payments&#148;), will be subject to the excise tax referred to in Section&nbsp;4999 of the Code
(the &#147;Excise Tax&#148;), then (i)&nbsp;if you are classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a &#147;Tier 1 Employee&#148;), the Company shall pay to such Tier 1 Employee, within five days
after the expiration of the written-statement period referred to in Subparagraph 12(d) below, an additional amount (the &#147;Gross-Up Payment&#148;) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the
Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Payments and (ii)&nbsp;is you are other than a Tier 1 Employee, the Payments shall be reduced to the extent
necessary so that no portion of the Payments is subject to the Excise Tax but only if (A)&nbsp;the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and
employment taxes on such reduced Total Payments), is greater than or equal to (B)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on
such Total Payments and the amount of Excise Tax to which you would be subject in respect of such unreduced Total Payments); <U>provided</U>, <U>however</U>, that you may elect in writing to have other components of your Total Payments reduced prior
to any reduction in the Payments hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) For purposes of determining whether the Payments will be subject to the Excise Tax, the
amount of such Excise Tax and whether any Payments are to be reduced hereunder: (i)&nbsp;all payments and benefits received or to be received by you in connection with such Change in Control or the termination of your employment, whether pursuant to
the terms of this Agreement or any other plan, arrangement or agreement with the Company, any Person (as such term is defined in the Company&#146;s Senior Executive Severance Plan) whose actions result in such Change in Control or any Person
affiliated with the Company or such Person (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being
hereinafter referred to as the &#147;Total Payments&#148;), shall be treated as &#147;parachute payments&#148; (within the meaning of Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the firm serving, immediately prior to the Change in
Control, as the Company&#146;s independent auditors, or </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Administration Committee under
the American Express Senior Executive Severance Plan (the &#147;Firm&#148;), such payments or benefits (in whole or in part) do not constitute parachute payments, including by reason of Section&nbsp;280G(b)(2)(A) or Section&nbsp;280G(b)(4)(A) of the
Code; (ii)&nbsp;no portion of the Total Payments the receipt or enjoyment of which you shall have waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken
into account; (iii)&nbsp;all &#147;excess parachute payments&#148; within the meaning of Section&nbsp;280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole
or in part) represent reasonable compensation for services actually rendered (within the meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such
reasonable compensation, or are otherwise not subject to the Excise Tax; and (iv)&nbsp;the value of any noncash benefits or any deferred payment or benefit shall be determined by the Firm, in accordance with the principles of Sections 280G(d)(3) and
(4)&nbsp;of the Code and regulations or other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a Participant (other than a Tier 1 Employee)
shall be reduced, shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of your residence, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (if
you are other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the Company for its services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event
that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, then the Tier 1 Employee will be required to repay to the Company on the fifth business day after demand an amount
equal to the excess of the earlier payment over the redetermined amount (the &#147;Excess Amount&#148;), together with interest on such amount at the lowest applicable federal rate (as defined in Section&nbsp;1274(d) of the Code or any successor
provision thereto), compounded semi-annually (the &#147;Section 1274 Rate&#148;), from the date of the Tier 1 Employee&#146;s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated
by the Firm such that the Excess Amount and such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the
Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December&nbsp;31st of the year
following the year in which the Tier 1 Employee remits the related tax, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such
payment, at the Section&nbsp;1274 Rate (or such lesser rate (including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1
Employee and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) As soon as practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each Tier 1
Employee and to each other </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">Participant with respect to whom it is proposed that Payments be reduced, a written statement setting forth the manner in which the Total Payments in respect
of such Tier 1 Employee or other Participant were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any such
opinions or advice which are in writing shall be attached to the statement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <U>Miscellaneous</U>. Neither you nor any person claiming
under or through you shall have any right or interest, whether vested or otherwise, in the Plan or the Award, unless and until all of the terms, conditions and provisions of the Plan and this Agreement shall have been complied with. In addition,
neither the adoption of the Plan nor the execution of this Agreement shall in any way affect the rights and powers of any person to dismiss or discharge you at any time from employment with the American Express companies. Notwithstanding anything
herein to the contrary, neither the Company nor any of its Affiliates (as that term is defined in the Plan) nor their respective officers, directors, employees or agents shall have any liability to you (or those claiming under or through you) under
the Plan, this Agreement or otherwise on account of any action taken, or decision not to take any action made, by any of the foregoing persons with respect to the business or operations of the Company or any of its Affiliates (as that term is
defined in the Plan), despite the fact that any such action or decision may adversely affect in any way whatsoever Average Annual Shareholders&#146; Equity, Earnings Per Share, Net Income or other financial measures or amounts which are accrued or
payable or any of your other rights or interests under this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <U>Governing Law</U>. The validity, construction,
interpretation, administration and effect of this Agreement shall be governed by the substantive laws, but not the choice of law rules, of the State of New York. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">15. <U>Compliance with Section&nbsp;409A</U>. The payment of the Award under this Amendment is intended to comply with Section&nbsp;409A of the Code and the Treasury Regulations promulgated and other official guidance
issued thereunder, and this Agreement shall be interpreted, operated and administered consistent with this intent and the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">AMERICAN EXPRESS COMPANY</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By the Compensation and Benefits</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Committee of the Board of Directors:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1px;margin-top:0px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Notwithstanding any contrary provision in the American Express Company 2007 Incentive Compensation Plan
Master Agreement, the Company reserves the right to correct nonmaterial clerical errors in, and make subsequent nonmaterial clarifications to, any Award Agreement in the future, without prior notification to participants. </I></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Schedule A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>20&nbsp;&nbsp;&nbsp;&nbsp; Incentive Awards: Proposed AXP Earnings Per Share/Return on Equity Grid </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>for Determining Maximum Award Value </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(subject to award agreement and discretionary downward adjustment) </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>20&nbsp;&nbsp;&nbsp;&nbsp; AXP Earnings Per Share (Diluted)</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>20&nbsp;&nbsp;&nbsp;&nbsp; AXP Return on<BR>Equity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Less Than $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max. Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max. Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max. Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max. Value</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;% or More</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Less Than &nbsp;&nbsp;&nbsp;&nbsp;%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Note: Straight-line interpretation would apply for any actual performance level that falls between two performance
levels shown on the grid. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><I>Page 10 of 10 </I></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>8
<FILENAME>dex1013.htm
<DESCRIPTION>AMERICAN EXPRESS COMPANY DEFERRED COMPENSATION PLAN
<TEXT>
<HTML><HEAD>
<TITLE>American Express Company Deferred Compensation Plan</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.13 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS CENTURION BANK </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS BANK, FSB </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFERRED
COMPENSATION PLAN FOR DIRECTORS AND ADVISORS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As amended and restated effective January&nbsp;1, 2009) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;1. Effective Date </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The effective date of this Plan is
October&nbsp;1, 1973, except as otherwise provided herein. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;2. Eligibility </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Any Director of or Advisor to the Board of Directors of American Express Company (the &#147;Company&#148;), any Director of American Express Centurion Bank Ltd.
(&#147;Centurion&#148;) and/or any Director of American Express Bank, FSB (&#147;FSB&#148;) (hereinafter &#147;Directors&#148;) who is not an officer or employee of the Company, Centurion, FSB or a subsidiary thereof is eligible to participate in
this Plan. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;3. Administration </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Nominating and Governance Committee of the Board of Directors shall administer this Plan. The committee shall have all the powers necessary to administer this Plan, including the right to interpret the provisions of this Plan and to establish rules
and prescribe any forms for the administration of this Plan. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;4. Amount of Deferral </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A Director may elect to defer receipt of 50% or 100% for any year of the compensation payable to the Director for serving on or for the Board of Directors of the Company,
Centurion and FSB and Committees of the Board of Directors thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A deferral election with respect to the compensation earned in a particular calendar
year shall be made no later the end of the preceding calendar year; provided, however, to the extent permissible under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, and the treasury regulations and other official guidance
issued thereunder (collectively, &#147;Section 409A&#148;), a Director who is newly elected to the Board of Directors during a calendar year may make an irrevocable election within thirty (30)&nbsp;days after his or her election to the Board of
Directors, which election shall only apply to the Director&#146;s compensation earned after the date such election became irrevocable. </FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;5. Deferred Compensation Accounts </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Deferred compensation will be credited to the Director&#146;s bookkeeping account under this Plan. In accordance with the Director&#146;s instructions, amounts deferred will be credited either to an account linked to
the Company&#148; return on equity (the &#147;ROE-Based Option&#148;) or an account linked to the performance of the Company&#146;s Common Stock par value $0.20 per share (the &#147;Share Equivalent Option&#148;) as more completely described below.
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ROE-Based Option </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Amounts deferred for which the Director
has chosen the ROE-Based Option shall be credited or debited with interest equivalents at a rate equal to the ROE Formula Rate under the Company&#146;s Pay-for-Performance Deferral Program and the Deferral Benefits under the American Express
Supplemental Retirement Plan, as amended from time to time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">As promptly as practicable each year after the Compensation and Benefits
Committee determines the ROE Formula Rate with respect to the prior year, the amounts held in the account under the ROE-Based Option on December&nbsp;31 of the prior year shall be credited or debited at the ROE Formula Rate as follows:
(i)&nbsp;amounts that have been held in the account for the entire prior year will be credited or debited by an annual percentage rate equal to the ROE Formula Rate; and (ii)&nbsp;amounts that were deferred during the prior year will be credited or
debited at a proration of the annual ROE Formula Rate based on the number of days during the prior year they were held in the account (e.g., the number of days actually held divided by 366). </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Stock-Based Option </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Amounts deferred for which the
Director has chosen the Share Equivalent Option will be converted hypothetically into units equivalent to the shares of the Company&#146;s Common Stock (&#147;Share Equivalent Units&#148; or &#147;SEUs&#148;), determined by dividing the amount of
deferred compensation in each calendar quarter by the average market price of the Common Shares for the last ten (10)&nbsp;trading days of such calendar quarter. On any dividend payment date for the Common Shares, dividend equivalents in the form of
additional SEUs will be credited to the Director&#146;s account equal to (i)&nbsp;the per-share cash dividend divided by the average market price of the Common Shares on the payment date, multiplied by (ii)&nbsp;the number of such units credited to
such account on the payment date. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;6. Stock Splits </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">In the event of any change in the outstanding Common Shares of the Company by reasons of any stock split, stock dividend, split up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination
or exchange of shares, a sale by the Company of all or part of its assets, any distribution to the shareholders other than a normal cash dividend, or other extraordinary or unusual event, the number of SEUs credited to a Director&#146;s account
shall be automatically adjusted on the same basis so that the proportionate interest of the Director under this Plan shall be maintained as before the occurrence of such event. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-2- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;7. Valuing SEUs Payable to Directors </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">On any date on which SEUs are payable to a Director (other than in the case of SEUs paid in respect of the payment of dividends), the SEUs will be valued for payment by multiplying the applicable number of units by
the average of the average market price of a Common Share as reported on the New York Stock Exchange Composite Transactions Tape for the fifteen (15)&nbsp;trading days immediately preceding the date of payment. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The average market price on any valuation date under this Plan shall be the average of the highest and lowest sales prices of the stock as reported on the New York Stock
Exchange Composite Transactions Tape. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;8. Form of Distribution of Account Balance </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">To the extent permissible under Section&nbsp;409A, a Director who is newly elected to the Board of Directors must make an irrevocable election within thirty
(30)&nbsp;days after his or her election to the Board of Directors, which election will be applicable to the entire balance of his or her account. Such Director may elect to receive his or her account under this Plan: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">upon (i)&nbsp;separation from service (or as soon as administratively practicable thereafter, but in no event later than ninety (90)&nbsp;days thereafter), or (ii)&nbsp;a specified
anniversary following separation from service, but not later than the tenth (10th)&nbsp;anniversary thereafter (or as soon as administratively practicable after such specified anniversary, but in no event later than ninety (90)&nbsp;days
thereafter); and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">in cash in either (i)&nbsp;a lump sum or (ii)&nbsp;a number of annual installments (not to exceed ten (10)). </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In the absence of a valid election, a Director will be deemed to have elected to receive his or her account in a lump sum upon such Director&#146;s separation from
service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Thereafter, if such a Director changes his or her existing (or default) election, he or she may do so provided that such subsequent election:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">does not take effect for twelve (12)&nbsp;months following the date such subsequent election becomes effective; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">specifies a new payment date (or a new payment commencement date in the case of annual installment payments) that is no sooner than five years after the original payment date (or
the original payment commencement date in the case of installment payments); and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(C)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the new payment date (or a new payment commencement date in the case of annual installment payments) is no later than the tenth (10th)&nbsp;anniversary of the Director&#146;s
separation from service. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Upon such a Director&#146;s separation from service, his or her election in effect on such date shall govern the
time and form of the distribution of the Director&#146;s account. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-3- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">If the Director elects to receive installment payments, then subsequent annual installments will be distributed to the
Director on the anniversary date of the first distribution, or as soon as administratively practicable thereafter, but in no event later than ninety (90)&nbsp;days thereafter. Each installment will be paid proportionally, based on the number of
remaining installment payments and the balance of the Director&#146;s account, including related accrued dividend equivalents under the Share Equivalent Option. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Section&nbsp;9. Death Prior to Receipt </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In the event that a Director dies prior to receipt of any or all of the amounts payable to him or
her pursuant to this Plan, any amounts that are then credited to the Director&#146;s account shall be paid to the legal representatives of the Director&#146;s estate in a lump sum within ninety (90)&nbsp;days following the date of the
Director&#146;s death, or such later date permitted by Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;10. Director&#146;s Rights Unsecured </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The right of any Director to receive future payments under the provisions of this Plan shall be an unsecured, contractual claim against the general assets of the Company.
This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any segregation of assets the payment of any amounts under this Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Participants may not sell, transfer, assign, pledge, levy, attach, encumber or alienate any amounts payable under this Plan. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Section&nbsp;11. Statement of Account </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A statement of account will be sent to each Director not later than sixty (60)&nbsp;days after the
close of each calendar quarter, which will confirm the Director&#146;s account balance(s) as of the end of the preceding quarter. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;12.
Amendment </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Plan may be amended at any time and from time to time by the Board of Directors of the Company; provided, however, that the Board of
Directors may not adopt any amendment that would (a)&nbsp;materially and adversely affect any right of or benefit to any Director with respect to any the benefits theretofore credited without such Director&#146;s written consent, or (b)&nbsp;result
in a violation of Section&nbsp;409A. Any amendment to this Plan that would cause a violation of Section&nbsp;409A shall be null and void and of no effect. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Section&nbsp;13. Termination </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Plan shall terminate upon the adoption of a resolution of the Board of Directors terminating this Plan.
The termination of this Plan shall not affect the distribution of the accounts maintained under this Plan, and the balances of such accounts shall continue to become due and payable in accordance with the provisions of this Plan in effect
immediately prior to the termination of this Plan and each Director&#146;s election; provided, however, if the Board of Directors so chooses, the payment of account balances may be accelerated upon the termination of this Plan to the extent
permissible under and in accordance with Section&nbsp;1.409A-3(j)(4)(xi) of the treasury regulations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;14. Section&nbsp;409A </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">This Plan and the benefits provided thereunder are intended to comply with the requirements of Section&nbsp;409A, and this Plan shall be administered and interpreted consistent with such intention and the America
Express Section&nbsp;409A Compliance Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>9
<FILENAME>dex1019.htm
<DESCRIPTION>AMENDMENT TO THE PRE-2008 NONQUALIFIED DEFERRED COMPENSATION PLANS
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<TITLE>Amendment to the Pre-2008 Nonqualified Deferred Compensation Plans</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.19 </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMENDMENT TO THE PRE-2008 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NONQUALIFIED DEFERRED COMPENSATION PLANS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Adopted effective January&nbsp;1, 2009) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS, American Express Company (the &#147;<U>Company</U>&#148;) maintains the NQDC Plans (as defined in Section&nbsp;1.1(1)); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS, the NQDC Plans have remaining Participant (as defined in Section&nbsp;1.1(m)) balances, but do not allow for any future deferrals thereunder; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Participant balances under the NQDC Plans consist of amounts that were earned and vested on or before December&nbsp;31, 2004 (the
&#147;<U>Grandfathered Amounts</U>&#148;), and amounts that either vested on or after January&nbsp;1, 2005, or will vest in the future (the &#147;<U>Non-Grandfathered Amounts</U>&#148;); and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Participants have previously made Elections (as defined in Section&nbsp;1.1(i)) under the Prior NQDC Plans (as defined in
Section&nbsp;1.1(p)); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company desires to amend the NQDC Plans with respect to the Non-Grandfathered Amounts to comply with
the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated and other official guidance issued thereunder (collectively, &#147;<U>Section 409A</U>&#148;); and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company desires to preserve the exemption from Section&nbsp;409A of Grandfathered Amounts, but to provide for two designated permissible
payment dates each year for amounts that are payable pursuant to the existing terms of the NQDC Plans; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, the Company hereby
adopts the following amendments to the NQDC Plans, effective January&nbsp;1, 2009: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;1 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DEFINITIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.1 <U>Definitions</U>.
For purposes of this Amendment, unless the context clearly indicates otherwise, the following terms shall have the meanings provided thereto by this Section&nbsp;1.1: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(a) &#147;<U>Amendment</U>&#148; means this Amendment to the Pre-2008 Nonqualified Deferred Compensation Plans of American Express Company, as amended from time to time. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) &#147;<U>Amounts</U>&#148; means the Grandfathered Amounts and the Non-Grandfathered Amounts, collectively. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) &#147;<U>Beneficiary</U>&#148; means the individual or entity designated by a Participant in
accordance with the NQDC Plans or Section&nbsp;5.4 to receive the Participant&#146;s Amounts in the event of the Participant&#146;s death. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(d) &#147;<U>Board</U>&#148; means the Board of Directors of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) &#147;<U>Change in Control</U>&#148; has the
meaning given such term in the Supplemental Retirement Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) &#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as
amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) &#147;<U>Committee</U>&#148; means the Compensation and Benefits Committee of the Board, or such successor committee as may
be designated by the Board. References to the &#147;Committee&#148; include any person to whom the Compensation and Benefits Committee has delegated its authority. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(h) &#147;<U>Disability</U>,&#148; for purposes of the Non-Grandfathered Amounts, has the meaning given such term by Section&nbsp;409A. Whether a Participant has a Disability shall be determined in accordance with
Section&nbsp;409A and the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) &#147;<U>Election</U>&#148; means a Participant&#146;s deferral election under a NQDC Plan for a
given year, specifying the time and form of payment of the Participant&#146;s Amounts for that year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(j) &#147;<U>Material
Modification</U>&#148; has the meaning given such term by Internal Revenue Service Notice&nbsp;2005-1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(k) &#147;<U>Moody&#146;s A
Rate</U>&#148; means, for a calendar year, the average corporate bond yield rate for such calendar year, as announced by Moody&#146;s Investor Services for borrowers rated &#147;A.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(l) &#147;<U>NQDC Plans</U>&#148; means the 1981 Bonus Deferral, the 1985 Career Investment Option, the 1986 Salary Deferral Plan, the 1986 Salary
Deferral Plan (T-bill plan), the 1987&nbsp;Q Plan, the 1987 Salary Deferral Plan, the 1987 Executives&#146; Incentive Compensation Plan, the 1988 Salary Deferral Plan, the 1988 Senior Management Incentive Plan Deferral Guide, the 1989 Salary
Deferral Plan, the 1989 Senior Management Incentive Plan Deferral, the 1990 Salary/Bonus Deferral Program, the 1991 Salary/Bonus Deferral Program, the 1992 Salary/Bonus Deferral Program, the 1993 SMIP Salary and Bonus Deferral Program, the 1994
Pay-for-Performance Deferral Program, the 1995 Pay-for-Performance Deferral Program, the 1996 Pay-for-Performance Deferral Program, the 1997 Pay-for-Performance Deferral Program, the 1998 Pay-for-Performance Deferral Program, the 1998 Senior
Management Incentive Plan Deferral Guide, the 1999 Pay-for-Performance Deferral Program, the 1999 Pay-for-Performance Supplemental Deferral Program, the 2000 Pay-for-Performance Deferral Program, the 2001 Pay-for-Performance Deferral Program, the
2002 Pay-for-Performance Deferral Program, the 2003 Pay-for-Performance Deferral Program, the 2004 Pay-for-Performance Deferral Program, the 2005 Pay-for-Performance Deferral Program, the 2006 Pay-for-Performance Deferral Program, the 2007
Pay-for-Performance Deferral Program, and each other elective nonqualified deferred compensation plan of the Company (other than the Supplemental Retirement Plan) adopted by the Company prior to January&nbsp;1, 2009. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(m) &#147;<U>Participant</U>&#148; means an individual who has accrued benefits under the NQDC Plans.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(n) &#147;<U>Person</U>,&#148; for purposes of the Non-Grandfathered Amounts, has the meaning given such term in the definition of
&#147;Change in Control&#148; under the Supplemental Retirement Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(o) &#147;<U>Policy</U>&#148; means the American Express
Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(p) &#147;<U>Prior NQDC
Plans</U>&#148; means the NQDC Plans and the terms thereof as in effect on October&nbsp;3, 2004, or for a NQDC Plan adopted after such date, as of the date of adoption of such NQDC Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(q) &#147;<U>Retirement</U>,&#148; for purposes of the Non-Grandfathered Amounts, means a voluntary Separation from Service by a Participant who is
Retirement Eligible on the date of such Separation from Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(r) &#147;<U>Retirement Eligible</U>&#148; means, with respect to a
Participant, he is age 55 or older with ten or more actual or deemed years of service with the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(s) &#147;<U>Separation from
Service</U>,&#148; for purposes of the Non-Grandfathered Amounts, has the meaning given such term by Section&nbsp;409A. Whether a Participant has a Separation from Service shall be determined in accordance with Section&nbsp;409A and the Policy.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(t) &#147;<U>Severance Plan</U>&#148; means, collectively, (A)&nbsp;the American Express Senior Executive Severance Plan, effective
January&nbsp;1, 1994, as amended and restated effective January&nbsp;1, 2009, and as further amended from time to time, and any successor plan thereto, and (B)&nbsp;the American Express Severance Pay Plan, effective January&nbsp;1, 1987, as amended
and restated effective January&nbsp;1, 2009, and as further amended from time to time, and any successor plan thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(u)
&#147;<U>Supplemental Retirement Plan</U>&#148; means the American Express Supplemental Retirement Plan, as amended and restated effective January&nbsp;1, 2009, and as further amended from time to time. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(v) &#147;<U>Unforeseeable Emergency</U>,&#148; for purposes of the Non-Grandfathered Amounts, means a severe financial hardship of the Participant
resulting from (i)&nbsp;an illness or accident of the Participant, the Participant&#146;s spouse or the Participant&#146;s dependent (as defined in Section&nbsp;152 of the Code, without regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof),
(ii)&nbsp;a loss of the Participant&#146;s property due to casualty, or (iii)&nbsp;such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined by the
Committee based on the relevant facts and circumstances and in accordance with Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>GRANDFATHERED AMOUNTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.1 <U>Effect of this Amendment</U>. The maintenance of the accounts or
subaccounts for Grandfathered Amounts, the earnings crediting thereon and the other terms applicable thereto shall continue to be governed by the respective Prior NQDC Plans. In addition, except as otherwise provided by this Article&nbsp;2, the
payment of a Participant&#146;s Grandfathered Amounts shall be made in accordance with the terms of the respective Prior NQDC Plans and the Participant&#146;s respective Elections thereunder. This Amendment is intended not to cause a Material
Modification to the NQDC Plans, and shall be interpreted, operated and administered consistent with this intent. In the event that it is subsequently determined that the changes made by this Section&nbsp;2.1 or other provisions of this Amendment
would constitute a Material Modification to the Grandfathered Amounts under the NQDC Plans, then this Article&nbsp;2 or the other provisions that constitute such a Material Modification shall be null and void and of no further effect. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.2 <U>Form of Payment</U>. Payment of a Participant&#146;s Grandfathered Amounts under the NQDC Plans shall be made in a lump sum or in a specified
number of annual installments, in accordance with the terms of the respective Prior NQDC Plans and the Participant&#146;s respective Elections thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">2.3 <U>Time of Payment</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by Section&nbsp;2.3(b), payment of a
Participant&#146;s Grandfathered Amounts under the NQDC Plans shall be made in accordance with the terms of the respective Prior NQDC Plans and the Participant&#146;s respective Elections thereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) In order to reduce the Company&#146;s administrative expenses in maintaining the NQDC Plans, and pursuant to the Company&#146;s authority under the
Prior NQDC Plans, the payment of a Participant&#146;s Grandfathered Amounts pursuant to the terms of the respective Prior NQDC Plans and the Participant&#146;s respective Elections thereunder are hereby changed as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) If a Participant designated a specified date as the time when his Grandfathered Amounts under a NQDC Plan are to be paid, and another applicable
payment event under the applicable Prior NQDC Plan has not occurred as of the specified date, then payment of the such Grandfathered Amounts shall be made (or commence, in the case of installment payments) on the first March&nbsp;15 or
September&nbsp;15 following the specified date (or if the Participant designated March&nbsp;15 or September&nbsp;15 as the specified date, payment shall be made or commence on such specified date), or as soon thereafter as administratively feasible.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) For payments of Grandfathered Amounts as a result of a Participant&#146;s &#147;separation from service,&#148; &#147;termination of
employment&#148; or similar event under the Prior NQDC Plans and the Participant&#146;s respective Elections, payment shall be made (or commence, in the case of installment payments) on the first March&nbsp;15 or September&nbsp;15 which is at least
six months following the occurrence of such event, or as soon thereafter as administratively feasible. Whether a Participant has a &#147;separation from service,&#148; &#147;termination of employment&#148; or similar event for purposes of the NQDC
Plans shall be determined in accordance with the Prior NQDC Plans and the Company&#146;s prior practices thereunder. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.4 <U>Changes to Time and Form of Payment</U>. A Participant is not allowed to change his existing
Elections under the NQDC Plans. The Company may further modify the time and form of payment of Grandfathered Amounts under the NQDC Plans so long as such modification would not be treated as a Material Modification to the NQDC Plans. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.5 <U>Exemption from Section&nbsp;409A</U>. The payment of the Grandfathered Amounts under the NQDC Plans is intended to be exempt from the requirements
Section&nbsp;409A as amounts that were earned and vested on or before December&nbsp;31, 2004 under an arrangement as in effect on October&nbsp;3, 2004, and this Amendment and the NQDC Plans shall be interpreted, operated and administered consistent
with this intent. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;3 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>NON-GRANDFATHERED AMOUNTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.1 <U>Effect of this Amendment</U>. Except as otherwise provided by this Article&nbsp;3, the
maintenance of the accounts or subaccounts for Non-Grandfathered Amounts under the NQDC Plans and the earnings crediting thereon shall continue to be governed by the terms of the respective Prior NQDC Plans to the extent such treatment would not
cause a violation of Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.2 <U>Specified Date Elections</U>. If a Participant designated a specified date as the time when
his Non-Grandfathered Amounts under a NQDC Plan are to be paid, and the Participant has not had a Separation of Service as of the specified date, then payment of the such Non-Grandfathered Amounts shall be made as follows: (A)&nbsp;if the
Participant elected a lump-sum payment of such Non-Grandfathered Amounts, it shall be made on the first March&nbsp;15 or September&nbsp;15 following the specified date (or if the Participant designated March&nbsp;15 or September&nbsp;15 as the
specified date, payment shall be made on such specified date), or as soon thereafter as administratively feasible, but in no event later than 90 days; and (B)&nbsp;if the Participant elected annual installment payments of such Non-Grandfathered
Amounts, it shall begin on the first March&nbsp;15 or September&nbsp;15 following the specified date (or if the Participant designated March&nbsp;15 or September&nbsp;15 as the specified date, payment shall begin on such specified date), or as soon
thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each March&nbsp;15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the
Participant. If a Participant who is to receive or has begun receiving payments in annual installments under this Section&nbsp;3.2 experiences a Separation from Service before having received all of the annual installments to which the Participant
is entitled, then if the Participant is Retirement Eligible at the time of his Separation from Service, the Participant shall receive or continue to receive the remaining annual installment payments as scheduled, and if the Participant is not
Retirement Eligible at the time of his Separation from Service, then the remaining installments shall be paid to the Participant in a lump sum pursuant to Section&nbsp;3.3(b). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.3 <U>Separation from Service</U>. If a Participant has a Separation of Service, regardless of whether
the Participant designated a later specified date as the time when his Non-Grandfathered Amounts are to be paid, then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) If a Participant
is Retirement Eligible at the time of his Separation from Service, then payment of the Participant&#146;s Non-Grandfathered Amounts shall be made as follows: (A)&nbsp;if the Participant elected a lump-sum payment of his Non-Grandfathered Amounts,
payment of such Non-Grandfathered Amounts shall be made on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as
administratively feasible, but in no event later than 90 days; and (B)&nbsp;if the Participant elected annual installment payments of his Non-Grandfathered Amounts, payment of such Non-Grandfathered Amounts shall begin on the first March&nbsp;15 or
September&nbsp;15 which is at least six months following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on
each March&nbsp;15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant. A Participant who has experienced a Separation from Service and has begun receiving
payments as set forth above, shall continue receiving any remaining payments according to the terms in effect on the date of his Separation from Service, even if later re-employed by the Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) If a Participant is not Retirement Eligible at the time of his Separation from Service, then regardless of the Participant&#146;s Elections, payment
of all of the Participant&#146;s Non-Grandfathered Amounts shall be made in a lump sum on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s Separation from Service, or as soon thereafter as
administratively feasible, but in no event later than 90 days. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.4 <U>Death</U>. Upon a Participant&#146;s death, payment of the
Participant&#146;s Non-Grandfathered Amounts shall be made to the Participant&#146;s Beneficiary or Beneficiaries designated to receive the Participant&#146;s Amounts. If a Participant dies while still actively employed by the Company, the payment
of his Non-Grandfathered Amounts shall be made as a single lump-sum payment on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s death, or as soon thereafter as administratively feasible, but
in no event later than 90 days. If a Participant elects annual installment payments and dies after such installment payments have commenced, any remaining installment payments shall be made to the Participant&#146;s Beneficiary or Beneficiaries as a
single lump-sum payment on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.5 <U>Disability</U>. In the event of the Disability of a Participant, payment of the Participant&#146;s Non-Grandfathered Amounts shall be made as
follows: (a)&nbsp;if the Participant elected a lump-sum payment of his Non-Grandfathered Amounts, payment of such Non-Grandfathered Amounts shall be made on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the
Participant&#146;s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (b)&nbsp;if the Participant elected annual installment payments of his Non-Grandfathered Amounts, payment of such
Non-Grandfathered Amounts shall begin on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Participant&#146;s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each
March&nbsp;15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant for such Amounts. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.6 <U>Unforeseen Emergency</U>. If a Participant experiences an Unforeseeable Emergency, the Participant may petition the Committee to receive a partial
or full payout of his Non-Grandfathered Amounts. The payout, if any, shall not exceed the lesser of (a)&nbsp;the Participant&#146;s vested Non-Grandfathered Amounts, or (b)&nbsp;the amount necessary to satisfy the Unforeseeable Emergency, plus
amounts necessary to pay federal, state, or local income taxes or penalties reasonably anticipated as a result of the distribution. A Participant shall not be eligible to receive a payout to the extent that the Unforeseeable Emergency is or may be
relieved (i)&nbsp;through reimbursement or compensation by insurance or otherwise, (ii)&nbsp;by liquidation of the Participant&#146;s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or
(iii)&nbsp;by cessation of a deferral election, if any, under an elective nonqualified deferred compensation plan of the Company. If the Committee, in its sole discretion, approves a Participant&#146;s petition for payout, such payout shall be made
in a lump sum on the date on which such approval occurs, or as soon as administratively feasible thereafter, but in no event later than 90 days. At the time of its determination, and to the extent permissible by Section&nbsp;409A, the Committee
shall determine how any payment under this Section&nbsp;3.6 will be applied against the Participant&#146;s Non-Grandfathered Amounts and the Participant&#146;s account and subaccounts under the NQDC Plans. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.7 <U>Effect of Change in Control</U>. This Section&nbsp;3.7 shall apply in the event of a Change in Control. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Limitation on Amendments</I>. Effective immediately upon a Change in Control, neither the Company nor any successor thereto may amend this
Section&nbsp;3.7 without the written consent of each Participant or Beneficiary affected by such amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Rabbi Trust</I>. To the
extent permitted by Section&nbsp;409A without excise tax or penalty, effective immediately upon a Change of Control, each Participant&#146;s Non-Grandfathered Amounts shall be maintained in a trust (the &#147;<U>Trust</U>&#148;) established by the
Company for this purpose and the Company shall transfer to the Trust an amount sufficient to fund the entire value of each Participant&#146;s Non-Grandfathered Amounts. The Trust is intended to be classified for federal income tax purposes as a
&#147;grantor trust&#148; within the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Earnings</I>.
Notwithstanding Section&nbsp;3.1, effective immediately upon a Change in Control, (i)&nbsp;the applicable annual crediting rate for Non-Grandfathered Amounts under the NQDC Plans for the calendar year in which the Change in Control occurs and the
immediately following calendar year shall be no less than nine percent, and the applicable annual crediting rate for the second calendar year immediately following the calendar year in which the Change in Control occurs and each calendar year
thereafter shall be no less than the Moody&#146;s A Rate for such calendar year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Separation from Service Following Change in Control</I>. If a Participant who is eligible to
receive lump-sum severance under the Severance Plan experiences a Separation from Service within the two-year period following a Change in Control, and the Participant would have become Retirement Eligible during the serial severance period for
which the Participant would have been eligible in a non-Change-in-Control situation, then upon such Separation from Service, the Participant shall immediately become 100 percent vested in the earnings on his Non-Grandfathered Amounts as if the
Participant were Retirement Eligible on the date of the Separation from Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) <I>Tax Gross-Up</I>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) In the event that any payment or benefit of Non-Grandfathered Amounts received or to be received by a Participant hereunder in connection with a
Change in Control or termination of such Participant&#146;s employment (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;<U>Payments</U>&#148;), will be
subject to the excise tax referred to in Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), then (A)&nbsp;in the case of a Participant who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in
Control (a &#147;<U>Tier 1 Employee</U>&#148;), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Section&nbsp;3.7(e)(iv), an additional amount (the &#147;<U>Gross-Up
Payment</U>&#148;) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to
the Payments and (B)&nbsp;in the case of a Participant other than a Tier 1 Employee, the Payments shall be reduced to the extent necessary so that no portion of the Payments is subject to the Excise Tax but only if (a)&nbsp;the net amount of all
Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments) is greater than or equal to (b)&nbsp;the net amount of such Total
Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to which the Participant may elect in writing to have other
components of his Total Payments reduced prior to any reduction in the Payments hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) For purposes of determining whether the
Payments will be subject to the Excise Tax, the amount of such Excise Tax and whether any Payments are to be reduced hereunder: (A)&nbsp;all payments and benefits received or to be received by the Participant in connection with such Change in
Control or the termination of such Participant&#146;s employment, whether pursuant to the terms of this Amendment, the NQDC Plans or any other plan, arrangement or agreement with the Company, any Person whose actions result in such Change in Control
or any Person affiliated with the company or such Person (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement,
being hereinafter referred to as the &#147;<U>Total Payments</U>&#148;), shall be treated as &#147;parachute payments&#148; (within the meaning of Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was,
immediately prior to the Change in Control, the Company&#146;s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Committee (the
&#147;<U>Firm</U>&#148;), such payments or benefits (in whole or in </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">part) do not constitute parachute payments, including by reason of Section&nbsp;280G(2)(A) or Section&nbsp;280G(b)(4)(A) of the Code; (B)&nbsp;no portion of
the Total Payments the receipt or enjoyment of which the Participant shall have waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken into account;
(C)&nbsp;all &#147;excess parachute payment&#148; within the meaning of Section&nbsp;280G(b)(2) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part)
represent reasonable compensation for services actually rendered (within the meaning of Section&nbsp;280G(g)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable
compensation, or are otherwise not subject to the excise Tax; and (D)&nbsp;the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of
the Code and regulations or other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a Participant (other than a Tier 1 Employee) shall be
reduced, a Participant shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of such Participant&#146;s
residence, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the
Payments are made (in the case of a Participant other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the Company for its services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(iii) In the event that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier
payment over the redetermined amount (the &#147;<U>Excess Amount</U>&#148;) will be deemed for all purposes to be a loan to the Tier 1 Employee made on the date of the Tier 1 Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee
will have an obligation to repay to the Company on the fifth business day after demand, together with interest on such amount at the Section&nbsp;1274 Rate from the date of the Tier 1 Employee&#146;s receipt of such Excess Amount until the date of
such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally
determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business
days of such determination, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or
such lesser rate (including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably
cooperate with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(iv) As soon as practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each Tier 1 Employee and to each other Participant with respect to whom it is proposed that Payments be
reduced, a written </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">statement setting forth the manner in which the Total Payments in respect of such Tier 1 Employee or other Participant were calculated and the basis for such
calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.8 <U>Installment Amounts</U>. If a Participant will receive payment of his Non-Grandfathered Amounts in annual installment payments, each annual
installment payment shall be determined by multiplying the portion of the Non-Grandfathered Amounts to be paid in installments by a fraction, the numerator of which is one, and the denominator is the number of remaining payments (e.g., if the
Participant is to receive payment of Non-Grandfathered Amounts in five installments, the first annual installment payment would be the amount of the Participant&#146;s Non-Grandfathered Amounts multiplied by 1/5, the second annual installment
payment would be the remaining amount of such Non-Grandfathered Amounts multiplied by 1/4, etc.). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.9 <U>Changes to Time and Form of
Payment</U>. Participants are not allowed to change their Elections under the NQDC Plans. The Company may modify the time and form of payment of Non-Grandfathered Amounts under the NQDC Plans so long as such modification is made in writing and the
modification complies with Section&nbsp;409A, including the requirements regarding: (a)&nbsp;a minimum additional deferral period for such Non-Grandfathered Amounts of five years; (b)&nbsp;the modification not being effective until 12 months after
it is made; and (c)&nbsp;the modification being made at least 12 months prior to the first scheduled payment of the Non-Grandfathered Amounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">3.10 <U>Payment Limited to Vested Amount</U>. The payment of a Participant&#146;s Non-Grandfathered Amounts under the NQDC Plans and this Article&nbsp;3 shall be limited to a Participant&#146;s vested portion of his Non-Grandfathered
Amounts at the time of distribution. Any non-vested portion of a Participant&#146;s Non-Grandfathered Amounts shall be forfeited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.11
<U>Company Offset</U>. Notwithstanding anything in this Amendment to the contrary, to the maximum extent permissible by Section&nbsp;409A and applicable law, any Non-Grandfathered Amount otherwise due or payable under this Amendment or the NQDC
Plans may be forfeited, or its payment suspended, at the discretion of the Committee, to apply toward or recover any claim the Company may have against the Participant, including but not limited to, for the enforcement of Amex&#146;s Detrimental
Conduct provisions under its long-term incentive award plan, to recover a debt to the Company or to recover a benefit overpayment under a Company benefit plan or program. No amounts shall be offset against a Participant&#146;s Non-Grandfathered
Amounts prior to the date on which the offset amounts would otherwise be distributed to the Participant unless otherwise permitted by Section&nbsp;409A. An offset shall be made only to the extent and in the manner permitted by the Policy.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.12 <U>Withholding</U>. The Company shall be entitled to deduct from any payment of Non-Grandfathered Amounts under this Amendment or the
NQDC Plans, regardless of the form of such payment, the amount of all applicable income and employment taxes, if any, required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax prior to and, to
the extent permissible under Section&nbsp;409A, as a condition of the making of such payment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.13 <U>Compliance with Section&nbsp;409A</U>. The payment of the Non-Grandfathered Amounts under this
Amendment and the NQDC Plans is intended to comply with Section&nbsp;409A, and this Amendment and the terms of the NQDC Plans as applicable to Non-Grandfathered Amounts shall be interpreted, operated and administered consistent with this intent and
the Policy. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;4 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>CLAIMS PROCEDURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.1 <U>Claim</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(a) A Participant or Beneficiary who believes that he is being denied Amounts to which he is entitled under this Amendment or the NQDC Plans may file a written request for such Amounts with the Committee, setting
forth his claim for the Amounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Other than with respect to claims to which ERISA expressly provides a limitations period, no action
may be commenced against any party after the earliest to occur of the following dates: the date that is 90 days after the date of the final denial of the appeal, or the date that is one year from the date a cause of action accrued. For purposes of
this Article&nbsp;4, a cause of action is considered to have accrued when the person bringing the legal action knew, or in the exercise of reasonable diligence should have known, that a party has clearly repudiated the claim or legal position which
is the subject of the action, regardless of whether such person has filed a claim for Amounts in accordance with the provisions of this Article&nbsp;4. The Committee shall be the agent for service of process for purposes of this Amendment and the
NQDC Plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) A Participant or Beneficiary must exhaust all remedies under these claims procedures before being entitled to seek relief
under Section&nbsp;4.5. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.2 <U>Claim Decision</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by Section&nbsp;4.2(b), the Committee shall reply to any claim filed under Section&nbsp;4.1 within 90 days of receipt, unless it determines to extend such reply period for an
additional 90 days for reasonable cause and notifies the claimant in advance of the reasons for the extension and the date by which the Committee expects to make a decision. If the claim is denied in whole or in part, such reply shall include a
written explanation, using language calculated to be understood by the Participant or Beneficiary, setting forth: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the specific reason
or reasons for such denial; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the specific reference to relevant provisions of this Amendment or the NQDC Plan on which such denial is
based; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) a description of any additional material or information necessary for the Participant or Beneficiary to perfect his claim
and an explanation why such material or such information is necessary; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) appropriate information as to the steps to be taken if the Participant or Beneficiary wishes to
submit the claim for review; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(v) the time limits for requesting a review under Section&nbsp;4.3 and for review under Section&nbsp;4.4;
and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(vi) the Participant&#146;s or Beneficiary&#146;s right to bring an action for the Amounts under Section&nbsp;502 of ERISA (subject
to Section&nbsp;4.5) if the Amounts are denied on review. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) If the claim is a claim for Amounts that requires a determination regarding
whether a Participant is disabled to be made by the Committee (and not by some party other than the Committee for purposes other than a benefit determination under this Amendment or the NQDC Plans), the Committee will respond to the
Participant&#146;s claim within a reasonable period of time and in any case within 45 days (provided that the Committee may utilize up to two 30-day extension periods, in each case to the extent that the Committee determines that circumstances
beyond the control of the Plan so require, and shall in each case provide the claimant with an advance notice setting forth the reasons for the extension and the date by which the Committee expects to render a decision, the standards on which
entitlement to a Benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve such issues). In the event that additional information is necessary to resolve a claim requiring the
Committee to rule on the Participant&#146;s disabled status, the claimant shall be afforded at least 45 days to provide the information (during which time the periods to provide notice and a decision on the claim shall be tolled). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event of a claim requiring the Committee to rule on the Participant&#146;s disabled status, the Committee&#146;s written notice of claim
denial shall provide the claimant (in addition to the items described in Section&nbsp;4.2(a)) with a copy of any internal rule, guideline, protocol or other similar criterion relied upon during the claims process or with a statement that such an
internal rule, guideline, protocol or other similar criterion was relied upon and that a copy will be provided free of charge upon request, and if a medical necessity or experimental treatment or similar exclusion or limit was imposed, the Committee
will provide an explanation of the scientific or clinical judgment for the determination (applying the terms of the Plan to the claimant&#146;s medical circumstances) or a statement that such an explanation will be provided free of charge upon
request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.3 <U>Request for Review</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by Section&nbsp;4.3(b), within 60 days after the receipt by the Participant or Beneficiary of the written explanation described above, the Participant or Beneficiary may request in
writing that the Committee review its determination. The Participant or Beneficiary, or his duly authorized representative, may, but need not, review the relevant documents and submit issues and comments in writing for consideration by the
Committee. Reasonable access to and copies of any documents, records and other information relevant to the claim will be provided free of charge upon request, subject to attorney-client, attorney work-product and other applicable privilege rules
unless otherwise required by ERISA. Except as otherwise provided by Section&nbsp;4.3(b), if the Participant or Beneficiary does not request a review of the initial determination within such 60-day period, the Participant or Beneficiary shall be
barred and estopped from challenging the determination. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) In the event of a claim requiring the Committee to make a determination regarding the
Participant&#146;s disabled status, the claimant shall have 180 days after receipt of the written explanation described above to request in writing that the determination be reviewed, and shall be barred and estopped from challenging the
determination if he does not request a review of the initial determination within such 180-day period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.4 <U>Review of Decision</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) After considering all materials presented by the Participant or Beneficiary, the Committee will render a written decision, setting
forth the specific reasons for the decision and containing specific references to the relevant provisions of the Plan on which the decision is based. The decision on review shall normally be made within 60 days after the Committee&#146;s receipt of
the Participant&#146;s or Beneficiary&#146;s claim or request. If an extension of time is required for a hearing or other special circumstances, the Participant or Beneficiary shall be notified of the reasons for the extension and the date as of
which the Committee expects to make a decision, and the time limit shall be 120 days. The decision shall be in writing using language calculated to be understood by the Participant or Beneficiary, and shall set forth: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the specific reason or reasons for such denial; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(ii) the specific reference to relevant provisions of the Plan on which such denial is based; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) a
statement that the claimant is entitled, upon request and free of charge, to receive reasonable access to and copies of all documents, records and other information relevant to the claimant&#146;s claim (subject to attorney-client, attorney
work-product and other applicable privilege rules unless otherwise required by ERISA); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) the Participant&#146;s or
Beneficiary&#146;s right to bring an action for Amounts under Section&nbsp;502 of ERISA now that the claim has been denied on appeal (subject to Section&nbsp;4.5). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(b) In the event of a claim requiring the Committee to make a determination regarding the Participant&#146;s disabled status, the Committee shall ensure that no deference is afforded to the prior determination, that
the persons who made the initial determination on behalf of the Committee shall not be involved in the review, and that the persons who make the decision on review on behalf of the Committee are not subordinates of the original decision-makers. In
the event that a medical judgment is required, the persons conducting the review shall consult with a health care professional of appropriate training and experience in the relevant field of medicine and shall identify any medical or vocational
experts consulted to the claimant. No health care professional consulted in the course of the review shall be a person consulted in the course of the original determination (or a subordinate of such person). The claim determination on review of a
claim requiring the Committee to make a determination regarding the Participant&#146;s disabled status shall be provided within 45 days (90 days, if the Committee determines that special circumstances require an extension and so informs the
Participant). In </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">the event of such a claim denial, in addition to the items required above, the Committee shall provide a copy of any internal rule, guideline, protocol or
other similar criterion relied upon during the claims process or a statement that such an internal rule, guideline, protocol or other similar criterion was relied upon and that a copy will be provided upon request, and if a medical necessity or
experimental treatment or similar exclusion or limit was imposed, the Committee will provide an explanation of the scientific or clinical judgment for the determination (applying the terms of the Plan to the claimant&#146;s medical circumstances) or
a statement that such an explanation will be provided free of charge upon request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) All decisions on review shall be final and shall
bind all parties concerned to the maximum extent permitted by law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.5 <U>Arbitration</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Notwithstanding anything herein to the contrary and to the extent permitted by ERISA, upon completion of the claims process set forth in this
Article&nbsp;4, the Committee, a Participant or a Beneficiary will have the right to compel binding arbitration with respect to any claim for Amounts or damages. If any such party chooses to compel arbitration, the process and procedure shall be
governed by the terms and conditions of the American Express Company Employment Arbitration Policy and Employment Arbitration Acknowledgment Form (the &#147;<U>Arbitration Policy</U>&#148;), to the extent such Arbitration Policy is consistent with
the terms of this Amendment and the NQDC Plans. This includes, but is not limited to, the Arbitration Policy&#146;s prohibition against claims being arbitrated on a class action basis or on bases involving claims brought in a representative capacity
on behalf of any other similarly situated party. In addition, if any party chooses to compel arbitration, the arbitrator will be bound by the substantive terms of this Amendment, the NQDC Plans and ERISA (including, but not limited to, the standard
of review required by ERISA). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) To the extent required by Sections 2560.503-1(c)(2)-(3)&nbsp;and 2560.503-1(d) of the Labor Regulations,
arbitration shall not be required in the case of a claim which requires the Committee to make a determination with respect to the Participant&#146;s disabled status. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">4.6 <U>Burden of Proof</U>. Notwithstanding anything herein to the contrary, to the extent a Participant or Beneficiary asserts entitlement to Amounts based upon facts not contained in the NQDC Plan&#146;s records,
such person shall be required to provide satisfactory affirmative evidence of such facts. The Committee shall have the sole and exclusive discretion to determine whether the above-referenced affirmative evidence is satisfactory. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.7 <U>Committee&#146;s Sole Authority</U>. Notwithstanding any other provision of this Amendment or the NQDC Plans, the Committee shall have the sole
and exclusive authority with respect to any matter, action or decision under this Article&nbsp;4, and the Committee shall have neither any authority with respect to such matters, nor the right or ability to limit or to interfere in any way with the
Committee&#146;s authority with respect to such matters. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.1 <U>Amendment</U>. The Committee may, at any time, amend this Amendment, provided
that the Committee may not reduce or modify the Amounts payable to a Participant or any Beneficiary receiving payments at the time this Amendment is amended. Notwithstanding the foregoing, the Committee shall not have the right to amend the terms
and provisions of this Amendment or the NQDC Plans to the extent such amendment would result in a violation of Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.2
<U>Payments in Progress</U>. Nothing in this Amendment shall affect the payment of Amounts for which the applicable payment event under the Prior NQDC Plans has occurred prior to January&nbsp;1, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.3 <U>No Guarantee of Tax Consequences</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) The Company makes no representations or warranties and assumes no responsibility as to the tax consequences to any Participant or Beneficiary. Further, payment by the Company to Participant (or to a Participant&#146;s Beneficiary or
Beneficiaries) in accordance with the terms of this Amendment and the NQDC Plans, including any designation of Beneficiary on file with the Company at the time of Participant&#146;s death, shall be binding on all interested parties and persons,
including Participant&#146;s heirs, executors, administrators and assigns, and shall discharge the Company, its directors, officers and employees from all claims, demands, actions or causes of action of every kind arising out of or on account of
Participant&#146;s participation in the NQDC Plans, known or unknown, for himself and his heirs, executors, administrators and assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(b) No person connected with this Amendment or the NQDC Plans in any capacity, including, but not limited to, the Company and its directors, officers, agents and employees, makes any representation, commitment, or guarantee that any tax
treatment, including, but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable to any Amounts, or paid to or for the benefit of a Participant or Beneficiary under this Amendment or the NQDC Plans, or
that such tax treatment will apply to or be available to a Participant or Beneficiary on account of participation in the NQDC Plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.4
<U>Designation of Beneficiaries</U>. A Participant may designate a Beneficiary or Beneficiaries entitled to receive payment of his Amounts by filing written notice of such designation with the Committee in such form as the Committee may prescribe. A
Participant may revoke or modify such designation at any time by a further written designation in such form as the Committee may prescribe. A Participant&#146;s Beneficiary designation shall be deemed automatically revoked in the event of the death
of the Beneficiary or, if the Beneficiary is the Participant&#146;s spouse, in the event of dissolution of marriage. If no designation is in effect at the time Amounts payable under this Amendment or the NQDC Plans become due, the Beneficiary shall
be deemed to be the Participant&#146;s surviving spouse, if any, and if not, the Participant&#146;s estate. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.5 <U>Severability</U>. If any provision of this Amendment is held to be illegal or void, such
illegality or invalidity shall not affect the remaining provisions of this Amendment, but shall be fully severable, and this Amendment shall be construed and enforced as if said illegal or invalid provision had never been inserted herein.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.6 <U>Captions</U>. The headings and captions herein are provided for reference and convenience only, shall not be considered part of
this Amendment, and shall not be considered in the construction of this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.7 <U>Gender and Number</U>. In this Amendment, the
masculine pronoun shall be construed to include the feminine, and the singular shall be construed to include the plural, wherever appropriate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">5.8 <U>Governing Law</U>. This Amendment shall be construed in accordance with and governed by the laws of the State of New York to the extent not superseded by federal law, without reference to the principles of conflict of laws.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>10
<FILENAME>dex1031.htm
<DESCRIPTION>AMERICAN EXPRESS SENIOR EXECUTIVE SEVERANCE PLAN
<TEXT>
<HTML><HEAD>
<TITLE>American Express Senior Executive Severance Plan</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.31 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g79267ex11cov.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SENIOR EXECUTIVE SEVERANCE PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As amended and restated effective January&nbsp;1, 2009) </B>
</FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SENIOR EXECUTIVE SEVERANCE PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As amended and restated effective January&nbsp;1, 2009)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>TABLE OF CONTENTS </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Introduction</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Definitions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Participation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Amount of Benefits</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Method of Payment</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Administration of the Plan</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Adopting Companies and Plan Mergers</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Amendment and Termination</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Financial Provisions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Liability and Indemnification</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article 10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Miscellaneous</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Schedule A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Schedule for Severance Pay Benefits</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SENIOR EXECUTIVE SEVERANCE PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As amended and restated effective January&nbsp;1, 2009)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
Board of Directors of American Express Company established the American Express Senior Executive Severance Plan effective as of January l, l994, to provide for severance benefits for certain eligible executive officers of American Express Company
and its participating subsidiaries whose employment is terminated under certain conditions. Severance benefits under the Plan are to be provided to such eligible executives in exchange for a signed agreement that includes a release of all claims.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>DEFINITIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.1 &#147;<U>Administration Committee</U>&#148; means the Committee established and appointed by the Board of
Directors or by a committee of the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.2 &#147;<U>Affiliated Company</U>&#148; means any corporation which is a member
of a controlled group of corporations (determined in accordance with Section&nbsp;4l4(b) of the Code) of which the Company is a member and any other trade or business (whether or not incorporated) which is controlled by, or under common control
(determined in accordance with Section&nbsp;4l4(c) of the Code) with the Company, but which is not an Employing Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.3
&#147;<U>Annualized Compensation</U>&#148; means, for an Employee for a given year, the Employee&#146;s annualized compensation based upon the annual rate of pay for services provided to the Employing Company for the taxable year of the Employee for
the year preceding the given year in which the Employee has a Separation from Service (adjusted for any increases during the given year that was expected to continue indefinitely if the Employee had not had a Separation from Service), determined in
accordance with Section&nbsp;1.409A-1(b)(9)(iii)(A)(1) of the Treasury Regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.4 &#147;<U>Base Salary</U>&#148; means the regular
basic cash remuneration before deductions for taxes and other items withheld, payable to an Employee for services rendered to an Employing Company, but not including pay for bonuses, incentive compensation, special pay, awards or commissions.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.5 &#147;<U>Board of Directors</U>&#148; means the board of directors of the Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.6 &#147;<U>Bonus</U>&#148; means annual incentive compensation paid to an Employee over and above Base Salary earned and paid in cash or otherwise
under any executive bonus or sales incentive plan or program of an Employing Company. Annual incentive compensation shall not include incentive compensation with a performance period longer than one year (e.g., performance grant awards), but shall
include restricted stock awards expressly granted in lieu of cash supplemental annual incentive awards. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.7 &#147;<U>Change in Control</U>&#148; means the happening of any of the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;)) (a &#147;Person&#148;) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25 percent or more of either (i)&nbsp;the then outstanding common shares of the Company (the
&#147;Outstanding Company Common Shares&#148;) or (ii)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#147;Outstanding Company Voting
Securities&#148;); provided, however, that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A)&nbsp;any acquisition directly from the Company;
(B)&nbsp;any acquisition by the Company or any corporation, partnership, trust or other entity controlled by the Company (a &#147;Subsidiary&#148;); (C)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary; (D)&nbsp;any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (E)&nbsp;any acquisition by an individual, entity or group that is permitted to, and
actually does, report its beneficial ownership on Schedule 13-G (or any successor schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any
successor schedule), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial
ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (F)&nbsp;any acquisition by any corporation pursuant to a reorganization, merger or consolidation if,
following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of Section&nbsp;1.7(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any Person (the &#147;Subject Person&#148;) became the beneficial owner of 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common
Shares or Outstanding Company Voting Securities by the Company which, by reducing the number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject
Person; provided, that if a Change in Control would be deemed to have occurred (but for the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company, and
after such share acquisition by the Company, the Subject Person becomes the beneficial owner of any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company
Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then a Change in Control shall then be deemed to have occurred; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(b) Individuals who, as of the date hereof, constitute the Board of Directors (the &#147;Incumbent Board&#148;) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that
any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company&#146;s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board, but excluding, for </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) The consummation of a reorganization, merger, statutory share exchange, consolidation, or similar corporate transaction involving the Company or any
of its direct or indirect Subsidiaries (each a &#147;Business Combination&#148;), in each case, unless, following such Business Combination, (i)&nbsp;the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately
prior to such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then outstanding shares of
common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation,
a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company&#146;s assets either directly or through one or more subsidiaries), (ii)&nbsp;no Person (excluding the Company, any employee benefit
plan (or related trust) of the Company, a Subsidiary of such corporation resulting from such Business Combination or any parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or
indirectly, 25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of, respectively, the then outstanding shares of
common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and
(iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or
action of the Board of Directors providing for such Business Combination; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The consummation of the sale, lease, exchange or other
disposition of all or substantially all of the assets of the Company, unless such assets have been sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i)&nbsp;more
than 50 percent of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the
election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company
Voting Securities immediately prior to such sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common
Shares and Outstanding Company Voting Shares, as the case may be, (ii)&nbsp;no Person (excluding the Company and any employee benefit plan (or related trust)) of the Company or a Subsidiary or of such corporation or a subsidiary thereof and any
Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition, directly or indirectly, 25 percent or more of the Outstanding Company </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of respectively,
the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of
directors and (iii)&nbsp;at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board of
Directors providing for such sale, lease, exchange or other disposition of assets of the Company; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Approval by the shareholders of
the Company of a complete liquidation or dissolution of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.8 &#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986,
as amended from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.9 &#147;<U>Committee</U>&#148; means the Compensation and Benefits Committee of the Board of Directors or
any successor committee appointed by the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.10 &#147;<U>Company</U>&#148; means American Express Company, a New York
corporation, its successors and assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.11 &#147;<U>Comparable Position</U>&#148; means a job with the Company, an Employing Company,
an Affiliated Company or successor company at the same or higher Base Salary as an Employee&#146;s current job and at a work location within reasonable commuting distance from an Employee&#146;s home, as determined by such Employee&#146;s Employing
Company. For Employees in the Employing Company&#146;s international expatriate program, Comparable Position means a job with an Employing Company, an Affiliated Company or successor company at the same or higher Base Salary as an Employee&#146;s
current job and at a work location in the Employee&#146;s country of assignment, home country or career base country. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.12
&#147;<U>Completed Years of Service</U>&#148; means the number of full one year periods that have transpired since the Employee&#146;s original date of hire or, in the case of someone who has incurred a break in service, the date of rehire, through
the Employee&#146;s Separation from Service with the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.13 &#147;<U>Constructive Termination</U>&#148; means a Separation from
Service by an Employee from an Employing Company as a result of one or more of the following without the Employee&#146;s written consent within two years after a Change in Control (each of the following, a &#147;Good Reason&#148;): </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) a material reduction in Base Salary, except for across-the-board changes similarly affecting all Employees of the Employing Company and all Employees
of any Person in control of the Employing Company, or any material reduction in the aggregate of the Employee&#146;s annual and long term incentive opportunity, in each case from that in effect immediately prior to the Change in Control; </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) the Employing Company&#146;s requirement that the Employee be based more than 50 miles from the
location at which the Employee was based immediately prior to the Change in Control and which location is more than 35 miles from the Employee&#146;s residence; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) the assignment to the Employee of any duties that are materially inconsistent with the Employee&#146;s duties prior to the Change in Control; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) a significant reduction in the Employee&#146;s position, duties, or responsibilities from those in effect prior to the Change in Control. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Employee shall notify the Employing Company within 30 days after the occurrence of an event giving rise to a Good Reason and the Employing Company shall have 30
days to remedy the condition, and if remedied by the Employing Company within such 30-day period, no Good Reason shall exist on account of the remedied event. A &#147;Constructive Termination&#148; is intended to qualify as an involuntary separation
from service for purposes of Section&nbsp;409A, and this definition of &#147;Constructive Termination&#148; shall be administered and interpreted consistent with such intention. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.14 &#147;<U>Defined Termination</U>&#148; means a Separation from Service of an Employee within two years after a Change in Control that occurs as a
result of either: (a)&nbsp;an Involuntary Termination, or (b)&nbsp;a Constructive Termination. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.15 &#147;<U>Employee</U>&#148; means any
person, at the senior executive level as defined by the Administration Committee, paid through the payroll function of the Employing Company (as opposed to the accounts payable function of the Employing Company) and employed on a regular full-time
basis (i.e., an employee whose scheduled workweek is consistent with the standard workweek schedule of a business unit or department) or regular part-time basis (i.e., an employee who is scheduled to work at least 20 hours per week, but fewer than
the hours of a regular full-time employee) by an Employing Company, who receives from an Employing Company a regular stated compensation and an annual IRS Form W-2; provided, however, that an Employing Company or operating business unit thereof, due
to business, marketplace or employee relations reasons, may, in its sole discretion, by policy exclude from the definition of Employee under the Plan any category or level of employee employed in a non-exempt, exempt or executive level position or
in an initial probationary or trial period of employment. The term &#147;Employee&#148; shall not include any person who has entered into an independent contractor agreement, consulting agreement, franchise agreement or any similar agreement with an
Employing Company, nor the employees of any such person, regardless of whether that person (including his or her employees) is later found to be an employee by any court of law or regulatory authority. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.16 &#147;<U>Employing Company</U>&#148; means the Company and such of its subsidiaries and affiliated companies and other trades or businesses as have
adopted the Plan and have been admitted to participation by the Committee or any one or more of them, and any corporation or other entity succeeding to the rights and assuming the obligations of any such company hereunder in the manner described in
Section&nbsp;6.1. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.17 &#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of l974, as amended from
time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.18 &#147;<U>Executive Officer</U>&#148; means an employee of the Company or one of its subsidiaries who is in a position
which is designated by the Board of Directors of the Company as a position which is subject to the reporting requirements under Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated there
under in respect of the equity securities of the Company; provided, however, that the Comptroller of the Company (although subject to the above reporting requirements) shall not be deemed to be an Executive Officer. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.19 &#147;<U>Good Cause</U>&#148; means a discontinuance of an Employee&#146;s employment by an Employing Company upon one of the following: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) the Employee&#146;s Willful and continued failure to adequately perform substantially all of the Employee&#146;s duties with the Employing Company;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) the Employee&#146;s Willful engagement in conduct which is demonstrably and materially injurious to the Employing Company or an
affiliate thereof, monetarily or otherwise; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) the Employee&#146;s conviction of a felony. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.20 &#147;<U>Involuntary Termination</U>&#148; means any involuntary Separation from Service by an Employee from an Employing Company for reasons other
than Good Cause within two years after a Change in Control. An &#147;Involuntary Termination&#148; is intended to qualify as an involuntary separation from service for purposes of Section&nbsp;409A, and this definition of &#147;Involuntary
Termination&#148; shall be administered and interpreted consistent with such intention. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.21 &#147;<U>Leave of Absence</U>&#148; means the
period during which an Employee is absent from work pursuant to a leave of absence granted by an Employing Company where such leave of absence does not result in a Separation from Service. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.22 &#147;<U>Mutually Satisfactory Resignation</U>&#148; means an Employee&#146;s resignation where the Employing Company would have terminated the
Employee&#146;s services if the Employee did not voluntarily resign, and the Employee was aware of that fact. A &#147;Mutually Satisfactory Resignation&#148; is intended to qualify as an involuntary separation from service for purposes of
Section&nbsp;409A, and this definition of &#147;Mutually Satisfactory Resignation&#148; shall be administered and interpreted consistent with such intention. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.23 &#147;<U>Plan</U>&#148; means the American Express Senior Executive Severance Plan, as set forth herein and as hereafter amended from time to time. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.24 &#147;<U>Plan Year</U>&#148; means a calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.25 &#147;<U>Policy</U>&#148; means the American Express Section&nbsp;409A Compliance Policy, as amended from time to time, and any successor policy thereto. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.26 &#147;<U>Predecessor Company</U>&#148; means any corporation or unincorporated entity heretofore or
hereafter merged or consolidated with or otherwise absorbed by an Employing Company or any substantial part of the business of which has been or shall be acquired by an Employing Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.27 &#147;<U>Retirement</U>&#148; means a Separation from Service that qualifies as a &#147;normal retirement,&#148; as defined in and meeting the terms
and conditions of the American Express Retirement Savings Plan, as amended from time to time, and any successor plan thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.28
&#147;<U>Section 409A</U>&#148; means Section&nbsp;409A of the Code, and the Treasury Regulations promulgated and other official guidance issued thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.29 &#147;<U>Section 409A Change in Control</U>&#148; means a &#147;change in the ownership,&#148; a &#147;change in the effective control&#148; or a &#147;change in the ownership of a substantial portion of the
assets&#148; of the Employing Company, each as determined in accordance with Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.30 &#147;<U>Section 401(a)(17)
Limit</U>&#148; means, with respect to a given year, the maximum amount that may be taken into account under a qualified plan pursuant to Section&nbsp;401(a)(17) of the Code for such year, determined in accordance with
Section&nbsp;1.409A-1(b)(9)(iii)(A)(2) of the Treasury Regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.31 &#147;<U>Separation from Service</U>&#148; means a
&#147;separation from service&#148; for purposes of Section&nbsp;409A, as determined in accordance with the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.32
&#147;<U>Separation Period</U>&#148; means the period of time over which an Employee receives severance benefits under the Plan in substantially equal installment payments, which shall be equal to the number of weeks of severance benefits to which
the Employee is entitled pursuant to Schedule A hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.33 &#147;<U>Willful</U>&#148; means that an act or failure to act on an
Employee&#146;s part is done, or omitted to be done, by the Employee in a manner that is not in good faith, and that is without reasonable belief that such action or omission was in the best interests of an Employing Company. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PARTICIPATION
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.1 <U>Eligibility to Receive Benefits</U>. Subject to Section&nbsp;2.2, each Employee shall be eligible to receive benefits under the
Plan in the event of such Employee&#146;s Separation from Service from an Employing Company for one of the following reasons: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) reduction
in force; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) position elimination; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(c) office closing; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) poor performance; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Mutually Satisfactory Resignation; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) relocation of an employee&#146;s current position that does not meet the definition of Comparable Position; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) Defined Termination (notwithstanding any provision of Section&nbsp;2.3). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.2 <U>Limitations on Eligibility</U>. In the event an Employee who is otherwise eligible to receive benefits under the Plan is offered a Comparable
Position (whether the position is accepted or rejected by the Employee), the Employee will not be eligible to receive benefits under the Plan with respect to any resultant Separation from Service. In addition, an Employee is not eligible to receive
benefits under the Plan if the Employee accepts any position in the Company, an Employing Company, an Affiliated Company or successor company (regardless of whether it is a Comparable Position). An Employee who is an Executive Officer and who
otherwise meets the eligibility criteria may only receive benefits under the Plan if approved by the Committee in advance. An Employee who is offered or placed on a temporary layoff status (often referred to as a furlough) with reduced or no pay for
a period of less than six months during which time the Employee continues to participate in certain benefit plans as determined by the Company is not eligible to receive benefits under the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.3 <U>Ineligibility for Participation</U>. An Employee is ineligible to receive benefits under the Plan in the event his Separation from Service by an
Employing Company for a reason other than those enumerated in Section&nbsp;2.1, including, but not limited to, the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) voluntary
resignation; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) failure to report for work; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) failure to return from leave; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) return from a Leave of Absence which extends beyond the policy
reinstatement period, if applicable, and no position is available; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) excessive absenteeism or lateness; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) merger, acquisition, sale, transfer, outsourcing or reorganization of all or part of the Employing Company or any affiliate thereof where either
(i)&nbsp;a Comparable Position is offered with, or (ii)&nbsp;the Employee accepts any position (regardless of whether it is a Comparable Position) with, a successor company, whether affiliated or unaffiliated with the Employing Company, including an
outside contractor, and whether or not the successor company adopts the Plan; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) violation of a policy or procedure of the Employing
Company, insubordination, unwillingness to perform the duties of a position, suspected dishonesty, or other misconduct; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(h) Retirement,
including the acceptance of any Employing Company sponsored retirement incentive; provided, however, that in the event an Employee is otherwise </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">eligible for a severance pay benefit in accordance with Section&nbsp;2.1 and also eligible for Retirement, the Employee shall be eligible to receive benefits
under the Plan in accordance with Article 3; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) death. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE 3 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMOUNT OF BENEFITS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.1 <U>Amount of Benefits</U>. The severance benefit payable to an eligible Employee under the Plan shall be based on his Completed Years of Service and
position with the Company, Employing Company or Affiliated Company. The formula for determining an Employee&#146;s severance benefit payment shall be calculated by first adding together (a)&nbsp;the Employee&#146;s annual Base Salary in effect
immediately prior to the date of Separation from Service and (b)&nbsp;the last annual Bonus paid to the Employee as of the date management tenders to him the Agreement required pursuant to Section&nbsp;3.5. In the case of a recently hired Employee
who has not yet received a Bonus, the Employee&#146;s designated target Bonus may be used as the Section&nbsp;3.1(b)&nbsp;portion of the foregoing calculation. The sum of Section&nbsp;3.1(a) and (b)&nbsp;shall then be divided by 52 to calculate the
weekly severance benefit (the &#147;Weekly Severance Benefit Amount&#148;). The amount of the total severance benefit (the &#147;Gross Severance Benefit Amount&#148;) shall be determined by multiplying the Weekly Severance Benefit Amount by the
number of weeks of severance benefits to which the Employee is entitled pursuant to Schedule A hereto. The number of weeks over which severance benefits are payable under the Plan to any eligible Employee who is not an Executive Officer shall not
exceed 78 weeks, and the number of weeks over which severance benefits are payable under the Plan to any eligible Employee who is an Executive Officer shall not exceed 104 weeks. The total amount of severance calculated pursuant to Schedule A hereto
shall not exceed 78&nbsp;weeks for Employees who are not Executive Officers or 104 weeks for Executive Officers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.2 <U>Limitations on
Amount of Severance Benefits</U>. To the extent permissible under Section&nbsp;409A, benefits payable under the Plan to an Employee shall be inclusive of and offset by any other severance, redundancy or termination payment made by an Employing
Company to the Employee, including, but not limited to, any amounts paid pursuant to federal, state, local or foreign government worker notification (e.g., Worker Adjustment and Retraining Notification Act) or office closing requirements, any
amounts owed the Employee pursuant to a contract with the Employing Company (unless the contract specifically provides otherwise) and amounts paid to an Employee placed in a temporary layoff status (often referred to as a furlough) which immediately
precedes the commencement of the severance payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.3 <U>Reemployment</U>. In the event an Employee is reemployed by the Employing
Company or an Affiliated Company within the period covered by the schedule of severance benefits on Schedule A hereto, the severance benefits, if any, that are in excess of the number of weeks between the Separation from Service and the rehire date
shall be repaid by the Employee or withheld by the Employing Company, as the case may be; and any benefits withheld or repaid shall be forfeited by the Employee. In the further event an eligible Employee who is receiving severance benefits under the
Plan is later rehired by an Employing Company or an Affiliated Company, and employment later terminates under conditions making such Employee eligible for severance benefits under the Plan, the amount of the second severance benefit will be based on
such Employee&#146;s actual date of reemployment and not the original date of employment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.4 <U>Withholding Tax</U>. The Employing Company shall deduct from the amount of any severance benefits
payable under the Plan, any amount required to be withheld by the Employing Company by reason of any law or regulation, for the payment of taxes or otherwise to any federal, state, local or foreign government. In determining the amount of any
applicable tax, the Employing Company shall be entitled to rely on the number of personal exemptions on the official form(s) filed by the Employee with the Employing Company for purposes of income tax withholding on regular wages. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.5 <U>Requirement of Signed Agreement.</U> Receipt of severance benefits under the Plan is conditioned upon the Employee signing an agreement with the
Employee&#146;s Employing Company in a form satisfactory to the Company and in accordance with the requirements of applicable law (the &#147;Agreement&#148;). The Agreement must include a release of claims and may include whatever other terms the
Employing Company deems appropriate, including restrictive covenants. If the terms of the Agreement are found to be legally unenforceable, the Employee must return any severance benefits paid pursuant to Section&nbsp;3.1 of the Plan plus the value
of any long term incentive awards which vested during the Separation Period; provided, however, that in the event the Employee has a Defined Termination, such restrictive covenants shall: (a)&nbsp;be reasonable under the applicable facts and
circumstances; (b)&nbsp;include the following (i)&nbsp;non-solicitation of customers and employees; (ii)&nbsp;confidentiality of business data; (iii)&nbsp;full release of claims; and (iv)&nbsp;non-denigration of the Company and its affiliates, and
their officers, directors and agents; and (c)&nbsp;not include any non-competition limitations. Notwithstanding anything herein to the contrary, the Company shall, for a period of two years and one day following a Change in Control, be prohibited
from entering into any agreement with an Employee, which contains a more expansive Competitor List (as provided in Paragraph 2 of the &#147;Consent to the Application of Forfeiture and Detrimental Conduct Provisions to Incentive Compensation Plan
Awards&#148;) than that which was in effect for such Employee immediately prior to the date of such Change in Control. If an Employee has already signed the Agreement required by this Section&nbsp;3.5 prior to the date of a Change in Control, the
Employee is not eligible to receive any benefits that would otherwise be triggered by a Change in Control, except as provided by Section&nbsp;4.1(g). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3.6 <U>Excise Tax</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) This Section&nbsp;3.6 shall apply in the event of a Change in Control.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) In the event that any payment or benefit received or to be received by an Employee hereunder in connection with a Change in Control or
such Employee&#146;s Separation from Service (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;<U>Payments</U>&#148;), will be subject to the excise tax (the
&#147;<U>Excise Tax</U>&#148;) referred to in Section&nbsp;4999 of the Code, then (i)&nbsp;in the case of an Employee who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a &#147;<U>Tier 1
Employee</U>&#148;), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Section&nbsp;3.6(d), an additional amount (the &#147;<U>Gross-Up Payment</U>&#148;) such that
the net amount retained by such Tier 1 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up
Payment, shall be equal to the Payments, and (ii)&nbsp;in the case of a Tier 1 Employee (in the event clause (i)&nbsp;does not apply) and in the case of any other Employee, the Payments shall be reduced to the extent necessary so that no portion of
the Payments is subject to the Excise Tax but only if (A)&nbsp;the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced
Total Payments), is greater than or equal to (B)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the
amount of Excise Tax to which an Employee would be subject in respect of such unreduced Total Payments); provided, however, that the Employee may elect in writing to have other components of his or her Total Payments reduced prior to any reduction
in the Payments hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such
Excise Tax and whether any Payments are to be reduced hereunder: (i)&nbsp;all payments and benefits received or to be received by an Employee in connection with such Change in Control or such Employee&#146;s Separation from Service, whether pursuant
to the terms of the Plan or any other plan, arrangement or agreement with the Company, any Person (as such term is defined in Section&nbsp;1.7) whose actions result in such Change in Control or any Person affiliated with the Company or such Person
(all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier&nbsp;1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the &#147;<U>Total
Payments</U>&#148;), shall be treated as &#147;parachute payments&#148; (within the meaning of Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change in Control, the
Company&#146;s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Administration Committee (the &#147;<U>Firm</U>&#148;), such payments or benefits (in
whole or in part) do not constitute parachute payments, including by reason of Section&nbsp;280G(b)(2)(A) or Section&nbsp;280G(b)(4)(A) of the Code; (ii)&nbsp;no portion of the Total Payments the receipt or enjoyment of which the Employee shall have
waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken into account; (iii)&nbsp;all &#147;excess parachute payments&#148; within the meaning of
Section&nbsp;280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the
meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax; and (iv)&nbsp;the
value of any noncash benefits or any deferred payment or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of the Code and regulations or other guidance there under. For purposes of
determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a Employee (other than a Tier 1 Employee) shall be reduced, the Employee shall be deemed to pay federal income tax at the highest
marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of such Employee&#146;s residence, net of the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the case of
an Employee other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the Company for its services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) In the event
that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the
&#147;<U>Excess Amount</U>&#148;) will be deemed for all purposes to be a loan to the Tier 1 Employee made on the date of the Tier 1 Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the
Company on the fifth business day after demand, together with interest on such amount at the lowest applicable federal rate (as defined in Section&nbsp;1274(d) of the Code or any successor provision thereto), compounded semi-annually (the
&#147;<U>Section 1274 Rate</U>&#148;) from the date of the Tier 1 Employee&#146;s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and
such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any
payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December&nbsp;31st of the year following the year in which the Employee remits
the related taxes, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or such lesser
rate (including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate
with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) As soon as
practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each Tier 1 Employee and to each other Employee with respect to whom it is proposed that Payments be reduced, a written statement
setting forth the manner in which the Total Payments in respect of such Tier 1 Employee or other Employee were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from
the Firm or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE 4 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>METHOD OF PAYMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">4.1 <U>Payment</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by this Article 4 or the Plan, the Company shall pay
the Gross Severance Benefit Amount to the Employee during the Separation Period in substantially equal payments in accordance with the normal payroll schedule applicable to the Employee, commencing with the applicable payroll period immediately
following the Employee&#146;s Separation from Service. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) If the severance benefits provided under the Plan qualify for the involuntary separation pay
exception under Section&nbsp;409A, the Employee is a &#147;specified employee&#148; (for purposes of Section&nbsp;409A and as determined in accordance with the Policy) on the date of his Separation from Service, and the total amount of benefits to
be paid to the Employee during the six-month period following his Separation from Service is more than two times the lesser of the Employee&#146;s Annualized Compensation or the Section&nbsp;401(a)(17) Limit, each for the year in which the
Separation from Service occurs, then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the severance benefits to be paid during the six-month period following the Employee&#146;s
Separation from Service shall be two times the lesser of the Employee&#146;s Annualized Compensation or the Section&nbsp;401(a)(17) Limit, each for the year in which the Separation from Service occurs, divided by the number of severance payments to
be made during such six-month period (given the normal payroll schedule applicable to the Employee); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the difference between the
amount of the severance benefits actually paid by the Company or Employing Company pursuant to Section&nbsp;4.1(b)(i) and the amount the Employee would have received during such six-month period but for the application of Section&nbsp;4.1(b)(i),
shall be paid to the Employee on the first payroll date immediately following the first day of the seventh month following the Employee&#146;s Separation from Service; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) the balance of the severance benefits to be paid for the remainder of the Separation Period following the expiration of the six-month period shall
be paid in accordance with Section&nbsp;4.1(a). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event that the severance benefits provided under the Plan do not qualify for
the involuntary separation pay exception under Section&nbsp;409A and the Employee is a &#147;specified employee&#148; (for purposes of Section&nbsp;409A and as determined in accordance with the Policy) on the date of his Separation from Service,
then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the amount the Employee would have received during the six-month period following the Employee&#146;s Separation from Service
had the severance benefits been paid in installments in accordance with Section&nbsp;4.1(a) during such six-month period shall be paid to the Employee in a lump sum on the first payroll date immediately following the first day of the seventh month
following the Employee&#146;s Separation from Service; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the balance of the severance benefits to be paid for the remainder of the
Separation Period following the expiration of the six-month period shall be paid in accordance with Section&nbsp;4.1(a). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) In the event
the Employee has a Defined Termination, and the Change in Control to which the Defined Termination relates qualifies as a Section&nbsp;409A Change in Control, then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(i) if the Employee is not a &#147;specified employee&#148; (for purposes of Section&nbsp;409A and as determined in accordance with the Policy) on the date of his Separation from Service, the Employee&#146;s Gross
Severance Benefit Amount will be paid to him in a lump sum within 15 days following the Employee&#146;s Separation from Service; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) if the Employee is a &#147;specified employee&#148; (for purposes of Section&nbsp;409A and as
determined in accordance with the Policy) on the date of his Separation from Service, the Employee&#146;s Gross Severance Benefit Amount will be paid to him as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT
FACE="Times New Roman" SIZE="2">(1) if the severance benefits provided under the Plan qualify for the involuntary separation pay exception under Section&nbsp;409A, an amount equal to two times the lesser of the Employee&#146;s Annualized
Compensation or the Section&nbsp;401(a)(17) Limit, each for the year in which the Separation from Service occurs, shall be paid to him in a lump sum within 15 days following the Employee&#146;s Separation from Service; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(2) the Employee&#146;s Gross Severance Benefit Amount, less the amount, if any, paid to the Employee pursuant to Section&nbsp;4.1(d)(ii)(1), will be
paid to him in a lump sum on the first day of the seventh month following the Employee&#146;s Separation from Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Notwithstanding
anything in the Plan to the contrary, if the Employee&#146;s Separation from Service occurs within two years following a Change in Control, then to the extent permissible under Section&nbsp;409A, the Employee shall continue to be eligible to receive
benefits under the Company&#146;s medical and dental plans for the applicable period as if the Employee were paid severance in installments, such benefits to be substantially identical to the benefits provided immediately prior to the Change in
Control. In the event that the continuation of any such benefits during the six-month period following Separation from Service would result in the imposition of a tax under Section&nbsp;409A, the Company shall allow the Employee to pay the
out-of-pocket cost of such benefits during such six-month period and the Company will make a lump-sum payment to the Employee in an amount equal to the out-of-pocket costs so paid by the Employee, on the first day of the seventh month following the
Employee&#146;s Separation from Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) Notwithstanding anything in the Plan to the contrary, if the Employee is not a United States
citizen and has not been taxable for US federal income tax purposes as a resident alien at any time during his employment with the Employing Company, then, to the extent it would not result in the imposition of the excise tax or penalty under
Section&nbsp;409A to the Employee, the Employing Company may pay the Gross Severance Benefit Amount to the Employee in a lump sum or installments, in the Employing Company&#146;s sole discretion. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) <U>Inactive Employment Status</U>. During the Separation Period, the Employee will remain in an inactive employment status until receipt of such
payments is completed, at which time employment will be terminated. During the Separation Period, to the extent permissible under Section&nbsp;409A, certain other employee benefits may be continued, payment for which shall be deducted from such
severance payments in accordance with the Employee&#146;s previously elected benefit coverage. During the Separation Period, the Company reserves the right, to the extent permissible under Section&nbsp;409A, to continue other programs such as the
Incentive Compensation Plan and the Perquisite Program in accordance with its policies, which may be changed or terminated from time to time. Nothing in this Section&nbsp;4.1(g) shall create a contract to provide such benefits. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.2 <U>Limitations on Severance Payments</U>. In no event shall the period of time during which an
Employee receives severance payments exceed 104 weeks. Nothing in this Section&nbsp;4.2 shall affect the total number of weeks payable under the Plan pursuant to Schedule A hereto, including, but not limited to, the 104-week maximum payment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.3 <U>Death</U>. In the event an Employee dies before full receipt of severance benefits payable under the Plan, the remaining severance
benefits will be paid to the legal representative of such Employee&#146;s estate in a lump sum after receipt of notice of such death and evidence satisfactory to the Company of the payment or provision for the payment of any estate, transfer,
inheritance or death taxes which may be payable with respect thereto; provided, however, payment must be made within 90 days of the date of the Employee&#146;s death, or such later date permitted by Section&nbsp;409A. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ADMINISTRATION OF THE
PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.1 <U>Powers of the Employing Company</U>. The Employing Company shall have such powers, authorities and discretion as are
necessary or appropriate in order to carry out its duties under the Plan, including, but not limited to, the power: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) to obtain such
information as it shall deem necessary or appropriate in order to carry out its duties under the Plan; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) to make determinations with
respect to the grounds for termination of employment of any Employee; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) to establish and maintain necessary records. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.2 <U>Employing Company Authority</U>. Nothing contained in the Plan shall be deemed to qualify, limit or alter in any manner the Employing
Company&#146;s sole and complete authority and discretion to establish, regulate, determine or modify at any time, the terms and conditions of employment, including, but not limited to, levels of employment, hours of work, the extent of hiring and
employment termination, when and where work shall be done, marketing of its products, or any other matter related to the conduct of its business or the manner in which its business is to be maintained or carried on, in the same manner and to the
same extent as if the Plan were not in existence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.3 <U>Administration Committee Duties and Powers</U>. The Administration Committee
shall be responsible for the general administration and interpretation of the Plan and the proper execution of its provisions and shall have full discretion to carry out its duties. The Administration Committee shall be the &#147;Administrator&#148;
of the Plan and shall be, in its capacity as Administrator, a &#147;Named Fiduciary,&#148; as such terms are defined or used in ERISA. For the purposes of carrying out its duties as Administrator, the Administration Committee may, in its sole
discretion, allocate its responsibilities under the Plan among its members, and may, in its </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">sole discretion, designate persons other than members of the Administration Committee to carry out such of its responsibilities under the Plan as it may deem
fit. In addition to the powers of the Administration Committee specified elsewhere in the Plan, the Administration Committee shall have all discretionary powers necessary to discharge its duties under the Plan, including, but not limited to, the
following discretionary powers and duties: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) to interpret or construe the Plan, and resolve ambiguities, inconsistencies and omissions;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) to make and enforce such rules and regulations and prescribe the use of such forms as it deems necessary or appropriate for the
efficient administration of the Plan; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) to decide all questions on appeal concerning the Plan and the eligibility of any person to
receive benefits under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.4 <U>Determinations</U>. The determination of the Administration Committee as to any question involving
the general administration and interpretation or construction of the Plan shall be within its sole discretion and shall be final, conclusive and binding on all persons, except as otherwise provided herein or by law. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.5 <U>Claims Review Procedure</U>. Consistent with the requirements of ERISA and the regulations thereunder as promulgated by the Secretary of Labor
from time to time, the following claims review procedure shall be followed with respect to the denial of severance benefits to any Employee: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) Within 30 days from the date of an Employee&#146;s Separation from Service, the Employing Company shall furnish such Employee either an agreement offering severance benefits under the Plan or notice of such Employee&#146;s ineligibility
for or denial of severance benefits, either in whole or in part. Such notice from the Employing Company will be in writing and sent to the Employee or the legal representative of his estate stating the reasons for such ineligibility or denial and,
if applicable, a description of additional information that might cause a reconsideration by the Administration Committee or its delegate of the decision and an explanation of the Plan&#146;s claims review procedure. In the event such notice is not
furnished within 30 days, any claim for severance benefits shall be deemed denied and the Employee shall be permitted to proceed to Section&nbsp;5.5(b). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(b) Within 60 days after receiving notice of such denial or ineligibility or within 90 days after the Employee&#146;s Separation from Service if no notice is received, the Employee, the legal representative of his
estate or a duly authorized representative may then submit to the Administration Committee a written request for a review of such decision of denial. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) The Administration Committee will review the claim and within 60 days (or 120 days in special circumstances) provide a written response to the appeal setting forth specific reasons for such decision. In the event
the decision on review is not furnished within such time period, the claim shall be deemed denied. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 6 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ADOPTING COMPANIES AND PLAN MERGERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.1 <U>Adopting Companies</U>. Any corporation which succeeds
to the business and assets of the Company or any part of its operations, may by appropriate resolution adopt the Plan and shall thereupon succeed to such rights and assume such obligations hereunder as the Company and said corporation shall have
agreed upon in writing. Any corporation which succeeds to the business of any Employing Company other than the Company, or any part of the operations of such Employing Company, may by appropriate resolution adopt the Plan and shall thereupon succeed
to such rights and assume such obligations hereunder as such Employing Company and said corporation shall have agreed upon in writing; provided, however, that such adoption and the terms thereof agreed upon in such writing have been approved by the
Company. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 7 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>AMENDMENT AND TERMINATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.1 <U>Right to Amend or Terminate</U>. The Company reserves the right, by action of the Board
of Directors or the Committee, to amend or terminate the Plan in whole or in part at any time and from time to time, and any amendment or effective date of termination may be given retroactive effect; provided, however, that the Plan may not be
amended or terminated if such amendment or termination would cause the Plan to fail to comply with, or cause an Employee to be subject to tax under, Section&nbsp;409A. The foregoing sentence to the contrary notwithstanding, for a period of two years
and one day after the date of an occurrence of a Change in Control, neither the Board of Directors nor the Committee may terminate the Plan or amend the Plan in a manner that is detrimental to the rights of any eligible Employee under the Plan
without his or her written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.2 <U>Termination by an Employing Company</U>. Any Employing Company other than the Company may
withdraw from participation in the Plan at any time by delivering to the Administration Committee written notification to that effect signed by such Employing Company&#146;s chief executive officer or his delegate. Withdrawal by any Employing
Company pursuant to this Section&nbsp;7.2, or complete discontinuance of severance benefits under the Plan by any Employing Company other than the Company, shall constitute termination of the Plan with respect to such Employing Company. The
foregoing sentence to the contrary notwithstanding, neither the Board of Directors nor the Committee may terminate the Plan or amend the Plan in a manner that (a)&nbsp;would cause the Plan to fail to comply with, or cause an Employee to be subject
to tax under, Section&nbsp;409A; (b)&nbsp;is detrimental to the rights of any eligible Employee of the Plan without his written consent (i)&nbsp;with respect to the provisions of the Plan which become applicable upon a Change in Control, and
(ii)&nbsp;with respect to all provisions of the Plan for a period of two years and one day after the date of a Change in Control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.3
<U>Limitation on Benefits</U>. In the event any Employing Company withdraws from participation or the Company terminates the Plan as provided in this Article 7, no Employee shall be entitled to receive benefits hereunder for employment either before
or after such action. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 8 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>FINANCIAL PROVISIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.1 <U>Funding</U>. All severance benefits payable under the Plan shall be
payable and provided for solely from the general assets of the Employing Company in accordance with the Plan, at the time such severance benefits are payable, unless otherwise determined by the Employing Company. The Employing Company shall not be
required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any severance benefits under the Plan. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE 9 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>LIABILITY AND INDEMNIFICATION </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.1 <U>Standard of Conduct</U>. To the extent permitted by ERISA and other applicable law, no member (which term, as used in this Article 9, shall
include any employee of any Employing Company designated to carry out any responsibility of the Administration Committee pursuant to Section&nbsp;5.3) of the Administration Committee shall be liable for anything done or omitted to be done by him in
connection with the Plan, unless the member failed to act (a)&nbsp;in good faith and (b)&nbsp;for a purpose which such member reasonably believed to be in accordance with the intent of the Plan. The Company or Employing Company as applicable hereby
indemnifies each person made, or threatened to be made, a party to an action or proceeding, whether civil or criminal, or against whom any claim or demand is made, by reason of the fact that he, his testator or intestate, was or is a member of the
Administration Committee, against judgments, fines, amounts paid in settlement and reasonable expenses (including attorney&#146;s fees) actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, or as a result
of such claim or demand, if such member of the Administration Committee acted in good faith for a purpose which he reasonably believed to be in accordance with the intent of the Plan and, in criminal actions or proceedings, in addition, had no
reasonable cause to believe that his conduct was unlawful. Any reimbursement shall be paid to a member of the Administration Committee in accordance with the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">9.2 <U>Presumption of Good Faith</U>. The termination of any such civil or criminal action or proceeding or the disposition of any such claim or demand, by judgment, settlement, conviction or upon a plea of nolo
contendere, or its equivalent, shall not in itself create a presumption that any such member of the Administration Committee did not act (a)&nbsp;in good faith and (b)&nbsp;for a purpose which he reasonably believed to be in accordance with the
intent of the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.3 <U>Successful Defense</U>. A person who has been wholly successful, on the merits or otherwise, in the defense of
a civil or criminal action or proceeding or claim or demand of the character described in Section&nbsp;9.1 shall be entitled to indemnification as authorized in such Section&nbsp;9.1. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.4 <U>Unsuccessful Defense</U>. Except as provided in Section&nbsp;9.3, any indemnification under Section&nbsp;9.1, unless ordered by a court of
competent jurisdiction, shall be made by the Company only if authorized in the specific case: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) by the Board of Directors acting by a
quorum consisting of directors who are not parties to such action, proceeding, claim or demand, upon a finding that the member of the Administration Committee has met the standard of conduct set forth in Section&nbsp;9.1; or </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) if a quorum under Section&nbsp;9.4(a) is not obtainable with due diligence: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) by the Board of Directors upon the opinion in writing of independent legal counsel (who may be counsel to any Employing Company) that indemnification
is proper under the circumstances because the standard of conduct set forth in Section&nbsp;9.1 has been met by such member of the Administration Committee; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(ii) by the shareholders of the Company upon a finding that the member of the Administration Committee has met the standard of conduct set forth in such Section&nbsp;9.1. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.5 <U>Advance Payments</U>. Expenses incurred in defending a civil or criminal action or proceeding or claim or demand may be paid by the Company or
Employing Company, as applicable, in advance of the final disposition of such action or proceeding, claim or demand, if authorized in the manner specified in Section&nbsp;9.4, except that, in view of the obligation of repayment set forth in
Section&nbsp;9.6, there need be no finding or opinion that the required standard of conduct has been met. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.6 <U>Repayment of Advance
Payments</U>. All expenses incurred in defending a civil or criminal action or proceeding, claim or demand, which are advanced by the Company or Employing Company, as applicable, under Section&nbsp;9.5 shall be repaid upon demand by the Company or
Employing Company in case the person receiving such advance is ultimately found, under the procedures set forth in this Article 9, not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced by
the Company or Employing Company, as applicable, exceed the indemnification to which he is entitled. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.7 <U>Right to Indemnification</U>.
Notwithstanding the failure of the Company or Employing Company, as applicable, to provide indemnification in the manner set forth in Section&nbsp;9.4 or 9.5, and despite any contrary resolution of the Board of Directors or of the shareholders in
the specific case, if the member of the Administration Committee has met the standard of conduct set forth in Section&nbsp;9.1, the person made or threatened to be made a party to the action or proceeding or against whom the claim or demand has been
made, shall have the legal right to indemnification from the Company or Employing Company, as applicable, as a matter of contract by virtue of the Plan, it being the intention that each such person shall have the right to enforce such right of
indemnification against the Company or Employing Company, as applicable, in any court of competent jurisdiction. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 10
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.1
<U>No Right to Continued Employment</U>. Nothing in the Plan shall be construed as giving any Employee the right to be retained in the employ of any Employing Company or any right to any payment whatsoever, except to the extent of the severance
benefits provided for by </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">the Plan. Each Employing Company expressly reserves the right to dismiss any Employee at any time and for any reason without liability for the effect which
such dismissal might have upon him as an eligible Employee under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.2 <U>Construction</U>. The masculine pronoun shall be
construed to mean the feminine and the singular shall be construed to mean the plural, wherever appropriate herein. Headings in this document are for identification purposes only and do not constitute a part of the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.3 <U>Governing Law</U>. The Plan shall be governed by and construed in accordance with the substantive laws but not the choice of law rules of the
state of New York, except to the extent that such laws have been superseded by federal law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.4 <U>Expenses of the Plan</U>. The expenses
of establishment and administration of the Plan shall be paid by the Employing Companies. Any expenses paid by the Company pursuant to this Section&nbsp;10.4 and indemnification under Article 9 shall be subject to reimbursement by the other
Employing Companies of their proportionate shares of such expenses and indemnification, as determined by the Administration Committee in its sole discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">10.5 <U>Section&nbsp;409A</U>. It is intended that the benefits under the Plan are either exempt from, or compliant with, the requirements of Section&nbsp;409A, so as to prevent the inclusion in gross income of any
benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Employees. The Plan shall be administered and interpreted to the extent possible in
a manner consistent with that intent and the Policy. To the extent that a distribution to an Employee is not exempt from Section&nbsp;409A and is required to be delayed by six months pursuant to Section&nbsp;409A, such distribution shall be made no
earlier than the first day of the seventh month following the Employee&#146;s Separation from Service, and the payments that otherwise would have been paid to the Employee during the six-month period immediately following the Employee&#146;s
Separation from Service shall be paid to the Employee in a lump sum on the first day of the seventh month following the Employee&#146;s Separation from Service, or as soon as administratively practicable thereafter, but in no event later than 90
days thereafter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SENIOR EXECUTIVE SEVERANCE PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As amended and restated effective January&nbsp;1, 2009)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>SCHEDULE A </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SCHEDULE
FOR SEVERANCE PAY BENEFITS </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:94pt" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Completed&nbsp;Years&nbsp;of&nbsp;Service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Number&nbsp;of&nbsp;Weekly&nbsp;Severance&nbsp;Benefit&nbsp;Payments</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Employees&nbsp;Who&nbsp;Are&nbsp;Not<BR>Executive
Officers</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Executive&nbsp;Officers</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12&nbsp;or&nbsp;fewer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">56</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">69</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">73</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18&nbsp;or&nbsp;more</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">78&nbsp;Maximum</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">104&nbsp;Maximum</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">21 </FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>11
<FILENAME>dex1033.htm
<DESCRIPTION>AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN
<TEXT>
<HTML><HEAD>
<TITLE>American Express Supplemental Retirement Plan</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.33 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As amended and restated effective as of
January&nbsp;1, 2009) </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>TABLE OF CONTENTS </U></B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>HISTORY AND EFFECTIVE DATES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;1.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>History</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;1.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Effective Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;1.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Transition Rules</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>DEFINITIONS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;2.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Definitions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;2.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Qualified Plan Definitions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;2.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Gender and Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ADMINISTRATION</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;3.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Administrator</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;3.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Authority</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>SUPPLEMENTAL BENEFITS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Eligibility</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Participation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Benefits Under the RP</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Benefits in Excess of Limits Under the RSP</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Crediting of Account</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Supplemental Benefits Payment Election</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.7</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Supplemental Account Investment &amp; Earnings</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.8</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Special Restrictions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ELECTIVE DEFERRALS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Eligibility</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Participation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Deferrable Compensation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Deferral Benefits Election</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Crediting of Deferral Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Account Earnings</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>PAYMENT OF BENEFITS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>19</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Supplemental Account</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Deferral Account</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Designation of Beneficiaries</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Death</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Disability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Unforeseen Emergency</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.7</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Company Offset</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.8</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Withholding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 7</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>CHANGE IN CONTROL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;7.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Change in Control</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;7.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Effect of Change in Control</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 8</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>CLAIMS PROCEDURES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Claim</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Claim Decision</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Request for Review</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Review of Decision</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Arbitration</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Burden of Proof</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.7</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Administrator&#146;s Sole Authority</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 9</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDMENT&nbsp;&amp; TERMINATION</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;9.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Plan Amendment</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;9.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Effect of Plan Termination</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 10</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>GENERAL PROVISIONS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Unfunded Status</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Transferable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>No Right to Continued Employment</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.4</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Plan Benefits Not Compensation Under Employee Benefit Plans</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.5</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Compliance with Section 409A</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.6</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>No Guarantee of Tax Consequences</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.7</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Limitations on Liability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.8</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Severability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.9</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Captions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.10</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Governing Law</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ii </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS SUPPLEMENTAL RETIREMENT PLAN </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As amended and restated effective as of January&nbsp;1, 2009) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>HISTORY AND EFFECTIVE DATES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;1.1 History</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) On
November&nbsp;26, 1973, the Board of Directors (the &#147;Board&#148;) of American Express Company (&#147;Amex&#148;) authorized and approved the adoption of the American Express Supplementary Pension Plan (the &#147;Plan&#148;) to supplement
retirement benefits provided under the American Express Retirement Plan and other retirement and savings plans sponsored by Amex for a select group of management or highly compensated individuals. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) On July&nbsp;1, 1994, the Board authorized and directed the amendment and restatement of the Plan pursuant to the provisions of Section&nbsp;9
thereof. The Plan was amended and restated generally effective March&nbsp;1, 1995, and renamed the American Express Company Supplemental Retirement Plan. The Plan was subsequently amended through December&nbsp;31, 2004. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) On July&nbsp;25, 2005, the Board amended and restated the Plan (immediately prior to such amendment and restatement, the &#147;Prior Plan&#148;),
effective January&nbsp;1, 2005. Except as otherwise expressly provided herein, Participants who were in &#147;pay status&#148; as of January&nbsp;1, 2005 continue to have the payment of their benefits governed solely by the terms of the Prior Plan;
provided, however, that effective with payments made in calendar year 2006 and thereafter, payments other than monthly annuity payments which would have been made on April&nbsp;1 of any year under the Prior Plan are made on July&nbsp;1 of such year.
Participants who were not in &#147;pay status&#148; as of January&nbsp;1, 2005 are governed from and after such date by the terms of the Plan, as amended and restated, and as further amended and restated from time to time. For purposes of this
section, a Participant was in &#147;pay status&#148; as of January&nbsp;1, 2005 if he or she was entitled to benefits under the Plan as of January&nbsp;1, 2005, with payments scheduled to begin on or before April&nbsp;1, 2005. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) Effective as of October&nbsp;1, 2005, Ameriprise Financial, Inc. (&#147;AFI&#148;) ceased to be a participating employer in Amex&#146;s tax-qualified
retirement plans and the components of such plans covering AFI participants were transferred to new plans established by AFI in a transaction that complied with Section&nbsp;414(l) of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). In connection with that transaction, the component of the Plan covering AFI participants was similarly transferred, and active and retired AFI participants and AFI beneficiaries ceased participation in and no longer have any
benefits under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Generally effective July&nbsp;1, 2007, benefit accruals under the American Express Retirement Plan, as
amended (the &#147;RP&#148;) were ceased. In addition, generally effective as of July&nbsp;1, 2007, Amex adopted certain changes to the American Express Incentive Savings Plan, as amended, and renamed such plan the American Express Retirement
Savings Plan (the &#147;RSP&#148;). </FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) On January&nbsp;22, 2007, the Board amended and restated the Plan, generally effective July&nbsp;1,
2007, to reflect the changes made to the RP and the RSP, to allow for the elective deferral of compensation under the Plan, and to rename the Plan the American Express Supplemental Retirement Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) On November&nbsp;19, 2007, the Compensation and Benefits Committee (the &#147;CBC&#148;) approved the First Amendment to the American Express
Supplemental Retirement Plan (the &#147;First Amendment&#148;) to provide for the payment of Plan benefits to employees of American Express Bank who would be transferring to the buyer in the sale transaction. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(h) In November 2007, the Employee Benefits Administration Committee (&#147;EBAC&#148;), pursuant to the authority delegated to it, approved the
amendment and restatement of the Plan to reflect certain non-material amendments thereto. On November&nbsp;19, 2007, the CBC approved an amendment to the Plan to provide for accelerated vesting of ROE interest on Deferral Benefits upon the death or
disability of a Participant. Effective December&nbsp;31, 2007, the Executive Vice President of Human Resources, pursuant to the authority delegated to him, approved the amendment and restatement of the Plan to reflect the amendments approved by EBAC
and the CBC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) Effective March&nbsp;29, 2008, the Senior Vice President of Human Resources, Global Compensation&nbsp;&amp; Benefits,
pursuant to the authority delegated to him, added a new Section&nbsp;4.4(b)(v) and amended Section&nbsp;4.5(c) to make certain changes related to the acquisition of GE Corporate Payment Services. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(j) On July&nbsp;15, 2008, the Vice President of Global Benefits, pursuant to the authority delegated to him, amended Section&nbsp;4.4(c) of the Plan to
clarify the calculation of Company Contributions for Additional Years of Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(k) The Plan is being amended and restated, effective
January&nbsp;1, 2009, by the Vice President of Global Benefits, pursuant to the authority delegated to him, to incorporate the prior amendments made to the Plan during 2008, to make the changes necessary or advisable for compliance with
Section&nbsp;409A of the Code and the treasury regulations and other official guidance issued thereunder, and to make certain other non-material amendments to the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(l) The Plan has remained in effect since its adoption and has been construed and operated as a &#147;top-hat plan&#148; under Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act
of 1974, as amended (&#147;ERISA&#148;), and Section&nbsp;2520.104-23 of the United States Department of Labor Regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;1.2 Effective Date</B>. Except as expressly provided otherwise herein, the Plan as amended and restated hereby is generally effective January&nbsp;1, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;1.3 Transition Rules</B>. Each Participant&#146;s accrued benefit under the Prior Plan as of December&nbsp;31, 2004 (&#147;Grandfathered
Benefits&#148;) was determined by the Administrator in accordance with Section&nbsp;409A of the Code and Notice 2005-1. Except as set forth in Section&nbsp;1.1(c), Grandfathered Benefits are governed by and administered in accordance with the Prior
Plan; provided, however, that any election with respect to Grandfathered Benefits may not materially modify the rights, terms or conditions of the Prior Plan. All other benefits are governed by and administered solely in accordance with the Plan, as
amended and restated from time to time. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>DEFINITIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;2.1 Definitions</B>. As used in the Plan, the following terms have the
meanings indicated below: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) &#147;<U>Account</U>&#148; means, with respect to a Participant, his or her Deferral Account and Supplemental
Account, collectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) &#147;<U>Administrator</U>&#148; means the Employee Benefits Administration Committee, including any
individual(s) to whom the Employee Benefits Administration Committee delegates authority under the Plan, or such other committee or individual(s) authorized to act as the Administrator by the Committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) &#147;<U>Affiliate</U>&#148; means any corporation or other trade or business under common control with Amex, as further defined in the Qualified
Retirement Plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) &#147;<U>Annual Incentive Award</U>&#148; means, for a Plan Year, a performance incentive bonus award granted to an
Employee under the Company&#146;s Annual Incentive Award Plan, as amended from time to time, or any successor plan thereto, with a performance period of the Plan Year, or a comparable award issued as a Qualifying Award to a key employee under the
Company&#146;s 1998 Incentive Compensation Plan, as amended from time to time, or the Company&#146;s 2007 Incentive Compensation Plan, as amended from time to time, or any successor plan thereto; provided that the Committee may, in its discretion,
designate additional or different items as Annual Incentive Awards for purposes of the elective deferrals under Article&nbsp;5. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e)
&#147;<U>Base Salary</U>&#148; means, with respect to a Participant, as of a specified date, the annual rate of base salary payable to the Participant as of such date before any reduction for any amounts deferred by the Participant pursuant to
Section&nbsp;401(k) or Section&nbsp;125 of the Code, or pursuant to a Deferral Plan or any other non-qualified plan which permits the voluntary deferral of compensation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(f) &#147;<U>Beneficiary</U>&#148; means the individual or entity designated by a Participant in accordance with procedures established by the Administrator to receive the Participant&#146;s Supplemental Account or
Deferral Account in the event of the Participant&#146;s death. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(g) &#147;<U>Benefits</U>&#148; means, with respect to a Participant, his
or her Deferral Benefits and Supplemental Benefits, collectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(h) &#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as
amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) &#147;<U>Committee</U>&#148; means the Compensation and Benefits Committee of the Board, or such successor committee as may
be designated by the Board. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(j) &#147;<U>Company</U>&#148; means Amex, any of its subsidiaries and any Affiliates which have become
participating employers in a Qualified Retirement Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(k) &#147;<U>Deferral Account</U>&#148; means, with respect to a Participant for a
given Plan Year, the book reserve account established by Amex for the Participant for such Plan Year pursuant to Section&nbsp;5.5. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(l)
&#147;<U>Deferral Benefits</U>&#148; means, with respect to a Participant, the benefits credited to his or her Deferral Accounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(m)
&#147;<U>Deferral Distribution</U>&#148; means a distribution to a Participant from his or her Deferral Accounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(n) &#147;<U>Deferral
Election</U>&#148; means, with respect to a given Plan Year, an election made by an eligible Employee with respect to his or her Deferral Account for such Plan Year under Article&nbsp;5. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(o) &#147;<U>Deferral Plan</U>&#148; means: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(i) for Plan Years ending on or before December&nbsp;31, 2007, the American Express Salary Deferral Plan, the American Express Pay-for-Performance Deferral Programs and any other similar non-qualified plans for the deferral of compensation
available in such Plan Years; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) for Plan Years beginning on or after January&nbsp;1, 2008, Article&nbsp;5 of this Plan and such
other non-qualified plans or arrangements for the deferral of compensation as determined by the Administrator, it its sole discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(p)
&#147;<U>Disability</U>&#148; has the meaning given such term by Section&nbsp;409A. Whether a Participant has a Disability shall be determined in accordance with Section&nbsp;409A and the Policy. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(q) &#147;<U>Employee</U>&#148; means an elected or appointed officer of the Company or any other individual who the Administrator identifies as an
employee of the Company, and whose compensation is reported on a Form W-2, regardless of whether the use of such form is subsequently determined to be erroneous. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(r) &#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(s)
&#147;<U>Minimum Schedule Rate</U>&#148; means, for a calendar year, the &#147;Below ROE Target Range&#148; rate for such calendar year under the metric set forth in Schedule A, as in effect for that calendar year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(t) &#147;<U>Moody&#146;s A Rate</U>&#148; means, for a calendar year, the average corporate bond yield rate for such calendar year, as announced by
Moody&#146;s Investor Services for borrowers rated &#147;A.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(u) &#147;<U>Participant</U>&#148; means an Employee who accrues benefits under the Plan; provided,
however, that the term &#147;Participant&#148; as used in Article&nbsp;4 shall be limited to the Employees eligible to participate in the Plan with respect to Supplemental Benefits under Article&nbsp;4, and the term &#147;Participant&#148; as used
in Article&nbsp;5 shall be limited to the Employees eligible to participate in the Plan with respect to Deferral Benefits under Article&nbsp;5. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(v) &#147;<U>PG Award</U>&#148; means a performance incentive bonus award granted to an Employee with a performance period longer than one Plan Year. A PG Award for a Plan Year shall be: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) in the case of a PG Award that qualifies as performance-based compensation for purposes of Section&nbsp;409A, a PG Award with a performance period
ending on the July&nbsp;1st or later date of such Plan Year; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) in the case of a PG Award that does not qualify as performance-based
compensation for purposes of Section&nbsp;409A, a PG Award with a performance period beginning on the January&nbsp;1st of such Plan Year; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">provided that
the Committee may, in its discretion, designate additional or different items as PG Awards for purposes of the elective deferrals under Article&nbsp;5. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(w) &#147;<U>Plan Year</U>&#148; means, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) for Supplemental Benefits under Article&nbsp;4, the calendar
year with reference to which benefits are determined under the Qualified Retirement Plan; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) for Deferral Benefits under
Article&nbsp;5, the specified calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(x) &#147;<U>Policy</U>&#148; means the American Express Section&nbsp;409A Compliance Policy,
as amended from time to time, and any successor policy thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(y) &#147;<U>Qualified Retirement Plan</U>&#148; means the RP and/or the
RSP, as the context may imply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(z) &#147;<U>Retirement</U>&#148; means a voluntary Separation from Service by a Participant who is
Retirement Eligible on the date of such Separation from Service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(aa) &#147;<U>Retirement Eligible</U>&#148; means, with respect to a
Participant, he or she is age 55 or older with ten or more actual or deemed years of service with the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(bb) &#147;<U>RP-Related
Account</U>&#148; means, with respect to a Participant, the book reserve account established by the Company for the Participant pursuant to Section&nbsp;4.3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(cc) &#147;<U>RSP-Related Account</U>&#148; means, with respect to a Participant, the book reserve account established by the Company for the Participant pursuant to Section&nbsp;4.4. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(dd) &#147;<U>RSP Match Percentage</U>&#148; means, with respect to a Participant for a Plan Year, the maximum Company Matching Contribution percentage
that would be utilized for purposes of the RSP for such Participant for the Plan Year if the Participant had made the maximum Elective Contribution under the RSP for the Plan Year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ee) &#147;<U>Schedule Rate</U>&#148; means, for a calendar year, the applicable rate for such calendar
year determined under the metric set forth in Schedule A, as in effect for that calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ff) &#147;<U>Section 401(a)(17)
Limitation</U>&#148; refers to the limitation on the dollar amount of Compensation which may be taken into account under the Qualified Retirement Plans under Section&nbsp;401(a)(17) of the Code. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(gg) &#147;<U>Section 409A</U>&#148; means Section&nbsp;409A of the Code, together with the treasury regulations and other official interpretations or
guidance issued thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(hh) &#147;<U>Section 415 Limitations</U>&#148; refer to the limitations on benefits for defined benefit
pension plans and defined contribution plans which are imposed by Section&nbsp;415 of the Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) &#147;<U>Separation from
Service</U>&#148; has the meaning given such term by Section&nbsp;409A. Whether a Participant has a Separation from Service shall be determined in accordance with Section&nbsp;409A and the Policy. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(jj) &#147;<U>Severance Plan</U>&#148; means, collectively, (A)&nbsp;the American Express Senior Executive Severance Plan, effective January&nbsp;1,
1994, as amended and restated effective January&nbsp;1, 2009, and as further amended from time to time, and any successor plan thereto, and (B)&nbsp;the American Express Severance Pay Plan, effective January&nbsp;1, 1987, as amended and restated
effective January&nbsp;1, 2009, and as further amended from time to time, and any successor plan thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(kk) &#147;<U>Supplemental
Account</U>&#148; means, with respect to a Participant, his or her RP-Related Account and RSP-Related Account, collectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ll)
&#147;<U>Supplemental Benefits</U>&#148; means, with respect to a Participant, the benefits under his or her Supplemental Account. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(mm)
&#147;<U>Supplemental Distribution</U>&#148; means a distribution to a Participant from his or her Supplemental Account. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(nn)
&#147;<U>Supplemental Election</U>&#148; means the election made by a Participant with respect to his or her Supplemental Account under Section&nbsp;4.6. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(oo) &#147;<U>Unforeseeable Emergency</U>&#148; means a severe financial hardship of the Participant resulting from (i)&nbsp;an illness or accident of the Participant, the Participant&#146;s spouse or the
Participant&#146;s dependent (as defined in Section&nbsp;152 of the Code, without regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof), (ii)&nbsp;a loss of the Participant&#146;s property due to casualty, or (iii)&nbsp;such other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined by the Administrator based on the relevant facts and circumstances and in accordance with Section&nbsp;409A.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;2.2 Qualified Plan Definitions</B>. Capitalized terms not otherwise defined in the Plan
shall have the same meaning set forth in the related Qualified Retirement Plan, to the extent applicable, as the context may imply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;2.3 Gender and Number</B>. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. For all purposes of the Plan, where the
context admits, the singular shall include the plural, and the plural shall include the singular. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;3 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ADMINISTRATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;3.1
Administrator</B>. The Plan shall be administered by the Administrator. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;3.2 Authority</B>. Except as otherwise provided by
the Committee (but subject to the limitation on the Committee&#146;s authority under Article&nbsp;9), the Administrator shall have full power, authority and discretion to interpret, construe and administer the Plan, and such interpretation and
construction thereof and actions taken thereunder shall be binding on all persons for the purposes so stated by the Administrator. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner
and to the extent the Administrator deems necessary or desirable. In the event of a mathematical or accounting error made, or other similar mistake, the Administrator shall have power in its discretion to cause such equitable adjustments to be made
to correct for such errors as it considers appropriate in the circumstances. Any decision of the Administrator in the administration of the Plan shall be final and conclusive and binding upon all Participants and Beneficiaries. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;4 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SUPPLEMENTAL
BENEFITS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.1 Eligibility</B>. Participation in this Plan with respect to Supplemental Benefits shall be limited to
Employees who meet the requirements of Section&nbsp;4.2, and shall automatically occur for such Employees, provided that the Administrator may designate, on a case-by-case basis, Employees or categories of Employees who shall not be eligible to
participate in all or any portion of this Plan, and provided further, that the determination of eligible Employees shall be made consistent with the requirement that the Plan be a &#147;top-hat&#148; plan for purposes of ERISA. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.2 Participation</B>. To become a Participant in the Plan with respect to Supplemental Benefits, an Employee must: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) be a participant under a Qualified Retirement Plan maintained by the Company. Participation by an Employee in a Qualified Retirement Plan shall be
determined pursuant to and in accordance with the eligibility criteria applicable under such Qualified Retirement Plan; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) for the relevant Plan Year: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) be credited with Compensation earned from the Company in an amount in excess of the applicable Section&nbsp;401(a)(17) Limitation or accrue benefits
under a Qualified Retirement Plan in excess of the Section&nbsp;415 Limitation; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) be classified as a level &#147;Band 50&#148;
personnel or greater, as such classification is defined by the Administrator from time-to-time, and have deferred Compensation under a Deferral Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.3 Benefits Under the RP</B>. If a Participant is a participant under the RP, other than a terminated participant, the Company shall establish an RP-Related Account for such Participant, which shall
be determined as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>&#147;Compensation&#148; for RP Credits</U>. For purposes of RP credits under this Section&nbsp;4.3,
&#147;Compensation&#148; has the meaning given such term in the RP, provided that the Committee may, in its discretion, designate additional or different items as Compensation for purposes of this Section&nbsp;4.3. Effective with the 2003
performance year (which awards were granted in 2004) and thereafter, &#147;Compensation&#148; for purposes of RP credits under this Section&nbsp;4.3 shall include the value of restricted stock awards granted to certain Participants in lieu of cash
supplemental Annual Incentive Awards. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Contribution Credits</U>. There shall be credited to a Participant&#146;s RP-Related Account
for each Plan Year, in accordance with Section&nbsp;4.5, an amount equal to the excess, if any, of: (x)&nbsp;the Contribution Credits that would have been credited to a Participant&#146;s Defined Benefit Account Balance under the RP for the Plan
Year if the Plan&#146;s definition of Compensation was used, the Section&nbsp;401(a)(17) Limitation was ignored, and the Participant had not elected or been required to defer the receipt of any Compensation pursuant to a Deferral Plan, over
(y)&nbsp;the actual Contribution Credits credited to the Participant&#146;s Defined Benefit Account Balance under the RP for the Plan Year. No credits shall be made to a Participant&#146;s RP-Related Account pursuant to this Section&nbsp;4.3(b) for
any pay period ending on or after July&nbsp;1, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Benefits Formula</U>. The formula of the benefits for a Plan Year under this
Section&nbsp;4.3 shall be determined by the Administrator and applied in a uniform manner for all similarly situated Participants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d)
<U>Additional Years of Service</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) Certain Participants, as determined by the Company in its sole discretion, may be deemed to have
rendered five additional Years of Service under the Plan. For each such Participant, subject to such terms and conditions as the Company may impose upon such benefits by special agreement with such Participant (in the event of a conflict with this
Section&nbsp;4.3(d), such special agreement shall control), an additional amount shall be credited to the Participant&#146;s RP-Related Account equal to the excess, if any of: (x)&nbsp;the total cumulative Contribution Credits that would have been
credited to the Participant&#146;s RP-Related Account under this Section&nbsp;4.3 had the Participant rendered such additional Years of Service under the RP, over (y)&nbsp;the actual total cumulative Contribution Credits credited to the
Participant&#146;s RP-Related </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Account under this Section&nbsp;4.3 as of the date the Participant is eligible for such benefits under the Plan. Subject to the terms of the special
agreement with each such Participant, such amounts shall be calculated and credited to the RP-Related Account established for the Participant in accordance with Section&nbsp;4.5 under procedures to be determined from time to time by the
Administrator and consistently applied to similarly situated Participants. Unless otherwise determined by the Administrator or agreed in a special agreement with the Participant, amounts credited under this Section&nbsp;4.3(d) shall be subject to
five-year vesting, and such amounts shall be forfeited by the Participant if the Participant&#146;s service with the Company terminates for any reason other than death or disability (as defined in the RP) before five years of actual service have
been rendered to the Company by such Participant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) For each Participant with a special agreement described in Section&nbsp;4.3(d)(i)
who has not accrued five Years of Service as of July&nbsp;1, 2007, the Participant shall be entitled to received the credit described in Section&nbsp;4.3(d)(i) for the 2007 Plan Year as if the RP had remained in effect through December&nbsp;31,
2007, and the Participant were an active participant in the RP through such date. Regardless of any special agreement described in Section&nbsp;4.3(d)(i), a Participant shall not be entitled to receive any credit under this Section&nbsp;4.3 for the
2008 Plan Year or later. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.4 Benefits in Excess of Limits Under the RSP</B>. If a Participant is a participant in the RSP,
other than a terminated participant, the Company shall establish an RSP-Related Account for such Participant, which shall be determined as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) <U>&#147;Compensation&#148; for RSP Credits</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) <I>Definition</I>. For purposes of RSP credits under this
Section&nbsp;4.4, &#147;Compensation&#148; has the meaning given the term &#147;Total Pay&#148; in the RSP, provided that the Committee may, in its discretion, designate additional or different items as Compensation for purposes of this
Section&nbsp;4.4. Effective July&nbsp;1, 2007, &#147;Compensation&#148; for purposes of RSP credits under this Section&nbsp;4.4 shall include the value of restricted stock awards granted to certain Participants in lieu of cash Annual Incentive
Awards, subject to the limitation set forth in Section&nbsp;4.4(a)(ii). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) <I>Limitation</I>. Effective January&nbsp;1, 2008,
&#147;Compensation&#148; of a Participant for purposes of RSP credits under this Section&nbsp;4.4 shall not include any incentive pay (including the value of any restricted stock awards granted to certain Participants in lieu of cash Annual
Incentive Awards) in excess of one times his or her Base Salary. For purposes of this provision, a Participant&#146;s Base Salary shall be determined as of January&nbsp;1 of each Plan Year. In addition, incentive pay subject to this limitation shall
only be those amounts actually paid in the Plan Year, regardless of when such amounts were earned. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Contribution Credits</U>. The
following amounts shall be credited to the Participant&#146;s RSP-Related Account for each Plan Year, in accordance with Section&nbsp;4.5: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(i) <I>Company Stock Contribution</I>. An amount equal to: (a)&nbsp;one percent of the sum of: (i)&nbsp;the Participant&#146;s Compensation, calculated without the Section&nbsp;401(a)(17) Limitation or Section&nbsp;415 Limitations, plus
(ii)&nbsp;that portion of a Participant&#146;s </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Compensation deferred during such Plan Year pursuant to a Deferral Plan, minus (b)&nbsp;the amount actually allocated as a Company Stock Contribution to the
account of the Participant under the RSP. For purposes of this Section&nbsp;4.4(b)(i), the Section&nbsp;401(a)(17) Limitation shall be deemed to apply pro ratably to each regularly scheduled pay period for each Plan Year. No credits shall be made to
a Participant&#146;s RSP-Related Account pursuant to this Section&nbsp;4.4(b)(i) for any pay period ending on or after July&nbsp;1, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(ii) <I>Company Profit-Sharing Contribution</I>. An amount equal to: (a)&nbsp;the Company Profit-Sharing Contribution percentage utilized for purposes of the RSP for that Plan Year for such Participant times the sum of: (i)&nbsp;the
Participant&#146;s Compensation, calculated without the Section&nbsp;401(a)(17) Limitation or Section&nbsp;415 Limitations, plus (ii)&nbsp;that portion of a Participant&#146;s Compensation deferred during such Plan Year pursuant to a Deferral Plan,
minus (b)&nbsp;the amount actually allocated as a Company Profit-Sharing Contribution to the Account of the Participant under the RSP. Unless otherwise expressly provided in the Plan, benefits credited under this Section&nbsp;4.4(b)(ii) at the time
of a Supplemental Distribution shall be restricted to a Participant&#146;s vested portion, as determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) <I>Company Matching Contribution</I>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman"
SIZE="2">(A) Before March&nbsp;15, 2005, an amount equal to that portion of the Company Matching Contribution that would have been contributed and allocated to the account of a Participant by the Company as a Matching Contribution on behalf of a
Participant, (a)&nbsp;to the extent such contribution is limited by the Section&nbsp;401(a)(17) Limitation or Section&nbsp;415 Limitations, minus such amount allocated as a Matching Contribution to the account of the Participant under the RSP, and
(b)&nbsp;with respect to that portion of a Participant&#146;s Compensation deferred pursuant to a Deferral Plan, and assuming (i)&nbsp;such portion had not been deferred and (ii)&nbsp;the Participant had elected to make Elective Contributions under
the RSP equal to three percent (or such lesser amount if actually elected by the Participant under the RSP) of such Participant&#146;s compensation deferred under such Deferral Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) Effective March&nbsp;15, 2005, a Company matching contribution, whether or not the Participant actually elects to defer Compensation under the RSP,
equal to the Participant&#146;s RSP Match Percentage for the Plan Year multiplied by the sum of: (i)&nbsp;that portion of the Participant&#146;s Compensation which was deferred during the Plan Year pursuant to a Deferral Plan, and (ii)&nbsp;that
portion of the Participant&#146;s Compensation (not including the amounts deferred as described in clause (i)&nbsp;above) in excess of the Section&nbsp;401(a)(17) Limitation, shall be contributed and allocated to the Account of a Participant by the
Company as a matching contribution on behalf of such Participant; provided, however, for purposes of this Company matching contribution, Compensation shall not be subject to the Section&nbsp;401(a)(17) Limitation. Unless otherwise expressly provided
in the Plan, benefits credited under this Section&nbsp;4.4(b)(iii) at the time of a Supplemental Distribution shall be restricted to a Participant&#146;s vested portion, as determined under the applicable provisions of the RSP. Any non-vested
portion of such deferred compensation to be paid shall be forfeited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) <I>Company Conversion Contribution</I>. An amount equal to:
(a)&nbsp;the Company Conversion Contribution percentage utilized for purposes of the RSP for that Plan Year </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">for such Participant times the sum of: (i)&nbsp;the Participant&#146;s Compensation, calculated without the Section&nbsp;401(a)(17) Limitation or
Section&nbsp;415 Limitations, plus (ii)&nbsp;that portion of a Participant&#146;s Compensation deferred during such Plan Year pursuant to a Deferral Plan, minus (b)&nbsp;the amount actually allocated as a Company Conversion Contribution to the
Account of the Participant under the RSP. Unless otherwise expressly provided in the Plan, benefits credited under this Section&nbsp;4.4(b)(iv) at the time of a Supplemental Distribution shall be restricted to a Participant&#146;s vested portion, as
determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(v) <I>Transition Contributions for Certain Former GE Capital Employees</I>. An amount equal to: (a)&nbsp;the Transition Contribution percentage utilized for purposes of the RSP for that Plan Year for such Participant times the sum of:
(i)&nbsp;the Participant&#146;s Compensation, calculated without the Section&nbsp;401(a)(17) Limitation or Section&nbsp;415 Limitations, plus (ii)&nbsp;that portion of a Participant&#146;s Compensation deferred during such Plan Year pursuant to a
Deferral Plan, minus (b)&nbsp;the amount actually allocated as a Transition Contribution to the Account of the Participant under the RSP. Notwithstanding the foregoing, if an individual would be eligible for both Company Conversion Contributions
under Section&nbsp;4.4(b)(iv) and Transition Contributions under this Section&nbsp;4.4(b)(v), such individual shall only receive the greater of the Company Conversion Contributions and the Transition Contributions to which he or she would otherwise
be entitled during such period of dual eligibility. Unless otherwise expressly provided in the Plan, benefits credited under this Section&nbsp;4.4(b)(v) at the time of a Supplemental Distribution shall be restricted to a Participant&#146;s vested
portion, as determined under the applicable provisions of the RSP. Any non-vested portion of such deferred compensation to be paid shall be forfeited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) <U>Company Contribution for Additional Years of Service</U>. Certain Participants, as determined by the Company in its sole discretion, may be deemed to have rendered five additional Years of Service under the
RSP. For each such Participant, subject to such terms and conditions as the Company may impose upon such benefits by special agreement with such Participant (in the event of a conflict with this Section&nbsp;4.4(c), such special agreement shall
control), an additional amount shall be credited to the Participant&#146;s RSP-Related Account equal to 80 percent (or such lower percentage specified in the special agreement) of the Participant&#146;s Base Salary (as of the Participant&#146;s date
of hire). Subject to the terms of the special agreement with each such Participant, such amounts shall be calculated under procedures to be determined from time to time by the Administrator and consistently applied to similarly situated
Participants. Unless otherwise determined by the Administrator or agreed in the special agreement with the Participant, amounts credited under this Section&nbsp;4.4(c) shall be subject to five-year vesting, and such amounts shall be forfeited by the
Participant if the Participant&#146;s service with the Company terminates for any reason other than death or disability (as defined in the RSP) before five years of actual service have been rendered to the Company by such Participant. Amounts
described in this Section&nbsp;4.4(c) shall be credited to the RSP-Related Account established for the Participant in accordance with Section&nbsp;4.5. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.5 Crediting of Account</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Time and Manner</U>. Amounts described in this Article
4 shall be credited to the Supplemental Account established for a Participant at such times and in such manner as may </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">be determined by the Administrator. In making such credits, the Administrator shall generally attempt to, but shall not be required to, credit accounts at a
time and in a manner as similar as possible to the time and manner for the crediting of similar amounts under the Qualified Retirement Plans; provided, however, that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(i) unless the Administrator determines otherwise, amounts credited to a Supplemental Account with respect to the application of the Section&nbsp;415 Limitations to the RP shall be estimated by the Administrator at
the time of a Participant&#146;s Separation from Service, based on such assumptions as the Administrator may reasonably impose and consistently applied to similarly situated Participants, and assuming that the Participant would begin receiving
benefits under the RP at the time of the Participant&#146;s Separation from Service, or if later, at the earliest possible date that the Participant could start to receive benefits under the RP, and such estimated amount shall be credited
immediately preceding the date upon which the Participant will receive (or commence receiving, in the case of installment payments) payment of benefits under the Plan; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) unless otherwise determined by the Administrator or agreed in a special agreement with a Participant, amounts credited to a Supplemental Account
pursuant to Section&nbsp;4.4(c) shall be determined as of and credited on the one-year anniversary of the later of the date of the special agreement or the first day of the Participant&#146;s employment by the Company. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Administrator shall apply such procedures consistently to similarly situated Participants. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Company Stock Contributions</U>. Amounts described in Section&nbsp;4.4(b)(i) shall be initially credited to the RSP-Related Account established
for a Participant, to a subaccount relating to the RSP Stock Fund (the &#147;Stock Fund&#148;). For purposes of the Plan, the amount of such credits shall be determined by the Administrator in a manner determined by the Administrator to be
reasonably consistent with similar determinations made under the Stock Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Other Contributions</U>. Amounts described in
Section&nbsp;4.4(b)(ii) (profit-sharing contributions), Section&nbsp;4.4(b)(iii) (matching contributions), Section&nbsp;4.4(b)(iv) (conversion credits), Section&nbsp;4.4(b)(v) (GE Capital transition contributions) and Section&nbsp;4.4(c) (special
agreement credits) shall be credited to the RSP-Related Account established for a Participant, which shall contain various subaccounts selected by the Administrator in its sole and exclusive discretion, representing the various investment funds
available to a Participant under the RSP as provided for in the Plan; provided that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) if a Participant has directed RSP amounts to the
Stock Fund and the credits to the RSP-Related Account of a Participant pursuant to this Section&nbsp;4.5(c) to the subaccount relating to the Stock Fund would result in the aggregate Company Stock holdings of such Participant under the Plan
exceeding ten percent of the total value of his or her RSP-Related Account (determined at the time of the transfer), then such Participant shall be deemed to have selected, with respect to any such excess, the default subaccount designated by the
Investment Committee for purposes of the RSP for allocations exceeding the applicable ten-percent threshold under RSP, or if none, such other default subaccount designated by the Investment Committee for purposes of the RSP; and </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) unless otherwise determined by the Administrator, no subaccount shall be established under the Plan
to coincide with any self-directed brokerage account which may be available under the RSP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <U>Additional Accounts</U>. The
Administrator may, in its sole and exclusive discretion, establish additional book reserve accounts from time to time. The procedures to reflect and credit increases, decreases, interest, dividends, and other income, gains and losses shall be
determined by the Administrator in its sole and exclusive discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.6 Supplemental Benefits Payment Election</B>. Any
Supplemental Benefits payable under the Plan shall be paid in cash from the general assets of the Company in the form elected by the Participant subject to the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(a) In accordance with rules and procedures adopted by the Administrator in compliance with Section&nbsp;409A, existing Participants, including Participants (other than those in pay status on December&nbsp;31, 2004)
under the Prior Plan, may make Supplemental Elections as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) Participants who have not previously made an initial Supplemental
Election under Section&nbsp;4.6(b), whether under the Plan or under the Prior Plan, may make such an initial Supplemental Election on or before the date set by the Administrator, which shall not be later than December&nbsp;31, 2005. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) Participants who have previously made an initial Supplemental Election under Section&nbsp;4.6(b), whether under the Plan or under the Prior Plan,
but who have not previously modified such election under Section&nbsp;4.6(d), whether under the Plan or under the Prior Plan, may change such Supplemental Election on or before the date set by the Administrator, which shall not be later than
December&nbsp;31, 2005, to elect any payment form permissible under Section&nbsp;4.6(b) and Section&nbsp;409A, regardless of whether such Supplemental Election lengthens or shortens the period over which payments from the Plan shall be made. For the
avoidance of doubt, any such distribution which accelerates payments from the Plan shall not cause any reduction in the amounts otherwise payable hereunder. Notwithstanding Section&nbsp;4.6(d), if made on or before December&nbsp;31, 2005 in
accordance with this Section&nbsp;4.6(a)(ii), such subsequent Supplemental Election shall be made in accordance with Section&nbsp;409A, but, to the extent permitted under Section&nbsp;409A transition guidance, need not comply with requirement
regarding a minimum additional deferral period of five years. Any such subsequent Supplemental Election made under this Section&nbsp;4.6(a)(ii) shall constitute a modification for purposes of the one-time limitation contained in Section&nbsp;4.6(d),
and no additional modification will thereafter be permitted under Section&nbsp;4.6(d). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) Employees who first become Participants
after December&nbsp;31, 2005 may make an initial Supplemental Election in accordance with rules and procedures adopted by the Administrator in compliance with Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) Participants who have previously made both a Supplemental Election and a modification to such
Supplemental Election shall be subject to the rules of Section&nbsp;4.6(d) prohibiting any further changes to their Supplemental Elections. However, any Participant who was not in pay status (as defined in Section&nbsp;1.1(c)) on January&nbsp;1,
2005 and who previously made a modification to an initial Supplemental Election which accelerated the time period for payments from the Plan shall not have any reduction in the amounts otherwise payable hereunder (notwithstanding
Section&nbsp;V(D)(1)(b)(ii) of the Prior Plan). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) A Participant may elect to receive his or her Supplemental Benefits in a single
lump-sum payment or in annual installments payable over a period of five, ten or 15 consecutive calendar years. Except as provided in Section&nbsp;4.6(d), a Participant may not modify his or her initial Supplemental Election described in the
preceding sentence. Such subsequent Supplemental Election shall apply to the payment of all benefits under the Plan and the Prior Plan (except for benefits that were in pay status on December&nbsp;31, 2004). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) If a Participant fails to make a valid, timely Supplemental Election in accordance with Section&nbsp;4.6(a) and the rules and procedures adopted by
the Administrator, such Participant shall be deemed to have made an initial Supplemental Election to receive his or her Supplemental Benefits in the form of a single lump sum. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) A Participant who has not previously modified an initial Supplemental Election may make a one-time modification to his or her initial Supplemental
Election to elect a different form of payment for Supplemental Benefits under the Plan. To be effective, such a modification shall be made by filing a written notice of modification in such form and manner as the Administrator may prescribe;
provided, however, that the modification must comply with Section&nbsp;409A, including the requirements regarding: (i)&nbsp;a minimum additional deferral period of five years, and (ii)&nbsp;the subsequent Supplemental Election not being effective
until 12 months after it is made. A Participant may not change the payment method of his or her Supplemental Benefits after his or her Separation from Service. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.7 Supplemental Account Investment&nbsp;&amp; Earnings</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>RP-Related Account</U>.
For each Participant, the RP-Related Account established pursuant to Section&nbsp;4.3 shall be increased by the Imputed Earnings Credit (as such term is defined in the RP), not less frequently than annually, under procedures and at times determined
by the Administrator and consistently applied for similarly situated Participants. Such earnings shall be credited at the same interest rate and computed in a similar manner (to the extent administratively feasible) as Imputed Earnings Credits are
computed under the RP for each Plan Year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>RSP-Related Account</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) For each Participant, credits to his or her RSP-Related Account shall be made to such subaccounts thereunder as directed by such Participant. If more
than one subaccount is selected, a Participant must designate, on a form or other medium acceptable to the Administrator, in one-percent increments, the amounts to be credited to each subaccount. A Participant shall be allowed to amend such
designation consistent with the frequency of investment changes offered the Participant under rules governing the RSP for a given Plan Year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) Subject to Section&nbsp;4.7(b)(iv), and to such rules as may be adopted by the Administrator, the
performance of the book reserve subaccount established for each Participant pursuant to Section&nbsp;4.5(b) shall reflect the performance of the Stock Fund. Such subaccount shall reflect such increases or decreases in value from time to time,
whether from dividends, gains, losses or otherwise, as may be experienced by the Stock Fund. Subject to Section&nbsp;4.8, and to such rules as may be adopted by the Administrator, a Participant may elect to transfer credits to the book reserve
subaccount established pursuant to Section&nbsp;4.5(b) to or from such subaccount to or from one or more subaccounts established pursuant to Section&nbsp;4.5(c), in a manner similar to the rules for such transfers under the RSP; provided, however,
no Participant may transfer amounts to the book reserve subaccount established for each Participant pursuant to Section&nbsp;4.5(b) to the extent that such transfer would result in the aggregate Company Stock holdings of such Participant under the
Plan exceeding ten percent of the total value of his or her RSP-Related Account (determined at the time of the transfer). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) Subject
to Section&nbsp;4.7(b)(iv), and to such rules as may be adopted by the Administrator, the performance of the book reserve subaccounts established for each Participant shall reflect the performance of the investment fund under the RSP that such
subaccount represents. Each such subaccount shall reflect such increases or decreases in value from time to time, whether from dividends, gains, losses or otherwise, as that experienced by the related investment fund under the RSP. Subject to
Section&nbsp;4.7(b)(ii) and Section&nbsp;4.8, credits to such subaccounts may be transferred to any other subaccount under the Plan in a manner similar to the rules for such transfers under the RSP, on such terms and at such times as permitted with
respect to the related investment funds under the RSP, and to such rules as may be adopted by the Administrator. If a Participant fails to affirmatively designate one or more subaccounts pursuant to this Section&nbsp;4.7(b), subject to rules
established by the Administrator, such Participant shall be deemed to have selected either a default account selected by the Administrator or, to the extent feasible, the subaccount(s) that relate to the Participant&#146;s investment direction under
the RSP; provided, however, to the extent an Insider has directed RSP amounts to the Stock Fund, such Insider shall be deemed to have selected the default account selected by the Administrator. Notwithstanding the foregoing, the Administrator may,
in its sole discretion, provide that one or more investment funds available under the RSP, including any self-directed brokerage account which may be available under the RSP, shall not be available for designation under the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) Subject to Section&nbsp;4.5(c), the subaccounts shall be valued subject to such reasonable rules and procedures as the Administrator may adopt and
apply to all Participants similarly situated with an effort to value such subaccounts as if amounts designated were invested in at similar times and in manners, subject to administrative convenience, as amounts are invested, and subject to the same
market fluctuation factors used in valuing such investments in the RSP. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;4.8 Special Restrictions</B>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The provisions of this Section&nbsp;4.8 shall apply to Participants who are or may be required to file reports under Section&nbsp;16(a) of the
Exchange Act with respect to equity </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">securities of Amex (&#147;Insiders&#148;). Such provisions shall apply during all periods that such Participants are Insiders, including any period following
cessation of Insider status during which such Participants are required to report transactions pursuant to Rule 16a-2(b) (or its successor) under the Exchange Act. This Section&nbsp;4.8 shall be automatically applicable to any Participant who, on
and after the date hereof, becomes an Insider. For purposes of the foregoing, the effective date of this Section&nbsp;4.8 shall be the date the Participant becomes an Insider. At such time as any Participant ceases to be an Insider (and any period
contemplated by Rule 16a-2(b) has expired), this Section&nbsp;4.8 shall cease to be applicable to such Participant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Notwithstanding
anything in the Plan to the contrary, (i)&nbsp;except as set forth below, credits to the RSP-Related Account of an Insider pursuant to Section&nbsp;4.5 may not be made to a subaccount that reflects the performance of the Stock Fund,
(ii)&nbsp;credits made pursuant to Section&nbsp;4.5 to the account of an Insider at any time may not be transferred to a subaccount that reflects the performance of the Stock Fund and (iii)&nbsp;credits made to an Insider&#146;s RSP-Related Account
pursuant to Section&nbsp;4.5(b) at any time, and credits to a subaccount of an Insider that reflects the performance of the Stock Fund (which credits could only have been made when such individual was not an Insider) may not be transferred,
withdrawn, paid out or otherwise changed, other than (a)&nbsp;pursuant to Section&nbsp;4.6 or Section&nbsp;6.4 (but only at such time as such person is no longer an Insider) or (b)&nbsp;pursuant to the forfeiture provisions contained in the last
sentence of Section&nbsp;4.4(b)(ii). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) It is intended that the crediting of amounts to the accounts of Insiders that represents the
performance of the Stock Fund is intended to qualify for exemption from Section&nbsp;16 under Rule 16b-3(d) under the Exchange Act. The Administrator shall, with respect to Insiders, administer and interpret all Plan provisions in a manner
consistent with such exemption. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ELECTIVE DEFERRALS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.1 Eligibility</B>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>In General</U>. Participation in the Plan for a Plan Year with respect to Deferral Benefits shall be limited to Employees who meet the requirements
of Section&nbsp;5.1(b), provided that the Administrator may designate, on a case-by-case basis, Employees or categories of Employees who shall not be eligible to participate in the Plan with respect to all or any portion of Deferral Benefits, and
provided further, that the determination of eligible Employees shall be made consistent with the requirement that the Plan be a &#147;top-hat&#148; plan for purposes of ERISA. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Criteria</U>. Generally, an Employee will be eligible to participate in the Plan for a Plan Year with respect to Deferral Benefits if the Employee
is: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) an &#147;active&#148; (i.e., providing services to Amex or an approved subsidiary) employee on the December&nbsp;31st immediately
preceding the Plan Year; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) a senior-level employee (&#147;Band 50&#148; or above) on the December&nbsp;31st immediately preceding the
Plan Year; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) either: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT
FACE="Times New Roman" SIZE="2">(A) subject to U.S. federal income tax for the Plan Year; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) designated by Amex as an eligible
U.S.&nbsp;Dollar-Paid Expatriate who is a U.S. citizen or U.S. green card holder for the Plan Year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Notification</U>. Employees
eligible to participate in the Plan for a Plan Year with respect to Deferral Benefits will be notified by Amex of their eligibility to participate for such Plan Year. If Amex erroneously notifies an individual of his or her eligibility to
participate, and such individual does not meet the requirements of Section&nbsp;5.1(b) or such individual has been excluded by the Administrator pursuant to Section&nbsp;5.1(a), such erroneous notification shall not cause the individual to be
eligible, and any Deferral Election made by such ineligible individual shall be null and void and of no effect to the extent permissible under Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(d) <U>Newly Eligible Employees</U>. To the extent permissible under Section&nbsp;409A, Employees who become eligible to participate in the Plan during a Plan Year with respect to Deferral Benefits and who have not
previously participated in an account-balance deferred compensation arrangement (as defined for purposes of Section&nbsp;409A) of Amex or its subsidiaries may be offered by Amex the opportunity to participate in the Plan for the Plan Year with
respect to Deferral Benefits with respect to his or her post-election Base Salary for the Plan Year and the post-election portion of his or her Annual Incentive Award for the Plan Year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.2 Participation</B>. An eligible Employee for a Plan Year shall become a Participant in the Plan with respect to Deferral Benefits for
such Plan Year by making a Deferral Election in accordance with Section&nbsp;5.4 for the Plan Year. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.3 Deferrable
Compensation</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Eligible Compensation</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(i) An eligible Employee for a Plan Year may elect to defer a specified dollar amount from one or more of the following items for the Plan Year: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(A) the Employee&#146;s Base Salary; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B)
the Employee&#146;s Annual Incentive Award; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(C) the Employee&#146;s PG Award. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) Notwithstanding Section&nbsp;5.3(a)(i), an Employee who becomes eligible to participate in the Plan with respect to Deferral Benefits during a Plan
Year who is offered the opportunity by Amex to participate as described in Section&nbsp;5.1(d) may only elect to defer a specified dollar amount from one or more of the following items for the Plan Year: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(A) the post-election portion of the Employee&#146;s Base Salary; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) the post-election portion of the Employee&#146;s Annual Incentive Award. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Minimum Deferral</U>. The minimum dollar amount of each item eligible for deferral under Section&nbsp;5.3(a) that may be deferred by an Employee
for a Plan Year shall be $5,000, unless otherwise determined by the Administrator in its sole discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Maximum Deferral</U>.
Unless otherwise determined by the Administrator in its sole discretion, the maximum dollar amount that may be deferred by an Employee for a Plan Year from all items eligible for deferral under Section&nbsp;5.3(a) shall be 100 percent of the
Employee&#146;s Base Salary as of the December&nbsp;31st immediately preceding the Plan Year (or with respect to an Employee who becomes eligible to participate in the Plan with respect to Deferral Benefits during a Plan Year, 100 percent of the
Employee&#146;s Base Salary as of the date he or she becomes eligible to so participate). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.4 Deferral Benefits
Election</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Time of Deferral Election</U>. An eligible Employee for a Plan Year who wants to participate in the Plan with respect
to Deferral Benefits for a Plan Year must make a Deferral Election for the Plan Year before the beginning of the Plan Year that becomes irrevocable before the beginning of such Plan Year; provided, however, that an Employee described in
Section&nbsp;5.1(d), may make a Deferral Election for the Plan Year in which he or she becomes eligible to participate within 30 days of becoming eligible to participate that is irrevocable no later than the expiration of such 30-day period.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Form of Deferral Election</U>. A Deferral Election for a Plan Year shall be made either (i)&nbsp;in writing on the form provided by
Amex for the purpose of making such an election, or (ii)&nbsp;by means of the electronic enrollment process made available by Amex for the purpose of making such an election. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Contents of Deferral Election</U>. In his or her Deferral Election for a Plan Year, the Employee shall specify: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the items of his or her compensation eligible for deferral under Section&nbsp;5.3(a) that the Employee wishes to defer for the Plan Year and the
dollar amount of each such item to be deferred, provided that the amount of each item to be deferred complies with the requirements of Section&nbsp;5.3(b) and the total amount of all items to be deferred complies with Section&nbsp;5.3(c);
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the time when his or her Deferral Account for such Plan Year shall be paid, which shall be either (A)&nbsp;the Retirement of the
Participant, or (B)&nbsp;a specified date at least five years after the last day of the Plan Year; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) the form of payment of his
or her Deferral Account for the Plan Year, which shall be (A)&nbsp;a lump sum, or (B)&nbsp;five, ten or 15 substantially equal annual installments. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <U>Withholding of Amounts Deferred</U>. For each Plan Year, the Base Salary portion of a
Participant&#146;s Deferral Election shall be withheld from each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base Salary, and the Annual Incentive Award and/or PG Award
portion of a Participant&#146;s Deferral Election shall be withheld at the time the Annual Incentive Award and/or PG Award are or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.5 Crediting of Deferral Accounts</B>. The Administrator shall establish and maintain a Deferral Account with respect to each
Participant for the Deferral Benefits of each Plan Year. Amounts deferred by a Participant for a Plan Year shall be credited to the Deferral Account established for the Participant for such Plan Year at such times and in such manner as may be
determined by the Administrator. In making such credits, the Administrator shall generally attempt to, but shall not be required to, credit accounts at a time when the items deferred would otherwise have been paid to the Participant. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;5.6 Account Earnings</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) <U>Earnings</U>. A Participant&#146;s Deferral Account for a Plan Year shall be credited with interest equivalents each calendar year at the Schedule Rate in effect for the calendar year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Vesting</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) <I>Principal</I>.
The principal amount of a Participant&#146;s Deferral Account for a Plan Year shall be 100 percent vested at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii)
<I>Earnings</I>. The earnings on a Participant&#146;s Deferral Account for a Plan Year for a given calendar year at the Minimum Schedule Rate for the calendar year shall be 100 percent vested as such earnings are accrued and credited. The portion of
the earnings on a Participant&#146;s Deferral Account for a Plan Year for a given calendar year at the applicable Schedule Rate in excess of the Minimum Schedule Rate for the calendar year, if any, shall become vested on the date that the
Participant becomes Retirement Eligible, or upon the earlier death or Disability of the Participant, and thereafter as such earnings are accrued and credited. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;6 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PAYMENT OF BENEFITS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.1 Supplemental Account</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) Subject to Section&nbsp;6.1(b), payment of Supplemental Benefits shall be made as follows: (i)&nbsp;if a Participant has elected (or is deemed to have elected) a lump-sum payment, it shall be made on the first January&nbsp;1 or
July&nbsp;1 which is at least six months following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii)&nbsp;if a Participant
has elected annual installment payments, they shall begin on July&nbsp;1 of the calendar year following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">administratively feasible, but in no event later than 90 days, and shall continue on each July&nbsp;1 (or as soon thereafter as administratively feasible,
but in no event later than 90 days) thereafter for the period selected by the Participant. A Participant who has experienced a Separation from Service and has begun receiving payments as set forth above, shall continue receiving any remaining
payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b)
If a Participant has made the one-time modification to his or her initial Supplemental Election pursuant to Section&nbsp;4.6(a)(ii) or Section&nbsp;4.6(d) and such subsequent Supplemental Election has become effective prior to the Participant&#146;s
Separation from Service, then payment of such Participant&#146;s Supplemental Benefits pursuant to Section&nbsp;6.1(a) shall be made, or commence in the case of annual installments, on the date that is five years later than the date such
Supplemental Benefits would otherwise be made or commence pursuant to Section&nbsp;6.1(a). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) If a Participant has elected annual
installment payments, each annual installment payment shall be determined by multiplying the amount of the Participant&#146;s Supplemental Benefits by a fraction, the numerator of which is one, and the denominator is the number of remaining payments
(e.g., if the Participant elected five installments, the first annual installment payment would be the amount of the Participant&#146;s Supplemental Benefits multiplied by 1/5, the second annual installment payment would be the remaining amount of
the Participant&#146;s Supplemental Benefits multiplied by 1/4, etc.). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The payment of Supplemental Benefits to a Participant under
this Section&nbsp;6.1 shall be limited to a Participant&#146;s vested portion of his or her Supplemental Account at the time of distribution. Unless otherwise expressly provided in the Plan, a Participant&#146;s vested portion shall be determined
under the vesting provisions of the Qualified Retirement Plans. Any non-vested portion of amounts credited to a Participant hereunder shall be forfeited. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.2 Deferral Account</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Specified Date Elections</U>. If a Participant designated
a specified date as the time when a Deferral Account of such Participant is to be paid, and the Participant has not had a Separation of Service as of the specified date, then payment of the such Deferral Account shall be made as follows: (A)&nbsp;if
the Participant elected a lump-sum payment of such Deferral Account, it shall be made on the first March&nbsp;15 or September&nbsp;15 following the specified date (or if the Participant designated March&nbsp;15 or September&nbsp;15 as the specified
date, payment shall be made on such specified date), or as soon thereafter as administratively feasible, but in no event later than 90 days; and (B)&nbsp;if the Participant elected annual installment payments of such Deferral Account, it shall begin
on the first March&nbsp;15 or September&nbsp;15 following the specified date (or if the Participant designated March&nbsp;15 or September&nbsp;15 as the specified date, payment shall begin on such specified date), or as soon thereafter as
administratively feasible, but in no event later than 90 days, and shall continue on each March&nbsp;15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant.
If a Participant who is to receive or has begun receiving payments in annual installments under this Section&nbsp;6.2(a) experiences a Separation from Service before having received all of the annual installments to which the Participant is
entitled, then if the Participant </FONT>
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<FONT FACE="Times New Roman" SIZE="2">is Retirement Eligible at the time of his or her Separation from Service, the Participant shall receive or continue to receive the remaining annual
installment payments as scheduled, and if the Participant is not Retirement Eligible at the time of his or her Separation from Service, then the remaining installments shall be paid to the Participant in a lump sum pursuant to
Section&nbsp;6.2(b)(ii). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Separation from Service</U>. If a Participant has a Separation of Service, regardless of whether the
Participant designated a later specified date as the time when a Deferral Account is to be paid, then: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) If a Participant is Retirement
Eligible at the time of his or her Separation from Service, then payment of the Participant&#146;s Deferral Accounts shall be made as follows: (A)&nbsp;if the Participant elected a lump-sum payment of a Deferral Account, payment of such Deferral
Account shall be made on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in
no event later than 90 days; and (B)&nbsp;if the Participant elected annual installment payments of the Deferral Account, payment of such Deferral Account shall begin on the first March&nbsp;15 or September&nbsp;15 which is at least six months
following the Participant&#146;s Separation from Service for any reason from the Company, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each March&nbsp;15 (or as soon thereafter as
administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant. A Participant who has experienced a Separation from Service and has begun receiving payments as set forth above, shall continue
receiving any remaining payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(ii) If a Participant is not Retirement Eligible at the time of his or her Separation from Service, then regardless of the Participant&#146;s Deferral Elections, payment of all of the Participant&#146;s Deferral
Accounts shall be made in a lump sum on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s Separation from Service, or as soon thereafter as administratively feasible, but in no event later
than 90 days. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) If a Participant will receive payment of a Deferral Account in annual installment payments, each annual installment
payment shall be determined by multiplying the Deferral Account amount by a fraction, the numerator of which is one, and the denominator is the number of remaining payments (e.g., if the Participant is to receive payment of a Deferral Account in
five installments, the first annual installment payment would be the amount of the Participant&#146;s Deferral Account multiplied by 1/5, the second annual installment payment would be the remaining amount of such Deferral Account multiplied by 1/4,
etc.). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) <U>Payment Limited to Vested Amount</U>. The payment of a Participant&#146;s Deferral Account for a Plan Year under this
Section&nbsp;6.2 shall be limited to a Participant&#146;s vested portion of his or her Deferral Account at the time of distribution. Any non-vested portion of amounts credited to a Participant hereunder shall be forfeited. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.3 Designation of Beneficiaries</B>. A Participant may separately designate a Beneficiary or Beneficiaries entitled to receive payment
of his or her Supplemental Account and </FONT>
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<FONT FACE="Times New Roman" SIZE="2">his or her Deferral Account by filing written notice of such designation with the Administrator in such form as the Administrator may prescribe. A
Participant may revoke or modify such designation at any time by a further written designation in such form as the Administrator may prescribe. A Participant&#146;s Beneficiary designation shall be deemed automatically revoked in the event of the
death of the Beneficiary or, if the Beneficiary is the Participant&#146;s spouse, in the event of dissolution of marriage. If no designation is in effect at the time Benefits payable under the Plan become due, the Beneficiary shall be deemed to be
the Participant&#146;s surviving spouse, if any, and if not, the Participant&#146;s estate. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.4 Death</B>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Supplemental Account</U>. Upon a Participant&#146;s death, payment of the Participant&#146;s Supplemental Account shall be made to the
Participant&#146;s Beneficiary or Beneficiaries designated to receive the Participant&#146;s Supplemental Account. If a Participant dies while still actively employed by the Company, the payment of his or her Supplemental Account shall be made as a
single lump-sum payment on the first January&nbsp;1 or July&nbsp;1 which is at least six months following the Participant&#146;s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. If a Participant elects
annual installment payments and dies after such installment payments have commenced, any remaining installment payments shall be made to the Participant&#146;s Beneficiary or Beneficiaries as a single lump-sum payment on the first January&nbsp;1 or
July&nbsp;1 which is at least six months following the Participant&#146;s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(b) <U>Deferral Account</U>. Upon a Participant&#146;s death, payment of the Participant&#146;s Deferral Account shall be made to the Participant&#146;s Beneficiary or Beneficiaries designated to receive the
Participant&#146;s Deferral Account. If a Participant dies while still actively employed by the Company, the payment of his or her Deferral Account shall be made as a single lump-sum payment on the first March&nbsp;15 or September&nbsp;15 which is
at least six months following the Participant&#146;s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. If a Participant elects annual installment payments and dies after such installment payments have
commenced, any remaining installment payments shall be made to the Participant&#146;s Beneficiary or Beneficiaries as a single lump-sum payment on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the
Participant&#146;s death, or as soon thereafter as administratively feasible, but in no event later than 90 days. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.5
Disability</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Supplemental Account</U>. In the event of the Disability of a Participant, payment of the Participant&#146;s
Supplemental Account shall be made as follows: (i)&nbsp;if the Participant elected a lump-sum payment of his or her Supplemental Account, payment shall be made on the first January&nbsp;1 or July&nbsp;1 which is at least six months following the
Participant&#146;s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii)&nbsp;if the Participant elected annual installment payments of his or her Supplemental Account, payment shall
begin on July&nbsp;1 of the calendar year following the Participant&#146;s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each July&nbsp;1 (or as soon thereafter as
administratively feasible, but in no event later than 90 days) thereafter for the period selected by the Participant. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">22 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Deferral Accounts</U>. In the event of the Disability of a Participant, payment of each of the
Participant&#146;s Deferral Accounts shall be made as follows: (i)&nbsp;if the Participant elected a lump-sum payment of his or her Deferral Account for the Plan Year, payment of that Deferral Account shall be made on the first March&nbsp;15 or
September&nbsp;15 which is at least six months following the Participant&#146;s date of Disability, or as soon thereafter as administratively feasible, but in no event later than 90 days; and (ii)&nbsp;if the Participant elected annual installment
payments of his or her Deferral Account for the Plan Year, payment of such Deferral Account shall begin on the first March&nbsp;15 or September&nbsp;15 which is at least six months following the Participant&#146;s date of Disability, or as soon
thereafter as administratively feasible, but in no event later than 90 days, and shall continue on each March&nbsp;15 (or as soon thereafter as administratively feasible, but in no event later than 90 days) thereafter for the period selected by the
Participant for such Deferral Account. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.6 Unforeseen Emergency</B>. If a Participant experiences an Unforeseeable
Emergency, the Participant may petition the Administrator to receive a partial or full payout from the Plan. The payout, if any, from the Plan shall not exceed the lesser of (a)&nbsp;the Participant&#146;s vested Account balance, or (b)&nbsp;the
amount necessary to satisfy the Unforeseeable Emergency, plus amounts necessary to pay federal, state, or local income taxes or penalties reasonably anticipated as a result of the distribution. A Participant shall not be eligible to receive a payout
from the Plan to the extent that the Unforeseeable Emergency is or may be relieved (i)&nbsp;through reimbursement or compensation by insurance or otherwise, (ii)&nbsp;by liquidation of the Participant&#146;s assets, to the extent the liquidation of
such assets would not itself cause severe financial hardship or (iii)&nbsp;by cessation of a Deferral Election under this Plan. If the Administrator, in its sole discretion, approves a Participant&#146;s petition for payout from the Plan, such
payout shall be made in a lump sum on the date on which such approval occurs, or as soon as administratively feasible thereafter, but in no event later than 90 days. At the time of its determination, and to the extent permissible by
Section&nbsp;409A, the Administrator shall determine how any payment under this Section&nbsp;6.6 will be applied against the Participant&#146;s Account and the subaccounts thereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.7 Company Offset</B>. Notwithstanding anything in the Plan, the RP or the RSP to the contrary, to the maximum extent permissible by
Section&nbsp;409A and applicable law, any amount otherwise due or payable under the Plan may be forfeited, or its payment suspended, at the discretion of the Administrator, to apply toward or recover any claim the Company may have against the
Participant, including but not limited to, for the enforcement of Amex&#146;s Detrimental Conduct provisions under its long-term incentive award plan, to recover a debt to the Company or to recover a benefit overpayment under a Company benefit plan
or program. No amounts shall be offset against a Participant&#146;s Account prior to the date on which the offset amounts would otherwise be distributed to the Participant unless otherwise permitted by Section&nbsp;409A. An offset shall be made only
to the extent and in the manner permitted by the Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;6.8 Withholding</B>. The Company shall be entitled to deduct from
any payment under the Plan, regardless of the form of such payment, the amount of all applicable income and employment taxes, if any, required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax
prior to and, to the extent permissible under Section&nbsp;409A, as a condition of the making of such payment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;7 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CHANGE IN CONTROL </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;7.1 Change in Control</B>. &#147;Change in Control&#148; means
the happening of any of the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the
Exchange Act) (a &#147;Person&#148;) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25 percent or more of either (i)&nbsp;the then outstanding common shares of Amex (the &#147;Outstanding
Company Common Shares&#148;) or (ii)&nbsp;the combined voting power of the then outstanding voting securities of Amex entitled to vote generally in the election of directors (the &#147;Outstanding Company Voting Securities&#148;); provided, however,
that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (A)&nbsp;any acquisition directly from Amex; (B)&nbsp;any acquisition by Amex or any corporation,
partnership, trust or other entity controlled by Amex (a &#147;Subsidiary&#148;); (C)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Amex or any Subsidiary; (D)&nbsp;any acquisition by an underwriter
temporarily holding Amex securities pursuant to an offering of such securities; (E)&nbsp;any acquisition by an individual, entity or group that is permitted to, and actually does, report its beneficial ownership on Schedule 13-G (or any successor
schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any successor schedule), then, for purposes of this subsection, such individual, entity or
group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting
Securities beneficially owned by it on such date; or (F)&nbsp;any acquisition by any corporation pursuant to a reorganization, merger or consolidation if, following such reorganization, merger or consolidation, the conditions described in clauses
(i), (ii)&nbsp;and (iii)&nbsp;of Section&nbsp;7.1(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the &#147;Subject Person&#148;) became the beneficial owner of
25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by Amex which, by reducing the
number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares beneficially owned by the Subject Person; provided, that if a Change in Control would be deemed to have occurred (but
for the operation of this sentence) as a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by Amex, and after such share acquisition by Amex, the Subject Person becomes the beneficial owner of
any additional Outstanding Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then
a Change in Control shall then be deemed to have occurred; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Individuals who, as of the date hereof, constitute the Board (the
&#147;Incumbent Board&#148;) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Amex&#146;s
shareholders, was approved by a vote of at least a majority </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) The
consummation of a reorganization, merger, statutory share exchange, consolidation, or similar corporate transaction involving Amex or any of its direct or indirect Subsidiaries (each a &#147;Business Combination&#148;), in each case, unless,
following such Business Combination, (i)&nbsp;the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination, continue to represent (either by remaining outstanding or being
converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns Amex or all or substantially all of
Amex&#146;s assets either directly or through one or more subsidiaries), (ii)&nbsp;no Person (excluding Amex, any employee benefit plan (or related trust) of Amex, a Subsidiary or such corporation resulting from such Business Combination or any
parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or indirectly, 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the
case may be) beneficially owns, directly or indirectly, 25 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power
of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such Business Combination; or </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The consummation of the sale, lease, exchange or other disposition of all or substantially all of the assets of Amex, unless such assets have been
sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i)&nbsp;more than 50 percent of, respectively, the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities immediately prior to such sale, lease, exchange or other disposition in
substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common Shares and Outstanding Company Voting Shares, as the case may be, (ii)&nbsp;no Person
(excluding Amex and any employee benefit plan (or related trust)) of Amex or a Subsidiary or of such corporation or a subsidiary thereof and any Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition,
directly or indirectly, 25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25&nbsp;percent or more of respectively, the then outstanding
shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors and
(iii)&nbsp;at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such
sale, lease, exchange or other disposition of assets of Amex; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) Approval by the shareholders of Amex of a complete liquidation or
dissolution of Amex. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;7.2 Effect of Change in Control</B>. This Section&nbsp;7.2 shall apply in the event of a Change in
Control. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Rabbi Trust</U>. Notwithstanding Section&nbsp;10.1 and any other provision herein to the contrary, to the extent permitted
by Section&nbsp;409A without excise tax or penalty, effective immediately upon a Change of Control, the entire value of each Participant&#146;s Account under the Plan shall be maintained in a trust (the &#147;Trust&#148;) established by Amex for
this purpose and the Company shall transfer to the Trust an amount sufficient to fund the entire value of each Participant&#146;s Account. The Trust is intended to be classified for federal income tax purposes as a &#147;grantor trust&#148; within
the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Account Earnings</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) <I>RSP-Related Account</I>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(A)
Notwithstanding Section&nbsp;4.7(b)(ii), effective immediately upon a Change in Control, to the extent a subaccount of a RSP-Related Account established on behalf of a Participant reflects, or by the terms of the Plan should in the future reflect,
the performance of the Stock Fund, it shall thereafter reflect the performance of the Stable Value Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) Notwithstanding
Section&nbsp;4.7(b)(iii), in the event that any time after a Change in Control either (A)&nbsp;the RSP is frozen or terminated and is not replaced by a comparable qualified incentive savings plan, or (B)&nbsp;there are no investment funds available
under the RSP (or successor qualified investment savings plan) to which a Participant may direct the investment of his or her RSP-Related Account, then a Participant&#146;s RSP-Related Account shall thereafter be credited with earnings of at least
the Moody&#146;s A Rate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) <I>Deferral Accounts</I>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:17%"><FONT
FACE="Times New Roman" SIZE="2">(A) Notwithstanding Section&nbsp;5.6(a), effective immediately upon a Change in Control, the applicable Schedule Rate for the calendar year in which the Change in Control occurs and the immediately following calendar
year shall be no less than nine&nbsp;percent; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">26 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(B) Notwithstanding Section&nbsp;5.6(a), effective immediately upon a Change in Control, the applicable
Schedule Rate for the second calendar year immediately following the calendar year in which the Change in Control occurs and each calendar year thereafter shall be no less than the Moody&#146;s A Rate for such calendar year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:17%"><FONT FACE="Times New Roman" SIZE="2">(C) If a Participant who is eligible to receive lump-sum severance under the Severance Plan experiences a Separation from Service within the two-year
period following a Change in Control, and the Participant would have become Retirement Eligible during the serial severance period for which the Participant would have been eligible in a non-Change-in-Control situation, then upon such Separation
from Service, the Participant shall immediately become 100&nbsp;percent vested in the earnings on his or her Deferral Account under Section&nbsp;5.6(b)(ii) as if the Participant were Retirement Eligible on the date of the Separation from Service.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Tax Gross-Up</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman"
SIZE="2">(i) In the event that any payment or benefit received or to be received by a Participant hereunder in connection with a Change in Control or termination of such Participant&#146;s employment (such payments and benefits, excluding the
Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;Payments&#148;), will be subject to the excise tax referred to in Section&nbsp;4999 of the Code (the &#147;Excise Tax&#148;), then (A)&nbsp;in the
case of a Participant who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a &#147;Tier 1 Employee&#148;), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the
written-statement period referred to in Section&nbsp;7.2(iv), an additional amount (the &#147;Gross-Up Payment&#148;) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the Payments and any federal, state
and local income and employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Payments and (B)&nbsp;in the case of a Participant other than a Tier 1 Employee, the Payments shall be reduced to the extent necessary so that no
portion of the Payments is subject to the Excise Tax but only if (a)&nbsp;the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on
such reduced Total Payments) is greater than or equal to (b)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments
and the amount of Excise Tax to which the Participant may elect in writing to have other components of his or her Total Payments reduced prior to any reduction in the Payments hereunder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) For purposes of determining whether the Payments will be subject to the Excise Tax, the amount of such Excise Tax and whether any Payments are to
be reduced hereunder: (A)&nbsp;all payments and benefits received or to be received by the Participant in connection with such Change in Control or the termination of such Participant&#146;s employment, whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions result in such Change in Control or any Person affiliated with the company or such Person (all such payments and benefits, excluding the Gross-Up
Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the &#147;Total Payments&#148;), shall be treated as &#147;parachute
payments&#148; (within the meaning of Section&nbsp;280G(b)(2) </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">27 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the Change in Control, the Company&#146;s independent auditor, or
if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Committee (the &#147;Firm&#148;), such payments or benefits (in whole or in part) do not constitute parachute payments,
including by reason of Section&nbsp;280G(2)(A) or Section&nbsp;280G(b)(4)(A) of the Code; (B)&nbsp;no portion of the Total Payments the receipt or enjoyment of which the Participant shall have waived at such time and in such manner as not to
constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken into account; (C)&nbsp;all &#147;excess parachute payment&#148; within the meaning of Section&nbsp;280G(b)(2) of the Code shall be treated as
subject to the Excise Tax unless, in the opinion of the Firm, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the meaning of Section&nbsp;280G(g)(4)(B) of the Code) in
excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not subject to the excise Tax; and (D)&nbsp;the value of any non-cash benefits or any deferred payment
or benefit shall be determined by the Firm in accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of the Code and regulations or other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a
Tier 1 Employee and whether any Payments in respect of a Participant (other than a Tier 1 Employee) shall be reduced, a Participant shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation (and state and
local income taxes at the highest marginal rate of taxation in the state and locality of such Participant&#146;s residence, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in
the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the case of a Participant other than a Tier 1 Employee). The Firm will be paid reasonable compensation by the
Company for its services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) In the event that the Excise Tax is finally determined to be less than the amount taken into account
hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount (the &#147;Excess Amount&#148;) will be deemed for all purposes to be a loan to the Tier 1 Employee
made on the date of the Tier 1 Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to the Company on the fifth business day after demand, together with interest on such amount at the
Section&nbsp;1274 Rate from the date of the Tier 1 Employee&#146;s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Firm such that the Excess Amount and such interest
will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December&nbsp;31st of the year following the year in which the Participant remits the related
tax, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or such lesser rate
(including zero) as may be designated by the Firm such that the amount of such deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably cooperate with
the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">28 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) As soon as practicable following a Change in Control, but in no event later than 30 days
thereafter, the Company shall provide to each Tier 1 Employee and to each other Participant with respect to whom it is proposed that Payments be reduced, a written statement setting forth the manner in which the Total Payments in respect of such
Tier 1 Employee or other Participant were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Company has received from the Firm or other advisors or consultants (and any such opinions or
advice which are in writing shall be attached to the statement). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;8 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CLAIMS PROCEDURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.1
Claim</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) A Participant or Beneficiary who believes that he or she is being denied a Benefit to which he or she is entitled under the
Plan may file a written request for such Benefit with the Administrator, setting forth his or her claim for Benefits. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Other than with
respect to claims to which ERISA expressly provides a limitations period, no action may be commenced against any Plan party after the earliest to occur of the following dates: the date that is 90 days after the date of the final denial of the
appeal, or the date that is one year from the date a cause of action accrued. For purposes of this Article&nbsp;8, a cause of action is considered to have accrued when the person bringing the legal action knew, or in the exercise of reasonable
diligence should have known, that a Plan party has clearly repudiated the claim or legal position which is the subject of the action, regardless of whether such person has filed a claim for Benefits in accordance with the provisions of this
Article&nbsp;8. The Administrator shall be the Plan&#146;s agent for service of process. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) A Participant or Beneficiary must exhaust all
remedies under the Plan&#146;s claims procedures before being entitled to seek relief under Section&nbsp;8.5. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.2 Claim
Decision</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by Section&nbsp;8.2(b), the Administrator shall reply to any claim filed under
Section&nbsp;8.1 within 90 days of receipt, unless it determines to extend such reply period for an additional 90 days for reasonable cause and notifies the claimant in advance of the reasons for the extension and the date by which the Administrator
expects to make a decision. If the claim is denied in whole or in part, such reply shall include a written explanation, using language calculated to be understood by the Participant or Beneficiary, setting forth: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the specific reason or reasons for such denial; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
FACE="Times New Roman" SIZE="2">(ii) the specific reference to relevant provisions of the Plan on which such denial is based; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">29 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) a description of any additional material or information necessary for the Participant or
Beneficiary to perfect his or her claim and an explanation why such material or such information is necessary; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) appropriate
information as to the steps to be taken if the Participant or Beneficiary wishes to submit the claim for review; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(v) the time limits for
requesting a review under Section&nbsp;8.3 and for review under Section&nbsp;8.4; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(vi) the Participant&#146;s or Beneficiary&#146;s
right to bring an action for Benefits under Section&nbsp;502 of ERISA (subject to Section&nbsp;8.5) if Benefits are denied on review. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b)
If the claim is a claim for Benefits that requires a determination regarding whether a Participant is Disabled to be made by the Administrator (and not by some party other than the Administrator or the Plan for purposes other than a benefit
determination under the Plan), the Administrator will respond to the Participant&#146;s claim within a reasonable period of time and in any case within 45 days (provided that the Administrator may utilize up to two 30-day extension periods, in each
case to the extent that the Administrator determines that circumstances beyond the control of the Plan so require, and shall in each case provide the claimant with an advance notice setting forth the reasons for the extension and the date by which
the Administrator expects to render a decision, the standards on which entitlement to a Benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve such issues). In the event that
additional information is necessary to resolve a claim requiring the Administrator to rule on the Participant&#146;s Disabled status, the claimant shall be afforded at least 45 days to provide the information (during which time the periods to
provide notice and a decision on the claim shall be tolled). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event of a claim requiring the Administrator to rule on the
Participant&#146;s Disabled status, the Administrator&#146;s written notice of claim denial shall provide the claimant (in addition to the items described in Section&nbsp;8.2(a)) with a copy of any internal rule, guideline, protocol or other similar
criterion relied upon during the claims process or with a statement that such an internal rule, guideline, protocol or other similar criterion was relied upon and that a copy will be provided free of charge upon request, and if a medical necessity
or experimental treatment or similar exclusion or limit was imposed, the Administrator will provide an explanation of the scientific or clinical judgment for the determination (applying the terms of the Plan to the claimant&#146;s medical
circumstances) or a statement that such an explanation will be provided free of charge upon request. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.3 Request for
Review</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise provided by Section&nbsp;8.3(b), within 60 days after the receipt by the Participant or Beneficiary of
the written explanation described above, the Participant or Beneficiary may request in writing that the Administrator review its determination. The Participant or Beneficiary, or his or her duly authorized representative, may, but need not, review
the relevant documents and submit issues and comments in writing for consideration by the Administrator. Reasonable access to and copies of any documents, records and other </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">information relevant to the claim will be provided free of charge upon request, subject to attorney-client, attorney work-product and other applicable
privilege rules unless otherwise required by ERISA. Except as otherwise provided by Section&nbsp;8.3(b), if the Participant or Beneficiary does not request a review of the initial determination within such 60-day period, the Participant or
Beneficiary shall be barred and estopped from challenging the determination. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) In the event of a claim requiring the Administrator to
make a determination regarding the Participant&#146;s Disabled status, the claimant shall have 180 days after receipt of the written explanation described above to request in writing that the determination be reviewed, and shall be barred and
estopped from challenging the determination if he or she does not request a review of the initial determination within such 180-day period. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;8.4 Review of Decision</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) After considering all materials presented by the Participant or Beneficiary, the
Administrator will render a written decision, setting forth the specific reasons for the decision and containing specific references to the relevant provisions of the Plan on which the decision is based. The decision on review shall normally be made
within 60 days after the Administrator&#146;s receipt of the Participant&#146;s or Beneficiary&#146;s claim or request. If an extension of time is required for a hearing or other special circumstances, the Participant or Beneficiary shall be
notified of the reasons for the extension and the date as of which the Administrator expects to make a decision, and the time limit shall be 120 days. The decision shall be in writing using language calculated to be understood by the Participant or
Beneficiary, and shall set forth: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(i) the specific reason or reasons for such denial; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(ii) the specific reference to relevant provisions of the Plan on which such denial is based; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iii) a statement that the claimant is entitled, upon request and free of charge, to receive reasonable access to and copies of all documents, records
and other information relevant to the claimant&#146;s claim (subject to attorney-client, attorney work-product and other applicable privilege rules unless otherwise required by ERISA); and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(iv) the Participant&#146;s or Beneficiary&#146;s right to bring an action for Benefits under Section&nbsp;502 of ERISA now that the claim has been
denied on appeal (subject to Section&nbsp;8.5). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) In the event of a claim requiring the Administrator to make a determination regarding
the Participant&#146;s Disabled status, the Administrator shall ensure that no deference is afforded to the prior determination, that the persons who made the initial determination on behalf of the Administrator shall not be involved in the review,
and that the persons who make the decision on review on behalf of the Administrator are not subordinates of the original decision-makers. In the event that a medical judgment is required, the persons conducting the review shall consult with a health
care professional of appropriate training and experience in the relevant field of medicine and shall identify any medical or vocational experts consulted to the claimant. No health care professional consulted in the course of the review shall be a
person consulted in the course of the original determination (or a subordinate of such </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">31 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">person). The claim determination on review of a claim requiring the Administrator to make a determination regarding the Participant&#146;s Disabled status
shall be provided within 45 days (90 days, if the Administrator determines that special circumstances require an extension and so informs the Participant). In the event of such a claim denial, in addition to the items required above, the
Administrator shall provide a copy of any internal rule, guideline, protocol or other similar criterion relied upon during the claims process or a statement that such an internal rule, guideline, protocol or other similar criterion was relied upon
and that a copy will be provided upon request, and if a medical necessity or experimental treatment or similar exclusion or limit was imposed, the Administrator will provide an explanation of the scientific or clinical judgment for the determination
(applying the terms of the Plan to the claimant&#146;s medical circumstances) or a statement that such an explanation will be provided free of charge upon request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(c) All decisions on review shall be final and shall bind all parties concerned to the maximum extent permitted by law. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section 8.5 Arbitration</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Notwithstanding anything herein to the contrary and to the extent
permitted by ERISA, upon completion of the claims process set forth in this Article&nbsp;8, the Administrator, a Participant or a Beneficiary will have the right to compel binding arbitration with respect to any claim for Benefits or damages. If any
such party chooses to compel arbitration, the process and procedure shall be governed by the terms and conditions of the American Express Company Employment Arbitration Policy and Employment Arbitration Acknowledgment Form (&#147;Policy&#148;), to
the extent such Policy is consistent with the terms of the Plan. This includes, but is not limited to, the Policy&#146;s prohibition against claims being arbitrated on a class action basis or on bases involving claims brought in a representative
capacity on behalf of any other similarly situated party. In addition, if any party chooses to compel arbitration, the arbitrator will be bound by the substantive terms of the Plan and ERISA (including, but not limited to, the standard of review
required by ERISA). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) To the extent required by Sections 2560.503-1(c)(2)-(3)&nbsp;and 2560.503-1(d) of the Labor Regulations,
arbitration shall not be required in the case of a claim which requires the Administrator to make a determination with respect to the Participant&#146;s Disabled status. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.6 Burden of Proof</B>. Notwithstanding anything herein to the contrary, to the extent a Participant or Beneficiary asserts entitlement to Benefits based upon facts not contained in the Plan&#146;s
records, such person shall be required to provide satisfactory affirmative evidence of such facts. For avoidance of doubt, if a person claims entitlement to benefits based upon Compensation for RSP-Related Account or RP-Related Account purposes,
Years of Service, or Base Salary, Annual Incentive Awards or PG Awards, that are not reflected in the Plan&#146;s records, such person must provide satisfactory affirmative evidence of such Compensation, Years of Service, Base Salary, Annual
Incentive Awards or PG Awards. The Administrator shall have the sole and exclusive discretion to determine whether the above-referenced affirmative evidence is satisfactory. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;8.7 Administrator&#146;s Sole Authority</B>. Notwithstanding Section&nbsp;3.2 or any
other provision of the Plan, the Administrator shall have the sole and exclusive authority with respect to any matter, action or decision under this Article&nbsp;8, and the Committee shall have neither any authority with respect to such matters, nor
the right or ability to limit or to interfere in any way with the Administrator&#146;s authority with respect to such matters. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE&nbsp;9 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDMENT&nbsp;&amp; TERMINATION </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;9.1 Plan Amendment</B>. The Committee or its delegate may, at any time, amend or terminate the Plan, provided that the Committee may not
reduce or modify the amount of any Benefit payable to a Participant or any Beneficiary receiving Benefit payments at the time the Plan is amended or terminated. Notwithstanding the foregoing, the Committee shall not have the right to amend or modify
the terms and provisions of the Plan to the extent such amendment or modification would result in a violation of Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;9.2 Effect of Plan Termination</B>. If the Plan is terminated, no additional deferrals or contributions shall be credited to any Participant Account hereunder. Following Plan termination, Participants&#146; Accounts shall be
paid at such time and in such form as provided under Article&nbsp;6. Notwithstanding the foregoing, either at the time of termination or on a subsequent date, the Committee may, in its discretion, determine to distribute the then existing Account
balances of Participants and Beneficiaries and, following such distribution, there shall be no further obligation to any Participant or Beneficiary under the Plan; provided, however, that the authority granted to the Committee under this
Section&nbsp;9.2 shall be implemented in compliance with the requirements of and only to the extent permissible under Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE&nbsp;10 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>GENERAL PROVISIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.1 Unfunded Status</B>. Nothing in the Plan shall create, or be construed to create, a trust of any kind or fiduciary relationship between the Company and the Participant, his or her designated
Beneficiary, or any other person. Any funds deferred under the provisions of the Plan shall be construed for all purposes as a part of the general funds of the Company, and any right to receive payments from the Company under the Plan shall be no
greater than the right of any unsecured general creditor. The Company may, but need not, purchase any securities or instruments as a means of hedging its obligations to any Participant under the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.2 Non-Transferable</B>. The right of any Participant, or other person, to the payment of deferred compensation under the Plan shall
not be assigned, transferred, pledged or encumbered except by the laws of descent and distribution. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.3 No Right to
Continued Employment</B>. Participation in the Plan shall not be construed as conferring upon the Participant the right to continue in the employ of the Company as an executive or in any other capacity. The Company expressly reserves the right to
dismiss any employee at any time without liability for the effect such dismissal might have upon him or her hereunder. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">33 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.4 Plan Benefits Not Compensation Under Employee Benefit Plans</B>. Any deferred
compensation payable under the Plan shall not be deemed salary or other compensation to the Participant for the purpose of computing the benefits under any plan or arrangement (including but not limited to any &#147;employee benefit plan&#148; under
ERISA) except as expressly provided in such plan or arrangement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.5 Compliance with Section&nbsp;409A</B>. The Plan is
intended to comply with Section&nbsp;409A, and shall be interpreted, operated and administered consistent with this intent and the Policy. To the extent the terms of the Plan fail to qualify for exemption from or to satisfy the requirements of
Section&nbsp;409A, the Plan may be operated in compliance with Section&nbsp;409A pending amendment to the extent authorized by the Internal Revenue Service. In such circumstances, the Plan will be administered in a manner which adheres as closely as
possible to its existing terms while complying with Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.6 No Guarantee of Tax Consequences</B>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The Company makes no representations or warranties and assumes no responsibility as to the tax consequences to any Participant who
enters into a deferred compensation agreement with the Company pursuant to the Plan or any such Participant&#146;s Beneficiary. Further, payment by the Company to Participant (or to a Participant&#146;s Beneficiary or Beneficiaries) in accordance
with the terms of the Plan, including any designation of Beneficiary on file with the Administrator at the time of Participant&#146;s death, shall be binding on all interested parties and persons, including Participant&#146;s heirs, executors,
administrators and assigns, and shall discharge the Company, its directors, officers and employees from all claims, demands, actions or causes of action of every kind arising out of or on account of Participant&#146;s participation in the Plan,
known or unknown, for himself or herself, his or her heirs, executors, administrators and assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) No person connected with the Plan
in any capacity, including, but not limited to, the Company and its directors, officers, agents and employees, makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, Federal, state and local income,
estate and gift tax treatment, will be applicable to any amounts deferred under the Plan, or paid to or for the benefit of a Participant or Beneficiary under the Plan, or that such tax treatment will apply to or be available to a Participant or
Beneficiary on account of participation in the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) Any agreement executed pursuant to the Plan shall be deemed to include the above
provision of this Section&nbsp;10.6. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.7 Limitations on Liability</B>. Neither the establishment of the Plan nor any
modification thereof, nor the creation of any account under the Plan, nor the payment of any benefits under the Plan shall be construed as giving to any Participant or other person any legal or equitable right against the Company, or any officer or
employer thereof except as provided by law or by any Plan provision. No person (including the Company) in any way guarantees any Participant&#146;s Account from loss or depreciation, whether caused by poor investment performance of a deemed
investment or the inability to realize upon an investment due to an insolvency affecting an investment vehicle or any other reason. In no event shall the Company or any </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">successor, employee, officer, director or stockholder of the Company, be liable to any person on account of any claim arising by reason of the provisions of
the Plan or of any instrument or instruments implementing its provisions (except that the Company shall make benefit payments in accordance with the terms of the Plan), or for the failure of any Participant, Beneficiary or other person to be
entitled to any particular tax consequences with respect to the Plan, or any credit or distribution hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.8
Severability</B>. If any provision of the Plan is held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if said
illegal or invalid provision had never been inserted herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section&nbsp;10.9 Captions</B>. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of the Plan, and shall not be considered in the construction of the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;10.10 Governing Law</B>. The Plan shall be construed in accordance with and governed by the laws of the State of New York to the extent not superseded by federal law, without reference to the principles of conflict of laws.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">35 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>SCHEDULE A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>DEFERRAL ACCOUNT SCHEDULE RATE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For each calendar year, the Schedule Rate used to determine the earnings credited on
a Participant&#146;s Deferral Accounts for such calendar year shall be determined under the following metric, based on Amex&#146;s &#147;ROE&#148; for such calendar year and its &#147;ROE Target Range&#148; for such calendar year: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Amex&#146;s ROE</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Schedule Rate</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Below ROE Target Range</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Moody&#146;s&nbsp;A&nbsp;Rate</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Within ROE Target Range</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Above ROE Target Range</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Amex&#146;s &#147;<U>ROE</U>&#148; for a calendar year means Amex&#146;s consolidated annual return on equity for
such calendar year, as reported by Amex, subject to adjustment for significant accounting changes as determined by the Committee in its sole discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Amex&#146;s &#147;<U>ROE Target Range</U>&#148; for a calendar year means the ROE target range announced by Amex and in effect on January&nbsp;1st of such calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Except as otherwise provided by Section&nbsp;7.2(b)(ii) of the Plan, the Schedule Rate under this Schedule A for any calendar year may be changed by the Committee, prospectively or retrospectively, in its sole
discretion, without prior notice to or consent of Participants or Beneficiaries. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>12
<FILENAME>dex1035.htm
<DESCRIPTION>AMERICAN EXPRESS ANNUAL INCENTIVE AWARD PLAN
<TEXT>
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<TITLE>American Express Annual Incentive Award Plan</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.35 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ANNUAL INCENTIVE AWARD PLAN </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(As amended and restated effective January&nbsp;1, 2009) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>PURPOSE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The purpose of this Annual Incentive Award Plan (the &#147;<U>Plan</U>&#148;) is to provide
added incentive for those officers and key executives of American Express Company (the &#147;<U>Company</U>&#148;) and its subsidiaries who are in a position to make substantial contributions to the earnings and growth of these companies and to
reward them collectively and individually for performance which contributes significantly toward such earnings and growth. The companies participating in the Plan (the &#147;<U>Participating Companies</U>&#148;) include the Company and such other
corporations as may be taking part in the Plan from time to time pursuant to Article&nbsp;8. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;1 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ADMINISTRATION OF THE PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.1
<U>Administration</U>. The Plan shall be administered by the Compensation and Benefits Committee (the &#147;<U>Committee</U>&#148;) of the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) as constituted from time to time, unless and
until the Board provides otherwise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.2 <U>Authority and Delegation</U>. The Committee shall be responsible for the general administration
of the Plan. It shall also be responsible for the interpretation of the Plan and the determination of all questions arising hereunder. It shall have power to establish, interpret, enforce, amend and revoke from time to time such rules and
regulations for the administration of the Plan and the conduct of its business as it deems appropriate. The Committee shall also have the power to delegate any of its authority under the Plan as allowed by law. Any action taken by the Committee
within the scope of its authority shall be final and binding upon the Participating Companies, upon each and every person who participates in the Plan and any successors in interest of such persons, and any and all other persons claiming under or
through any such person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.3 <U>Indemnification</U>. No member of the Committee shall be liable for anything done or omitted to be done by
him or by any other member of the Committee in connection with the Plan, unless such act or omission constitutes willful misconduct on his part. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE&nbsp;2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ANNUAL PERFORMANCE GOALS, PAYMENT GRID AND AWARD GUIDELINES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.1 <U>Establishment</U>. As soon as practicable at the beginning of each calendar year, the Committee shall determine the individual, division/group,
Company or other appropriate performance goals, payment grid and award guidelines for such calendar year. In fixing such goals, grid and guidelines, the Committee shall receive and consider the recommendations of the </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer of the Company (the &#147;CEO&#148;), who, in turn, shall have received and considered the respective recommendations of other
appropriate officers and executives of the Participating Companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.2 <U>Adjustment</U>. If the Committee finds, during the course of
and with respect to any year, that any of the performance goals, payment grid or award guidelines determined as herein above provided would not be justified for such year in the circumstances, it may in its sole discretion fix such performance
goals, payment grid or award guidelines for such year at such different levels as it deems appropriate. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;3 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PARTICIPATION IN THE PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.1
<U>Participation</U>. Those eligible to participate in the Plan for any calendar year shall include such key executives of the Participating Companies as shall be designated by the Committee. In designating such persons the Committee shall receive
and consider the recommendations of the CEO, who, in turn, shall have received and considered the respective recommendations of other appropriate officers and executives of the Participating Companies. However, the Committee shall have full
authority to act in the matter and its determination shall be in all respects final and conclusive. Further, the Committee shall have full authority to delegate eligibility determination. Participants shall be designated prior to the beginning of
the year or as soon as practicable thereafter, but new executives or executives whose duties and responsibilities have been materially increased during the year may be designated participants for such year at any time during the year. Designation as
a participant shall not of itself entitle a person to receive payment of an award under the Plan. Participants must generally remain in continuous active employment with the Participating Company (or an affiliate thereof), through the end of the
performance period (calendar-year end) and up until the payment date, and shall also make progress towards the applicable award goals and shall fulfill the conditions of Article&nbsp;7. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.2 <U>Special Awards</U>. The Committee, upon recommendations as provided by Section&nbsp;4.1, may also make special awards to a limited number of
participants under the Plan. The CEO may also authorize special awards under the Plan, at any time or times during the year, provided that any special awards authorized by the CEO shall be reported to the Committee at its next regular meeting. These
special awards shall be made in recognition of outstanding individual achievement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.3 <U>Committee Members Ineligible</U>. No member of
the Committee shall be eligible to participate in or receive any awards under the Plan. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;4 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DETERMINATION OF AWARDS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.1
<U>Determination of Awards</U>. As soon as practicable after the end of each calendar year, the Committee shall fix the amount of each award. The Committee shall also have the power to delegate to the CEO the authority to approve individual awards
and award changes for employees below the Senior Vice President level (below Band 70). Notwithstanding the </FONT>
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<FONT FACE="Times New Roman" SIZE="2">previous sentence, the Committee shall continue to approve awards for Senior Vice Presidents and higher (Band 70 and above), and to approve the aggregate
awards for all participants in Bands 35 and above, subject to adjustment for delegated award changes after each February. In determining the aggregate awards, the Committee, may approve the establishment of maximum award guidelines for employees of
a Participating Company, division, business unit or other designated group, based upon specified company and other applicable organizational performance goals subject to applicable past limitations. In fixing such awards the Committee shall receive
and consider the recommendations of the CEO who, in turn, shall have received and considered the respective recommendations of other appropriate officers and executives of the Participating Companies, as to whether and to what extent the individual,
division/group, or company performance goals have been met for such year, and as to where in the range of award guidelines each participant&#146;s performance falls. Individual awards shall then be calculated based on the applicable payment grid,
subject to available pool monies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.2 <U>Award Limits</U>. Except for awards payable as a result of a Change in Control pursuant to
Section&nbsp;6.1, no award to a single participant for any year shall exceed (a)&nbsp;200 percent of the Participant&#146;s total award guideline for such year, or (b)&nbsp;200 percent of the participant&#146;s base salary for such year. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PAYMENT OF AWARDS
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.1 <U>Payment</U>. Each award, if any, shall be paid on or after January&nbsp;31st of the calendar year immediately following the end
of the performance period, as soon as practicable after the amount of the award shall have been determined, or at such subsequent time or times as the Committee shall determine, but in no event later than 90 days after January&nbsp;31st of the
calendar year immediately following the end of the performance period. Such payment shall be made in cash unless the Committee, at any time or from time to time, according to rules and regulations of general application, provides for a different
method of payment, in whole or in part, of awards, including, but not limited to, the issuance or transfer of securities or other property, including common shares or other securities of the Company, another corporation or of a regulated investment
company or companies, subject to restrictions and requirements to assure compliance with the conditions set forth in Article&nbsp;7 and elsewhere in the Plan and such other restrictions and requirements as the Committee shall prescribe. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.2 <U>Effect of Termination, Retirement, Disability and Death</U>. The Committee has the sole discretion to consider the payment, if any, of an award
for a participant in the event of the participant&#146;s termination, retirement, disability, death or other individual circumstances before the award&#146;s payment date; provided, however, the payment of an award by reason of the occurrence of
such an event shall still be made at the time specified in Section&nbsp;5.1. The Committee, upon recommendations provided by management, will approve to what extent, if any, payment of an award should be made if termination occurs after
December&nbsp;31, but before the actual payment date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.3 <U>Payment in the Event of Death</U>. If any award shall become payable by
reason of or following the death of a participant or former participant, such award shall be payable, at the time specified in Section&nbsp;5.1 and in the same manner as if such participant or former participant </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">were alive, to such beneficiaries of the participant or former participant as he shall have designated in the manner described herein. If such participant or
former participant shall have failed to designate any beneficiary, or if no such beneficiary shall survive him, then such payments shall be made to his legal representatives. With the approval of the Committee, a participant or former participant
may designate one or more beneficiaries by executing and delivering to the Committee or its delegate written notice thereof at any time prior to his death, and may revoke or change the beneficiaries designated therein without their consent by
written notices similarly executed and delivered to the Committee at any time and from time to time prior to his death. No such Participating Company is required to pay any amount to the beneficiary or legal representatives of any former participant
until such beneficiary or legal representatives shall have furnished evidence satisfactory to it of the payment or provision for the payment of all estate, transfer, inheritance and death taxes, if any, which may be payable with respect thereto.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.4 <U>Withholding</U>. Any Participating Company required to make payments under the Plan shall deduct and withhold from any such payment
all amounts which its officers believe in good faith the Participating Company is required to deduct or withhold pursuant to the laws of any jurisdiction whatsoever or, in the event that any such payment shall be made in securities, shall require
that arrangements satisfactory to such Participating Company shall be made for the payment of all such amounts before such securities are delivered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">5.5 <U>Deferral of Awards</U>. Upon a deferral of the payment of an award pursuant to a deferral plan of a Participating Company, the terms of the deferral and the payments thereunder shall be governed by the
provision of such deferral plan. The obligation of any Participating Company to make deferred payments when due is merely contractual, and no amount credited to an account of a participant or former participant on the books of any Participating
Company shall be deemed to be held in trust for such participant or former participant or for his beneficiary or legal representatives. Nothing contained in the Plan shall require any Participating Company to segregate or earmark any cash or other
property. Any securities or other property held or acquired by any such Participating Company specifically for use under the Plan or otherwise shall, unless and until transferred in accordance with the terms and conditions of the Plan, be and at all
times remain the property of such Participating Company, irrespective of whether such securities or other property are entered in a special account for the purpose of the Plan, and such securities or other property shall at all times be and remain
available for any corporate purpose. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;6 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CHANGE IN CONTROL </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.1 <U>Effect of Change in Control</U>. If within two years following the
occurrence of a Change in Control (as defined in Section&nbsp;6.3), a participant experiences a separation from service (as that term is defined for purposes of Section&nbsp;409A of the Code) that would otherwise entitle him to receive the payment
of severance benefits under the provisions of the severance plan that is in effect and in which he participates as of the date of such Change in Control, and the participant is at Job Band 50 or higher on the date of such separation from service,
then such participant shall, notwithstanding the provisions of Article&nbsp;5, be paid, within five days after the date of such separation from service, a pro rata award under the Plan equal to: (a)&nbsp;the average award paid or payable to such
participant under the Plan (or any other award program of the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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<FONT FACE="Times New Roman" SIZE="2">Participating Company or one of its subsidiaries at the time of such prior payment) for the two years prior to the Change in Control (or if such participant
has not received two such awards, the most recent award paid or payable (or target amount so payable if such participant has not previously received any such award) to such participant under the Plan (or any other award program of the Participating
Company or one of its subsidiaries at the time of such prior payment); multiplied by (b)&nbsp;the number of full or partial months that have elapsed during the performance year under the Plan at the time of such separation from service divided by
12; provided that in the event such separation from service occurs after the end of the performance year, but before the payment date, then the multiplier in clause (b)&nbsp;of the preceding sentence shall be one. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.2 <U>Excise Tax</U>. This Section&nbsp;6.2 shall apply in the event of Change in Control. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) In the event that any payment or benefit received or to be received by a participant hereunder in connection with a Change in Control or such
participant&#146;s termination of employment (such payments and benefits, excluding the Gross-Up Payment (as hereinafter defined), being hereinafter referred to collectively as the &#147;<U>Payments</U>&#148;), will be subject to the excise tax (the
&#147;<U>Excise Tax</U>&#148;) referred to in Section&nbsp;4999 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), then (i)&nbsp;in the case of a participant who is classified in Band 70 (or its equivalent) or above immediately
prior to such Change in Control (a &#147;<U>Tier 1 Employee</U>&#148;), the Participating Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Section&nbsp;6.2(d), an
additional amount (the &#147;<U>Gross-Up Payment</U>&#148;) such that the net amount retained by such Tier 1 Employee, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment taxes and Excise Tax upon
the Gross-Up Payment, shall be equal to the Payments, and (ii)&nbsp;in the case of a Tier 1 Employee (in the event clause (i)&nbsp;does not apply) and in the case of any other participant, the Payments shall be reduced to the extent necessary so
that no portion of the Payments is subject to the Excise Tax but only if (A)&nbsp;the net amount of all Total Payments (as hereinafter defined), as so reduced (and after subtracting the net amount of federal, state and local income and employment
taxes on such reduced Total Payments), is greater than or equal to (B)&nbsp;the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total
Payments and the amount of Excise Tax to which a participant would be subject in respect of such unreduced Total Payments); provided, however, that the participant may elect in writing to have other components of his Total Payments reduced prior to
any reduction in the Payments hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) For purposes of determining whether the Payments will be subject to the Excise Tax, the
amount of such Excise Tax and whether any Payments are to be reduced hereunder: (i)&nbsp;all payments and benefits received or to be received by a participant in connection with such Change in Control or such participant&#146;s termination of
employment, whether pursuant to the terms of the Plan or any other plan, arrangement or agreement with a Participating Company, any Person (as such term is defined in Section&nbsp;6.3(a)) whose actions result in such Change in Control or any Person
affiliated with the Participating Company or such Person (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement,
being hereinafter referred to as the &#147;<U>Total Payments</U>&#148;), shall be treated as &#147;parachute </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">payments&#148; (within the meaning of Section&nbsp;280G(b)(2) of the Code) unless, in the opinion of the accounting firm which was, immediately prior to the
Change in Control, the Company&#146;s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Administration Committee (the &#147;<U>Auditor</U>&#148;), such
payments or benefits (in whole or in part) do not constitute parachute payments, including by reason of Section&nbsp;280G(b)(2)(A) or Section&nbsp;280G(b)(4)(A) of the Code; (ii)&nbsp;no portion of the Total Payments the receipt or enjoyment of
which the participant shall have waived at such time and in such manner as not to constitute a &#147;payment&#148; within the meaning of Section&nbsp;280G(b) of the Code shall be taken into account; (iii)&nbsp;all &#147;excess parachute
payments&#148; within the meaning of Section&nbsp;280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in the opinion of the Auditor, such excess parachute payments (in whole or in part) represent reasonable compensation for
services actually rendered (within the meaning of Section&nbsp;280G(b)(4)(B) of the Code) in excess of the Base Amount (within the meaning of Section&nbsp;280G(b)(3) of the Code) allocable to such reasonable compensation, or are otherwise not
subject to the Excise Tax; and (iv)&nbsp;the value of any noncash benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4)&nbsp;of the Code and regulations or
other guidance thereunder. For purposes of determining the amount of the Gross-Up Payment in respect of a Tier 1 Employee and whether any Payments in respect of a participant (other than a Tier 1 Employee) shall be reduced, the participant shall be
deemed to pay federal income tax at the highest marginal rate of federal income taxation (and state and local income taxes at the highest marginal rate of taxation in the state and locality of such participant&#146;s residence, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local taxes) in the calendar year in which the Gross-Up Payment is to be made (in the case of a Tier 1 Employee) or in which the Payments are made (in the
case of a participant other than a Tier 1 Employee). The Auditor will be paid reasonable compensation by the Company for its services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c)
In the event that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, then an amount equal to the amount of the excess of the earlier payment over the redetermined amount
(the &#147;<U>Excess Amount</U>&#148;) will be deemed for all purposes to be a loan to the Tier 1 Employee made on the date of the Tier 1 Employee&#146;s receipt of such Excess Amount, which the Tier 1 Employee will have an obligation to repay to
the Company on the fifth business day after demand, together with interest on such amount at the lowest applicable federal rate (as defined in Section&nbsp;1274(d) of the Code or any successor provision thereto), compounded semi-annually (the
&#147;<U>Section 1274 Rate</U>&#148;) from the date of the Tier 1 Employee&#146;s receipt of such Excess Amount until the date of such repayment (or such lesser rate (including zero) as may be designated by the Auditor such that the Excess Amount
and such interest will not be treated as a parachute payment as previously defined). In the event that the Excise Tax is finally determined to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of
any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), within five business days of such determination, but not later than December&nbsp;31st of the year following the year in which the participant
remits the related taxes, the Company will pay to the Tier 1 Employee an additional amount, together with interest thereon from the date such additional amount should have been paid to the date of such payment, at the Section&nbsp;1274 Rate (or such
lesser rate (including zero) as may be designated by the Auditor such that the amount of such </FONT>
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<FONT FACE="Times New Roman" SIZE="2">deficiency and such interest will not be treated as a parachute payment as previously defined). The Tier 1 Employee and the Company shall each reasonably
cooperate with the other in connection with any administrative or judicial proceedings concerning the amount of any Gross-Up Payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d)
As soon as practicable following a Change in Control, but in no event later than 30 days thereafter, the Company shall provide to each Tier 1 Employee and to each other participant with respect to whom it is proposed that Payments be reduced, a
written statement setting forth the manner in which the Total Payments in respect of such Tier 1 Employee or other participant were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the
Company has received from the Auditor or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6.3 <U>Definition of Change in Control</U>. For purposes of the Plan, &#147;<U>Change in Control</U>&#148; means the happening of any of the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;)) (a &#147;<U>Person</U>&#148;) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25 percent or more of either (i)&nbsp;the then outstanding common shares of the
Company (the &#147;<U>Outstanding Company Common Shares</U>&#148;) or (ii)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#147;<U>Outstanding
Company Voting Securities</U>&#148;); provided, however, that such beneficial ownership shall not constitute a Change in Control if it occurs as a result of any of the following acquisitions of securities: (i)&nbsp;any acquisition directly from the
Company; (ii)&nbsp;any acquisition by the Company or any corporation, partnership, trust or other entity controlled by the Company (a &#147;<U>Subsidiary</U>&#148;); (iii)&nbsp;any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Subsidiary; (iv)&nbsp;any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (v)&nbsp;any acquisition by an individual, entity or group that
is permitted to, and actually does, report its beneficial ownership on Schedule&nbsp;13-G (or any successor schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on
Schedule 13D (or any successor schedule), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so
report, beneficial ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (vi)&nbsp;any acquisition by any corporation pursuant to a reorganization, merger or
consolidation if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of Section&nbsp;6.3(c) are satisfied. Notwithstanding the foregoing, a Change in Control shall not be deemed
to occur solely because any Person (the &#147;<U>Subject Person</U>&#148;) became the beneficial owner of 25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of
Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company which, by reducing the number of Outstanding Company Common Shares or Outstanding Company Voting Securities, increases the proportional number of shares
</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2">beneficially owned by the Subject Person; provided, that if a Change in Control would be deemed to have occurred (but for the operation of this sentence) as
a result of the acquisition of Outstanding Company Common Shares or Outstanding Company Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the beneficial owner of any additional Outstanding
Company Common Shares or Outstanding Company Voting Securities which increases the percentage of the Outstanding Company Common Shares or Outstanding Company Voting Securities beneficially owned by the Subject Person, then a Change in Control shall
then be deemed to have occurred; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Individuals who, as of the date hereof, constitute the Board (the &#147;<U>Incumbent
Board</U>&#148;) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company&#146;s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of
agreement intended to avoid or settle any such actual or threatened contest or solicitation; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) The consummation of a reorganization,
merger, statutory share exchange, consolidation, or similar corporate transaction involving the Company or any of its direct or indirect Subsidiaries (each a &#147;<U>Business Combination</U>&#148;), in each case, unless, following such Business
Combination, (i)&nbsp;the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination, continue to represent (either by remaining outstanding or being converted into voting
securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company&#146;s
assets either directly or through one or more subsidiaries), (ii)&nbsp;no Person (excluding the Company, any employee benefit plan (or related trust) of the Company, a Subsidiary or such corporation resulting from such Business Combination or any
parent or subsidiary thereof, and any Person beneficially owning, immediately prior to such Business Combination, directly or indirectly, 25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as
the case may be) beneficially owns, directly or indirectly, 25 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting
power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such Business Combination; or </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The consummation of the sale, lease, exchange or other disposition of all or substantially all of the
assets of the Company, unless such assets have been sold, leased, exchanged or disposed of to a corporation with respect to which following such sale, lease, exchange or other disposition (i)&nbsp;more than 50 percent of, respectively, the then
outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of directors is then beneficially
owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities immediately prior to such
sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common Shares and Outstanding Company Voting Shares,
as the case may be, (ii)&nbsp;no Person (excluding the Company and any employee benefit plan (or related trust) of the Company or a Subsidiary or of such corporation or a subsidiary thereof and any Person beneficially owning, immediately prior to
such sale, lease, exchange or other disposition, directly or indirectly, 25&nbsp;percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly,
25&nbsp;percent or more of respectively, the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof)
entitled to vote generally in the election of directors, and (iii)&nbsp;at least a majority of the members of the board of directors of such corporation (or any parent thereof) were members of the Incumbent Board at the time of the execution of the
initial agreement or action of the Board providing for such sale, lease, exchange or other disposition of assets of the Company; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e)
Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;7 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONDITIONS AND FORFEITURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.1
<U>Conditions</U>. In addition to any other condition that may be imposed by the Committee, the payment of all awards (or any part thereof) under the Plan shall be contingent on the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) The participant or former participant entitled thereto shall refrain from engaging (i)&nbsp;in any business or other activity which, in the judgment
of the Committee, is competitive with any activity of any Participating Company or any affiliate thereof, in which he was engaged at any time during the last five years of his employment by a Participating Company or any affiliate thereof, or
(ii)&nbsp;in any business or other activity which is so competitive and of which he shall have special knowledge as the result of having been employed by the Participating Company or any affiliate thereof; and from counseling or otherwise assisting
any person, firm or organization that is so engaged; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) The participant shall not furnish, divulge or disclose to any unauthorized
person, firm or other organization any trade secrets, information or data with respect to any Participating Company or any affiliate thereof, or any of their employees, that he shall have reason to believe is confidential; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) The participant will make himself available for such consultation and advice concerning matters with
respect to which he was familiar while employed by any Participating Company or affiliate as may reasonably be requested, taking fairly into consideration his age, health, residence and individual circumstances and the total amount of the payments
that he is receiving, and shall render such assistance and cooperation (including testimony and depositions) in respect of matters of which he shall have knowledge, as may reasonably be requested in any action, proceeding or other dispute, pending
or prospective, to which any Participating Company or affiliate may be a party or in which it may have an interest. The participant or former participant shall have no obligation to render any services after he shall have ceased to be an employee of
the Participating Companies and affiliates thereof, except as may be required under this subparagraph, and the death of the participant or former participant, or the failure to call upon him for the rendition of services called for under this
Section&nbsp;7.1(c), shall not in any way affect the right of the participant or former participant or his beneficiary or legal representatives, as the case may be, to receive any unpaid portion of any amounts payable to him; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) The participant&#146;s employment by any Participating Company, subsidiary or any affiliate thereof, shall not have terminated as a result of his
gross negligence, willful misconduct or poor performance and he shall not, while employed by a Participating Company, subsidiary or affiliate, have engaged in conduct which, had it been known at the time, would have resulted, on grounds of gross
negligence or willful misconduct, in the termination of his employment by the Participating Company, subsidiary or affiliate by which he had been employed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">7.2 <U>Forfeiture</U>. If, in the judgment of the Committee, reasonably exercised, a participant or former participant shall have failed at any time to comply with any of the conditions set forth in Section&nbsp;7.1,
the obligation of the Participating Company to make further payments to such participant or former participant or his beneficiary or legal representatives shall forthwith terminate, provided that no amount paid prior to the date of any such
determination by the Committee shall be required to be repaid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.3 <U>No Assignment</U>. No payment of any award under the Plan shall be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void. No payment of any
award shall be subject to any jurisdictional payment requirement upon death or termination. No such payments shall be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the person entitled thereto,
except as specifically provided in rules or regulations established by the Committee under the Plan; and in the event that any participant, former participant or beneficiary under the Plan becomes bankrupt or attempts to anticipate, alienate, sell,
transfer, assign, pledge, encumber or charge any such payment or a part thereof, then all such payments due him shall cease and in that event, the Participating Company shall hold and apply the same to or for his benefit or that of his spouse,
children, or other dependents, or any of them, in such manner and in such proportions as the Committee, with the approval of the chief executive officer of such Participating Company, may deem proper. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;8 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>PARTICIPATING COMPANIES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.1 <U>Participating Companies</U>. Any subsidiary that the Committee
(based on the recommendations of the CEO) or the Board has approved as a Participating Company may, with such approval, become a Participating Company upon delivering to the Committee certified copies of resolutions duly adopted by its board of
directors to the effect that it&nbsp;adopts the Plan and consents to have the Plan administered by the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.2 <U>Withdrawal</U>.
Any subsidiary which is a Participating Company may cease to be a Participating Company at any time and shall cease to be one upon delivering to the Committee certified copies of an appropriate resolution duly adopted by its board of directors
terminating its participation. If any Participating Company hereunder ceases to be a subsidiary, such corporation may continue to be a Participating Company hereunder only upon such terms and conditions as the Company and such corporation shall
agree upon in writing. In no event shall the termination of a corporation&#146;s participation in the Plan relieve it of obligations theretofore incurred by it under the Plan, except to the extent that the same have been assumed by another
corporation pursuant to Section&nbsp;8.3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.3 <U>Successors</U>. Any corporation which succeeds to all or any part of the business or
assets of a Participating Company may, by appropriate resolution of its board of directors, adopt the Plan and shall thereupon succeed to such rights and assume such obligations hereunder as such corporation, such Participating Company and the
Company shall have agreed upon in writing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.4 <U>Definition of Subsidiary</U>. For the purposes of this Article&nbsp;8, the term
&#147;<U>subsidiary</U>&#148; shall mean any corporation (other than the Company and any non-Participating Company specifically designated by the Committee) in one or more unbroken chains of corporations connected through stock ownership with the
Company, if the Company directly or indirectly through one or more such chains owns stock possessing more than 50 percent of the total combined voting power of all classes of stock and more than 50 percent of each class of non-voting stock of such
corporation. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE&nbsp;9 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>GENERAL PROVISIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.1 <U>Amendment and Termination</U>. The Board may amend the Plan in whole or in part from time to
time, and may terminate it at any time, without prior notice to any interested party; provided, however, that the Plan may not be amended in a manner that would cause the Plan to fail to comply with Section&nbsp;409A. The Board may delegate its
amendment power to such individual or individuals as it deems appropriate in its sole discretion. The foregoing sentence to the contrary notwithstanding, for a period of two years and one day following a Change in Control, neither the Board nor the
Committee may amend the Plan in a manner that is detrimental to the rights of any participant of the Plan without his written consent. No </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">amendment or termination shall deprive any participant, former participant, beneficiary or legal representatives of a former participant of any right under
the Plan as such right exists at the time of such amendment or termination, nor increase the obligations of any company that is or has been a Participating Company without its consent. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.2 <U>No Right to Employment</U>. Nothing in the Plan shall be construed as giving any person employed by a company which is or has been a Participating
Company the right to be retained in the employ of such company or any right to any payment whatsoever, except to the extent provided by the Plan. Each such company shall have the right to dismiss any employee at any time with or without cause and
without liability for the effect which such dismissal might have upon him as a participant under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.3 <U>Other Benefits</U>. The
Plan shall not be deemed a substitute for any other employee benefit or compensation plans or arrangements that may now or hereafter be provided for employees. The Plan shall not preclude any group, division, subsidiary or affiliate of the Company,
whether or not a Participating Company, from continuing or adopting one or more separate or additional such plans or arrangements for all or a defined class of the employees of such group, division, subsidiary or affiliate. Any payment under any
such plan or arrangement may be made independently of the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.4 <U>Consent to Actions Taken</U>. By accepting any benefits under the
Plan, each participant, each beneficiary and each person claiming under or through him shall be conclusively bound by any action or decision taken or made, or to be taken or to be made under the Plan, by the Company, the Board or the Committee.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.5 <U>Interpretation</U>. The masculine pronoun includes the feminine, the singular the plural, and vice versa wherever appropriate.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.6 <U>Governing Law</U>. The Plan shall be governed by and construed in accordance with the laws of the State of New York. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.7 <U>Section&nbsp;409A</U>. It is intended that the benefits under the Plan comply with the requirements of Section&nbsp;409A of the Code and the
Treasury Regulations promulgated and other official guidance issued thereunder, and the Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent and the American Express Section&nbsp;409A Compliance
Policy, as amended from time to time, and any successor policy thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.40
<SEQUENCE>13
<FILENAME>dex1040.htm
<DESCRIPTION>AMERICAN EXPRESS COMPANY 2003 SHARE EQUIVALENT UNIT PLAN
<TEXT>
<HTML><HEAD>
<TITLE>American Express Company 2003 Share Equivalent Unit Plan</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.40 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMERICAN EXPRESS COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2003 SHARE EQUIVALENT UNIT PLAN FOR DIRECTORS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As amended and restated effective January&nbsp;1, 2009) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Section&nbsp;1. Effective Date </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The effective date of this Plan is April&nbsp;28, 2003, except as otherwise provided herein. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;2. Eligibility </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Any Director of American Express Company
(the &#147;Company&#148;) who is not a current or former officer or employee of the Company or a subsidiary thereof is eligible to participate in this Plan. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Section&nbsp;3. Administration </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Nominating and Governance Committee of the Board of Directors shall administer this Plan. The committee
shall have all the powers necessary to administer this Plan, including the right to interpret the provisions of this Plan and to establish rules and prescribe any forms for the administration of this Plan. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;4. SEU Accounts </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Nominating and Governance Committee
of the Board of Directors shall, on an annual basis, determine, in its discretion, a number of Share Equivalent Units (&#147;SEUs&#148;) to be credited to a book-entry account established for each non-employee Director under this Plan upon his or
her election or reelection to the Board of Directors of the Company at the Annual Meeting of the Company&#146;s Shareholders held in such year, <U>provided</U> that the number of SEUs to be credited must be the same for each such non-employee
Director for such year. Each SEU will have the value of a share of the Company&#146;s common stock, par value $0.20 per share (&#147;the Common Shares&#148;). At certain times the Company may be temporarily precluded from crediting Directors&#146;
accounts as a result of the application of securities or other laws. In such instance, the Nominating and Governance Committee will credit the accounts as soon as feasible thereafter. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>Section&nbsp;5. Dividend Equivalents </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On any dividend payment date for the Common Shares, dividend equivalents in the
form of additional SEUs will be credited to the Director&#146;s account equal to (i)&nbsp;the per share cash dividend, multiplied by (ii)&nbsp;the number of such units credited to such Director&#146;s account prior to the payment of dividends on
such payment date, divided by (iii)&nbsp;the average market price of the Common Shares on the payment date. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;6. Stock Splits </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">In the event of any change in the outstanding Common Shares of the Company by reasons of any stock split, stock dividend, split up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination
or exchange of shares, a sale by the Company of all or part of its assets, any distribution to the shareholders other than a normal cash dividend, or other extraordinary or unusual event, the number of SEUs credited to a Director&#146;s account
shall be automatically adjusted on the same basis so that the proportionate interest of the Director under this Plan shall be maintained as before the occurrence of such event. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>Section&nbsp;7. Valuing Units Payable to Directors </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On any date on which SEUs are payable to a Director (other than
in the case of SEUs paid in respect of the payment of dividends), the SEUs will be valued for payment by multiplying the applicable number of units by the average of the average market price of a Common Share as reported on the New York Stock
Exchange Composite Transactions Tape for the fifteen (15)&nbsp;trading days immediately preceding the date of payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The average market price on any
valuation date under this Plan shall be the average of the highest and lowest sales prices of the stock as reported on the New York Stock Exchange Composite Transactions Tape. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>Section&nbsp;8. Form of Distribution of Account Balance </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Upon a Director&#146;s separation from service, the time and
form of distribution under his or her election in effect under the Company&#146;s Deferred Compensation Plan for Directors (the &#147;DCP&#148;) on such date shall govern the distribution of the Director&#146;s SEU account under this Plan. In the
absence of a valid election under the DCP, a Director will be deemed to have elected to receive the SEUs that have accumulated in the Director&#146;s account in a lump sum upon such Director&#146;s separation from service. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;9. Death Prior to Receipt </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In the event that a Director
dies prior to receipt of any or all of the amounts payable to him or her pursuant to this Plan, any amounts that are then credited to the Director&#146;s SEU account shall be paid to the legal representatives of the Director&#146;s estate in a lump
sum within ninety (90)&nbsp;days following the date of the Director&#146;s death, or such later date permitted by Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;10.
Director&#146;s Rights Unsecured </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The right of any Director to receive future payments under the provisions of this Plan shall be an unsecured,
contractual claim against the general assets of the Company. This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any segregation of assets the payment of any amounts under this Plan.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Participants may not sell, transfer, assign, pledge, levy, attach, encumber or alienate any amounts payable under this Plan. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-2- </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;11. Statement of Account </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">A statement of account will be sent to each Director not later than sixty (60)&nbsp;days after the close of each calendar quarter, which will confirm the Director&#146;s SEU account balance as of the end of the
preceding quarter. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;12. Amendment </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This
Plan may be amended at any time and from time to time by the Board of Directors of the Company; provided, however, that the Board of Directors may not adopt any amendment that would (a)&nbsp;materially and adversely affect any right of or benefit to
any Director with respect to any SEUs theretofore credited without such Director&#146;s written consent, or (b)&nbsp;result in a violation of Section&nbsp;409A. Any amendment to this Plan that would cause a violation of Section&nbsp;409A shall be
null and void and of no effect. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;13. Termination </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">This Plan shall terminate upon the earlier of the following dates or events to occur: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">upon the adoption of a resolution of the Board of Directors terminating this Plan; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">April&nbsp;28, 2013. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The termination of this Plan shall not affect the
distribution of the SEU accounts maintained under this Plan, and the balances of such accounts shall continue to become due and payable in accordance with the provisions of this Plan in effect immediately prior to the termination of this Plan and
each Director&#146;s election; provided, however, if the Board of Directors so chooses, the payment of account balances may be accelerated upon the termination of this Plan to the extent permissible under and in accordance with
Section&nbsp;1.409A-3(j)(4)(xi) of the treasury regulations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;14. Section&nbsp;409A </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Plan and the benefits provided thereunder are intended to comply with the requirements of Section&nbsp;409A, and this Plan shall be administered and interpreted
consistent with such intention and the America Express Section&nbsp;409A Compliance Policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-3- </FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>14
<FILENAME>dex12.htm
<DESCRIPTION>COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML><HEAD>
<TITLE>Computation in Support of Ratio of Earnings to Fixed Charges</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 12 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">AMERICAN EXPRESS COMPANY </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(Dollars in Millions) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD ROWSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended<BR>December&nbsp;31,<BR>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Years Ended December&nbsp;31,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Earnings:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pretax income from continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,581</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,694</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,152</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,979</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,610</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,628</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,525</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,258</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,415</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,899</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other adjustments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">144</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">143</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">139</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">151</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total earnings (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,353</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,362</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,549</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,544</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,660</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed charges:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,628</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,525</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,258</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,415</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,899</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other adjustments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">114</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">106</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">106</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">151</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">145</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total fixed charges (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,742</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,631</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,364</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,566</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,044</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ratio of earnings to fixed charges (a/b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.96</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.54</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.77</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Included in interest expense in the above computation is interest expense related to the cardmember lending
activities, international banking operations, and charge card and other activities in the Consolidated Statements of Income. Interest expense does not include interest on liabilities recorded under Financial Accounting Standards Board (FASB)
Financial Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in Income Taxes &#150; an interpretation of FASB Statement No.&nbsp;109.&#148; The Company&#146;s policy is to classify such interest in income tax provision in the Consolidated
Statements of Income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For purposes of the &#147;earnings&#148; computation, &#147;other adjustments&#148; include adding the amortization of capitalized
interest, the net loss of affiliates accounted for under the equity method whose debt is not guaranteed by the Company, the minority interest in the earnings of majority-owned subsidiaries with fixed charges, and the interest component of rental
expense, and subtracting undistributed net income of affiliates accounted for under the equity method. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For purposes of the &#147;fixed charges&#148;
computation, &#147;other adjustments&#148; include capitalized interest costs and the interest component of rental expense. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>15
<FILENAME>dex13.htm
<DESCRIPTION>PORTIONS OF THE COMPANY'S 2008 ANNUAL REPORT TO SHAREHOLDERS
<TEXT>
<HTML><HEAD>
<TITLE>Portions of the Company's 2008 Annual Report to Shareholders</TITLE>
</HEAD>
  <BODY bgcolor="#ffffff">
  <P align=right><FONT face=serif size=2>Exhibit 13</FONT></P> <P align=center><STRONG></STRONG>&nbsp;</P> <P align=center><B><FONT size=3>2008 FINANCIAL RESULTS</FONT></B></P> <P
align=center><STRONG></STRONG>&nbsp;</P> <P align=center><STRONG></STRONG>&nbsp;</P> <P align=center><STRONG></STRONG>&nbsp;</P> <P align=center><STRONG></STRONG>&nbsp;</P> <P align=center><STRONG></STRONG>&nbsp;</P> <P
align=center><STRONG></STRONG>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>12</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>FINANCIAL REVIEW</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"><FONT face=serif size=2>62</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="98%"><FONT face=serif size=2>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>63</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"><FONT face=serif size=2>64</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="98%"><FONT face=serif size=2>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>65</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%"><FONT face=serif size=2>69</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="98%"><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>119</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA</FONT>&nbsp; </TD></TR>
<TR>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2>120</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="98%" bgColor=#ffffff><FONT size=2>COMPARISON OF FIVE-YEAR TOTAL RETURN TO SHAREHOLDERS</FONT>&nbsp; </TD></TR></TABLE><BR> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008
FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=left><FONT face=serif size=3><B>FINANCIAL REVIEW </B></FONT></P> <P align=justify><FONT face=serif size=2>The financial section of American Express
Company&#146;s (the Company) Annual Report consists of this Financial Review, the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements. The following discussion is designed to provide perspective and understanding
to the Company&#146;s consolidated financial condition and results of operations. Certain key terms are defined in the Glossary of Selected Terminology, which begins on page 57.<BR></FONT><FONT face=serif size=2><FONT
size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This Financial Review and the Notes to the Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>EXECUTIVE OVERVIEW</STRONG></FONT></P> <P align=justify><FONT face=serif size=2>American Express Company, a bank holding company, is a leading global payments and travel company. The Company&#146;s principal products and services are
charge and credit payment card products and travel-related services offered to consumers and businesses around the world. The Company&#146;s businesses are organized into two customer-focused groups, the Global Consumer Group and the Global
Business-to-Business Group. The Global Consumer Group offers a range of products and services including charge and credit card products for consumers and small businesses worldwide primarily through its U.S. bank subsidiaries and affiliates;
consumer travel services; and stored value products such as Travelers Cheques and prepaid products. The Global Business-to-Business Group offers business travel, corporate cards and other expense management products and services; network services
</FONT><B><FONT face=serif size=2></FONT></B><FONT face=serif size=2>for the Company&#146;s network partners; and merchant acquisition and merchant processing, point-of-sale,</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif
size=2>servicing and settlement and marketing products</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>and services for merchants. The Company&#146;s various products and services are sold globally to diverse customer groups,
including consumers, small businesses, middle-market companies, and large corporations. These products and services are sold through various channels including direct mail, on-line applications, targeted sales forces, and direct response
advertising. The Company&#146;s revolving credit card products in the United States,</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>as well as certain U.S. consumer and small business charge cards, are issued by American
Express Centurion Bank (Centurion Bank) and American Express Bank, FSB (FSB).</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Centurion Bank and FSB are also the Company&#146;s primary customer deposit-taking institutions.<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s products and services generate the following types of revenue for the Company: </FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI> <P align=justify><FONT
face=serif size=1></FONT><FONT face=serif size=2>Discount revenue, which is the Company&#146;s largest revenue source, represents fees charged to merchants when cardmembers use their cards to purchase goods and services on the Company&#146;s
network;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Net card fees, which represent revenue earned for annual charge card memberships;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Travel commissions and fees, which are
earned by charging a transaction or management fee for airline or other travel-related transactions;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Other commissions and fees, which are earned on foreign exchange conversion fees and
card-related fees and assessments;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Securitization income, net, which is the net earnings related to cardmember loans financed through securitization activities; and</FONT></P> <LI> <P
align=justify><FONT face=serif size=2>Other revenue, which represents insurance premiums earned from cardmember travel and other insurance programs, revenues arising from contracts with Global Network Services&#146; (GNS) partners including
royalties and signing fees, publishing revenues, and other miscellaneous revenue and fees; </FONT></P> <LI> <P align=justify><FONT face=serif size=2>Interest and fees on loans, which represents interest income earned on outstanding balances, card
fees and balance transfer fees related to the cardmember lending portfolio.</FONT></P></LI></UL> <P align=justify><FONT face=serif size=2>In addition to funding and operating costs associated with these types of revenue, other major expense
categories are related to marketing and reward programs that add new cardmembers and promote cardmember loyalty and spending, and provisions for anticipated cardmember credit and fraud losses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>Historically, the Company has sought to achieve a number of financial targets, on average and over time: </FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI> <P align=justify><FONT face=serif size=2>Revenues net of interest
expense growth of at least 8 percent;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Earnings per share growth of 12 to 15 percent;</FONT></P> <LI> <P align=justify><FONT face=serif size=2>Return on average equity (ROE) of 33 to 36
percent.</FONT></P></LI></UL> <P align=justify><FONT face=serif size=2>In addition, assuming achievement of such financial targets, the Company has sought to return at least 65 percent of the capital it generates to shareholders as a dividend or
through the repurchase of common stock.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company met or exceeded these targets for most of the past decade. However, during 2008, its performance fell short of the targets as
economic and market conditions deteriorated in many parts of the world. As long as these difficult conditions persist, it is unlikely that the Company will achieve its on average and over time financial objectives. The share repurchase program was
suspended in 2008 and, as a result, the portion of capital generated that is returned to shareholders is likely to be significantly below recent levels.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>When economic conditions
improve, the Company believes it will be positioned to generate revenue and earnings growth in line with its historical target levels. However, the receipt of $3.39 billion from the Capital Purchase Program (CPP), as discussed below, along with
evolving market, regulatory and rating agency expectations will likely cause the Company </FONT></P> <P align=center><FONT face=serif size=1>12</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>to maintain a higher level of capital in future years. The Company&#146;s participation in the CPP requires
it to suspend its share repurchase program, except related to its benefit plans and in other limited circumstances, and not increase its dividends until the redemption of the CPP investment. Even after the anticipated redemption of the CPP
investment, a capital base greater than the Company has maintained over the last several years will lead, all other things being equal, to lower future ROE.</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>While the Company is
not establishing a new target at this time, it currently believes that it will ultimately be positioned to deliver an ROE in excess of 20 percent over time. As the capital markets environment evolves and economic conditions improve, management will
have greater visibility into its capital requirements. At that time, the Company will provide updated long-term ROE and capital distribution targets.</FONT></P> <P align=justify><STRONG><FONT size=1>BANK HOLDING COMPANY<BR></FONT></STRONG><FONT
face=serif size=2>During the fourth quarter of 2008, the Company became a bank holding company under the Bank Holding Company Act of 1956, and the Federal Reserve Board (Federal Reserve) became the Company&#146;s primary federal regulator. As such,
the Company is subject to the Federal Reserve&#146;s regulations, policies and minimum capital standards.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The primary reason</FONT><B><FONT face=serif size=2> </FONT></B><FONT
face=serif size=2>for the Company converting to a bank holding company was to become a Federal Reserve member and thus have the same status and regulator as a majority of the Company&#146;s peers. Taking this action allows the Company to participate
more fully in some government programs, providing greater flexibility during uncertain economic times. The Company converting to a bank holding company will</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>change neither its
payments focused model</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>nor its core businesses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As a result of converting to a bank holding company, the Company has
made certain changes to its Consolidated Statements of Income and Consolidated Balance Sheets and reclassified certain prior period amounts in order to conform to the current presentation of its financials in accordance with the Securities and
Exchange Commission&#146;s regulations applicable to bank holding companies. These changes and reclassifications within the Consolidated Statements of Income include (i) new categories of interest income and interest expense, and changes to the
component classifications thereof, (ii) the reclassification of card fees on lending products from net card fees to interest and fees on loans, (iii) separate disclosure of certain financial statement line items, which are presented in Note 23 to
the Consolidated Financial Statements, and (iv) certain other placement and line title changes. The changes and reclassifications within the Consolidated Balance Sheets include (i) the breakout of interest and non-interest bearing cash accounts into
separate lines, (ii) the reclassification of unearned income on loans from other liabilities to loans as a contra-asset, and (iii) certain other line title changes. These reclassifications had no impact to the Company&#146;s consolidated net income.
</FONT></P> <P align=justify><STRONG><FONT size=1>CURRENT ECONOMIC ENVIRONMENT/OUTLOOK<BR></FONT></STRONG><FONT face=serif size=2>During the latter half of 2008, concerns over the availability and cost of credit, a historic decline in real estate
values in the United States, rising unemployment, and the collapse of major financial institutions contributed to a worsening global recession, increased volatility and reduced liquidity in the capital markets, and diminished expectations for the
economy. The Company experienced slowing cardmember spending (including a year over year decline in spending in the fourth quarter of the year) and loan volumes and higher delinquencies as increasing stress in the worldwide financial markets eroded
consumer and business confidence levels. Based on these trends, the Company expects consumer and business sentiment will likely deteriorate further and will translate into weaker economies around the globe and increased unemployment through 2009. As
a result, the Company will continue to reevaluate its reengineering needs through 2009.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Beyond the economy, all card issuers face increased regulation as policy makers around the world
step up efforts to ensure fairness and transparency in the credit card industry.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>To prepare for this more difficult environment, the Company moved ahead with plans that resulted in
reengineering charges in the fourth quarter of 2008. (See further discussion in the Reengineering Initiatives section below). The Company also began implementing a number of selective pricing increases in connection with certain of its products to
help mitigate the Company&#146;s increased costs to extend credit. Through a combination of cost reductions and revenue-building actions, the Company expects to increase its financial flexibility. The Company will continue to selectively and
prudently invest in longer-term business-building actions and programs with the objective of capitalizing on its strong brand and competitive position in the payments industry.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
summary, the Company remains cautious about the business environment through 2009 and expects economic conditions will deteriorate further. As a result, cardmember spending is expected to remain soft and past-due loans and write-offs are expected to
continue to rise further in the first and second quarters of 2009 from 2008 levels. Nonetheless, the Company seeks to generate earnings in excess of its dividend payment. The Company&#146;s objectives in this environment are maintaining liquidity
and profitability and investing selectively for growth. See Impact of Credit and Capital Market</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Environment and Certain Legislative, Regulatory, and Other Developments sections
below.</FONT></P> <P align=justify><STRONG><FONT size=1>REENGINEERING INITIATIVES<BR></FONT></STRONG><FONT face=serif size=2>In response to the current economic environment, the Company took various actions during 2008 that resulted in recording
pretax reengineering charges of $449 million ($291 million after-tax) to reduce its cost structure. The reengineering plan includes lowering staff levels and compensation expense and reducing operating costs and related investment
spending.</FONT></P> <P align=center><FONT face=serif size=1>13</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY
</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company expects to be substantially completed with the elimination of approximately 7,000 positions or approximately 10 percent of its total worldwide workforce
in the first quarter of 2009. Actions taken under the reengineering plan are anticipated to generate benefits, from previously anticipated spending levels</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>in 2009, of $700 million
from staffing and compensation decisions, $125 million from lower operating costs, and $1.0 billion in reduced investment spending, for a total of approximately $1.8 billion.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Although
these reductions in spending are significant, the reengineering initiatives are designed not to sacrifice customer service or core capabilities.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>ACQUISITIONS AND DIVESTITURES
</FONT></STRONG></FONT><BR><FONT face=serif size=2><STRONG><FONT size=1><FONT size=2>Corporate Payment Services</FONT></FONT></STRONG><BR>On March 28, 2008, the Company purchased Corporate Payment Services (CPS), General Electric Company&#146;s (GE)
commercial card and corporate purchasing business unit. The total cash consideration of $2.3 billion paid by the Company consisted of the contractual purchase price of approximately $1.1 billion plus the repayment of CPS&#146; $1.2 billion in
outstanding debt as of the acquisition date. The component businesses of CPS are reported within Global Corporate Services (GCS) and the U.S. Card Services (USCS) reportable operating segments. Refer to Note 2 to the Consolidated Financial
Statements for further details.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company is in the process of signing CPS customer agreements and migrating CPS&#146; customers to its network; this migration is expected to be
substantially completed by March 31, 2009. As a result, the Company&#146;s 2008 financial metrics (e.g., billed business and cards-in-force) do not reflect CPS&#146; card performance.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>American Express Bank Ltd.</STRONG><BR>On September 18, 2007, the Company entered into an agreement to sell its international banking subsidiary, American Express Bank Ltd. (AEB) to Standard Chartered PLC (Standard Chartered). On
February 29, 2008, the purchase was completed. In the second quarter of 2008, the Company and Standard Chartered agreed on the final purchase price of $796 million. For 2008 through the date of disposition and all prior periods presented, the
operating results, assets and liabilities, and cash flows of AEB (except for certain components of the AEB businesses that were not sold) have been removed from the Corporate &amp; Other segment and reported separately within the discontinued
operations captions on the Company&#146;s Consolidated Financial Statements and notes related thereto.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>American Express International Deposit Company</STRONG></FONT><FONT face=serif
size=2><BR>On September 18, 2007, the Company also entered into an agreement with Standard Chartered to sell American Express International Deposit Company (AEIDC) 18 months after </FONT><FONT face=serif size=2>the close of the AEB sale through a
put/call agreement. A subsequent payment from or to Standard Chartered will be made based on the net (deficit) asset value of AEIDC on the date the business is transferred to Standard Chartered. The net (deficit) asset value of AEIDC at December 31,
2008 and 2007, was $(44) million and $232 million, respectively. During the third quarter of 2008, which is within one year of transfer to Standard Chartered, AEIDC was reported as a discontinued operation. Accordingly, for all the periods
presented, AEIDC&#146;s operating results, assets and liabilities, and cash flows have been removed from the Company&#146;s Corporate &amp; Other segment and reported separately within the discontinued operations captions on the Company&#146;s
Consolidated Financial Statements and notes related thereto.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company recognized $275 million ($179 million after-tax) and $105 million ($69 million after-tax) of losses for
mark-to-market adjustments and sales associated with the AEIDC investment portfolio during 2008 and 2007, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Refer to Note 2 to the Consolidated Financial Statements for
further discussion of the Company&#146;s acquisitions and dispositions.</FONT></P> <P align=justify><B><FONT face=serif size=1>FINANCIAL SUMMARY</FONT></B><BR><FONT face=serif size=2>A summary of the Company&#146;s recent financial performance
follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="87%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="3%" colSpan=2>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="3%" colSpan=2>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Percent</FONT><FONT size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%"><FONT size=1>Years Ended December 31,</FONT><FONT size=3>&nbsp;&nbsp;</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%" colSpan=2>&nbsp; </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=left width="3%" colSpan=2>&nbsp; </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Increase</FONT><FONT size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="87%"><EM><FONT size=1>(Millions, except per share amounts and ratio data)</FONT></EM>&nbsp; </TD>
<TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" colSpan=2>&nbsp;<B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" colSpan=2>&nbsp;<FONT face=serif size=2>2007</FONT> </TD>
<TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>(Decrease)</FONT><FONT size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%" bgColor=#c0c0c0><FONT size=2>Total revenues net of interest <FONT face=serif>expense</FONT></FONT>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>28,365</FONT></B> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>27,559</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%"><FONT face=serif size=2>Provisions for losses</FONT>&nbsp; </TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%"><B><FONT face=serif size=2>5,798</FONT></B> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%"><FONT face=serif size=2>4,103</FONT> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="2%"><FONT face=serif size=2>41</FONT> </TD>
<TD align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses</FONT>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>18,986</FONT></B> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>17,762</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>7</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%"><FONT face=serif size=2>Income from continuing operations</FONT>&nbsp; </TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%"><B><FONT face=serif size=2>2,871</FONT></B> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%"><FONT face=serif size=2>4,126</FONT> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="2%"><FONT face=serif size=2>(30</FONT> </TD>
<TD align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Net income</FONT>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,012</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(33</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%"><FONT size=2>Earnings per common share from <FONT face=serif>continuing operations &#151; diluted</FONT></FONT>&nbsp; </TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%"><B><FONT face=serif size=2>2.48</FONT></B> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%"><FONT face=serif size=2>3.45</FONT> </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="2%"><FONT face=serif size=2>(28</FONT> </TD>
<TD align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%" bgColor=#c0c0c0><FONT size=2>Earnings per common share &#151; <FONT face=serif>diluted</FONT></FONT>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3> </FONT></FONT></TD>
<TD align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.33</FONT></B> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3.36</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(31</FONT> </TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD align=left width="87%"><FONT face=serif size=2>Return on average equity</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP>&nbsp; </TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="2%"><B><FONT face=serif size=2>22.3</FONT></B> </TD>
<TD align=left width="1%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
<TD align=left width="1%">&nbsp; </TD>
<TD align=right width="2%"><FONT face=serif size=2>37.3</FONT> </TD>
<TD align=left width="1%"><FONT face=serif size=2>%</FONT>&nbsp; </TD>
<TD align=left width="2%"></TD>
<TD align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average tangible equity</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>28.1</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>44.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average equity is calculated by dividing (i) net income ($2.7 billion and $4.0 billion for 2008 and 2007, respectively), by (ii) average total
shareholders&#146; equity ($12.1 billion and $10.8 billion for 2008 and 2007, respectively).</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average tangible equity is computed in the same manner as return on average equity except the computation of average tangible shareholders&#146; equity
excludes average goodwill and other intangibles of $2.5 billion and $1.6 billion at December 31, 2008 and 2007, respectively. The Company believes the return on average tangible equity is a useful measure of profitability of its
business.</FONT></P></TD></TR></TABLE> <P align=center><FONT face=serif size=1>14</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif
size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>See Consolidated Results of Operations, beginning on page 22, for discussion of the Company&#146;s results.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>The Company follows U.S. generally accepted accounting principles (GAAP). In addition to information provided on a GAAP basis, the Company discloses certain data on a &#147;managed basis.&#148; This information, which should be read only as a
supplement to GAAP information, assumes, in the Consolidated Selected Statistical Information and USCS segment, there have been no cardmember lending securitization transactions. These managed basis adjustments, and management&#146;s rationale for
such presentation, are discussed further in the USCS section below under &#147;Differences between GAAP and Managed Basis Presentation.&#148;&nbsp;<BR></FONT><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Certain
reclassifications of prior period amounts have been made to conform to the current presentation throughout this Annual Report.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Certain of the statements in this Annual Report are
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See Forward-Looking Statements at the end of this discussion.</FONT></P> <P align=center><FONT face=serif size=1>15</FONT></P> <HR align=center
width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>CRITICAL ACCOUNTING
POLICIES</STRONG></FONT></P> <P align=justify><FONT face=serif size=2>The Company&#146;s significant accounting policies are described in Note 1 to the Consolidated Financial Statements. The following chart provides information about four critical
accounting policies that are important to the Consolidated Financial Statements and that require significant management assumptions and judgments. </FONT></P> <P align=justify><B><FONT face=serif size=1>RESERVES FOR CARDMEMBER LOSSES</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2>Reserves for cardmember losses relating to cardmember loans and receivables represent management&#146;s best estimate of the losses
inherent in the Company&#146;s outstanding portfolio of loans and receivables.</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2>Reserves for these losses are primarily based upon models that analyze specific portfolio statistics, including average write-off
rates for various stages of receivable aging (i.e., current, 30 days, 60 days, 90 days) over a 24-month period and average bankruptcy and recovery rates. These reserves reflect management&#146;s judgment regarding overall adequacy. Management
considers whether to adjust reserves that are calculated by the analytic models based on other trends, such as the reserves as a percentage of past-due accounts, reserves as a percentage of cardmember loans and receivables, and net write-off
coverage. Other trends considered include leading economic and market indicators, such as the unemployment rate, the consumer confidence index, the purchasing manager&#146;s index, bankruptcy filings, concentration of credit risk based on tenure,
industry or geographic regions, and the legal and regulatory environment. Cardmember loans and USCS cardmember receivables are generally written off when they are 180 days past due, consistent with applicable regulatory guidance. International Card
Services (ICS) and GCS cardmember receivables are generally written off when they are 360 days past due.<BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2>To the extent historical credit experience updated for emerging market trends in credit are not indicative of future performance,
actual losses could differ significantly from management&#146;s judgments and expectations, resulting in either higher or lower future provisions for losses, as applicable.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of
December 31, 2008, an increase in write-offs equivalent to 20 basis points of cardmember loan and receivable balances at such date would increase the provision for cardmember losses by approximately $150 million. This sensitivity analysis does not
represent management&#146;s expectations of the deterioration in write-offs but is provided as a hypothetical scenario to assess the sensitivity of the provision for cardmember losses to changes in key
inputs.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The process of determining the reserve for cardmember losses requires a high degree of judgment. It is possible that others, given the same information, may at any point in time
reach different reasonable conclusions.<BR>&nbsp;</FONT></P></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>16</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL
REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><B><FONT face=serif size=1>RESERVES FOR MEMBERSHIP REWARDS COSTS</FONT></B></P> <P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2>The Membership Rewards program is the largest card-based rewards program in the industry. Eligible cardmembers can earn points for
purchases charged and many of the Company&#146;s card products offer the ability to earn bonus points for certain types of purchases. Membership Rewards points are redeemable for a broad variety of rewards, including travel, entertainment, retail
certificates and merchandise.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Points typically do not expire and there is no limit on the number of points a cardmember may earn. A large majority of spending by eligible cardmembers
earns points under the program. While cardmember spend, redemption rates, and the related expense have increased, the Company believes it has historically benefited through higher revenues, lower cardmember attrition and credit losses and more
timely payments.<BR></FONT><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company establishes balance sheet reserves that represent the estimated future cost of points earned to date that are ultimately expected to be
redeemed. These reserves reflect management&#146;s judgment regarding overall adequacy. The provision for the cost of Membership Rewards is included in marketing, promotion, rewards and cardmember services expenses.<BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2>A weighted average cost per point redeemed during the previous 12 months, adjusted as appropriate for recent changes in redemption
costs, is used to approximate future redemption costs and is affected by the mix of rewards redeemed. Management uses models to estimate ultimate redemption rates based on historical redemption statistics, card product type, year of program
enrollment, enrollment tenure, and card spend levels. These models incorporate sophisticated statistical and actuarial techniques to estimate ultimate redemption rates of points earned to date by current cardmembers given redemption trends and
projected future redemption behavior.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global ultimate redemption rate assumption for current participants is approximately 90 percent. The Company continually evaluates its reserve methodology and assumptions
based on developments in redemption patterns, cost per point redeemed, contract changes, and other factors</FONT><FONT face=serif size=2>.</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2>The reserve for the estimated cost of points expected to be redeemed is impacted over time by enrollment levels, the number of
points earned and redeemed, and the weighted-average cost per point, which is influenced by redemption choices made by cardmembers, reward offerings by partners and other Membership Rewards program changes. The reserve is most sensitive to changes
in the estimated ultimate redemption rate. This rate is based on the expectation that a large majority of all points earned will eventually be redeemed.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of December 31, 2008, if the
ultimate redemption rate of current enrollees changed by 100 basis points, the balance sheet reserve would change by approximately $225 million.</FONT></P></TD></TR></TABLE> <P align=center><FONT face=serif size=1>17</FONT></P> <HR align=center
width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>FAIR VALUE
MEASUREMENT</STRONG></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2>The Company holds investment securities, certain subordinated interests in securitized cardmember loans from the Company&#146;s
securitization programs and derivative instruments. These financial instruments are reflected at fair value on the Company&#146;s Consolidated Balance Sheets. Management will make significant assumptions and judgments when estimating fair value for
these financial instruments. </FONT></P> <P align=left><FONT face=serif size=2><EM>Investment Securities<BR></EM></FONT><FONT face=serif size=2>The Company&#146;s investment securities are comprised of predominantly fixed-income securities issued by
states and municipalities, as well as the U.S. Government and agencies (e.g., Fannie Mae, Freddie Mac) and retained subordinated securities described further below. The investment securities are classified as available-for-sale with changes in fair
value recorded in accumulated other comprehensive (loss) income within shareholders&#146; equity on the Company&#146;s Consolidated Balance Sheets (except for approximately $213 million of investment securities included in discontinued operations,
for which changes in fair value are recorded in (loss) income from discontinued operations in the Company&#146;s Consolidated Statements of Income).</FONT></P> <P align=left><FONT face=serif size=2><EM>Securitized Cardmember
Loans<BR></EM></FONT><FONT face=serif size=2>When the Company securitizes cardmember loans, they are accounted for as sales and the loans are removed from the Company&#146;s Consolidated Balance Sheets. The Company retains certain subordinated
interests in the securitized cardmember loans, which may include one or more investments in tranches of the securitization (retained subordinated securities) and an interest-only strip.</FONT><FONT face=serif size=2><BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=center width="32%"> <P align=left><FONT face=serif size=2>In accordance with Statement of Financial Accounting Standards (SFAS) No. 157 &#147;Fair Value Measurements&#148; (SFAS No. 157)
the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157
established a three-level hierarchy of valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to the measurement of fair value based on unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1), followed by the measurement of fair value based on pricing models with significant observable inputs (Level 2), with the lowest priority given to the measurement of fair value based on pricing models with significant
unobservable inputs (Level 3).</FONT></P> <P align=left><FONT face=serif size=2><EM>Investment Securities</EM> <BR></FONT><FONT face=serif size=2>The fair market values for the Company&#146;s investment securities (excluding its retained
subordinated securities, which are discussed further below) are obtained primarily from pricing services engaged by the Company, and the Company receives one price for each security. The fair values provided by the pricing services are estimated by
using pricing models, where the inputs to those models are based on observable market inputs. The inputs to the valuation techniques applied by the pricing services vary depending on the type of security being priced but are typically benchmark
yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, broker-dealer quotes, all with reasonable levels of transparency. The pricing services do not apply any adjustments to the pricing models used, nor does the
Company apply any adjustments to prices received from the pricing services. As of December 31, 2008, all of the Company&#146;s investment securities are classified in Level 2 of the fair value hierarchy. See further in Note 5 to the Company&#146;s
Consolidated Financial Statements.</FONT></P> <P align=left><FONT face=serif size=2><EM>Retained Subordinated Securities and Interest-Only Strip<BR></EM></FONT><FONT face=serif size=2>The fair value of the Company&#146;s retained subordinated
securities and interest-only strip are determined using discounted cash flow models.</FONT></P> <P align=center><FONT face=serif size=2><EM>(continued on next page)<BR>&nbsp;</EM></FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2><EM>Investment Securities <BR></EM></FONT><FONT face=serif size=2>In the measurement of fair value for the Company&#146;s
investment securities (excluding its retained subordinated securities, which are discussed further below), even though the underlying inputs used in the pricing models are directly observable from active markets or recent trades of similar
securities in inactive markets, the pricing models do entail a certain amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value. </FONT></P> <P
align=left><FONT face=serif size=2><EM>Retained Subordinated Securities and Interest-Only Strip<BR></EM></FONT><FONT face=serif size=2>In measuring the fair value for the </FONT><FONT face=serif size=2>Company&#146;s retained subordinated
securities, the fair value is impacted by external market factors including LIBOR forward rates and credit spreads, and therefore, the use of different inputs to the measurement of fair value of the Company&#146;s retained subordinated securities
could result in a different fair value measurement.<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; The fair value of the interest-only strip is impacted by changes in the estimates and assumptions used in the valuation models. The use of
different inputs to the measurement of fair value of these financial instruments could result in a different fair value measurement.&nbsp;<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; Refer to Note 6 to the Company&#146;s Consolidated
Financial Statements, including sensitivity analyses relating to changes in key assumptions for the retained subordinated securities and interest-only strip.</FONT></P></TD></TR></TABLE><BR> <P align=justify> <P align=justify><FONT face=serif
size=1></FONT></P> <P align=justify><FONT face=serif size=1></FONT></P> <P align=justify> <P align=justify><FONT face=serif size=1></FONT></P> <P></P> <P align=center><FONT face=serif size=1>18</FONT></P> <HR align=center width="100%" noShade
SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><STRONG><FONT face=serif size=1>FAIR VALUE MEASUREMENT
</FONT><FONT face=serif size=2>(</FONT><FONT face=serif size=1>CONTINUED)</FONT></STRONG></P> <P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2><EM>Retained Subordinated Securities<BR></EM></FONT><FONT face=serif size=2>See investment securities above for accounting for the
retained subordinated securities.</FONT></P> <P align=left><FONT face=serif size=2><EM>Interest-Only Strip<BR></EM></FONT><FONT face=serif size=2>The interest-only strip is reported in other assets on the Company&#146;s Consolidated Balance Sheets.
Changes in the fair value of the interest-only strip are also recorded in securitization income, net in the Company&#146;s Consolidated Statements of Income. </FONT></P> <P align=left><FONT face=serif size=2><EM>Derivative Instruments</EM>
<BR></FONT><FONT face=serif size=2>The Company&#146;s primary derivative instruments include interest rate swaps, forward agreements, foreign currency options and cross-currency swaps. Derivative instruments are reported in other assets and other
liabilities on the Company&#146;s Consolidated Balance Sheets. Changes in fair value are recorded in accumulated other comprehensive (loss) income, and/or in the Consolidated Statements of Income, depending on (i) the documentation and designation
of the derivative instrument, and (ii) if the derivative instrument is in a hedging relationship, its effectiveness in offsetting the changes in the designated risk being hedged.</FONT><FONT face=serif size=2><BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=center width="32%"> <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; The discount rate for the retained subordinated securities is estimated based on an interest rate curve
that is observable in the marketplace plus an unobservable credit spread commensurate with the risk of the securities and similar financial instruments.<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; The fair value of the Company&#146;s
interest-only strip is the present value of estimated future positive excess spread expected to be generated by the securitized loans over the estimated remaining life of those loans. Management utilizes certain estimates and assumptions to
determine the fair value of the interest-only strip assets including estimates for finance charge yield, credit losses, LIBOR (which determines future certificate interest costs), monthly payment rate and the discount rate.<BR></FONT><FONT
face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s retained subordinated securities and interest-only strip are classified in Level 3 of the fair value hierarchy. See further in Note 6 to the Company&#146;s Consolidated Financial
Statements.</FONT></P> <P align=left><FONT face=serif size=2><EM>Other-Than-Temporary Impairment<BR></EM></FONT><FONT face=serif size=2>The Company reviews and evaluates its investment securities, including retained subordinated securities at least
quarterly, and more often as market conditions may require, to identify investment securities that have indications of other-than-temporary impairments. The determination of other-than-temporary impairment is a subjective process, requiring the use
of judgments and assumptions. Accordingly, the Company considers several metrics when evaluating investment securities for an other-than-temporary impairment, including the extent to which amortized cost exceeds fair value, the duration and size of
that difference, and the issuer&#146;s credit rating. Key factors considered when assessing other-than-temporary impairment include the determination of the extent to which the difference is due to increased default risk for the specific issuers, or
market interest rate risk.<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; With respect to market interest rate risk, including benchmark interest rates and credit spreads, the Company&#146;s intent and ability to hold the investment
securities for a time sufficient to recover the unrealized losses is a significant consideration in the other-than-temporary evaluation process. See further in Note 5 to the Company&#146;s Consolidated Financial Statements.</FONT></P> <P
align=center><FONT face=serif size=2><EM>(continued on next page)<BR>&nbsp;</EM></FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2><EM>Other-Than-Temporary Impairment<BR></EM></FONT><FONT face=serif size=2>In determining whether any of the </FONT><FONT
face=serif size=2>Company&#146;s investment securities or retained subordinated securities are other-than-temporarily impaired, a change in facts and circumstances could lead to a change in management judgment around the Company&#146;s view on
collectability and credit quality of the issuer, or the Company&#146;s ability and intent to hold the investment securities and retained subordinated securities for a time sufficient to recover the unrealized losses. This could result in the Company
recording an other-than-temporary impairment loss through earnings with a corresponding offset to accumulated other comprehensive (loss) income. As of December 31, 2008, the Company had approximately $1.6 billion in gross unrealized losses in its
investment securities portfolio (including its retained subordinated securities) which were deemed not to be other-than-temporarily impaired.</FONT></P> <P align=left><FONT face=serif size=2><EM>Derivative Instruments</EM> <BR></FONT><FONT
face=serif size=2>In the measurement of fair value for the Company&#146;s derivative instruments, although the underlying inputs used in the pricing models are readily observable from actively quoted markets, the pricing models do entail a certain
amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value. In addition, although counterparty credit risk is actively managed by the Institutional Risk
Management Committee (IRMC), and any necessary credit valuation adjustments are based on observable default rates, a change in facts and circumstances could lead to a change in management judgment about counterparty credit quality, which could
result in the Company recognizing an additional counterparty credit valuation adjustment. As of December 31, 2008, the credit and nonperformance risks associated with the Company&#146;s derivative instrument counterparties were not
significant.</FONT></P></TD></TR></TABLE> <P align=center> <P align=center><FONT face=serif size=1>19</FONT></P> <P></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008 FINANCIAL
REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><STRONG><FONT face=serif size=1>FAIR VALUE MEASUREMENT </FONT><FONT face=serif size=2>(</FONT><FONT face=serif size=1>CONTINUED)</FONT></STRONG></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2><BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=center width="32%"> <P align=left><FONT face=serif size=2><EM>Derivative Instruments<BR></EM></FONT><FONT face=serif size=2>The fair values of the Company&#146;s derivative instruments
are estimated by using pricing models that do not contain a high level of subjectivity as the valuation techniques used do not require significant judgment and inputs to those models are readily observable from actively quoted markets. The valuation
models used by the Company are consistently applied and reflect the contractual terms of the derivatives, including the period of maturity, and market-based parameters such as interest rates, foreign exchange rates, equity indices or prices, and
volatility.<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; In certain instances credit valuation adjustments are necessary when the market parameters (for example, a benchmark curve) used to value the derivative instruments are not
indicative of the credit quality of the Company or its counterparties. The Company considers the counterparty credit risk by applying an observable forecasted default rate to the current exposure.<BR></FONT><FONT face=serif
size=2>&nbsp;&nbsp;&nbsp;&nbsp; The Company manages derivative instrument counterparty credit risk by considering the current exposure, which is the replacement cost of contracts on the measurement date, as well as estimating the maximum potential
value of the contracts over the next twelve months, considering such factors as the volatility of the underlying or reference index. To mitigate derivative instrument credit risk, counterparties are required to be pre-approved and rated as
investment grade. Counterparty risk exposures are monitored by the Company&#146;s Institutional Risk Management Committee (IRMC). The IRMC formally reviews large institutional exposures to ensure compliance with the Company&#146;s Enterprise-wide
Risk Management Committee guidelines and procedures and determines the risk mitigation actions, when necessary. The Company&#146;s derivative instruments are classified in Level 2 of the fair value hierarchy. See further in Note 14 to the
Company&#146;s Consolidated Financial Statements.<BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><FONT face=serif size=2>&nbsp; </FONT></P></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>20</FONT></P> <HR align=center width="100%"
noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><B><FONT face=serif size=1>INCOME TAXES</FONT></B></P> <P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="31%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Effect if Actual Results Differ</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%"><FONT face=serif size=1>Description</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>Assumptions/Approach Used</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=1>from Assumptions</FONT>&nbsp; </TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="31%"> <P align=left><FONT face=serif size=2>The Company is subject to the income tax laws of the United States, its states and municipalities and those of the foreign
jurisdictions in which the Company operates. These tax laws are complex, and the manner in which they apply to the taxpayer&#146;s facts is sometimes open to interpretation. In establishing a provision for income tax expense, the Company must make
judgments about the application of these inherently complex tax laws.</FONT></P> <P align=left><I><FONT face=serif size=2>Unrecognized Tax Benefits<BR></FONT></I><FONT face=serif size=2>The Company establishes a liability for unrecognized tax
benefits, which are the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized in the financial statements.</FONT></P> <P align=left><I><FONT face=serif size=2>Deferred Taxes<BR></FONT></I><FONT
face=serif size=2>Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using the enacted tax rates expected to be in effect for the years in which the
differences are expected to reverse. A valuation allowance is established when management determines that it is more likely than not that all or some portion of the benefit of the deferred tax asset will not be realized.</FONT><FONT face=serif
size=2><BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><I><FONT face=serif size=2>Unrecognized Tax Benefits<BR></FONT></I><FONT face=serif size=2>In establishing a liability for an unrecognized tax benefit,
assumptions may be made in determining whether a tax position is more likely than not to be sustained upon examination by the taxing authority and also in determining the ultimate amount that is likely to be realized. A tax position is recognized
only when, based on management&#146;s judgment regarding the application of income tax laws, it is more likely than not that the tax position will be sustained upon examination. The amount of tax benefit recognized is based on the Company&#146;s
assessment of the most likely outcome on ultimate settlement with the taxing authority. This measurement is based on many factors, including whether a tax dispute may be settled through negotiation with the taxing authority or is only subject to
review in the courts. As new information becomes available, the Company evaluates its tax positions, and adjusts its unrecognized tax benefits, as appropriate. </FONT></P> <P align=left><I><FONT face=serif size=2>Deferred Taxes<BR></FONT></I><FONT
face=serif size=2>Since deferred taxes measure the future tax effects of items recognized in the financial statements, certain estimates and assumptions are required to determine whether it is more likely than not that all or some portion of the
benefit of a deferred tax asset will not be realized. In making this assessment, management analyzes and estimates the impact of future taxable income, reversing temporary differences and available tax planning strategies. These assessments are
performed quarterly, taking into account any new information.<BR>&nbsp;</FONT></P></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="32%"> <P align=left><I><FONT face=serif size=2>Unrecognized Tax Benefits<BR></FONT></I><FONT face=serif size=2>If the tax benefit ultimately realized differs from the amount
previously recognized in the income tax provision, the Company recognizes an adjustment of the unrecognized tax benefit through the income tax provision.</FONT></P> <P align=left><I><FONT face=serif size=2>Deferred Taxes<BR></FONT></I><FONT
face=serif size=2>Should a change in facts or circumstances lead to a change in judgment about the ultimate realizability of a deferred tax asset, the Company records or adjusts the related valuation allowance in the period that the change in facts
or circumstances occurs, along with a corresponding increase or decrease to the income tax provision.</FONT></P></TD></TR></TABLE> <P align=center><FONT face=serif size=1>21</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><B><FONT face=serif size=2>AMERICAN EXPRESS COMPANY CONSOLIDATED RESULTS OF OPERATIONS </FONT></B></P>
<P align=justify><B><FONT face=serif size=1>SUMMARY OF THE COMPANY&#146;S FINANCIAL PERFORMANCE</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="99%" colSpan=12><FONT size=1>Years Ended December 31,</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Millions, except per share amounts and ratio data)</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>28,365</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>27,559</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>24,826</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Provisions for losses</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,798</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,103</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,666</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>18,986</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,762</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,008</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Income from continuing operations</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,871</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,126</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,625</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Net income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,012</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Earnings per common share from continuing operations &#151; diluted</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2.48</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3.45</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.93</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>Earnings per common share &#151;</FONT>&nbsp;<FONT face=serif size=2>diluted</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.33</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.36</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.99</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Return on average equity<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>22.3</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>37.3</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>34.7</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average tangible equity<SUP>(b)</SUP></FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>28.1</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>44.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>40.6</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR></TABLE> <P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Return on average equity is calculated by dividing (i) net income ($2.7 billion, $4.0 billion, and $3.7 billion for 2008, 2007, and 2006, respectively) by (ii) average total shareholders&#146; equity ($12.1
billion, $10.8 billion, and $10.7 billion for 2008, 2007, and 2006, respectively).</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(b)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Return on average tangible equity is computed in the same manner as return on average equity except the computation of average tangible shareholders&#146; equity excludes average goodwill and other intangibles of $2.5
billion, $1.6 billion, and $1.6 billion at December 31, 2008, 2007, and 2006, respectively. The Company believes the return on average tangible equity is a useful measure of profitability of its business.</FONT></TD></TR></TABLE> <P><FONT face=serif
size=2><STRONG><FONT size=1>SELECTED STATISTICAL INFORMATION<SUP>(a)</SUP></FONT></STRONG></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="99%" colSpan=12><FONT size=1>Years Ended December 31,</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Billions, except percentages and where indicated)</FONT></I> </TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Card billed business<SUP>(b)</SUP>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>471.1</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>459.3</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>406.8</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Outside the United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>212.2</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>188.0</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>154.7</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>683.3</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>647.3</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>561.5</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Total cards-in-force </FONT><I><FONT face=serif size=2>(millions)</FONT></I><FONT face=serif size=2>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>54.0</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>52.3</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>48.1</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Outside the United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>38.4</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>34.1</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>29.9</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>92.4</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>86.4</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>78.0</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Basic cards-in-force </FONT><I><FONT face=serif size=2>(millions)</FONT></I><FONT face=serif size=2>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>42.0</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>40.9</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>37.1</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Outside the United States</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>33.4</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>29.2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25.4</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>75.4</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>70.1</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>62.5</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Average discount rate</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.55</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.56</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.57</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Average basic cardmember&nbsp;spending <I>(dollars)</I><SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>12,025</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>12,106</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>11,201</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Average fee per card <I>(dollars)</I><SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>34</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Average fee per card adjusted<FONT size=3>&nbsp;</FONT><EM>(dollars)</EM><SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>39</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>36</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>35</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(b)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Card billed business is reflected in the United States or outside the United States based on where the cardmember is domiciled.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(c)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="TEXT-ALIGN: justify" width="100%"><FONT size=1>Average basic cardmember spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees, including the
amortization of deferred direct acquisition costs, plus card fees included in interest and fees on loans (including related amortization of deferred direct acquisition costs) divided by average worldwide proprietary cards-in-force. The card fees
related to cardmember loans included in interest and fees on loans were $146 million, $130 million, and $170 million for 2008, 2007, and 2006, respectively. The adjusted average fee per card is computed in the same manner, but excludes amortization
of deferred direct acquisition costs (a portion of which is charge card related and included in net card fees and a portion of which is lending related and included in interest and fees on loans). The amount of amortization excluded was $320
million, $288 million, and $147 million for the years ended December 31, 2008, 2007, and 2006, respectively. The Company presents adjusted average fee per card because management believes that this metric presents a better picture of card fee
pricing across a range of its proprietary card products.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>22</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL
REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><B><FONT face=serif size=2>AMERICAN EXPRESS COMPANY</FONT></B></P> <P align=justify><B><FONT face=serif size=1>SELECTED STATISTICAL
INFORMATION<SUP>(a)</SUP></FONT></B></P> <P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="99%" colSpan=12><FONT size=1>Years Ended December 31,</FONT>&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Billions, except percentages and where indicated)</FONT></I> </TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Worldwide cardmember receivables:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Total receivables</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>33.0</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>40.1</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>37.4</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Loss reserves </FONT><I><FONT face=serif size=2>(millions)</FONT></I><FONT face=serif size=2>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Beginning balance</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,149</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>981</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>942</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Provision<SUP>(b)</SUP></FONT>&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,363</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,140</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>935</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net write-offs</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(1,552</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(907</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(810</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Other</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(150</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(65</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(86</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Ending balance</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>810</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,149</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>981</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>% of receivables</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.5</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.9</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.6</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Net write-off rate &#151; USCS<SUP>(b)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>3.6</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>30 days past due as a % <FONT face=serif>of total &#151; USCS</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3.7</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>N/A</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>N/A</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>Net loss ratio as a % <FONT face=serif>of charge volume &#150; ICS</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>0.24</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>0.26</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>0.26</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>90 days past due as a % <FONT face=serif>of total &#151; ICS</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3.1</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.8</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.3</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>Net loss ratio as a % <FONT face=serif>of charge volume &#150; GCS</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>0.13</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>0.10</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>0.09</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>90 days past due as a % <FONT face=serif>of total &#151; GCS</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.7</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.9</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>Worldwide cardmember <FONT face=serif>lending &#151; owned basis<SUP>(c)</SUP>:</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Total loans<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>42.2</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>54.4</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>43.2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>30 days past due as a % of total</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>4.4</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.8</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.2</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Loss reserves </FONT><I><FONT face=serif size=2>(millions)</FONT></I><FONT face=serif size=2>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Beginning balance</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,831</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,171</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>996</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Provision</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,106</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,615</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,507</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net write-offs &#151; principal</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(2,643</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(1,636</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(1,201</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Write-offs &#151; interest and fees</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(580</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(354</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(158</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Other</FONT></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(144</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>35</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>27</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Ending balance</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,570</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,831</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,171</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>% of loans</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6.1</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3.4</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.7</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>% of past due</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>137</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>119</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>121</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Average loans<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>47.6</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>47.1</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>36.4</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Net write-off rate<SUP>(e)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.5</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.5</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.3</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Net interest yield on cardmember loans<SUP>(f)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>8.8</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8.9</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8.8</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>Worldwide cardmember </FONT><FONT face=serif size=2>lending &#151; managed basis<SUP>(g)</SUP>:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT face=serif size=2>Total loans<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>72.0</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>77.1</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>63.4</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>30 days past due as a % of total</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4.6</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.8</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.3</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>Net write-offs &#151; principal </FONT><I><FONT face=serif size=2>(millions)</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>4,065</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,280</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,647</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Average loans<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>75.0</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>68.2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>56.8</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Net write-off rate<SUP>(e)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5.4</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3.3</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.9</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>Net interest yield <FONT face=serif>on cardmember loans<SUP>(f)</SUP></FONT>&nbsp; </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9.2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>9.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>9.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>In the fourth quarter of 2008, the Company revised the time period in which past due cardmember receivables in USCS are written off to 180 days past due, consistent with applicable regulatory guidance.
Previously, receivables were written off when 360 days past due. The net write-offs for 2008 include approximately $341 million resulting from this write-off methodology change, which is not reflected in the net write-off rate for USCS. Including
the $341 million in write-offs, the net write-off rate was 5.4 percent for 2008.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>&#147;Owned,&#148; a GAAP basis measurement, reflects only cardmember loans included on the Company&#146;s Consolidated Balance Sheets.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(d)</FONT></TD>
<TD width="100%"><FONT size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company&#146;s conversion to a bank holding company. Specifically, deferred card fees net of deferred
direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(e)</FONT></TD>
<TD width="100%"><FONT size=1>In the third quarter of 2008, the Company revised its method of reporting the cardmember lending net write-off rate. Historically, the net write-off rate has been presented using net write-off amounts for principal,
interest, and fees. However, industry convention is generally to include only the net write-offs related to principal in write-off rate disclosures. The Company is presenting the net write-off rate using the net write-off amounts for principal only,
consistent with industry convention. 2006 historical data for ICS was not available to present the write-off rate for principal only. Accordingly, the worldwide write-off rate includes write-offs of interest and fees in 2006 related to
ICS.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(f)</FONT></TD>
<TD width="100%"><FONT size=1>See below for calculations of net interest yield on cardmember loans. The Company believes net interest yield on cardmember loans (on both an owned and managed basis) is useful to investors because it provides a measure
of profitability of the Company&#146;s cardmember lending portfolio.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(g)</FONT></TD>
<TD width="100%"><FONT size=1>Includes on-balance sheet cardmember loans and off-balance sheet securitized cardmember loans. The difference between the &#147;owned basis&#148; (GAAP) information and &#147;managed basis&#148; information is
attributable to the effects of securitization activities. Refer to the information set forth under U.S. Card Services Selected Financial Information for further discussion of the managed basis presentation.</FONT></TD></TR></TABLE> <P
align=center><FONT face=serif size=1>23</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P
align=justify><B><FONT face=serif size=1>CALCULATION OF NET INTEREST YIELD ON CARDMEMBER LOANS<SUP>(a)</SUP></FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2>&nbsp;<B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp; &nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2>&nbsp;<FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Owned Basis:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Net interest income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>3,646</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,443</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Average loans (</FONT><I><FONT face=serif size=2>billions</FONT></I><FONT face=serif size=2>)<SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>47.6</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>47.1</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Adjusted net interest income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>4,199</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,182</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Adjusted average loans (</FONT><I><FONT face=serif size=2>billions</FONT></I><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>47.7</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>47.2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Net interest yield on cardmember loans</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>8.8</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8.9</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR>
<TD width="100%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Managed Basis:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Net interest income<SUP>(b)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6,328</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,437</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Average loans (</FONT><I><FONT face=serif size=2>billions</FONT></I><FONT face=serif size=2>)<SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>75.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>68.2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Adjusted net interest income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6,881</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>6,176</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Adjusted average loans (</FONT><I><FONT face=serif size=2>billions</FONT></I><FONT face=serif size=2>)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>75.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>68.3</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%"><FONT face=serif size=2>Net interest yield on cardmember loans</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>9.2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR></TABLE> <P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(b)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Includes the GAAP to managed basis securitization adjustments to interest income and interest expense as set forth under U.S. Card Services Selected Financial Information managed basis presentation.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(c)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="TEXT-ALIGN: justify" width="100%"><FONT size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company&#146;s conversion to a bank holding company. Specifically, deferred
card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The following discussions
regarding Consolidated Results of Operations and Consolidated Liquidity and Capital Resources are presented on a basis consistent with GAAP unless otherwise noted. </FONT></P> <P align=justify><FONT size=1><STRONG>CONSOLIDATED RESULTS OF OPERATIONS
FOR THE THREE YEARS ENDED DECEMBER 31, 2008<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s 2008 consolidated income from continuing operations decreased $1.3 billion or 30 percent to $2.9 billion and diluted earnings per share (EPS)
from continuing operations declined $0.97 or 28 percent to $2.48. Consolidated income from continuing operations for 2007 increased $501 million or 14 percent from 2006 and diluted EPS from continuing operations for 2007 increased $0.52 or 18
percent from 2006.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s 2008 consolidated net income decreased $1.3 billion or 33 percent to $2.7 billion, and diluted EPS decreased $1.03 or 31 percent to $2.33.
Consolidated net income for 2007 and 2006 was $4.0 billion and $3.7 billion, respectively. Net income for 2008 included a loss of $172 million from discontinued operations compared to $114 million loss and $82 million of income from discontinued
operations in 2007 and 2006, respectively.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s revenues, provisions for losses, and expenses are affected by changes in the relative values of non-U.S. currencies
to the U.S. dollar. The currency rate changes had a minimal impact on the growth rates of total revenues net of interest expense, provisions for losses, and total expenses in 2008. Currency rate changes increased the growth rates of total revenues
net of interest expense, provisions for losses, and total expenses by approximately 2 percent in 2007.&nbsp;<BR></FONT></P> <P align=justify><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>Results from continuing operations
for 2008 included:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>A $600 million ($374 million after-tax) addition to U.S. lending credit reserves reflecting a deterioration of credit indicators in the
second quarter of 2008;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>$449 million ($291 million after-tax) of reengineering costs, primarily reflecting the restructuring charge related to the Company&#146;s reengineering initiatives in the fourth
quarter of 2008;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A $220 million ($138 million after-tax) reduction to the fair market value of the Company&#146;s interest-only strip; and<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A $106 million ($66
million after-tax) charge in the fourth quarter of 2008 to increase the Company&#146;s Membership Rewards liability, in connection with the Company&#146;s extension of its partnership arrangements with Delta.</FONT></LI></UL> <P><FONT face=serif
size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Results from continuing operations for 2007 included:&nbsp;</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>A $1.13 billion ($700 million after-tax)
gain for the initial payment due March 31, 2008, from Visa as part of the litigation settlement;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>An $80 million ($50 million after-tax) gain in connection with the initial adoption of SFAS No. 155,
&#147;Accounting for Certain Hybrid Financial Instruments &#150; an amendment of FASB Statements No. 133 and 140&#148; (SFAS No. 155);<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A $63 million ($39 million after-tax) gain relating to amendments to
the Company&#146;s U.S. pension plans, effective July 1, 2007, that reduced projected pension obligations to plan participants;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A $685 million ($430 million after-tax) charge related to enhancements to
the method of estimating Membership Rewards liability;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A $438 million ($274 million after-tax) credit-related charge due to experienced deterioration of credit indicators in the latter part of 2007. This
fourth quarter charge was split between U.S. Card Services&#146; cardmember lending and cardmember receivables of $288 million and $96 million, respectively, and included $54 million relating to a reduction in the fair market value of the
Company&#146;s retained subordinated interest in securitized cardmember loans;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>$211 million ($131 million after-tax) of incremental business-building costs;<BR></FONT></LI></UL> <P align=center><FONT
face=serif size=2><FONT size=1>24</FONT></FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <UL
style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>$74 million ($46 million after-tax) of Visa litigation-related costs; and</FONT><BR>&nbsp; <LI><FONT face=serif size=2>A $50 million ($31 million after-tax) contribution to
the American Express Charitable Fund.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>Also included in the 2007 results were $66 million ($43 million after-tax) of reengineering costs related to the Company&#146;s business travel, prepaid
services, international payments business and technology areas.</FONT></P> <P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Results from continuing operations for 2006 included:</FONT></P> <UL
style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif>$177 million ($155 million after-tax) of gains related to the sales of the Company&#146;s card and merchant-related activities in Brazil, Malaysia, and Indonesia; <BR>&nbsp;</FONT>
<LI><FONT face=serif>$68 million ($42 million after-tax) of gains related to a rebalancing program in the fourth quarter of 2006 to better align the maturity profile of the Travelers Cheque and Gift Card investment portfolio with its business
liquidity needs; <BR>&nbsp;</FONT> <LI><FONT face=serif>$174 million ($113 million after-tax) of charges associated with certain adjustments made to the Membership Rewards reserve models in the United States and outside the United States; and
<BR>&nbsp;</FONT> <LI><FONT face=serif>A $72 million ($47 million after-tax) reduction in total interest income, and securitization income, net related to higher than anticipated cardmember completion of consumer debt repayment programs and certain
associated payment waivers. </FONT></LI></UL> <P align=justify><FONT face=serif size=2>Also included in the 2006 results, were $152 million ($99 million after-tax) of reengineering costs related to business travel, operations, finance and technology
areas and a favorable impact from lower early credit write-offs, primarily related to bankruptcy legislation enacted in October 2005, and lower than expected costs associated with Hurricane Katrina that were provided for in 2005, partially offset by
a higher provision for losses in Taiwan due primarily to the impact of industry-wide credit issues.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Total Revenues Net of Interest Expense<BR></STRONG></FONT><FONT face=serif
size=2>Consolidated total revenues net of interest expense for 2008 of $28.4 billion were up $806 million or 3 percent from 2007 primarily due to greater discount revenue, lower total interest expense, higher other revenues, increased net card fees,
greater travel commissions and fees, partially offset by lower securitization income, net, decreased interest income and lower other commissions and fees. Consolidated total revenues net of interest expense of $27.6 billion for 2007 were $2.7
billion or 11 percent higher than 2006 due to increased interest income and higher discount revenue, partially offset by increased interest expense in 2007.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Discount revenue for 2008
rose $429 million or 3 percent as compared to 2007 to $15 billion as a result of a 6 percent increase in worldwide billed business. The slower growth in discount revenue compared to billed business growth reflected higher cash-back rewards costs and
the relatively faster growth in billed business related to GNS where the Company shares the discount revenue with third-party card issuing partners. The 6 percent increase in worldwide billed business in 2008 reflected growth in proprietary billed
business of 4 percent, and a 27 percent increase in billed business related to GNS. The average discount rate was 2.55 percent, 2.56 percent, and 2.57 percent for 2008, 2007, and 2006, respectively. Over time, selective repricing initiatives,
changes in the mix of business, and volume-related pricing discounts for merchants acquired by the Company likely will result in some erosion of the average discount rate.<BR></FONT><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif
size=2>U.S. billed business and billed business outside the United States were up 3 percent and 13 percent, respectively, in 2008. The growth in billed business within the United States reflected growth in basic cards-in-force, offset by a decrease
in average spending per proprietary basic card. U.S. billed business reflected increases within the Company&#146;s small business spending and Corporate Services volumes, offset by a slight decrease in consumer card billed business. The growth in
billed business outside the United States reflected increases in average spending per proprietary basic card and growth in basic cards-in-force as well as increases in spending within the Company&#146;s consumer card business, small business and
Corporate Services.</FONT></P> <P align=center><FONT face=serif size=1>25</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS
COMPANY</FONT></FONT></P> <P><FONT face=serif size=2>The table below summarizes selected statistics for billed business and average spend:</FONT></P> <P></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="75%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=4><B><FONT face=serif size=2>2008</FONT> </B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=4><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>Percentage</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>Increase</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Percentage</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>(Decrease)</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Increase</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>Assuming</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Assuming</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="3%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>No Changes</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>No Changes</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD vAlign=middle noWrap align=right width="3%"><FONT size=1><B><FONT face=serif size=1>Percentage</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>in Foreign</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=left width="4%"></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>in Foreign</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD vAlign=middle noWrap align=right width="3%"><FONT size=1><B><FONT face=serif size=1>Increase</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>Exchange</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Percentage</FONT> </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Exchange</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="75%">&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="3%"><B><FONT face=serif size=1>(Decrease)</FONT></B> </TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="4%"><FONT size=1><B><FONT face=serif size=1>Rates</FONT> </B></FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Increase</FONT> </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"><FONT size=1>&nbsp; </FONT></TD>
<TD vAlign=middle noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="4%"><FONT size=1><FONT face=serif size=1>Rates</FONT> </FONT></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT face=serif size=2>Worldwide<SUP>(a)</SUP></FONT></B>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Billed business</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6</FONT> </B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT> </B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>5</FONT> </B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT> </B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>15</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>13</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Proprietary billed business</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>3</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>13</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>11</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>GNS volumes<SUP>(b)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>27</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>27</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>49</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>43</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Average spending per proprietary basic card</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT> </B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT> </B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>8</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>6</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Basic cards-in-force</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>8</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>12</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT face=serif size=2>United States<SUP>(a)</SUP></FONT></B>&nbsp; </TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Billed business</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>3</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>13</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Average spending per proprietary basic card</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(3</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT> </B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Basic cards-in-force</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>3</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>10</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Proprietary consumer card billed business<SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT> </B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>12</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Proprietary small business billed business<SUP>(c)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>7</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>15</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Proprietary Corporate Services billed business<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>10</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><B><FONT face=serif size=2>Outside the United States<SUP>(a)</SUP></FONT></B> </TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="4%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Billed business</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>13</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>12</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>22</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>14</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Average spending per proprietary basic card</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>4</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>18</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>10</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Basic cards-in-force</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>14</FONT> </B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>15</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="75%"><FONT face=serif size=2>Proprietary consumer and small business billed business<SUP>(e)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>8</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>7</FONT> </B></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>14</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"><FONT face=serif size=2>6</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Proprietary Corporate Services billed business<SUP>(d)</SUP></FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9</FONT> </B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>8</FONT> </B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>22</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>13</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Captions in the table above not designated as &#147;proprietary&#148; include both proprietary and Global Network Services data.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(b)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Included in the Global Network and Merchant Services segment.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(c)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="TEXT-ALIGN: justify" width="100%"><FONT size=1>Included in the U.S. Card Services segment.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(d)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Included in the Global Commercial Services segment.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(e)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT size=1>Included in the International Card Services segment.</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>Assuming no changes in foreign exchange rates, total billed business outside the United States
reflected proprietary growth in Asia Pacific, Canada and Europe in the mid single-digits, and growth in Latin America in the low double-digits.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The slower growth in overall
cards-in-force in 2008 within both proprietary and GNS reflected modest card acquisition activities and the effect of certain credit-related actions. In 2008, six million cards were added in the U.S. and non-U.S. businesses combined. During 2007,
discount revenue rose $1.6 billion or 12 percent to $14.6 billion compared to 2006 as a result of a 15 percent increase in worldwide billed business, partially offset by a lower average discount rate, relatively faster growth in billed business
related to GNS, and higher cash-back rewards costs and corporate incentive payments, which are reported as reductions to revenue (contra-revenue). The 15 percent increase in worldwide billed business in 2007 reflected increases in average spending
per proprietary basic card, growth in cards-in-force, and a 49 percent increase in billed business related to GNS from 2006.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net card fees increased $231 million or 12 percent to $2.2
billion in 2008 and $95 million or 5 percent to $1.9 billion in 2007, primarily reflecting a higher average fee per proprietary card. In 2007, the increase in net card fees was partially offset by the reclassification of certain card
acquisition-related costs beginning July 1, 2006, from operating expenses to a reduction in net card fees.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Travel commissions and fees increased $84 million or 4 percent to $2.0 billion
in 2008, primarily reflecting a 3 percent increase in worldwide travel sales. Travel commissions and fees in 2007 of $1.9 billion increased $148 million or 8 percent, reflecting a 13 percent increase in worldwide travel sales primarily driven by
higher airline ticket prices.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other commissions and fees decreased $110 million or 5 percent to $2.3 billion in 2008 due to the reclassification to other revenues in USCS of certain
card service-related fees beginning in the first quarter of 2008 and a lower level of fees related to a lower average balance of owned loans, which </FONT></P> <P align=center><FONT face=serif size=1>26</FONT></P> <HR align=center width="100%"
noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2>were partially offset by increased assessment
revenues. Other commissions and fees increased $184 million or 8 percent in 2007 to $2.4 billion due to higher assessments, increases in foreign exchange conversion fees, and other service fees.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>Securitization income, net decreased $437 million or 29 percent to $1.1 billion in 2008, primarily due to lower excess spread, net, driven by increased write-offs, charges to the fair value of the interest-only strip reflecting
lower expected future cash flows, and a net loss on sales compared to net gains in the prior year. These impacts 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 increased $18 million or 1 percent to $1.5 billion in 2007 due to a larger average balance of securitized loans, higher net gains from securitization, the $80
million impact of the initial adoption of SFAS No. 155, and a reduction in revenue in 2006 from higher than anticipated cardmember completion of consumer debt repayment programs and certain associated payment waivers. These favorable impacts were
partially offset by an increase in write-offs, a $54 million reduction in the fair market value of the Company&#146;s retained subordinated interests in securitized cardmember loans, and greater interest expense due to a higher coupon rate paid to
certificate holders.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other revenues in 2008 increased $406 million or 23 percent to $2.2 billion, primarily reflecting the benefits of the CPS acquisition, higher network and
partner-related revenues, a reclassification from other commissions and fees from USCS as discussed above, and greater foreign exchange-related revenues. Other revenues increased $62 million or 4 percent to $1.8 billion in 2007 due to higher
network, merchant, publishing, and insurance-related revenues, offset by a positive impact in 2006 related to the rebalancing of the Company&#146;s Travelers Cheque and Gift Card investment portfolio.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>Interest income decreased $223 million or 3 percent to $7.2 billion in 2008. Interest and fees on loans decreased $192 million or 3 percent primarily reflecting a lower portfolio yield, due to the impact of reduced market interest
rates on variably priced assets, partially offset by a slightly higher average owned loan balance. Interest and dividends on investment securities increased $98 million or 15 percent primarily reflecting higher liquidity-related investment levels
which more than offset the impact of reduced investment yields. Deposits with banks and other decreased $129 million or 32 percent as lower yields more than offset higher deposit balances. During 2007, interest income increased $1.7 billion or 30
percent to $7.4 billion, reflecting primarily an increase in interest and fees on loans, which grew $1.5 billion or 30 percent due to a 29 percent increase in average owned loan balances.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>Interest expense decreased $426 million or 11 percent to $3.6 billion in 2008. Interest expense related to deposits decreased $112 million or 20 percent, primarily due to a lower cost of funds which more than offset increased balances.
Interest expense related to short-term borrowings decreased $248 million or 34 percent, primarily due to a lower cost of funds and a decrease in average short-term debt. Interest expense related to long-term debt decreased $68 million or 3 percent,
primarily reflecting a lower cost of funds driven by reduced market rates on variably priced debt, partially offset by an increase in average long-term debt outstanding. Interest expense of $4.0 billion in 2007 was $1.1 billion or 39 percent higher
than 2006 reflecting a $978 million increase in interest expense</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>on long-term debt as a result of an increase in average long-term debt outstanding in support of growth in
receivable and loan balances and a higher effective cost of funds.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Provisions for Losses</STRONG><FONT face=serif size=2><STRONG><BR></STRONG></FONT></FONT><FONT face=serif
size=2>Provisions for losses in 2008 increased $1.7 billion or 41 percent over last year to $5.8 billion, primarily due to the difficult credit environment, which led to increased write-off and delinquency rates compared to 2007. Charge card
provisions for losses increased $223 million or 20 percent primarily due to higher loss and delinquency rates compared to 2007, partially offset by the credit-related charge in the fourth quarter of 2007. Cardmember lending provisions for losses
increased $1.5 billion or 53 percent due to higher write-off and delinquency rates and higher average owned loan balances.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Provisions for losses increased $1.4 billion or 54 percent in
2007. Charge card provisions for losses increased $205 million or 22 percent due to the additional charge for credit-related trends and higher business volumes. Cardmember lending provisions increased $1.1 billion or 70 percent due to higher
write-off and delinquency rates, increased loan volumes, and the charge for credit-related trends.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Expenses <BR></STRONG></FONT><FONT face=serif size=2>Consolidated expenses for 2008 were
$19.0 billion, up $1.2 billion or 7 percent from $17.8 billion in 2007. The increase in 2008 was primarily driven by higher other, net expenses, greater salaries and employee benefits expenses, higher occupancy and equipment expenses, increased
professional services costs and greater cardmember services expense, partially offset by decreased cardmember rewards expense and lower marketing and promotion expense. Consolidated expenses for 2007 were $17.8 billion, up $754 million or 4 percent
from $17.0 billion in 2006. The increase in 2007 was primarily driven by increased marketing and promotion, cardmember rewards and cardmember services expenses and higher salaries and employee benefits expenses, partially offset by lower other, net
expenses. Consolidated expenses in 2008, 2007, and 2006 also included </FONT></P> <P align=center><FONT face=serif size=1>27</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL
REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2>$449 million, $66 million and $152 million, respectively, of reengineering costs. Refer to the discussion earlier regarding the
Company&#146;s 2008 reengineering initiatives and Note 25 to the Consolidated Financial Statements for reengineering initiatives for all periods.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing and promotion expenses
decreased $132 million or 5 percent to $2.4 billion in 2008, reflecting decreased investments as compared to 2007, which included the incremental business-building costs. Marketing and promotion for 2007 increased $71 million or 3 percent to $2.6
billion, primarily reflecting incremental business-building costs.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Cardmember rewards expenses decreased $388 million or 8 percent to $4.4 billion in 2008, reflecting the
Membership Rewards-related charge in 2007, which was partially offset by the Delta-related charge in 2008 to increase the Membership Rewards liability and higher volume-driven rewards costs. Cardmember rewards increased $1.0 billion or 28 percent to
$4.8 billion in 2007 reflecting a $685 million charge related to the Membership Rewards liability due to enhancements to the method of liability estimation as discussed above, a higher redemption rate, higher volume-related rewards costs, partially
offset by the impact of charges in 2006 associated with adjustments made to the Membership Rewards reserve models.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Cardmember services expenses increased $64 million or 13 percent to
$542 million in 2008, and increased $193 million or 68 percent in 2007, reflecting higher expenses on insurance losses and claims as well as higher cardmember services costs.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>Salaries and employee benefits expenses increased $652 million or 12 percent to $6.1 billion in 2008, reflecting the fourth quarter of 2008 restructuring charge related to the Company&#146;s reengineering initiatives, an increase in average
headcount, greater merit and salesforce-related incentive costs and the pension-related gain in 2007. Salaries and employee benefits expenses in 2007 increased $398 million or 8 percent to $5.4 billion due to a higher level of employees and merit
increases, partially offset by the $63 million pension-related gain previously discussed and lower severance-related costs compared to 2006. The increased level of employees primarily reflected employee additions related to customer service volumes
and initiatives and the acquisition of Harbor Payments on December 31, 2006, and the acquisition of a travel services business in 2007.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Professional services expenses increased $133
million or 6 percent to $2.4 billion primarily due to higher technology-related consulting and credit and collection expenses. Professional services expenses in 2007 compared to 2006 increased $17 million or 1
percent.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other, net expenses in 2008 increased $895 million or 40 percent to $3.1 billion compared to 2007 primarily due to the initial $1.13 billion Visa litigation settlement gain in
the fourth quarter of 2007, net of litigation expenses, the related contribution to the American Express Charitable Fund and the 2008 expenses related to the CPS acquisition. These impacts </FONT><FONT face=serif size=2>were partially offset by the
2008 settlement payments from MasterCard and Visa. Other, net expenses in 2007 decreased $974 million or 30 percent to $2.2 billion compared to 2006, driven by a gain of $1.13 billion related to the settlement of litigation with Visa, and the
reclassification of certain card-acquisition costs to card fee revenue beginning July 1, 2006, partially offset by the $177 million gain related to the sale of the Company&#146;s card and merchant-related activities in Brazil, Malaysia, and
Indonesia in 2006, litigation expenses of $74 million related to the settlement with Visa, and a $50 million contribution to the American Express Charitable Fund. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes<BR></STRONG>
</FONT><FONT face=serif size=2>The effective tax rate was 20 percent in 2008 compared to 28 percent in 2007 and 30 percent in 2006. The effective tax rate for these years reflected tax benefits related to the resolution of certain prior years&#146;
tax items and in 2008, a relatively lower level of pretax income. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Discontinued Operations<BR></STRONG></FONT><FONT face=serif size=2>(Loss) Income from discontinued operations, net of tax,
was $(172) million, $(114) million and $82 million in 2008, 2007, and 2006, respectively. (Loss) Income from discontinued operations, net of tax, primarily reflected AEIDC and AEB results from operations, including AEIDC&#146;s $275 million ($179
million after-tax) and $105 million ($69 million after-tax) of losses related to mark-to-market adjustments and sales within the AEIDC investment portfolio in 2008 and 2007, respectively, as well as AEB&#146;s compliance-related remediation costs of
$71 million ($45 million after-tax) to implement a robust compliance program and regulatory and legal expenses, and monetary penalties, of $60 million pretax and after-tax in 2007.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>CASH
FLOWS<BR></STRONG></FONT><FONT face=serif size=2><STRONG>Cash Flows from Operating Activities <BR></STRONG></FONT><FONT face=serif size=2>In 2008 and 2007, net cash provided by operating activities exceeded net income, primarily due to provisions
for losses, which do not require cash at the time of provision. Similarly, depreciation and amortization represent non-cash expenses. In addition, net cash was provided by net income and higher accounts payable and other liabilities balances
(including the Membership Rewards liability). These accounts vary significantly in the normal course of business due to the amount and timing of various payments.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the year
ended December 31, 2008, net cash provided by operating activities of $8.7 billion increased compared to 2007. The increase was primarily due to the increase in non-cash provisions for losses and deferred taxes, acquisition costs and other, offset
by the outflow of cash resulting from fluctuations in the Company&#146;s other assets.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net cash provided by operating activities was lower in 2007 than 2006 due to fluctuations in other
assets and liabilities. </FONT></P> <P align=center><FONT face=serif size=1>28</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS
COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Cash Flows from Investing Activities<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s investing activities primarily include funding cardmember loans and
receivables, securitizations of cardmember loans and receivables, and the Company&#146;s available-for-sale investment portfolio.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the year ended December 31, 2008, net cash
provided by investing activities of $7.0 billion increased compared to 2007, primarily due to net decreases in cardmember receivables and loans balances and cash provided by the sale of investments attributable to discontinued operations offset by
cash used for acquisitions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In 2007, net cash used in investing activities increased from 2006 primarily as a result of an increase in cardmember loans and receivables.</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG>Cash Flows from Financing Activities<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s financing activities primarily include issuing and repaying debt, taking customer deposits, paying
dividends, and repurchasing its common shares.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In 2008, net cash used in financing activities of $10.4 billion increased compared to 2007, primarily due to net repayments of debt
and the net cash used in financing activities attributable to discontinued operations, partially offset by a decrease in the repurchase of American Express common shares from 2007.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
2007, financing activities provided net cash greater than in 2006 primarily due to net increases in borrowings and customer deposits.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>IMPACT OF CREDIT AND CAPITAL MARKET
ENVIRONMENT<BR></STRONG></FONT><I><FONT face=serif size=2>Credit Markets &#150; U.S. Consumer and Small Business Lending<BR></FONT></I><FONT face=serif size=2>During 2008, deteriorating home prices, rising unemployment and broad tightening of
consumer credit adversely affected U.S. credit card issuers generally, including the Company. In addition, several other factors had a significant impact on the Company&#146;s credit performance. First, the Company&#146;s cardmember base is somewhat
more skewed towards the states hardest hit by the U.S. real estate decline, such as California and Florida. Second, the Company added new cardmembers faster than the industry overall in the past three years, and the credit performance of 2-3 year
old vintages tends to be worse than that of other vintages; however, this is part of the normal seasoning process. Third, the Company has a large portfolio of small business accounts, which typically have higher write-off rates and delinquencies
than consumers. Finally, the economic downturn in 2008 had a significant impact on many of the Company&#146;s affluent cardmembers.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>These factors led to a sharp deterioration of the
Company&#146;s key lending credit metrics, with the 30+ day delinquency rate rising from 2.8 percent in 2007 to 4.4 percent in 2008 and the write-off rate rising from 3.5 percent in 2007 to 5.5 percent in 2008. As a result, the Company added
significantly to the USCS cardmember lending reserves for losses in 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In managing risk, the Company&#146;s objective is to protect its profitability, but also protect, to the extent
it can, the Company&#146;s ongoing relationship with its cardmembers. With this in mind, the following actions have been taken by the Company across the U.S. Card Services portfolios:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
<LI><FONT face=serif size=2>incorporating more sophisticated information in the Company&#146;s</FONT> <FONT face=serif size=2>risk evaluations;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>focusing on areas of high risk, and canceling certain
accounts;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>reducing some lines of credit;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>increasing the number of customer care professionals; and<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>assisting
cardmembers who are experiencing temporary</FONT> <FONT face=serif size=2>financial difficulty.</FONT> </LI></UL> <P align=justify><FONT face=serif size=2>The Company&#146;s view as noted above is that economic conditions will deteriorate further in
2009. As a result, it is expected that past due loans and write-offs will continue to rise further in the first</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>quarter</FONT><B><FONT face=serif size=2> </FONT></B><FONT
face=serif size=2>of 2009 versus the fourth quarter of 2008 and that the second quarter of 2009 will be higher than the first quarter of 2009.</FONT></P> <P align=justify><I><FONT face=serif size=2>Capital Markets<BR></FONT></I><FONT face=serif
size=2>The global money and capital markets have been experiencing periods of liquidity disruption and rate volatility since the third quarter of 2007. Liquidity, benchmark interest rates, and credit concerns were further exacerbated during
September 2008, fueled by heightened concerns about the global financial system after the collapse of several large financial institutions in the United States and elsewhere.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company&#146;s funding strategy seeks the issuance of debt and the acceptance of deposits with a wide range of maturities to spread out or &#147;ladder&#148; the refinancing requirement in future periods. Since September 2008, the market for the
Company&#146;s unsecured term debt and asset securitizations, like that for virtually all financial institutions, has been effectively frozen,</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>except in connection with the
Company&#146;s participation</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>in certain programs sponsored by the federal government and certain of its departments and agencies.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>These government programs, launched or announced by the U.S. and other governments during the fourth quarter of 2008, provided some stability to the capital markets and reduced dislocations in benchmark indices such as LIBOR.
However, if the unprecedented levels of volatility and disruptions reemerge or worsen, they could negatively impact the Company&#146;s funding capabilities, liquidity position, and investment portfolios or derivative positions.</FONT></P> <P
align=center><FONT face=serif size=1>29</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P
align=justify><I><FONT face=serif size=2>Investment Portfolios<BR></FONT></I><FONT face=serif size=2>The Company&#146;s investment portfolios support specific business purposes. The most significant business purposes and the related investments used
to support those business purposes are as follows:</FONT></P>
<TABLE style="FONT-WEIGHT: normal; FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; FONT-STYLE: normal; FONT-VARIANT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="15%"><B><FONT face=serif size=1>Business</FONT></B>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="83%"><B><FONT face=serif size=1>Primary</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="15%"><B><FONT face=serif size=1>Purpose</FONT></B>&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="83%"><B><FONT face=serif size=1>Investments</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="15%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>Travelers Cheques</FONT></FONT>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>State and Municipal obligations Corporate debt obligations</FONT></FONT>&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="83%" bgColor=#c0c0c0><FONT size=2>Corporate debt obligations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="15%"><FONT face=serif size=1><FONT size=2>Insurance</FONT></FONT>&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="83%"><FONT face=serif size=1><FONT size=2>State and Municipal obligations</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="15%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>Liquidity</FONT></FONT>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>U.S. Government obligations</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>U.S. Government-sponsored-entities senior&nbsp;unsecured obligations</FONT></FONT><FONT size=1></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>(In addition, the Company considers cash items such as money market funds and short-term time deposits as part of its liquidity
resources)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="15%"><FONT face=serif size=1><FONT size=2>AEIDC &#150;&nbsp;<FONT size=1><FONT size=2>discontinued operations</FONT></FONT></FONT></FONT><FONT size=1></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="83%"><FONT face=serif size=1><FONT size=2>Mortgage and other asset-backed securities</FONT></FONT>&nbsp;</TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The
Company&#146;s objective is to manage the type and mix of assets as well as their maturity profile in order to ensure the cash and liquidity needs of the respective business purpose can be met without relying on the sale of investments prior to
maturity. As a result, the Company generally holds its investments until their maturity. The Company nonetheless seeks to invest in portfolios of securities with sufficient liquidity that could be accessed prior to maturity should changes in cash
needs occur.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>All of the Company&#146;s investments included in continuing operations are classified as available-for-sale. The Company reviews its investments at least quarterly and
more often as market conditions may require to evaluate their fair values and to identify investments that have indications of other-than-temporary impairments. The determination of other-than-temporary impairments for available-for-sale securities
is a subjective process, requiring the use of various assumptions and application of judgment.</FONT></P> <P align=justify><I><FONT face=serif size=2>State and Municipal Obligations<BR></FONT></I><FONT face=serif size=2>Total gross unrealized losses
related to state and municipal securities amounted to approximately $1.0 billion and $136 million at December 31, 2008 and 2007, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Unrealized losses on securities may be
caused by changes in market interest rates, which include both benchmark interest rates such as Treasury rates and liquidity and credit spreads that apply </FONT><FONT face=serif size=2>across the entire market, and specific credit events associated
with individual issuers. The magnitude of unrealized losses may also be influenced in part by temporary but sharp increases in the issuance or other supply of similar securities in the market as well as in part by the expected maturity of particular
issues. The Company believes the gross unrealized losses on the state and municipal securities are attributable in part to pricing pressures resulting from the excess supply of these types of securities in the market that were caused in part by
unusually high redemptions of municipal money market funds that occurred beginning September 2008. The Company believes it has the ability and intent to hold these securities for a time sufficient to allow market conditions to stabilize and recover
the unrealized losses. The Company expects that the contractual principal and interest will be received on these securities. Unrealized gains and losses on available-for-sale securities are included in accumulated other comprehensive (loss) income
until disposition of the investments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Approximately 62 percent of state and municipal investments owned by the Company are insured by financial guarantors that guarantee timely payment
of interest and ultimate payment of principal on insured obligations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the state and municipal investments owned by the Company were rated as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="86%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Higher of Financial</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" vAlign=middle noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" vAlign=middle noWrap align=left width="5%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Guarantors&#146; and</FONT></TD>
<TD vAlign=middle noWrap align=left width="2%"></TD>
<TD vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Underlying Issuers&#146;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Underlying Issuers&#146;</FONT></TD>
<TD vAlign=middle noWrap align=left width="2%"></TD>
<TD vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Ratings without</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Ratings</FONT></TD>
<TD vAlign=middle noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=middle noWrap align=right width="5%"><FONT face=serif size=1>Regard to Guarantors</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>AAA</FONT></FONT>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>15%</STRONG></FONT></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>15%</STRONG></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT size=2><FONT face=serif size=2>AA</FONT></FONT>&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="5%"><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>43%</STRONG></FONT></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>35%</STRONG></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>A</FONT></FONT>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>33%</STRONG></FONT></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>40%</STRONG></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%"><FONT size=2><FONT face=serif size=2>BBB</FONT></FONT>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%"><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>9%</STRONG></FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%"><FONT size=2><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><STRONG>10%</STRONG></FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>To date,
the Company has not realized any losses as a result of financial guarantors&#146; credit problems.</FONT></P> <P align=justify><I><FONT face=serif size=2>Government Sponsored Enterprises<BR></FONT></I><FONT face=serif size=2>At December 31, 2008,
the Company owned approximately $3.2 billion of senior unsecured debentures issued by Government Sponsored Enterprises (GSEs): Fannie Mae and Freddie Mac. On September 7, 2008, the Federal Housing Finance Agency (FHFA) announced the decision to
place Fannie Mae and Freddie Mac into conservatorship run by FHFA. These actions were designed to protect the senior and subordinated debt and the mortgage-backed securities of the GSEs. The total net unrealized gains on these securities were
approximately $44 million at December 31, 2008.</FONT></P> <P align=justify><I><FONT face=serif size=2>Mortgage and Other Asset-Backed Securities<BR></FONT></I><FONT face=serif size=2>The Company&#146;s exposure to mortgage and other asset-backed
securities, excluding the investments in retained subordinated securities from the Company&#146;s securitization programs ($744 million at December 31, 2008), decreased substantially to $288 million at December 31, 2008, from $2.5 billion at
December 31, 2007. Of the $288 million in mortgage and other asset-backed securities, $213 million are used to support the AEIDC certificate business and are included in assets of discontinued operations. The decrease in mortgage and asset-backed
securities was primarily due to the sale, maturities, and mark-to-market loss of approximately $1.4 billion of investment securities used to support the AEIDC certificate business, and $838 million of investments included in the sale of
AEB.</FONT></P> <P align=center><FONT face=serif size=1>30</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL
REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the Company&#146;s remaining asset-backed securities were
rated as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=2><FONT size=1>Rating</FONT></FONT>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=2><FONT face=serif size=2><FONT size=1>Percentage of Total</FONT><FONT size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>AAA</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>79</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=2>AA</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>9</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>A</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>3</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="94%"><FONT face=serif size=2>BBB</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%"><B><FONT face=serif size=2>7</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>BB</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>Of the $288 million in mortgage and other
asset-backed securities, $75 million of mortgage-backed securities are classified as available-for-sale within continuing operations and are rated AAA. There were no gross unrealized losses at December 31, 2008, related to the asset-backed
securities classified as available-for-sale.</FONT></P> <P align=justify><I><FONT face=serif size=2>Money Market Mutual Fund<BR></FONT></I><FONT face=serif size=2>The Company owned a $500 million investment in the Primary Reserve Fund (the Fund), a
money market fund, at the time the net asset value of the Fund fell below $1 per share in September 2008. The Company recorded a loss of $15 million related to its investment in the Fund in September 2008. The Company received approximately $390
million from the Fund since it filed a redemption order with Reserve, the Fund sponsor, in September 2008. Redemptions have been suspended and the timing of receipt of the remaining proceeds cannot be determined at this time. The remaining amount
due from the Fund is recorded in other receivables on the Company&#146;s Consolidated Balance Sheets.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>With the exception of its exposure to the Fund, the Company did not experience any
defaults or events of default, or determine it would not receive timely contractual payments of interest and repayment of principal on any of its holdings in its investment portfolios.</FONT></P> <P align=justify><I><FONT face=serif size=2>Fair
Value Measurements<BR></FONT></I><FONT face=serif size=2>Effective January 1, 2008, the Company partially adopted SFAS No. 157 for its financial assets and liabilities that are accounted for at fair value. Refer to Notes 1 and 17 to the Consolidated
Financial Statements for further details of the Company&#146;s fair value measurements.</FONT></P> <P align=justify><FONT face=serif size=2><FONT size=1><STRONG>CERTAIN LEGISLATIVE, REGULATORY AND OTHER DEVELOPMENTS<BR></STRONG></FONT></FONT><FONT
face=serif size=2>As a participant in the financial services industry, the Company is subject to a wide array of regulations applicable to its </FONT><FONT face=serif size=2>businesses. Recently, the Company became a bank holding company, thereby
resulting in the Federal Reserve Board&#146;s becoming the Company&#146;s primary regulator. As such, the Company is subject to the Federal Reserve Board&#146;s regulations and policies, including its regulatory capital requirements. The Company is
in the process of taking various actions to facilitate its compliance with the Federal Reserve Board&#146;s regulatory framework. In addition, the extreme disruptions in the capital markets since mid-2007 and the resulting instability and failure of
numerous financial institutions, have led to numerous proposals for changes in the financial services industry, including significant additional regulation and the formation of potential &#147;super regulators&#148; that combine the scope and
authority of various existing regulatory bodies. Regulatory changes could lead to business disruptions, impact the scope or profitability of the Company&#146;s business activities, require the Company to change certain of its business practices and
could expose it to additional costs (including increased compliance costs).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In recent years, there has been a heightened level of regulatory attention on banks and the payments industry
in many countries. Among other recent regulatory developments, in December 2008, federal bank regulators in the United States adopted amendments to the rules regarding Unfair or Deceptive Acts or Practices (UDAP) and Truth in Lending that restrict
certain credit and charge card practices and require expanded disclosures to consumers. Similar legislative initiatives have been proposed. The regulatory amendments, which become effective July 1, 2010, include, among other matters, rules relating
to 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. The Company continues to assess the impact of the amendments on its
business and operations and is evaluating offsetting actions to mitigate their impact. In the event any actions undertaken by the Company to offset the impact of the amendments are not effective, the amendments will likely have a material adverse
effect on the Company&#146;s results of operations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The credit and charge card industry also faces continuing scrutiny in connection with the fees merchants are charged to accept cards.
Although investigations into the way bankcard network members collectively set the &#147;interchange&#148; (i.e., the fee paid by the bankcard merchant acquirer to the card issuing bank in &#147;four party&#148; payment networks, like Visa and
MasterCard) had largely been a subject of regulators outside the United States, a bill was introduced in Congress in early 2008 designed to give merchants antitrust immunity to negotiate interchange collectively with Visa and MasterCard. Although
unlike the Visa and MasterCard networks, the American Express network does not collectively set interchange fees, antitrust actions and government regulation of the bankcard networks&#146; pricing could ultimately affect all
networks.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Financial Accounting Standards Board is considering whether to propose amendments that would significantly affect the accounting for off-balance sheet securitization
activities, which could, if ultimately adopted, result in the Company having to consolidate approximately $29 billion of assets and liabilities of the American Express Credit Account Master Trust (the Lending Trust). This consolidation would also
require the Company to</FONT></P> <P align=center><FONT face=serif size=1>31</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif
size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2>reestablish loss reserves of approximately $1.8 billion, which would reduce the Company&#146;s
regulatory capital ratios at the bank holding company level. The consolidation of the Lending Trust would primarily impact the Company&#146;s Centurion Bank and FSB bank subsidiaries. Any consolidation of the Lending Trust could increase Centurion
Bank&#146;s and FSB&#146;s risk-weighted assets as well as the required capital on their respective balance sheets to satisfy regulatory capital requirements.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>CONSOLIDATED CAPITAL RESOURCES
AND LIQUIDITY</STRONG></FONT></P> <P align=justify><FONT face=serif size=2>The Company&#146;s balance sheet management objectives are to maintain:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>A solid and
flexible equity capital profile;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>A broad, deep and diverse set of funding sources to finance</FONT> <FONT face=serif size=2>its assets and meet operating requirements; and<BR>&nbsp;</FONT> <LI><FONT
face=serif size=2>Liquidity programs that enable the Company to meet its</FONT> <FONT face=serif size=2>obligations for at least a 12 month period should some or all</FONT> <FONT face=serif size=2>of its funding sources become
inaccessible.</FONT></LI></UL> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>CAPITAL STRATEGY</FONT></STRONG> <BR></FONT><FONT face=serif size=2>The Company&#146;s objective is to retain sufficient levels of capital generated through
earnings and other sources to maintain a solid equity capital base and to provide flexibility to satisfy future business growth. The Company believes capital allocated to growing businesses with a return on risk-adjusted equity in excess of its
costs will generate shareholder value.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The level and composition of the Company&#146;s equity capital are determined in large part by the Company&#146;s internal assessment of its
portfolios, consolidated rating agency and regulatory capital requirements, and are also influenced by subsidiary capital requirements for the consolidated entity, the business environment, and by conditions in the debt funding markets. The Company,
as a bank holding company, is subject to regulatory requirements administered by the U.S. federal banking agencies. The Federal Reserve Board</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>has established specific capital
adequacy guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items. The Company was not subject to these guidelines prior to becoming a bank holding company. In addition, Centurion Bank and FSB are
subject to regulatory capital requirements of the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table presents the
risk-based capital ratios and leverage ratio for the Company and its significant banking subsidiaries at December 31, 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="90%">&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Well-</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>&nbsp; Capitalized</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>2008</FONT></B> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Ratio</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>&nbsp; Actual</FONT></B> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face=serif size=2>Risk-Based Capital</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Tier 1</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6.0</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I><FONT face=serif size=2>American Express Company</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9.7</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Centurion Bank</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>12.3</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>FSB<SUP>(a)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12.7</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>10.0</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I><FONT face=serif size=2>American Express Company</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>11.1</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Centurion Bank</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>13.7</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>FSB<SUP>(a)</SUP></FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>14.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><B><FONT face=serif size=2>Tier 1 Leverage</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5.0</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I><FONT face=serif size=2>American Express Company</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>8.5</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Centurion Bank</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>13.2</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>FSB<SUP>(a)</SUP></FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; &nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12.2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Subsequent to December 31, 2008, the Company infused $500 million of additional capital into FSB.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The Company was not previously required to
calculate risk-based capital ratios or a leverage ratio. The methodology of calculating these ratios may be refined over time. <BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s Tier 1 Risk-based, Total Risk-based,
and Tier 1 Leverage ratios would have been approximately 13.1 percent, 14.6 percent and 11.5 percent, respectively, had the $3.39 billion of proceeds from the U.S. Department of Treasury Capital Purchase Program (CPP)</FONT><B><FONT face=serif
size=2> </FONT></B><FONT face=serif size=2>as discussed below, been received on December 31, 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the Company&#146;s ratio of common shareholders&#146; equity and
tangible common shareholders&#146; equity to risk-weighted assets was 11.3 percent and 8.5 percent, respectively. Common shareholders&#146; equity equals the Company&#146;s shareholders&#146; equity of $11.8 billion at December 31, 2008 and tangible
common shareholders&#146; equity equals common shareholders&#146; equity less goodwill and intangibles of $3.0 billion. The Company believes that presenting&nbsp;the ratio&nbsp;of tangible common shareholders&#146; equity to risk-weighted assets is
a useful measure of evaluating the strength of the Company&#146;s capital position.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company seeks to maintain capital levels and ratios in excess of the minimum regulatory
requirements; failure to maintain minimum capital levels could cause the respective regulatory agencies to take actions that could limit the Company&#146;s business operations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company&#146;s primary source of equity capital has been through the generation of net income. Historically, capital generated through net income and other sources such as employee benefit plans has exceeded the growth in its capital requirements.
To the extent capital has exceeded business, regulatory, and rating agency requirements, the Company</FONT></P> <P align=center><FONT face=serif size=1>32</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2>has returned
excess capital to shareholders through its regular common dividend and the share repurchase program.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company maintains certain flexibility to shift capital across its businesses as
appropriate. For example, the Company may infuse additional capital into subsidiaries to maintain capital at targeted levels in consideration of debt ratings and regulatory requirements. These infused amounts can affect the capital and liquidity
levels for American Express&#146; Parent Company (Parent Company). </FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>During 2008, the Company returned approximately 35 percent of total capital generated to shareholders in the form of
$836 million in dividends and $218 million of share repurchases. The Company retained a substantial portion of capital generated to further strengthen its balance sheet profile due to the challenging operating environment. </FONT></P> <P
align=justify><FONT face=serif size=2><STRONG>US DEPARTMENT OF TREASURY CAPITAL PURCHASE PROGRAM - SUBSEQUENT EVENT</STRONG></FONT></P> <P align=justify><FONT face=serif size=2>In October 2008, the United States Department of the Treasury (Treasury
Department) announced its CPP under the Emergency Economic Stabilization Act of 2008 (EESA). The CPP is designed to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to
support the U.S. economy.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Subsequent to year end 2008, the Company participated in the CPP by issuing to the Treasury Department 3,388,890 shares of the Company&#146;s Fixed Rate
Cumulative Perpetual Preferred Stock, Series A. The Series A Preferred Stock was issued with a ten-year warrant (Warrant) for the Treasury Department to purchase up to 24,264,129 of the Company&#146;s common shares at an initial per share exercise
price of $20.95 per share. The aggregate gross proceeds received by the Company on January 9, 2009, for the Series A Preferred Stock and Warrant totaled $3.39 billion.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Series A
Preferred Stock pays cumulative quarterly dividends at a rate of 5 percent per year for the first five years and thereafter at a rate of 9 percent per year. The Company may not redeem the Series A Preferred Stock during the first three years except
with the proceeds from one or more Qualified Equity Offerings (as defined in the CPP) (QEO). After three years, the Company may, at its discretion, redeem the Series A Preferred Stock. Notwithstanding the foregoing, the recently-enacted American
Recovery and Reinvestment Act of 2009 (ARRA) requires the Treasury Department to promulgate rules to permit a CPP participant to redeem the Series A Preferred Stock prior to the third anniversary of its issuance and not in connection with a QEO upon
the Treasury Department&#146;s consultation with such participant&#146;s appropriate banking regulator. Any redemption will be at the liquidation amount plus accrued and unpaid dividends. The Series A Preferred Stock is non-voting (except upon
certain events).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Until the Company has redeemed the Series A Preferred Stock or the Treasury Department has transferred the Series A Preferred Stock to a third party, the consent of the
Treasury Department will be required for the Company to (i) declare or pay any dividend or make any distribution on its common shares (other than regular quarterly cash dividends of not more than $0.18 per common share) or (ii) redeem, purchase or
acquire any shares of its common shares or other equity or capital securities, other than in connection with benefit plans consistent with past </FONT><FONT face=serif size=2>practice and certain other limited circumstances. In addition, over the
period that the Preferred Stock remains outstanding, the Company&#146;s ability to declare or pay dividends or repurchase its common shares or other equity or capital securities will be subject to restrictions in the event that it fails to declare
and pay (or set aside for payment) full dividends on the Series A Preferred Stock.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As described below, the Warrant, which is generally exercisable upon its issuance, provides for the
adjustment of the exercise price and the number of the Company&#146;s common shares issuable upon exercise pursuant to customary antidilution provisions. If, on or prior to December 31, 2009, the Company receives aggregate gross cash proceeds
equaling at least $3.39 billion from one or more Qualified Equity Offerings, the number of common shares issuable upon exercise of the Warrant will be reduced by one-half of the original number of shares. The Treasury Department has agreed not to
exercise voting power with respect to any common shares issued upon exercise of the Warrant (Warrant Shares). Transfer of the Warrant or Warrant Shares would result in voting power for the transferee upon exercise of the Warrant or the receipt of
the Warrant Shares.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Neither the Series A Preferred Stock, the Warrant, nor the Warrant Shares will be subject to any contractual restrictions on transfer, except that the Treasury
Department may not transfer or exercise one-half of the Warrant prior to the earlier of (i) December 31, 2009, or (ii) the date on which the Company receives aggregate gross cash proceeds of at least $3.39 billion from one or more Qualified Equity
Offerings.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Under the CPP, the Company agreed to certain restrictions on executive compensation that would limit the tax deductibility of compensation the Company pays to certain
executives until such time as the Treasury Department ceases to own any securities acquired under the CPP. The Company also agreed that, for such time period, it will take all necessary action to ensure that its benefit plans with respect to its
senior executive officers comply with EESA restrictions relating to executive compensation, which include (i) limits on compensation and incentives to take unnecessary and excessive risks that would threaten the value of the Company, (ii) a
provision for recovery (i.e. clawback) of amounts of compensation that later prove to have been based on materially inaccurate financial statements or other performance metrics and (iii) limitations on any golden parachute payment. The ARRA contains
</FONT></P> <P align=center><FONT face=serif size=1>33</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR>
</FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify><FONT face=serif size=2>significant amendments to the existing executive compensation provisions of EESA and adds further restrictions on
executive compensation. Such amendments and additional restrictions are intended to apply retroactively to the Company and other CPP participants. The ARRA amends the EESA to, among other things, limit the amount of bonus or incentive compensation
payable to the Company&#146;s five senior executive officers identified in the Company&#146;s proxy compensation tables (&#147;senior executive officers&#148;) and the next 20 most highly compensated employees (the Top 25) to one-third of the total
amount of their annual compensation and limits the form of such payments to long-term restricted stock that does not fully vest during the period in which the Series A Preferred Stock is outstanding. Additionally, the ARRA expands the clawback
provisions and golden parachute restrictions of EESA, which are described above, by applying them not only to senior executive officers, but also to the next 20 most highly compensated employees in the case of clawbacks and next five most highly
compensated employees in the case of golden parachutes. The ARRA also contains a provision that requires the Treasury Department to review bonuses and incentive compensation previously paid to the Top 25 to determine whether any such payments were
inconsistent with the purpose of the ARRA or otherwise contrary to the public interest, and if so determined, to negotiate for appropriate reimbursements.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of January 9, 2009, both
the Series A Preferred Stock and Warrant are accounted for as permanent equity on the Company&#146;s Consolidated Balance Sheet, based on a relative fair value allocation, and components of capital, thus enhancing the Company&#146;s Tier 1 and Total
Capital ratios. The issuance of the Series A Preferred Stock and Warrant is expected to reduce the Company&#146;s Net Income Available to Common Shareholders in determining basic and diluted EPS.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The amount of the Treasury Department&#146;s investment in American Express was determined by a formula based on the asset size of the Company. The additional capital from the CPP gives the Company added stability and capital
strength to pursue its business objectives. This investment allows the Company to continue to make credit available to customers&#151;whether they are retail consumers, small businesses, or corporations.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG><FONT size=1>SHARE REPURCHASES AND DIVIDENDS<BR></FONT></STRONG></FONT><FONT face=serif size=2>The Company has a share repurchase program to return equity capital in excess of regulatory and rating agency requirements, internal
risk-based evaluation, and business needs to shareholders. These share repurchases both offset the issuance of new shares as part of employee compensation plans and reduce shares outstanding.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>Approximately 68 percent of capital generated has been returned to shareholders since inception of the share repurchase program in 1994. The Company reduced its level of share repurchases in the first quarter of 2008 from previous
levels in order to use the funds generated from operations to acquire the CPS business from GE. During 2008, the Company purchased 4.7 million common shares at an average price of $46.10. No shares have been repurchased since the first quarter of
2008 in light of the economic uncertainties and concerns about a global recession and in order to use the funds generated from operations to acquire the CPS business from GE. Under the terms of the CPP, the Company is not</FONT><B><FONT face=serif
size=2> </FONT></B><FONT face=serif size=2>permitted to repurchase shares of its common stock other than to offset issuances under benefit plans consistent with past practices and in certain other limited
circumstances.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Additionally, the Company will not be permitted to increase its dividend to common shareholders under the CPP. The Company may</FONT><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2>also be required to cut or eliminate such dividend under regulatory guidelines if earnings are not sufficient to cover the payouts. Also, the Company must satisfy all dividends on the Series A Preferred Stock
before any dividends can be paid to common shareholders. For certain contractual restrictions related to payment</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>of the Company&#146;s dividend, see further discussion in Note 10
to the Consolidated Financial Statements.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>FUNDING STRATEGY<BR></FONT></STRONG></FONT><FONT face=serif size=2>The Company seeks to maintain broad and well-diversified funding
sources to allow it to meet its maturing obligations and cost-effectively finance current and future asset growth in its global businesses as well as to maintain a strong liquidity profile. Diversity of funding sources by type of debt instrument, by
maturity and by investor base, among other factors, provides additional insulation from the impact of disruptions in any one type of debt, maturity, or investor. The mix of the Company&#146;s funding in any period will seek to achieve
cost-efficiency consistent with both maintaining diversified sources and achieving its liquidity objectives. The Company&#146;s funding strategy and activities are integrated into its asset-liability management
activities.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s proprietary card businesses are the primary asset-generating businesses, with significant assets in both domestic and international cardmember receivable
and lending activities. The Company&#146;s borrowing needs are in large part associated with its proprietary card businesses and the maintenance of a liquidity position to support all of its business activities, such as merchant payments. The
Company generally pays merchants for card transactions prior to reimbursement by cardmembers. The Company funds merchant payments during the period cardmember loans and receivables are outstanding. The Company also has additional borrowing needs
associated with general corporate purposes. The Company seeks to establish and maintain access to a broad and diversified set of funding sources.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The recent turmoil in the money and
capital markets during 2008 resulted in changes to the mix and cost of financing the Company obtained from its traditional funding sources, as well as the establishment and expansion of its retail deposit-taking activities.</FONT></P> <P
align=center><FONT face=serif size=1>34</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT
face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company has historically relied on the debt capital markets to satisfy a substantial amount of its
funding needs, as do many financial services companies. Notwithstanding the difficult conditions in the financial markets during the past year, the Company accessed a variety of capital markets sources during the first three quarters of the year.
The Company&#146;s issuances of debt securities and securitizations, similar to most issuances across the capital markets, included spreads above benchmark rates that were significantly greater than those on similar issuances completed during the
prior several years.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s strategy is to issue debt and deposits with a wide range of maturities to reduce and spread out the refinancing requirements in future periods.
However, the Company&#146;s ability to obtain financing in the debt capital market for unsecured term debt and asset securitizations is subject to a renewal of investor demand. The Company continues to assess its needs and investor demand, which
will likely change the mix of its existing sources as well as seek to add new sources to its funding mix. The Company&#146;s funding plan is subject to various risks and uncertainties, such as disruption of financial markets, market capacity and
demand for securities offered by the Company, regulatory changes, ability to sell receivables and the performance of receivables previously sold in securitization transactions. Many of these risks and uncertainties are beyond the Company&#146;s
control.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>FUNDING PROGRAMS AND ACTIVITIES<BR></FONT></STRONG></FONT><FONT face=serif size=2>The Company meets its funding needs through a variety of sources, including debt
instruments such as commercial paper, senior unsecured debentures and asset securitizations, long-term committed bank borrowing facilities in certain non-U.S. markets, and deposits placed with the Company&#146;s U.S. banks by individuals and
institutions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following discussion includes information on both a GAAP and managed basis. The managed basis presentation includes debt issued in connection with the Company&#146;s
lending securitization activities, which are off-balance sheet. For a discussion of managed basis and management&#146;s rationale for such presentation, refer to the U.S. Card Services discussion below. The Company had the following consolidated
debt, on both a GAAP and managed basis, and customer deposits outstanding at December 31: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><EM><FONT face=serif size=2><FONT size=1>(Billions)</FONT></FONT>&nbsp; </EM></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2>&nbsp; <FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Short-term borrowings</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>17.8</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Long-term debt</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>60.0</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>55.3</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Total debt (GAAP basis)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>69.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>73.1</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Off-balance sheet securitizations</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>29.0</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>22.7</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Total debt (managed basis)</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>98.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>95.8</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Customer deposits</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>15.5</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>15.4</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=2>Total debt (managed) and </FONT><FONT face=serif size=2>customer deposits</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>113.5</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>111.2</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company&#146;s current funding strategy for 2009
will be to raise funds to maintain sufficient cash, and readily-marketable securities that are easily convertible to cash in order to meet short-term borrowings outstanding, seasonal and other working capital needs for the next 12 months, including
maturing obligations, changes in receivables and other asset balances, as well as operating requirements. The Company has $14.9 billion of unsecured long-term debt and $4.8 billion of asset securitizations that will mature during 2009. Cash provided
by or required for changes in business volumes will depend in large part on billings volume and payment patterns from cardmembers. Refer to the </FONT><FONT face=serif size=2>discussion above regarding how the credit market environment could affect
the mix of debt issuances.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s equity capital and funding strategies are designed to maintain high and stable debt ratings from the major credit rating agencies,
Moody&#146;s Investor Services (Moody&#146;s), Standard &amp; Poor&#146;s</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>(S&amp;P), Fitch Ratings, and Dominion Bond Rating Services (DBRS). Recently, three of the four credit
rating agencies that rate the Company provided updates on the Company&#146;s ratings as follows:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Moody&#146;s lowered the Long-term Senior ratings of the
Company from A1 to A2, American Express Travel Related Services Company, Inc. (TRS) and several rated subsidiaries from Aa3 to A1 and revised its outlook of the Company and its subsidiaries from stable to negative. This change, which brings the
ratings for the Company&#146;s funding subsidiaries to the same level as other rating agencies, reflects concerns regarding weakness in the broader economy and specific concerns regarding &#147;negative asset quality trends and lending
exposures.&#148; Moody&#146;s affirmed all of its short-term ratings. On October 23, 2008, Moody&#146;s affirmed its ratings on all outstanding classes of rated asset-backed securities issued by the Company&#146;s lending and charge
trusts.</FONT></LI></UL> <P style="MARGIN-LEFT: 40px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On February 25, 2009, Moody&#146;s placed on review for possible downgrade the long-term and short-term ratings of the Company
(A2/Prime-1). At the same time, the long-term debt ratings of TRS and its rated operating subsidiaries (senior at A1) were also placed on review for possible downgrade. The Prime-1 short-term ratings for TRS and its rated operating subsidiaries were
affirmed.</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>S&amp;P lowered the long-term ratings of the Company, TRS and several rated subsidiaries from A+ to A. The outlook on the ratings is negative.
S&amp;P&#146;s affirmed its short-term ratings.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>DBRS announced that it had revised its outlook on the Long-term Senior ratings of the Company and its related subsidiaries (A (high)) from stable to
negative.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>Historically, credit ratings have had a significant impact on the borrowing capacity and costs of the Company. A downgrade in the Company&#146;s long-term debt rating would result
in higher interest expense on the Company&#146;s unsecured debt, as well as higher fees related to borrowings under its unused lines of credit.</FONT></P> <P align=center><FONT face=serif size=1>35</FONT></P> <HR align=center width="100%" noShade
SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P
align=justify><FONT face=serif size=2>In addition to increased borrowing costs, a decline in its long-term credit rating could reduce its borrowing capacity in the unsecured term debt capital markets, if and when such markets become available. A
downgrade of one level in the Company&#146;s short-term rating would result in the Company having to significantly reduce (or eliminate) its outstanding commercial paper compared to historical levels. In the event a reduction in its borrowing
capacity in the short-term debt markets were to occur, the Company would further shift its funding to other funding programs such as retail deposits, the issuance of long-term debt, and asset securitization, to the extent these markets are
available.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>SHORT-TERM FUNDING PROGRAMS<BR></FONT></STRONG></FONT><FONT face=serif size=2>Short-term borrowings, including commercial paper and federal funds purchased, are
defined as any debt or time deposit with an original maturity of 12 months or less. The Company&#146;s short-term funding programs are used primarily to meet working capital needs, such as managing seasonal variations in receivables balances, and
have not, on average, grown in size with its business growth. The ultimate amount and mix issued will depend on the Company&#146;s needs and market conditions. American Express Credit Corporation&#146;s (Credco) commercial paper is a principal
source of short-term borrowings for the Company. Centurion Bank and FSB raise short-term borrowings through various instruments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company had the following short-term borrowings
outstanding at December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Credco:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>Commercial paper</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>7.3</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>10.5</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.1</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.6</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%"><FONT face=serif size=2>Centurion Bank and FSB:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Bank notes</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2.9</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Federal funds purchased</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>0.5</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.4</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.1</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1.4</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>9.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp; $</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>17.8</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company&#146;s short-term borrowings as a percentage of total debt
at December 31 was as follows:</FONT></P> <P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=2><FONT size=1>&nbsp;&nbsp;&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp; 2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=2>Short-term borrowings as a percentage <FONT face=serif>of total debt (GAAP basis)</FONT></FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; </FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>13.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;24.3</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The Company had continuous access to the commercial paper
market during 2008. Its commercial paper issuances after mid-September occurred at shorter weighted average maturities than the Company&#146;s historic trend, consistent with the changes in issuance maturities occurring across the overall commercial
paper market, as reported by the Federal Reserve.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On October 7, 2008, the Federal Reserve Board established the Commercial Paper Funding Facility (CPFF). The CPFF provides three month
liquidity to U.S. issuers of commercial paper through a special purpose vehicle (SPV), which purchases three month unsecured and asset-backed commercial paper directly from eligible issuers using financing provided by the Federal Reserve Bank of New
York. The commercial paper must be rated at least A1/P1/F1 by a major nationally recognized statistical rating organization (NRSRO) and, if rated by multiple major NRSROs, must be rated at least A1/P1/F1/R1 (middle) by two or more NRSROs. Credco is
eligible to have up to $14.7 billion of commercial paper outstanding with the SPV at any one time. The SPV is currently scheduled to cease purchasing commercial paper on October 30, 2009, unless the Board extends the facility. At December 31, 2008,
the Company had $7.3 billion of commercial paper outstanding, including $4.5 billion under the CPFF.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Average commercial paper outstanding was $10.8 billion and $7.8 billion in 2008 and
2007, respectively, including amounts issued through the CPFF program. Credco currently manages the level of short-term borrowings outstanding such that its back-up liquidity, including available bank credit </FONT><FONT face=serif size=2>facilities
and cash and readily-marketable securities, are not less than 100 percent of net short-term borrowings. Credco&#146;s total back-up liquidity coverage of net short-term borrowings was in excess of 100 percent at December 31, 2008 and 2007.
</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>DEPOSIT PROGRAMS<BR></FONT></STRONG></FONT><FONT face=serif size=2>Historically, the vast majority of deposits raised at Centurion Bank and FSB came through the issuance of
certificates of deposit (CDs) to institutional investors in amounts that exceeded the maximum amount of FDIC</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>insurance. During the fourth quarter of 2008, the Company significantly
shifted</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>its deposit-gathering activities from institutional to individual deposits in which the amounts are fully covered by FDIC deposit insurance. Institutional CDs were subject
to many of the same factors that have affected the unsecured debt and asset securitization markets, and investors reduced their demand for CDs during the fourth quarter of 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As part
of its continuing objective to target broad and diversified sources of funding, the Company sought to increase its funding sources directed to individual investors. During 2008</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>the
Company launched a retail CD program through the Banks. These CDs are offered to individual, retail depositors in amounts that fully qualify for FDIC insurance protection. The Company&#146;s deposits are currently gathered through distribution
arrangements with other firms providing brokerage and investment services to individuals. The Company believes it can use the American Express brand name to expand its deposit base as a key source of funding and is pursuing a number of strategies to
raise additional deposits, including offering retail deposits directly to the consumers.</FONT></P> <P align=center><FONT face=serif size=1>36</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>As of December 31, 2008, the Company held the following deposits:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Retail:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>Cash sweep accounts</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>7.1</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp; $</FONT> </TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.1</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>CDs</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.2</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%"><FONT face=serif size=2>Institutional</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>0.8</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>10.9</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Others</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.4</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2.4</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Total customer deposits</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="2%"><B><FONT face=serif size=2>15.5</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>15.4</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>LONG-TERM DEBT
PROGRAMS<BR></FONT></STRONG></FONT><FONT face=serif size=2>In 2008, the Company and its subsidiaries issued debt and asset securitizations with maturities ranging from 1 to 30 years. These amounts included approximately $11.5 billion of AAA-rated
charge and lending securitization certificates and $17.4 billion of unsecured debt across a variety of maturities and markets. During the year, the Company retained approximately $656 million of related A-rated securities and $783 million of
BBB-rated securities, as the pricing and yields for these securities were not attractive for the Company due to the market conditions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On October 14, 2008, the FDIC announced the
establishment of the Temporary Liquidity Guarantee Program (TLGP), to temporarily guarantee newly-issued senior unsecured debt of eligible entities, including insured banks, and to provide guarantee coverage to non-interest-bearing transaction
accounts in FDIC-insured institutions, regardless of amount. Centurion Bank and FSB, as FDIC depository institutions, are both eligible to participate in this program and issue up to $13.3 billion of unsecured debt that would be guaranteed under the
TLGP. The $17.4 billion of unsecured debt issued in 2008 included the issuance of $5.9 billion of unsecured debt in December by FSB through its access to the TLGP.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s
2008 offerings, which include those made by the Parent Company, Credco, Centurion Bank, FSB, American Express Receivables Financing Corporation LLC V (the Charge Trust) and the American Express Credit Account Master Trust (the Lending Trust), are
presented in the following table on both a GAAP and managed basis:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Amount</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>American Express Company (Parent Company only):</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Fixed and Floating Rate Senior Notes</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>3.0</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>American Express Credit Corporation:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Fixed and Floating Rate Senior Notes</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>6.2</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>American Express Bank, FSB:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Fixed and Floating Rate Senior Notes</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>8.1</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>American Express Receivables Financing</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Fixed and Floating Rate Senior Notes and </FONT></FONT>Subordinated
Notes</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=2>1.9</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>GAAP Basis</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>19.2</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2>American Express Credit Account Master Trust:</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Trust Investor Certificates</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>11.0</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="96%" bgColor=#ffffff><FONT face=serif size=2>Managed Basis (a)</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=2>30.2</FONT></B> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>On a managed basis, issuances from the Charge Trust, an on-balance sheet entity, and the Lending Trust, an off-balance sheet entity, include $125 million and $1.3 billion, respectively, of the related A-rated
and BBB-rated securities retained by the Charge and Lending trusts during the year.</FONT></TD> </TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>ASSET SECURITIZATION PROGRAMS<BR></FONT></STRONG></FONT><FONT face=serif
size=2>The Company periodically securitizes cardmember receivables and loans arising from its card business. The securitization market provides the Company with cost-effective funding; however, the asset securitization market has been broadly
unavailable since September 2008. Securitization of cardmember receivables and loans is accomplished through the transfer of those assets to a trust, which in turn issues certificates or notes (securities) to third-party investors collateralized by
the transferred assets. The proceeds from issuance are distributed to the Company, through its wholly-owned subsidiaries, as consideration for the transferred assets. Securitization transactions are accounted for as either a sale or secured
borrowing, based upon the structure of the transaction.</FONT></P> <P align=center><FONT face=serif size=1>37</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN EXPRESS COMPANY</FONT></FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Securitization of cardmember receivables
generated under designated consumer charge card and small business charge card accounts is accomplished through the transfer of cardmember receivables to the American Express Issuance Trust (Charge Trust). Securitizations of these receivables are
accounted for as secured borrowings because the Charge Trust is not a qualifying special purpose entity (QSPE). Accordingly, the related assets being securitized are not accounted for as sold and continue to be reported as owned assets on the
Company&#146;s Consolidated Balance Sheets. The related securities issued to third-party investors are reported as long-term debt on the Company&#146;s Consolidated Balance Sheets. At December 31, the Charge Trust held total assets and liabilities
of:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Assets</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>7.8</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; $</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>9.0</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Liabilities</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>5.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3.1</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>Securitization of the Company&#146;s cardmember loans generated under
designated consumer lending accounts is accomplished through the transfer of cardmember loans to a QSPE, the Lending Trust. In a securitization structure like the Lending Trust (a revolving master trust), credit card accounts are selected and the
rights to the current cardmember loans, as well as future cash flows related to the corresponding accounts, are transferred to the trust for the life of the accounts. In consideration for the transfer of these rights, the Company, through its
wholly-owned subsidiaries, receives an undivided, pro rata interest in the trust referred to as the &#147;seller&#146;s interest&#148;, which is reflected on its balance sheet as a component of cardmember loans. The seller&#146;s interest is
required to be maintained at a minimum level of 7 percent of the outstanding securities in the Lending Trust. If the seller&#146;s interest was reduced below the 7 percent level, the Company would be required to add additional cardmember loans to
the Lending Trust. As of December 31, 2008, the amount of seller&#146;s interest was approximately 40 percent of outstanding securities.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>When the Lending Trust issues a security to a
third party, a new investor interest is created. The Company removes the corresponding cardmember loans from its Consolidated Balance Sheets, recognizes a gain on sale and release of credit reserves, and records an interest-only strip. Since the
third quarter of 2007, the Company has also typically been retaining any subordinated securities issued as part of a transaction, due to present market conditions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The total
investors&#146; interest outstanding will change through new issuances or maturities. The seller&#146;s interest will change as a result of new trust issuances or maturities as well as new account additions, new charges on securitized accounts, and
collections. As seller&#146;s interest changes each period, the related allowance for loss will change as well. When a security matures, the trust uses a portion of the collections to repay the security, and as a result the investors&#146; interest
decreases. In the monthly period that contains a maturity, new charges on securitized accounts have historically been greater than the portion of the collections required to repay the maturing security, and therefore, seller&#146;s interest has
increased in an amount greater than or equal to the decrease in investors&#146; interest.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company retains servicing responsibilities for the transferred cardmember loans through its
subsidiary, TRS, and earns a related fee. No servicing asset or liability is recognized at the time of a securitization because the Company receives adequate compensation relative to current market servicing fees. Any billed finance charges related
to the investors&#146; portion of securitized cardmember loans are reported as other assets on the Company&#146;s Consolidated Balance Sheets. At December 31, the Lending Trust held total assets of:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Investors&#146; interest</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>29.0</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>22.7</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Seller&#146;s interest</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>12.6</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>13.5</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Lending Trust total assets</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>41.6</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>36.2</FONT> </TD></TR></TABLE> <P align=justify><FONT face=serif size=2>At December 31, the fair value of the retained interests was
as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=2><FONT size=1>(Millions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Subordinated securities</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;$</STRONG><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>744</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;$<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>78</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Interest-only strip</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>32</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>223</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;$</STRONG><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>776</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;$<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>301</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>Under the respective terms of the Lending Trust and the
Charge Trust agreements, the occurrence of certain events could result in payment of trust expenses, establishment of reserve funds, or in a worst-case scenario, early amortization of investor certificates. See Note 6 to the Consolidated Financial
Statements for the definition of Excess Spread, net, Total Excess Spread Rate, net, and the related key metrics reported by each trust.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the event the excess spread, net in the
Lending Trust becomes negative, and the issuer rate collections are utilized to pay Lending Trust expenses, this would be reflected as an expense in securitization income, net in the Company&#146;s Consolidated Statements of Income and as a
reduction of the Total Excess Spread Rate, net.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the event the excess spread rate, net for a given fixed or floating rate series is reduced below certain levels for either the Lending
Trust or the Charge Trust, certain triggering events occur, including:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>If the three-month average excess spread rate, net for a given fixed or floating rate
series falls below five percent or four percent for the Lending Trust and Charge Trust, respectively, the affected Trust is required to fund a cash reserve account (from cash that would normally revert back to the Company through its subsidiaries)
in increasing amounts from $6 million up to a maximum of approximately $2.0 billion for the Lending Trust and from $52 million up to a maximum of approximately $207 million for the Charge</FONT></LI></UL> <P align=center><FONT face=serif size=1>38
</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>FINANCIAL REVIEW<BR></FONT><FONT face=serif size=2><FONT size=1>AMERICAN
EXPRESS COMPANY</FONT></FONT></P> <P style="margin-left: 40px" align=justify><FONT face=serif size=2>Trust. During February 2009, for certain fixed rate series within the Lending Trust, a cash reserve account is required to be funded in the amount
of $22 million, of which a partial funding in the amount of $1.5 million is being recorded in other receivables on the Company&#146;s Consolidated Balance Sheets. The Company has rights to this cash, and it will only be used if this cash is required
to help pay-off any outstanding principal or interest at maturity or in the event of an early amortization (see below). These fixed rate series, referred to above, will mature in 2009 and 2011, and it is expected that the cash in the cash reserve
account will revert back to the Company upon maturity.</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>If the three-month average excess spread rate, net for a given fixed or floating rate series for either
Trust falls below zero percent, an early amortization of the affected Trust will occur. The applicable cash reserve account (see above) for each Trust is available to the investors if the collections from</FONT> <FONT face=serif size=2>the
securitized loans and receivables are insufficient to pay the principal balance of the investors&#146; notes and certificates.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>In the event of an early amortization of the Lending Trust, the lending
receivable assets and investor certificates issued by the Lending Trust would revert to the Company&#146;s balance sheet and the investor certificates would be required to be repaid over an approximate four month period, based on the estimated
average life of the securitized loans. Although the repayment of the investor certificates is non-recourse to the Company, the Company would need an alternate source of funding for the lending receivables assets that, as a consequence of the early
amortization, would revert to the Company&#146;s balance sheet, as well as for lending receivables assets that would be generated in the future from the accounts that are the source of the reverted receivables.<BR>&nbsp;</FONT> <LI><FONT face=serif
size=2>In the event of an early amortization of the Charge Trust, the underlying investor notes issued by the Charge Trust are required to be repaid over an approximate one month period, based on the estimated average life of the securitized
receivables.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>In the event of an early amortization event of either of the Trusts, obtaining an alternative source of funding of a commensurate amount would present a severe liquidity challenge for the
Company.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>With respect to both the Lending Trust and the Charge Trust, a decline in the actual or implied short-term credit rating of TRS below A-1/P-1 would trigger a requirement that TRS, as
servicer, transfer collections on the securitized assets to investors on a daily, rather than a monthly, basis or make alternative arrangements with the rating agencies to allow TRS to continue to transfer collections on a monthly basis. Such
alternative arrangements include obtaining appropriate guarantees for the performance of the payment and deposit obligations of TRS, as servicer. No such events have occurred during 2008 and 2007.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>No officer, director, or employee holds any equity interest in either trust, or receives any direct or indirect compensation from either trust. Neither trust in the Company&#146;s securitization programs owns stock of the Company
or the stock of any affiliate. Investors in the securities issued by either trust have no recourse against the Company if cash flows generated from the securitized assets are inadequate to service the obligations of either
trust.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For additional information about the Company&#146;s asset securitizations that could affect the Company&#146;s liquidity position</FONT><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2>including three-month average excess spread rates, refer to Note 6 to the Consolidated Financial Statements.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>LIQUIDITY
STRATEGY<BR></FONT></STRONG></FONT><FONT face=serif size=2>The Company seeks to ensure that it has adequate liquidity</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>in the form of cash and readily-marketable
securities</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>easily convertible into cash, as well as access to cash and equivalents, to continuously meet its business needs, sustain operations, and satisfy its obligations for a
period of at least 12 months without access to the unsecured and asset securitization debt capital markets. This objective is managed by regularly accessing capital through a broad and diverse set of funding programs, by maintaining cash and
readily-marketable securities, as well as through a variety of contingent sources of cash and financing. The Company maintains a liquidity plan that enables it to continuously meet its daily obligations when its access to financing becomes impaired
or markets become inaccessible. The plan contemplates a hypothetical 12-month liquidity crisis occurring as a sudden and unexpected event that makes</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>financing from its various
funding sources unavailable.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The sources of cash in such stress environments include, but are not limited to, the Company&#146;s cash and readily-marketable securities, an undrawn
committed conduit facility to purchase securitized credit card receivables, secured borrowing from the Federal Reserve Bank of San Francisco through the Federal Reserve discount window and the Term Auction Facility (TAF), remaining capacity under
the TLGP and CPFF through the period of the programs&#146; expiration, the sale of consumer</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>and commercial cardmember receivables, and small business and consumer loans to private
investors through its existing securitization programs, as well as committed bank credit facilities. The Company has identified over $80 billion in alternate sources of cash from these sources.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>As a result of the Company&#146;s funding activities during 2008, the Company raised funds that substantially exceeded its 2008 funding needs. The excess was invested with the purpose of increasing the amount of cash and
readily-marketable securities the Company holds.</FONT></P> <P align=center><FONT face=serif size=1>39</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW</FONT><BR><FONT
size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of December 31, 2008, the Company&#146;s cash and readily-marketable securities position was as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><FONT size=1>Total</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>16.9</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><SUP><FONT face=serif size=2>(a)</FONT></SUP></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT face=serif size=2>Readily-marketable securities</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>5.1</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><SUP><FONT face=serif size=2>(b)</FONT></SUP></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Total cash and readily-marketable securities</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>22.0</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT face=serif size=2>Short-term debt outstanding</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(9.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Excess liquidity investment portfolio</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>13.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Excludes cash and cash equivalents on hand for day-to-day operations of $3.6 billion.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Consists of certain available-for-sale investment securities (U.S. Treasury and government-sponsored agencies) that are considered highly liquid.</FONT></TD></TR></TABLE> <P align=justify><FONT
face=serif size=2>In addition, the Company received $3.39 billion of CPP proceeds on January 9, 2009.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The upcoming approximate maturities of the Company&#146;s long-term debt and debt
issued in connection with off-balance sheet securitizations are as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><I><FONT face=serif size=2><FONT size=1>(Billions)</FONT><FONT size=3>&nbsp; </FONT></FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=8><FONT face=serif size=2><FONT size=1>Debt Maturities</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=2><FONT size=1>Off-</FONT></FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=2><FONT size=1>Balance</FONT></FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><FONT face=serif size=2><FONT size=1>Quarter Ending:</FONT></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2><FONT size=1>Long-term</FONT></FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2><FONT size=1>Sheet</FONT></FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Total</FONT><FONT size=3> </FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>March 31, 2009</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.3</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.5</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>3.8</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT face=serif size=2>June 30, 2009</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>7.2</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>0.6</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>7.8</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>September 30, 2009</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.6</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.7</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.3</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><FONT face=serif size=2>December 31, 2009</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2.8</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2.8</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>14.9</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>4.8</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>19.7</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company&#146;s funding needs for 2009 are
expected to arise from these debt maturities as well as changes in business needs, primarily changes in outstanding cardmember loans and receivables. Based upon current expectations for reductions in loan and receivables balances, the Company
believes that its excess cash and readily-marketable securities are sufficient to meet its funding needs throughout 2009. This excludes any impact if the securitization trusts were to trigger certain events that would require an early
amortization.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company considers various factors in determining the amount of liquidity it maintains, such as economic and financial market conditions, seasonality in business
operations, growth in its businesses, the cost and availability of alternative liquidity sources, and regulatory and credit rating agency considerations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The amount of cash and
readily-marketable securities the Company expects to maintain will be substantially greater than its historical levels of holdings. The Company expects to incur higher net interest cost on these amounts, which will be dependent on the amount the
Company actually maintains, as well as the difference between its cost of funding these amounts and their investment yields. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Cash and Readily-Marketable Securities<BR></STRONG></FONT><FONT
face=serif size=2>At December 31, 2008, the Company held, as part of its contingent liquidity plan, a total of $16.9 billion of short-term instruments and $5.1 billion of longer-term readily-marketable securities. These investments are of high
credit quality, highly liquid short-term instruments and longer term, highly liquid instruments, such as U.S. Treasury securities, government-sponsored entity debt, or government-guaranteed debt. These instruments</FONT><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2>are managed to either mature prior to the maturity of borrowings that will occur within the next 12 months, or are sufficiently</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif
size=2>liquid</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>that the Company can sell them or enter into sale/repurchase agreements to immediately raise cash proceeds to meet liquidity needs.</FONT></P> <P align=justify><FONT
face=serif size=2><STRONG>Securitized Borrowing Capacity<BR></STRONG></FONT><FONT face=serif size=2>Securitized borrowings through its conduit facility and the Federal Reserve discount window are significant sources within the Company&#146;s
liquidity plan.</FONT></P> <P align=justify><I><FONT face=serif size=2>Conduit Facility<BR></FONT></I><FONT face=serif size=2>The conduit facility is a $5 billion committed bank agreement that gives the Company the right to sell up to $5 billion
face amount of AAA-rated certificates issued from the American Express Credit Account Master Trust (the Lending Trust). This facility can be utilized in any amount up to $5 billion and at any time through June 29, 2009. The purchasers&#146;
commitments to fund any unfunded amounts under this facility are subject to the terms and conditions of, among other things, a purchase agreement among subsidiaries, the purchasers and certain other parties. This agreement contains, among other
things, a condition that the ratings of &#147;Aaa&#148; by Moody&#146;s and &#147;AAA&#148; by S&amp;P&#146;s on the certificates shall not have been reduced or withdrawn (and are not on credit watch or negative outlook for possible downgrade below
such ratings).</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Federal Reserve Discount Window and Term Auction Facility</STRONG><BR>FSB and Centurion Bank are insured depository institutions that have the capability of borrowing from
the Federal Reserve Bank of San Francisco, subject to the amount of qualifying collateral that they pledge. On October 3, 2008, the Banks were approved to access the discount window and the TAF, subject to the discretion of the Federal Reserve Bank
of San Francisco and sufficient credit and charge card receivables pledged as collateral, thereby providing the Banks with an additional source of liquidity, if needed.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company has
approximately $41.6 billion in U.S. credit card loans and charge card receivables that could be sold over time through its existing securitization trusts, its undrawn committed securitization facility referred to above, or pledged in return for
secured borrowings, to provide further liquidity, subject in each case to applicable market conditions and eligibility criteria.</FONT></P> <P align=center><FONT face=serif size=1>40</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW</FONT> <BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Committed Bank Credit Facilities<BR></STRONG></FONT><FONT face=serif
size=2>The Company maintained committed bank credit facilities at December 31, 2008 as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="79%"><FONT size=1>&nbsp;&nbsp; </FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"><FONT size=1>&nbsp;&nbsp; </FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>Parent</FONT></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"><FONT size=1>&nbsp;&nbsp; </FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>Centurion</FONT></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT size=1><I><FONT face=serif size=1>(Billions)</FONT></I></FONT>&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>Total</FONT></FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>Company</FONT></FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT size=1><FONT face=serif size=1>Credco</FONT></FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>Bank</FONT></FONT> </TD>
<TD noWrap align=right width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>FSB</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Committed</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>11.2</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.3</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>9.1</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><SUP><FONT face=serif size=2>(b)</FONT></SUP></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.4</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.4</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT face=serif size=2>Outstanding</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2.5</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><STRONG><FONT size=2>$</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp;&#151;</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2.5</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><STRONG><FONT size=2>$</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp;&#151;</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><STRONG><FONT size=2>$</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Committed lines supported by 34 financial institutions.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Credco has the right to borrow a maximum amount of $10.4 billion with a commensurate maximum $1.3 billion reduction in the amount available to Parent Company.</FONT></TD></TR></TABLE> <P
align=justify><FONT face=serif size=2>The Company&#146;s committed facilities expire as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2><FONT size=1><EM>(Billions)</EM></FONT><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.0</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="96%"><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>3.2</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.0</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="96%"><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="2%"><B><FONT face=serif size=2>11.2</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The availability of the credit lines is subject to the Company&#146;s
compliance with certain financial covenants, including the maintenance by the Company of consolidated tangible net worth of at least $4.1 billion, the maintenance by Credco of a 1.25 ratio of combined earnings and fixed charges to fixed charges, and
the compliance by Centurion Bank and FSB with applicable regulatory capital adequacy guidelines. At December 31, 2008, the Company&#146;s consolidated tangible net worth was approximately $9.8 billion, Credco&#146;s ratio of combined earnings and
fixed charges to fixed charges was 1.50 and Centurion Bank and FSB each exceeded their regulatory capital adequacy guidelines.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Committed bank credit facilities do not contain material
adverse change clauses, which may preclude borrowing under the credit facilities. The facilities may not be terminated should there be a change in the Company&#146;s credit rating.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
consideration of all the funding sources described above, the Company believes it would have access to liquidity to satisfy all maturing obligations and fund normal business operations for at least a 12-month period in the event that access to the
secured and unsecured fixed income capital markets is completely interrupted for that length of time. Refer to Note 6 to the Consolidated Financial Statements. These events are not considered likely to occur.</FONT></P> <P align=justify><FONT
face=serif size=2><STRONG>Parent Company Funding<BR></STRONG></FONT><FONT face=serif size=2>Parent Company long-term debt outstanding was $7.9 billion and $6.7 billion at December 31, 2008 and 2007, respectively. During 2008, the Parent Company
issued $2.0 billion of 7 percent fixed-rate Senior Notes due 2018 and $1 billion of 8.15 percent fixed-rate</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Senior Notes due 2038.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The Parent Company is authorized to issue commercial paper. This program is supported by a $1.25 billion multi-purpose committed bank credit facility. The credit facility will expire in 2010 and 2012 in the amounts of $500 million
and $750 million, respectively. There was no Parent Company commercial paper outstanding during 2008 and 2007, and no borrowings have been made under its bank credit facility.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>OFF-BALANCE
SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS</STRONG></FONT></P> <P align=justify><FONT face=serif size=2>The Company has identified both on- and off-balance sheet transactions, arrangements, obligations, and other relationships that may have a
material current or future effect on its financial condition, changes in financial condition, results of operations, or liquidity and capital resources.</FONT></P> <P align=center><FONT face=serif size=1>41</FONT></P> <HR align=center width="100%"
noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><B>CONTRACTUAL OBLIGATIONS</B></FONT></P> <P
align=justify><FONT face=serif size=2>The table below identifies on- and off-balance sheet transactions that represent contractually committed future obligations of the Company. Purchase obligations include agreements to purchase goods and services
that are enforceable and legally binding on the Company and that specify significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the
transaction.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="77%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=14><FONT face=serif size=1>Payments due by year</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2014 and</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>Total</FONT></B>&nbsp; </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>&nbsp; 2009</FONT></B> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>&nbsp; 2010&#150;2011</FONT></B> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>&nbsp; 2012&#150;2013</FONT></B> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>&nbsp; thereafter</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>On-Balance Sheet<SUP>(a)</SUP></FONT><FONT face=serif size=2>:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Long-term debt</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>60,041</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp; $</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>14,948</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>19,346</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>16,400</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>9,347</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Interest payments on long-term debt<SUP>(b)</SUP></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>8,996</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,642</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,468</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,492</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,394</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other long-term liabilities<SUP>(c)</SUP></FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>294</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>126</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>49</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>26</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>93</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Off-Balance Sheet:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Lease obligations</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>2,639</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>265</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>446</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>340</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>1,588</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Purchase obligations<SUP>(d)</SUP></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>713</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>581</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>115</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>17</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="77%"><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>72,683</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>17,562</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>22,424</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>18,275</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>14,422</FONT></B> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The above table excludes approximately $1.2 billion of tax liabilities that have been recorded in accordance with FASB Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes,&#148;
as inherent complexities and the number of tax years currently open for examination in multiple jurisdictions do not permit reasonable estimates of payments, if any, to be made over a range of years.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Estimated interest payments were calculated using the effective interest rate in place at December 31, 2008, and reflects the effect of existing interest rate swaps. Actual cash flows may differ
from estimated payments.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>At December 31, 2008, there were no minimum required contributions, and no contributions are currently planned, for the U.S. American Express Retirement Plan. For the U.S. American Express
Supplemental Retirement Plan and non-U.S. defined benefit pension and postretirement benefit plans, contributions in 2009 are anticipated to be approximately $88 million, and this amount has been included within other long-term liabilities.
Remaining obligations under defined benefit pension and postretirement benefit plans aggregating $648 million have not been included in the table above as the timing of such obligations is not determinable. Additionally, other long-term liabilities
do not include $4.6 billion of Membership Rewards liabilities as the Company does not consider these to be long-term obligations.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The purchase obligation amounts represent non-cancelable minimum contractual obligations by period under contracts that were in effect at December 31, 2008. Termination fees are included in these
amounts.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The Company also has certain contingent obligations to make payments under contractual agreements entered into as part of the ongoing operation of the Company&#146;s
business, primarily with co-brand partners. The contingent obligations under such arrangements were approximately $6.1 billion as of December 31, 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In addition to the off-balance
sheet contractual obligations noted above, the Company has off-balance sheet arrangements that include guarantees, retained interests in structured investments, unconsolidated variable interest entities and other off-balance sheet arrangements as
more fully described below. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>GUARANTEES</FONT></STRONG> <BR></FONT><FONT face=serif size=2>The Company&#146;s principal guarantees are associated with cardmember services to
enhance the value of owning an American Express card. At December 31, 2008, the Company had guarantees totaling approximately $69 billion related to cardmember protection plans, as well as other guarantees in the ordinary course of business that are
within the scope of FASB Interpretation No. 45, &#147;Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others&#148; (FIN 45). Refer to Note 15 to the Consolidated Financial
Statements for further discussion regarding the Company&#146;s guarantees. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>CERTAIN OTHER OFF-BALANCE SHEET ARRANGEMENTS<BR></FONT></STRONG></FONT><FONT face=serif size=2>At
December 31, 2008, the Company had approximately $253 billion of unused credit available to cardmembers as part of established lending product agreements. Total unused credit available to cardmembers does not represent potential future cash
requirements, as a significant portion of this unused credit will likely not be drawn. The Company&#146;s charge card products have no pre-set limit and, therefore, are not reflected in unused credit available to cardmembers. As discussed in the
Consolidated Liquidity and Capital Resources section, the Company&#146;s securitizations of cardmember loans are also off-balance sheet. The Company&#146;s cardmember receivables securitizations remain on the Consolidated Balance
Sheets.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Refer to Note 16 to the Consolidated Financial Statements for discussion regarding the Company&#146;s other off-balance sheet arrangements.</FONT></P> <P align=justify><FONT
face=serif size=2><STRONG>RISK MANAGEMENT</STRONG></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>INTRODUCTION <BR></STRONG></FONT><FONT face=serif size=2>The key objective of risk management at American Express is to drive profitable
growth, while limiting the exposure to adverse financial impacts. By building analytical and technological </FONT></P> <P align=center><FONT face=serif size=1>42</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>capabilities, creating measurable limits on risk exposures, optimizing investment decisions, and
identifying unacceptable risks, risk management contributes to the Company&#146;s efforts to create shareholder and customer value.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In addition to business risk, the Company recognizes
four fundamental sources of risk:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Credit risk;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Market risk;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Liquidity
risk; and<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Operational risk.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>These risk types, which are described below, are interrelated and span the Company&#146;s business units and
geographic locations. Depending on their nature and scope, the Company manages and monitors these risks centrally at the enterprise-wide level and/or at the business unit level, as appropriate.</FONT></P> <P align=justify><FONT face=serif
size=1><STRONG>PRINCIPLES<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s risk management is based on the following three principles:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Independent
oversight;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Board-approval of risk limits and escalation triggers;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Risk manager and business unit ownership of risk-return</FONT> <FONT face=serif
size=2>decision-making.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>The measurement and reporting of the Company&#146;s risks are performed independently by risk management leaders. The Company&#146;s risk management leaders partner
with business unit managers in making risk-return decisions using standardized risk metrics. Both risk and business unit managers are jointly accountable for the outcome of risk-return decisions within the Enterprise-wide Risk Management Committee
(ERMC) and the Board approved limits and escalation triggers.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>GOVERNANCE<BR></STRONG></FONT><FONT face=serif size=2>The Audit Committee of the Board approves the Company&#146;s
Enterprise-wide Risk Management policy, which defines risk management objectives, risk appetite limits, and the governance structure. The ERMC</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>supports the Board in its oversight
function and works closely with the Company&#146;s most senior executives to ensure that risk management policies are implemented across the Company. The ERMC measures and monitors enterprise-wide risk with a particular emphasis on preventing
excessive risk taking. It also establishes subordinate risk policies for each of the four sources of risk noted above and oversees risk committees across the Company.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Business unit
managers and independent risk management leaders are responsible for optimizing risk-return decisions and containing risk within established limits.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The large majority of transactions
and initiatives can proceed within the existing business unit risk management processes. However, risks that are large, new, or with enterprise-wide implications receive enhanced scrutiny.</FONT></P> <P align=justify><FONT face=serif
size=1><STRONG>ROLES AND RESPONSIBILITIES<BR></STRONG></FONT><FONT face=serif size=2>The ERMC is chaired by the Company&#146;s Chief Risk Officer</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>who reports directly to the
President of American Express Company, who also leads the Global Consumer Group. The Chief Risk Officer is directly responsible for individual and institutional credit risk and operational risk, and provides guidance on the risk-related issues
through the ERMC. The Chief Risk Officer is supported by centralized functions such as global fraud, privacy and enterprise risk, and the Chief Credit Officer of each business unit.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition, the Chief Risk Officer is responsible for creating an appropriate company-wide risk culture, monitoring and reporting on the Company&#146;s risk profile, ensuring adherence to the approved risk tolerance/escalation guidelines, and
implementing best-in-class approaches to risk management throughout the Company.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In addition to the Chief Risk Officer, the ERMC is composed of:</FONT></P> <UL
style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>The Chief Market Risk Officer;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>The Chief Operational Risk Officer;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>The Chief Credit
Officers of each operating segments of the</FONT> <FONT face=serif size=2>Company; and<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>The enterprise-wide leaders for compliance, controllership,</FONT> <FONT face=serif size=2>global banking, and
information security.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>In order to enhance its enterprise-wide risk assessment, the ERMC continues to evolve risk management capabilities that help the Company make better business and
investment decisions as well as strengthen measuring, managing and transparent reporting of risk. The ERMC also launches focused risk management initiatives to assess the sources of significant
exposures.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Under the ERMC leadership, committees governing each risk type develop policies and procedures for their specific areas, manage and monitor those risks, and
strengthen</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>risk capabilities.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>CREDIT RISK MANAGEMENT PROCESS<BR></STRONG></FONT><FONT face=serif size=2>Credit risk is
defined as the risk of loss from obligor or counterparty default. Credit risks in the Company are divided into two broad categories: consumer and institutional. Each has distinct risk management tools and metrics.</FONT></P> <P align=center><FONT
face=serif size=1>43</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=1><STRONG>CONSUMER CREDIT RISK<BR></STRONG></FONT><FONT face=serif size=2>Consumer credit risk arises principally from consumer and small business charge cards, credit cards, lines of credit, and loans. These portfolios consist of
millions of borrowers across multiple geographies, occupations, industries and levels of net worth. The Company benefits from the attractive profile of its cardmembers, which is driven by brand positioning, underwriting, and customer management
policies, premium customer servicing, and product reward features. The risk in these portfolios is correlated with broad economic trends, such as unemployment rates and home values, which can have a material affect on credit
performance.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>General principles and the overall framework for managing consumer credit risk across the Company are defined in the Individual Credit Risk Policy approved by the ERMC.
This policy is further supported by subordinate policies and practices covering all facets of consumer credit extension, including prospecting, approvals, authorizations, line management, collections, and fraud prevention. These policies ensure
consistent application of credit management principles and standardized reporting of asset quality and loss recognition.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Consumer credit risk management is supported by sophisticated
proprietary scoring and decision-making models that use the most up-to-date proprietary information on customers, such as spending and payment history, data feeds from credit bureaus, and mortgage information. The Company has developed unique
decision logic for each customer interaction, including prospect targeting, new account</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>approvals, line assignment, balance transfers, cross selling and overall account management
and collection.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>INSTITUTIONAL CREDIT RISK<BR></STRONG></FONT><FONT face=serif size=2>Institutional credit risk arises principally within the Company&#146;s corporate card services, merchant
services, network services, and from the Company&#146;s investment activities. Unlike consumer credit risk, institutional credit risk is characterized by a lower loss frequency but higher severity. It is affected both by general economic conditions
and by borrower-specific events. The Company&#146;s senior risk officers recognize that the absence of large losses in any given year or over several years is not necessarily representative of the risk of institutional portfolios, given the
infrequency of loss events in such portfolios.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>General principles and the overall framework for managing institutional credit risk across the Company are defined in the Institutional
Credit Risk Policy approved by the ERMC. The Institutional Risk Management Committee (IRMC) is responsible for implementation and enforcement of this policy and for providing guidance to the credit officers of each business unit with substantial
institutional credit risk exposures, who in turn make investment decisions in core risk capabilities, ensure proper implementation of the underwriting standards and contractual rights of risk mitigation, monitor risk exposures, </FONT><FONT
face=serif size=2>and determine risk mitigation actions. The IRMC formally reviews large institutional exposures to ensure compliance with ERMC guidelines and procedures and escalates them to the ERMC as appropriate. At the same time, the IRMC
provides continuous guidance to business unit risk teams to optimize risk-adjusted returns on capital. A company-wide risk rating utility and a specialized airline risk group provide risk assessment of institutional obligors.</FONT></P> <P
align=justify><FONT face=serif size=1><STRONG>MARKET RISK MANAGEMENT PROCESS<BR></STRONG></FONT><FONT face=serif size=2>Market risk is the risk to earnings or value resulting from movements in market prices. The Company&#146;s market risk exposure
is primarily generated by:</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Interest rate risk in its card, insurance, and certificate</FONT> <FONT face=serif size=2>businesses; and<BR>&nbsp;</FONT> <LI><FONT
face=serif size=2>Foreign exchange risk in its international operations.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>General principles and the overall framework for managing market risk across the Company are defined in the Market
Risk Policy approved by the ERMC. Market risk is centrally managed by the Market Risk Committee, chaired by the Chief Market Risk Officer of the Company. Within each business, market risk exposures are monitored and managed by various asset/
liability committees, guided by Board-approved policies covering derivative financial instruments, funding and investments. Derivative financial instruments derive their value from an underlying variable or multiple variables, including interest
rate, foreign exchange, and equity indices or prices. These instruments enable end users to increase, reduce or alter exposure to various market risks and, for that reason, are an integral component of the Company&#146;s market risk and related
asset/liability management strategy and processes. Use of derivative financial instruments is incorporated into the discussion below as well as Note 14.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Market exposure is a byproduct
of the delivery of products and services to cardmembers. Interest rate risk is primarily generated by funding cardmember charges and fixed-rate loans with variable rate borrowings. These assets and liabilities generally do not create naturally
offsetting positions with respect to basis, re-pricing, or maturity characteristics.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the Company&#146;s charge card and fixed-rate lending products, interest rate exposure is
managed by shifting the mix of funding toward fixed-rate debt and by using derivative instruments, with an emphasis on interest rate swaps, which effectively fix interest expense for the length of the swap. The Company may change the amount hedged
and the hedge percentage may change based on changes in business volumes and mix, among other factors. For the majority of its cardmember loans, which are linked to a floating rate base and generally reprice each month, the Company uses floating
rate funding. The Company regularly reviews its strategy and may modify</FONT></P> <P align=center><FONT face=serif size=1>44</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL
REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>it. Derivative financial instruments, primarily interest rate swaps, with notional amounts of approximately $18.0 billion were
outstanding at December 31, 2008 and 2007. These derivatives generally qualify for hedge accounting. A portion of these derivatives outstanding as of December 31, 2008, extend to 2018. The Company does not engage in derivative financial instruments
for trading purposes.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The detrimental effect on the Company&#146;s pretax earnings of a hypothetical 100 basis point increase in interest rates would be approximately $152 million ($112
million related to the U.S. dollar), based on the 2008 year-end positions. This effect, which is calculated using a static asset liability gapping model, is primarily determined by the volume of variable rate funding of charge card and fixed-rate
lending products for which the interest rate exposure is not managed by derivative financial instruments. As of year end 2008, the percentage of total worldwide managed loans that were deemed to be fixed-rate was 36 percent, with the remaining 64
percent deemed to be variable rate.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Foreign exchange risk is generated by cardmember cross-currency charges, foreign currency denominated balance sheet exposures, translation exposure
of foreign operations, and foreign currency earnings in international units. The Company&#146;s foreign exchange risk is managed primarily by entering into agreements to buy and sell currencies on a spot basis or by hedging this market exposure to
the extent it is economically justified through various means, including the use of derivative financial instruments such as foreign exchange forward, options, and cross-currency swap contracts, which can help &#147;lock in&#148; the value of the
Company&#146;s exposure to specific currencies.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008 and 2007, foreign currency products with total notional amounts of approximately $17 billion and $14 billion,
respectively, were outstanding. Derivative hedging activities related to cross-currency charges, balance sheet exposures, and foreign currency earnings generally do not qualify for hedge accounting; however, derivative hedging activities related to
translation exposure of foreign operations generally do.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>With respect to cross-currency charges and balance sheet exposures, including related foreign exchange forward contracts
outstanding, the effect on the Company&#146;s earnings of a hypothetical 10 percent change in the value of the U.S. dollar would be immaterial as of December 31, 2008. With respect to foreign currency earnings, the adverse impact on pretax income of
a 10 percent strengthening of the U.S. dollar related to anticipated overseas operating results for the next 12 months, including any related foreign exchange forward contracts entered into in January 2009, would hypothetically be $105 million as of
December 31, 2008. With respect to translation exposure of foreign operations, including related foreign exchange forward contracts outstanding, a 10 percent strengthening in the U.S. dollar would result in an immaterial reduction in equity as of
December 31, 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The actual impact of interest rate and foreign exchange rate changes will depend on, among other factors, the timing of rate changes, the extent to which different
rates do not move in the same direction or in the same direction to the same degree, and changes in the volume and mix of the Company&#146;s businesses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For example, the Company is also
subject to market risk from changes in the relationship between the benchmark prime rate that determines the yield on its variable-rate lending receivables and the benchmark LIBOR rate that determines the effective interest cost on a significant
portion of its outstanding debt, including asset securitizations. Simultaneous and identically-sized changes in the same direction of these two indices do not contribute to the market risk described above, as there is no material mismatch in the
effective repricing frequency of these two indices. However, differences in the rate of change of these two indices, commonly referred to as basis risk, will impact the Company&#146;s variable-rate U.S. lending net interest margin. The Company
currently has approximately $44.6 billion of prime-based, variable-rate U.S. lending receivables that are funded with LIBOR-indexed debt, including asset securitizations. Historically, the spread between 1 month LIBOR and the federal funds rate has
averaged 20 basis points. During the fourth quarter of 2008, this spread was as high as approximately 300 basis points, although it has subsequently declined from those levels.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>LIQUIDITY
RISK MANAGEMENT PROCESS<BR></STRONG></FONT><FONT face=serif size=2>Liquidity risk is defined as the inability to access cash and equivalents needed to meet business requirements and satisfy the Company&#146;s obligations. General principles and the
overall framework for managing liquidity risk across the Company are defined in the Liquidity Risk Policy approved by the ERMC. The Company balances the trade-offs between maintaining too much liquidity, which can be costly and limit financial
flexibility, with having inadequate liquidity, which may result in financial distress during a liquidity event. Liquidity risk is centrally managed by the Funding and Liquidity Committee, chaired by the Corporate Treasurer. The Company has developed
a liquidity plan that enables it to meet its daily cash obligations when access to both unsecured and secured funds in the debt capital markets is impaired or unavailable. This plan is designed to ensure that the Company and all of its main
operating entities could continuously maintain business operations for a 12-month period in which its access to all capital markets financing is interrupted. The hypothetical 12-month liquidity crisis is assumed to occur as a sudden and unexpected
event that temporarily impairs access to or makes unavailable financing in the unsecured debt capital markets.</FONT></P> <P align=center><FONT face=serif size=1>45</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Liquidity risk is managed both at an aggregate
company level and at the major legal entities in order to ensure that sufficient funding and liquidity resources are available in the amount and in the location needed in a stress event. The Funding and Liquidity Committee manages the forecasts of
the Company&#146;s aggregate and subsidiary cash positions and financing requirements, the funding plans designed to satisfy those requirements under normal conditions, establishes guidelines to identify the amount of liquidity resources required,
and monitors positions and determines any actions to be taken. Liquidity planning also takes into account operating cash flexibilities. </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>OPERATIONAL RISK MANAGEMENT PROCESS<BR></STRONG>
</FONT><FONT face=serif size=2>Managing operational risk is an important priority for the Company. The Company defines operational risk as the risk of not achieving business objectives due to inadequate or failed processes or information systems,
human error or the external environment (e.g., natural disasters) including losses due to failures to comply with laws and regulations. Operational risk is inherent in all business activities and can impact an organization through direct or indirect
financial loss, brand damage, customer dissatisfaction, or legal or regulatory penalties. Current areas of significant focus include data protection, anti-money laundering, vendor risk, impact of reengineering efforts, financial reporting risk and
both internal and external fraud.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The general principles and the overall framework for managing operational risk across the Company are defined in the Operational Risk Policy approved
by the ERMC. The Operational Risk Management Committee (ORMC) provides governance for the operational risk framework including related policies and is chaired by the Chief Operational Risk Officer with member representation from business units and
support groups. These groups have the responsibility for implementing the framework as well as for the day-to-day management of operational risk.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In order to appropriately measure
operational risk, the Company has developed a comprehensive operational risk model. This model assesses (i) risk events, i.e. what occurred or could have occurred; (ii) root causes, i.e. why did it occur or could have occurred; and (iii) impact,
i.e. how was the Company affected or might have been affected. The impact on the Company is assessed from a financial, brand, regulatory and legal perspective. The operational risk model also assesses the frequency and likelihood that events may
occur again so that the appropriate mitigation steps may be taken.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Additionally, the Company uses an operational risk framework to identify, measure, monitor, and report inherent and
emerging operational risks. This framework consists of a) the ORMC oversight, b) an operational risk event capture process, and c) process and entity-level risk self assessments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>Internal losses and external losses are captured and analyzed in the operational risk event capture database. Risk managers responsible for the areas where losses have occurred are required to create action plans and escalate events based on
thresholds to the ORMC.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The process risk self-assessment methodology is used to facilitate compliance with Section 404 of the Sarbanes-Oxley Act, and is also used for non-financial
operational risk self assessments. This methodology involves identifying key processes across the Company and then determining the inherent operational risks. Once these risks have been identified, the existing control environment is defined, key
controls are tested and relevant issues are escalated to the appropriate governing bodies.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The operational risk framework also includes the entity risk self-assessment. This is a risk
workshop where senior leaders identify the key operational risks that the business unit or support group faces and determines the Company&#146;s preparedness to respond should these risks occur. Top risks are tracked to ensure that the appropriate
monitoring or mitigation is in place.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company also has a reporting process that provides business unit leaders with operational risk information on a quarterly basis to help them
assess the overall operational risks of their business units. These scorecards identify the key components of the operational risk framework and relevant operational risk metrics.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>These
initiatives have resulted in improved operational risk intelligence and heightened level of preparedness to manage risk events and conditions that may adversely impact the Company&#146;s operations.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>BUSINESS SEGMENT RESULTS</STRONG></FONT><BR> <FONT face=serif size=2>The Company&#146;s businesses are organized into two customer-focused groups, the Global Consumer Group and the Global Business-to-Business Group. U.S. Card Services
(USCS) and International Card Services (ICS) are aligned within the Global Consumer Group and Global Commercial Services (GCS) and Global Network &amp; Merchant Services (GNMS) are aligned within the Global Business-to-Business
Group.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company considers a combination of factors when evaluating the composition of its reportable operating segments, including the results reviewed by the chief operating
decision maker, economic characteristics, products and services offered, classes of customers, product distribution channels, geographic considerations (primarily U.S. versus international), and regulatory environment considerations. Refer to Note
24 to the Consolidated Financial Statements for additional discussion of products and services by segment.</FONT></P> <P align=center><FONT face=serif size=1>46</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Results of the business segments essentially treat each segment as a
stand-alone business. The management reporting process that derives these results allocates income and expense using various methodologies as described below.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>TOTAL REVENUES NET OF INTEREST
EXPENSE<BR></STRONG></FONT><FONT face=serif size=2>The Company allocates discount revenue and certain other revenues among segments using a transfer pricing methodology. Segments earn discount revenue based on the volume of merchant business
generated by cardmembers. Within the USCS, ICS, and GCS segments, discount revenue reflects the issuer component of the overall discount rate; within the GNMS segment, discount revenue reflects the network and merchant component of the overall
discount rate. Total interest income and net card fees are directly attributable to the segment in which they are reported. </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>PROVISIONS FOR LOSSES<BR></STRONG></FONT><FONT face=serif
size=2>The provisions for losses are directly attributable to the segment in which they are reported.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>EXPENSES<BR></STRONG></FONT><FONT face=serif size=2>Marketing and promotion expenses
are reflected in each segment based on actual expenses incurred, with the exception of brand advertising, which is reflected in the GNMS segment. Rewards and cardmember services expenses are reflected in each segment based on actual expenses
incurred within each segment.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Salaries and employee benefits and other operating expenses, such as professional services, occupancy and equipment and communications, reflect expenses
incurred directly within each segment. In addition, expenses related to the Company&#146;s support services, such as technology costs, are allocated to each segment based on support service activities directly attributable to the segment. Other
overhead expenses, such as staff group support functions, are allocated to segments based on each segment&#146;s relative level of pretax income, with the exception of certain fourth quarter 2008 severance and other charges of $133 million related
to the Company&#146;s fourth quarter reengineering initiative. These charges were reflected in the Corporate &amp; Other segment as this was a corporate initiative, which is further discussed in Note 25 to the Consolidated Financial Statements and
earlier in the Financial Review. This presentation is consistent with how such charges were reported internally. Financing requirements are managed on a consolidated basis. Funding costs are allocated based on segment funding
requirements.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>CAPITAL<BR></STRONG></FONT><FONT face=serif size=2>Each business segment is allocated capital based on established business model operating requirements, risk measures, and
regulatory capital requirements. Business model operating requirements include capital needed to support operations and specific balance sheet items. The risk measures include considerations for credit, market, and operational risk.</FONT></P> <P
align=justify><FONT face=serif size=1><STRONG>INCOME TAXES<BR></STRONG></FONT><FONT face=serif size=2>Income tax provision (benefit) is allocated to each business segment based on the effective tax rates applicable to various businesses that make up
the segment.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>U.S. CARD SERVICES</STRONG></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>SELECTED INCOME STATEMENT DATA GAAP BASIS PRESENTATION</STRONG></FONT></P>
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<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Revenues</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Discount revenue, net card fees and other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>10,357</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10,243</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>9,286</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Securitization income, net</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,070</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,507</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,489</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Interest income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>4,736</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,125</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,688</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,166</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,653</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,843</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2,570</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,472</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,845</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>13,997</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,222</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12,620</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Provisions for losses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>4,389</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,998</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,625</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense after provision for losses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>9,608</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11,224</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10,995</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Expenses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Marketing, promotion, rewards and cardmember services</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,837</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,140</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,445</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Salaries and employee benefits and other operating expenses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>3,630</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,354</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,227</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>8,467</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,494</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,672</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Pretax segment income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>1,141</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,730</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,323</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Income tax provision</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>289</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>907</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,171</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Segment income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>852</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,823</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,152</FONT></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>47</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>SELECTED STATISTICAL INFORMATION<SUP>(a)</SUP></STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Billions, except percentages and where indicated)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Card billed business</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>382.0</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>375.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>333.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Total cards-in-force <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>44.2</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>43.3</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>40.7</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Basic cards-in-force <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>32.9</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>32.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>30.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Average basic cardmember spending <EM>(dollars)</EM></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>11,594</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>12,011</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>11,521</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>U.S. Consumer Travel:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel sales <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,113</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,975</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,357</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel commissions and fees/sales</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>8.2</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Total segment assets</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>77.8</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>82.3</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>71.0</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Segment capital <EM>(millions)</EM><SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,788</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,454</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,686</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Return on average segment capital<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>18.0</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>40.2</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>47.4</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average tangible segment capital<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>19.0</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>41.8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>49.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Cardmember receivables:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total receivables</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>17.8</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>20.6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 days past due as a % of total</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3.7</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average receivables</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>19.2</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>19.7</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net write-off rate<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>3.6</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>N/A</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember lending &#151; owned basis<SUP>(e)</SUP>:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans<SUP>(f)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>32.7</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>43.3</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>33.5</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 days past due loans as a % of total</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>4.7</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans<SUP>(f)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>36.7</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>37.1</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>27.5</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net write-off rate</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>5.8</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.5</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans<SUP>(g)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>8.5</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember lending &#151; managed basis<SUP>(h)</SUP>:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans<SUP>(f)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>62.4</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>65.9</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>53.7</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 days past due loans as a % of total</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>4.7</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans<SUP>(f)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>64.0</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>58.2</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>47.9</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net write-off rate</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>5.5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans<SUP>(g)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>9.1</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9.1</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9.1</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital
requirements.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average segment capital is calculated by dividing (i) segment income ($852 million, $1.8 billion, and $2.2 billion for 2008, 2007, and 2006, respectively) by
(ii) average segment capital ($4.7 billion, $4.5 billion, and $4.5 billion for 2008, 2007, and 2006, respectively). Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation
of average tangible segment capital excludes average goodwill and other intangibles of $243 million, $170 million, and $171 million at December 31, 2008, 2007, and 2006, respectively. The Company believes the return on average tangible segment
capital is a useful measure of the profitability.</FONT></P></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(d)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT size=1>In the fourth quarter of 2008, the Company revised the time period in which past due cardmember receivables in USCS are written off to 180 days past due, consistent with
applicable bank regulatory guidance. Previously, receivables were written off when 360 days past due. The net write-offs for 2008 include approximately $341 million resulting from this write-off methodology change, which is not reflected in the
table above. Including the $341 million in write-offs, the net write-off rate was 5.4 percent for 2008.</FONT></P></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(e)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT size=1>&#147;Owned,&#148; a GAAP basis measurement, reflects only cardmember loans included on the Company&#146;s Consolidated Balance Sheets.</FONT></P></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(f)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company&#146;s conversion to a bank holding company. Specifically,
deferred card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></P></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(g)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT size=1>See below for calculations of net interest yield on cardmember loans. The Company believes net interest yield on cardmember loans (on both an owned and managed basis) is useful to
investors because it provides a measure of profitability of the Company&#146;s cardmember lending portfolio.</FONT></P></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(h)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT size=1>Includes on-balance sheet cardmember loans and off-balance sheet securitized cardmember loans. The difference between the &#147;owned basis&#148; (GAAP) information and
&#147;managed basis&#148; information is attributable to the effects of securitization activities. Refer to the information set forth under U.S. Card Services Selected Financial Information for further discussion of the managed basis presentation.
</FONT></P></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=1><STRONG>CALCULATION OF NET INTEREST YIELD ON CARDMEMBER LOANS<SUP>(a)</SUP></STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions, except percentages and where indicated)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Owned Basis:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>2,570</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,472</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans (<I>billions</I>)<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>36.7</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>37.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net interest income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,127</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,293</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted average loans (<I><FONT face=serif size=2>billions</FONT></I>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>36.8</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>37.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>8.5</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8.9</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top>&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company&#146;s conversion to a bank holding company.
Specifically, deferred card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif
size=1><STRONG>RESULTS OF OPERATIONS FOR THE THREE YEARS ENDED DECEMBER 31, 2008 &#150; GAAP BASIS<BR></STRONG></FONT><FONT face=serif size=2>The following discussion of U.S. Card Services&#146; segment results of operations is presented on a GAAP
basis.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>U.S. Card Services reported segment income of $852 million for 2008, a $971 million or 53 percent decrease from $1.8 billion in 2007, which decreased $329 million or 15 percent
from 2006.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Total Revenues Net of Interest Expense<BR></STRONG></FONT><FONT face=serif size=2>In 2008, U.S. Card Services&#146; total revenues net of interest expense decreased $225 million
or 2 percent to $14.0 billion due to lower securitization income, net, decreased other commissions and fees and lower interest income, partially offset by slightly higher discount revenue, net card fees and other, as</FONT></P> <P align=center><FONT
face=serif size=1>48</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=2>well as lower interest expense. Discount revenue, net card fees and other of $10.4 billion in 2008, increased $114 million or 1 percent from 2007, due to higher other revenue, greater net card fees and increased travel commissions
and fees, which were partially offset by lower commissions and fees. The increase in billed business reflected a 2 percent increase in basic cards-in-force, offset by a 3 percent decline in average basic cardmember spending. Within U.S. Card
Services, small business volumes rose 7 percent in 2008, offset by a slight decrease in consumer billed business. Interest income of $4.7 billion in 2008 was $389 million or 8 percent lower than in 2007, primarily due to lower market interest
rate-driven yields and a slight decrease in average owned lending balances. Interest expense of $2.2 billion in 2008, decreased $487 million or 18 percent as compared to a year ago, primarily due to a lower cost of funds. Total revenues net of
interest expense of $14.2 billion in 2007 were $1.6 billion or 13 percent higher than 2006 as a result of higher interest income, increased discount revenue, net card fees and other, and greater securitization income, net, partially offset by
increased interest expense.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Provisions for Losses<BR></STRONG></FONT><FONT face=serif size=2>Provisions for losses increased $1.4 billion or 46 percent to $4.4 billion for 2008 compared to
2007, due to higher write-off and delinquency rates in the lending and charge portfolios reflecting the challenging U.S. credit environment. Provisions for losses increased $1.4 billion or 84 percent to $3.0 billion for 2007 compared to 2006,
reflecting increased write-off and delinquency rates, the impact of loan growth, and the credit-related charge previously discussed.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Expenses<BR></STRONG></FONT><FONT face=serif
size=2>During 2008, U.S. Card Services&#146; expenses decreased $27 million or less than 1 percent to $8.5 billion, due to lower marketing, promotion, rewards and cardmember services expenses, partially offset by greater salaries and employee
benefits and other operating expenses. Expenses in 2008, 2007, and 2006, included $30 million, $13 million, and $23 million, respectively, of charges related to reengineering activities primarily related to the Company&#146;s reengineering
initiative in 2008 as previously discussed and reengineering activities within consumer and small business services in 2007 and 2006. Expenses in 2007 of $8.5 billion were $822 million or 11 percent higher than in 2006, primarily due to higher
marketing, promotion, rewards and cardmember services expenses, and greater salaries and employee benefits and other operating expenses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing, promotion, rewards and cardmember
services expenses decreased $303 million or 6 percent in 2008 to $4.8 billion, due to the Membership Rewards related charge in 2007 noted above, the incremental business-building expenses in 2007 compared to lower marketing and promotion expenses in
2008, partially offset by the Delta-related charge in 2008 to increase the Membership Rewards liability and higher volume-related rewards costs. Marketing, promotion, rewards and cardmember services expenses increased $695 million or 16 percent in
2007 to $5.1 billion, reflecting the increase to the Membership Rewards liability resulting from enhancements to the method of liability estimation, a higher redemption rate, and higher volume-driven rewards costs, partially offset by slightly lower
marketing and promotion expenses and the charges associated with adjustments made to the U.S. Membership Rewards reserve model in 2006. Salaries and employee benefits and other operating expenses of $3.6 billion in 2008 increased $276 million or 8
percent from 2007. The increase was due to higher software, operations, technology and credit and collection costs, the pension-related gain in 2007 and costs related to the Company&#146;s reengineering initiatives in 2008. Salaries and employee
benefits and other operating expenses of $3.4 billion in 2007 increased $127 million or 4 percent from 2006. The increase was due to higher technology and volume-related operating expenses, partially offset by the previously discussed
pension-related gain of $36 million in 2007 and the reclassification to revenues of certain card acquisition-related costs beginning in the third quarter of 2006 as discussed previously.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Income Taxes<BR></STRONG></FONT><FONT face=serif size=2>The effective tax rate was 25 percent for 2008 compared to 33 percent and 35 percent for 2007 and 2006, respectively. The effective tax rate for 2008 and 2007 reflected benefits
related to the resolution of certain prior years&#146; tax items and in 2008, a relatively lower level of pretax income.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>DIFFERENCES BETWEEN GAAP AND MANAGED BASIS PRESENTATION<BR></STRONG>
</FONT><FONT face=serif size=2>For U.S. Card Services, the managed basis presentation assumes that there have been no off-balance sheet securitization transactions, i.e., all securitized cardmember loans and related income effects are reflected as
if they were in the Company&#146;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 in the U.S. Card Services Selected Financial Information), interest income, 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.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company presents U.S. Card Services information on a managed basis because that is the way the Company&#146;s management views
and manages the business. Management believes that a full picture of trends in the Company&#146;s cardmember lending business can only be derived by evaluating the performance of both securitized and non-securitized</FONT></P> <P align=center><FONT
face=serif size=1>49</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=2>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&#146;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.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On a GAAP
basis, revenue and expenses from securitized cardmember loans are reflected in the Company&#146;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&#146;s balance sheet, and the resulting gain on sale is reflected in securitization income, net as well as an impact to provisions 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 &#147;excess spread&#148;) related to the interests sold to
investors (i.e., the investors&#146; interests). These amounts, in addition to changes in the fair value of interest-only strips, are reflected in securitization income, net and fees and commissions. The Company also recognizes total interest income
over the life of the securitization transaction related to the interest it retains (i.e., the seller&#146;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.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>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.</FONT></P>
<P align=justify><FONT face=serif size=2><STRONG>U.S. CARD SERVICES</STRONG></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>SELECTED FINANCIAL INFORMATION MANAGED BASIS PRESENTATION</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Discount revenue, net card fees and other:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reported for the period (GAAP)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>10,357</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10,243</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>9,286</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitization adjustments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>400</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>310</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>199</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed discount revenue, net card fees and other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>10,757</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>10,553</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9,485</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Interest income:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reported for the period (GAAP)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>4,736</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,125</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,688</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitization adjustments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,512</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,130</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,937</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed interest income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>8,248</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8,255</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>6,625</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Securitization income, net:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reported for the period (GAAP)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>1,070</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,507</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,489</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitization adjustments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>(1,070</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(1,507</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(1,489</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed securitization income, net</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reported for the period (GAAP)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>2,166</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,653</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,843</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitization adjustments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>830</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,136</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,057</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2,996</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,789</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,900</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Provisions for losses:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reported for the period (GAAP)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>4,389</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,998</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,625</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitization adjustments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,002</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>871</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>550</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed provisions for losses</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>6,391</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,869</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,175</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD noWrap>&nbsp;&nbsp;&nbsp; </TD>
<TD align=left width="100%"> <P align=justify><FONT face=serif size=1>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&#146;s balance sheets and income statements, respectively. For the managed basis presentation, revenue and expenses related to securitized cardmember loans are reflected in other commissions and fees
(included above in discount revenue, net card fees and other), interest income, 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.</FONT></P></TD></TR></TABLE> <P align=center><FONT face=serif size=1>50</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT
face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>CALCULATION OF NET INTEREST YIELD ON CARDMEMBER LOANS<SUP>(a)</SUP></STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions, except percentages and where indicated)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Managed Basis&nbsp; </FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>5,252</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,466</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans (<I>billions</I>)<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>64.0</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>58.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net interest income</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>5,809</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,286</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted average loans (<I>billions</I>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>64.1</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>58.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>9.1</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9.1</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Includes the GAAP to managed basis securitization adjustments to interest income and interest expense as set forth under U.S. Card Services Selected Financial
Information managed basis presentation.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company&#146;s conversion to a bank holding company.
Specifically, deferred card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif
size=1><STRONG>RESULTS OF OPERATIONS FOR THE THREE YEARS ENDED DECEMBER 31, 2008 &#150; MANAGED BASIS<BR></STRONG></FONT><FONT face=serif size=2>The following discussion of U.S. Card Services is on a managed
basis.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Discount revenue, net card fees and other in 2008 increased $204 million or 2 percent to $10.8 billion, largely due to higher net card fees, greater other revenues, higher travel
commissions and fees, and increased discount revenues, which were partially offset by lower other commissions and fees. Discount revenue, net card fees and other in 2007 increased $1.1 billion or 11 percent to $10.6 billion, due to higher discount
revenues, greater other commissions and fees, higher net card fees, and increased travel commissions and fees. Interest income in 2008 of $8.2 billion remained flat as lower market interest rate-driven yields more than offset the 10 percent growth
in average managed lending balances. Interest income in 2007 increased $1.6 billion or 25 percent to $8.3 billion driven by interest and fees on loans largely due to higher average managed loan balances and an increased portfolio yield. Interest
expense in 2008 decreased $793 million or 21 percent to $3.0 billion due to a lower market interest rate-driven cost of funds which more than offset higher average managed receivable balances. In 2007, interest expense increased $889 million or 31
percent in 2007 to $3.8 billion due to higher average loan and receivables balances and higher funding rates. Provisions for losses increased $2.5 billion or 65 percent to $6.4 billion in 2008, reflecting the impact of higher write-off and
delinquency rates and higher average managed loan balances, partially offset by the credit-related charge in 2007. Provisions for losses increased $1.7 billion or 78 percent to $3.9 billion in 2007 due to increased write-off and delinquency rates,
the impact of strong loan and volume growth, and the credit-related charge previously discussed.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>INTERNATIONAL CARD SERVICES</STRONG></FONT></P> <P align=justify><FONT face=serif
size=1><STRONG>SELECTED INCOME STATEMENT DATA</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Revenues</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount revenue, net card fees and other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,758</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,499</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,243</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,984</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,741</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,440</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>961</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>909</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>718</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,023</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>832</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>722</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>4,781</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>4,331</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,965</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Provisions for losses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,030</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>812</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>852</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total revenues net of interest expense after provision for losses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>3,751</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,519</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,113</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing, promotion, rewards and cardmember services</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>1,453</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,566</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,109</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and employee benefits and other operating expenses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,145</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,836</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,692</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>3,598</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,402</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,801</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax segment income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>153</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>117</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>312</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Income tax benefit</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>(198</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(174</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(31</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Segment income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>351</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>291</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>343</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; </FONT></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>51</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>SELECTED STATISTICAL INFORMATION<SUP>(a)</SUP></STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Billions, except percentages and where indicated)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Card billed business</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>106.1</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>98.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>86.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Total cards-in-force <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>16.3</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>16.0</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>15.6</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Basic cards-in-force <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>11.4</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Average basic cardmember spending <I>(dollars)</I></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>9,292</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8,772</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7,491</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>International Consumer Travel:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel sales <I>(millions)</I></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>1,267</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,113</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>922</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel commissions and fees/sales</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>8.1</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.7</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Total segment assets</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>20.4</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>21.4</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>18.9</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Segment capital <EM>(millions)</EM><SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,997</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,062</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,724</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Return on average segment capital<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>16.7</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>15.3</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>17.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average tangible segment capital<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>22.5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Cardmember receivables:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total receivables</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>5.6</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6.6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 days past due as a % of total</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3.1</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1.8</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.3</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss ratio as a % of charge volume</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.24</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.26</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.26</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>Cardmember lending:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>9.5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>9.7</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 days past due loans as a % of total</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3.6</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.8</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>10.9</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net write-off rate<SUP>(e)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>4.8</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5.9</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans<SUP>(f)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>9.8</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.9</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.4</FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital
requirements.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average segment capital is calculated by dividing (i) segment income ($351 million, $291 million, and $343 million for 2008, 2007, and 2006, respectively) by
(ii) average segment capital ($2.1 billion, $1.9 billion, and $1.9 billion for 2008, 2007, and 2006, respectively). Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation
of average tangible segment capital excludes average goodwill and other intangibles of $543 million, $539 million, and $552 million at December 31, 2008, 2007, and 2006, respectively. The Company believes the return on average tangible segment
capital is a useful measure of the profitability.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top>&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Loan balances used to calculate average loans for all periods presented has been revised in connection with the Company&#146;s conversion to a bank holding company.
Specifically, deferred card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(e)</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>In the third quarter of 2008, the Company revised its method of reporting the cardmember lending net write-off rate. Historically, the net write-off rate has been
presented using net write-off amounts for principal, interest, and fees. However, industry convention is generally to include only the net write-offs related to principal in write-off rate disclosures. The Company is presenting the net write-off
rate using the net write-off amounts for principal only, consistent with industry convention. 2006 historical data for ICS was not available to present the write-off rate for principal only. Accordingly, the ICS write-off rate includes write-offs of
interest and fees.</FONT></P></TD></TR>
<TR>
<TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top><FONT size=1>(f )</FONT></TD>
<TD vAlign=top></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See below for calculations of net interest yield on cardmember loans. The Company believes net interest yield on cardmember loans is useful to investors because it
provides a measure of profitability of the Company&#146;s cardmember lending portfolio.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif size=1><STRONG>CALCULATION OF NET INTEREST YIELD ON CARDMEMBER
LOANS<SUP>(a)</SUP></STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions, except percentage</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>and where indicated)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,023</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>832</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average loans (<I><FONT face=serif size=2>billions</FONT></I>)<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>10.9</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10.0</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,072</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>889</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted average loans (<I><FONT face=serif size=2>billions</FONT></I>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>10.9</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10.0</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest yield on cardmember loans</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>9.8</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.9</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Loan balances used to calculate average loans for all periods presented have been revised in connection with the Company's conversion to a bank holding company.
Specifically, deferred card fees net of deferred direct acquisition costs for cardmember loans were reclassified from other liabilities to cardmember loans for all periods.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif
size=1><STRONG>RESULTS OF OPERATIONS FOR THE THREE YEARS ENDED DECEMBER 31, 2008<BR></STRONG></FONT><FONT face=serif size=2>International Card Services reported segment income of $351 million for 2008, a $60 million or 21 percent increase from $291
million in 2007, which decreased $52 million or 15 percent from 2006. A significant portion of International Card Services segment income in 2008 and 2007 pertains to the Company&#146;s internal tax allocation process. See further discussion in the
Income Tax section below.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Total Revenues Net of Interest Expense<BR></STRONG></FONT><FONT face=serif size=2>In 2008, International Card Services&#146; total revenues net of interest expense
increased $450 million or 10 percent to $4.8 billion due to higher discount revenue, net card fees and other and increased interest income, partially offset by higher interest expense. Discount revenue, net card fees, and other revenues increased
$259 million or 7 percent to $3.8 billion in 2008, due to increases in all three categories. The 8 percent increase in billed business in 2008 reflected a 6 percent increase in average spending per proprietary basic card and a 1 percent increase in
basic cards-in-force. Assuming no changes in foreign currency exchange rates from 2007 to 2008, billed business and average spending per proprietary basic cards-in-force increased 7 percent and 5 percent, respectively, in 2008 and all International
Card Services&#146; major geographic regions experienced mid to high single-digits billed business growth. Interest income rose $243 million or 14 percent to $2.0 billion in 2008, primarily due to 9 percent growth in the average cardmember loans and
a higher cardmember portfolio yield. Interest expense of $961 million in 2008, rose $52 million or 6 percent as compared to a year ago, due to higher average loan balances and business volumes. Total revenues net of interest expense of $4.3 billion
</FONT></P> <P align=center><FONT face=serif size=1>52</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>2008 FINANCIAL REVIEW<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS
COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>in 2007 were $366 million or 9 percent higher than 2006 due to higher discount revenue, net card fees and other and increased total interest income, partially offset by higher interest
expense.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Provisions for Losses<BR></STRONG></FONT><FONT face=serif size=2>Provisions for losses increased $218 million or 27 percent to $1.0 billion in 2008 compared to 2007, primarily due
to increased reserve levels due to the challenging economic environment and loan and business volume growth. Provisions for losses decreased $40 million or 5 percent to $812 million in 2007 compared to 2006, primarily due to lower write-off and past
due rates and lower provisions related to Taiwan, partially offset by higher volumes and lending balances.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Expenses<BR></STRONG></FONT><FONT face=serif size=2>During 2008, International
Card Services&#146; expenses increased $196 million or 6 percent to $3.6 billion, due to increased salaries and employee benefits and other operating expenses, partially offset by lower marketing, promotion, rewards and cardmember services costs.
Expenses in 2008, 2007, and 2006, included $83 million, $16 million, and $32 million, respectively, of reengineering costs primarily related to the Company&#146;s reengineering initiatives in 2008 as previously discussed and reengineering in the
international payments business for 2007 and 2006. Expenses in 2007 of $3.4 billion were $601 million or 21 percent higher than 2006 primarily due to higher marketing, promotion, rewards and cardmember services costs and increased salaries and
employee benefits and other operating expenses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing, promotion, rewards and cardmember services expenses decreased $113 million or 7 percent to $1.5 billion in 2008, due to the
Membership Rewards related charge and the incremental business-building costs in 2007 noted above, which more than offset higher marketing and promotion expenses, and volume-related rewards costs in 2008. Marketing, promotion, rewards and cardmember
services expenses increased $457 million or 41 percent to $1.6 billion in 2007, due to higher Membership Rewards liability resulting from enhancements to the method of liability estimation, greater volume-related rewards costs, and higher marketing
and promotion and business building costs. Salaries and employee benefits and other operating expenses increased $309 million or 17 percent to $2.1 billion in 2008, primarily due to higher salaries and employee benefits expense and increased other
operating expenses, which reflected the costs related to the Company&#146;s reengineering initiatives in 2008, as well as greater professional services expense. Salaries and employee benefits and other operating expenses increased $144 million or 9
percent to $1.8 billion in 2007, and reflected gains of $114 million during 2006 related to the sales of the Company&#146;s card-related activities in Brazil, Malaysia, and Indonesia, partially offset by the reclassification of certain card
acquisition related costs effective July 1, 2006.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes<BR></STRONG></FONT><FONT face=serif size=2>The effective tax rate was negative 129 percent in 2008 versus negative 149 percent
in 2007 and negative 10 percent in 2006. International Card Services includes a tax benefit of $198 million and $174 million in 2008 and 2007, respectively. The tax benefit is likely to continue, since the Company&#146;s internal tax allocation
process provides this segment with the consolidated benefit related to its ongoing funding activities outside the United States. Additionally, the tax rates in 2008 and 2007 reflected various tax benefits related to the resolution of certain prior
years&#146; tax items.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>GLOBAL COMMERCIAL SERVICES</STRONG></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>SELECTED INCOME STATEMENT DATA</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1>Years Ended December 31,</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Revenues</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount revenue, net card fees and other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>5,081</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,697</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,254</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>168</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>187</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>120</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>553</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>615</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>474</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>(385</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(428</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(354</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>4,696</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>4,269</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,900</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Provisions for losses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>231</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>163</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>113</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Total revenues net of interest expense after provisions for losses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>4,465</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>4,106</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,787</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing, promotion, rewards and cardmember services</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>377</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>387</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>307</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and employee benefits and other operating expenses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,395</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,975</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,764</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>3,772</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,362</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,071</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax segment income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>693</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>744</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>716</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=2>Income tax provision</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>188</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>208</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>239</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Segment income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>505</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>536</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>477</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>53</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=1><FONT face=serif size=2>2008<FONT face=serif size=2></FONT> FINANCIAL REVIEW</FONT></FONT> <FONT face=serif size=1><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" colSpan=12><STRONG><FONT face=serif size=3><FONT size=2><FONT face=serif size=1>SELECTED STATISTICAL INFORMATION</FONT></FONT></FONT><SUP><FONT face=serif
size=1>(a)</FONT></SUP> &nbsp;</STRONG> &nbsp; <BR>&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=1>Years Ended December 31,</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="4%" colSpan=3>&nbsp; &nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="4%" colSpan=3>&nbsp; &nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="4%" colSpan=3>&nbsp; &nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1><EM>(Billions, except percentages </EM><EM>and where indicated)</EM></FONT>&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>&nbsp;<STRONG>2008</STRONG></FONT></FONT> </TD>
<TD noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>&nbsp;2007</FONT></FONT> </TD>
<TD noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>&nbsp;2006</FONT></FONT> </TD>
<TD noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Card billed business</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>129.2</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>122.1</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>106.9</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2><FONT face=serif size=2>Total cards-in-force</FONT> <I><FONT face=serif size=2>(millions)</FONT></I>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>7.1</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>6.8</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>6.7</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Basic cards-in-force</FONT> <I><FONT face=serif size=2>(millions)</FONT></I>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>7.1</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6.8</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6.7</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>Average basic cardmember <FONT face=serif size=2>spending</FONT> <I><FONT face=serif size=2>(dollars)</FONT></I>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=left width="1%"><FONT size=2><STRONG>$</STRONG></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><STRONG>18,527</STRONG></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2>18,017</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>16,264</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Global Corporate Travel:</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Travel sales</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>21.0</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>20.5</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>18.5</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Travel commissions and </FONT><FONT face=serif size=2>fees/sales</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>7.8</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>7.7</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>8.1</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2><FONT face=serif size=2>Total segment assets</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>25.1</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>21.1</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>18.9</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Segment capital</FONT> <I><FONT face=serif size=2>(millions)</FONT></I><SUP><FONT face=serif size=2>(b)</FONT></SUP>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>3,550</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,239</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,907</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2><FONT face=serif size=2>Return on average segment capital</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>15.8</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>25.3</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>25.7</FONT></FONT> </TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>Return on average tangible <FONT face=serif size=2>segment capital</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>34.3</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>43.3</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>42.8</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=2><FONT face=serif size=2>Cardmember receivables:</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total receivables</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>9.4</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>11.4</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>10.3</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>90 days past due as a % of total</FONT>&nbsp;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>2.7</FONT></B></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>2.1</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2>&nbsp;</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>1.9</FONT></FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net loss ratio as a % of </FONT>charge volume</FONT>&nbsp;</FONT>
</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>0.13</FONT></B></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>0.10</FONT></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>0.09</FONT></FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital
requirements.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average segment capital is calculated by dividing (i) segment income ($505 million, $536 million, and $477 million for 2008, 2007, and 2006, respectively) by
(ii) average segment capital ($3.2 billion, $2.1 billion, and $1.9 billion for 2008, 2007, and 2006, respectively). Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation
of average tangible segment capital excludes average goodwill and other intangibles of $1.7 billion, $881 million, and $743 million at December 31, 2008, 2007, and 2006, respectively. The Company believes the return on average tangible segment
capital is a useful measure of the profitability of its business growth.</FONT></P></TD></TR></TABLE> <P align=justify><STRONG><FONT face=serif size=2><FONT face=serif size=1><STRONG>RESULTS OF OPERATIONS FOR THE THREE YEARS ENDED DECEMBER 31,
2008</STRONG></FONT></FONT><FONT face=serif size=2><BR></FONT></STRONG><FONT face=serif size=2>Global Commercial Services reported segment income of $505 million for 2008, a $31 million or 6 percent decrease from $536 million in 2007, which
increased $59 million or 12 percent from 2006.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG><FONT face=serif size=2><STRONG><STRONG>Total Revenues Net of Interest
Expense</STRONG></STRONG></FONT></STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>In 2008, Global Commercial Services&#146; total revenues net of interest expense increased $427 million or 10 percent to $4.7 billion due to increased
discount revenue, net card fees, and other revenues and lower interest expense. Discount revenue, net card fees, and other revenues increased $384 million or 8 percent to $5.1 billion in 2008 primarily due to higher other revenues, driven partially
by the CPS acquisition and greater discount and travel revenues. The 6 percent increase in billed</FONT> <FONT face=serif size=2>business in 2008 reflected a 3 percent increase in average spending per proprietary basic card and a 4 percent increase
in basic cards-in-force. Assuming no changes in foreign currency exchange rates from 2007 to 2008, billed business and average spending per proprietary basic card increased 5 percent and 2 percent, respectively, in 2008 and volume growth within the
United States of 4 percent compared to growth within the Company&#146;s other major geographic regions ranging from the mid single-digits in Europe and Asia Pacific, to the low double-digits in Canada and the high teens in Latin America. Interest
expense decreased $62 million or 10 percent to $553 million in 2008 due to a lower cost of funds, primarily within the United States, partially offset by the cost of funding the CPS acquisition. Total revenues net of interest expense of $4.3 billion
in 2007 were $369 million or 9 percent higher than 2006 as a result of increased discount revenue, net card fees, and other, partially offset by higher interest expense.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif
size=1><STRONG><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG><FONT face=serif size=2><STRONG><STRONG><STRONG><STRONG>Provisions for
Losses</STRONG></STRONG></STRONG></STRONG></FONT></STRONG></FONT></STRONG></FONT></STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>Provisions for losses increased $68 million or 42 percent to $231 million in 2008 compared to 2007,
reflecting higher loss and past due rates due to the challenging economic environment. Provisions for losses increased $50 million or 44 percent to $163 million in 2007 compared to 2006 due to higher volumes and loss rates.</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG>Expenses<BR></STRONG></FONT><FONT face=serif size=2>During 2008, Global Commercial Services&#146; expenses increased $410 million or 12 percent to $3.8 billion, due to higher salaries and employee
benefits and other operating expenses. Expenses in 2008, 2007, and 2006, included $138 million, $25 million, and $58 million, respectively, of reengineering costs primarily reflecting the Company&#146;s reengineering initiatives in 2008 as
previously discussed and reengineering costs primarily in business travel in 2007 and 2006. Expenses in 2007 of $3.4 billion were $291 million or 9 percent higher than 2006 primarily due to greater salaries and employee benefits and other operating
expenses and higher marketing, promotion, rewards and cardmember services expenses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing, promotion, rewards and cardmember services expenses decreased $10 million or 3 percent to
$377 million in 2008, primarily due to the Membership Rewards related charge in 2007, offset by higher volume-related rewards costs and the Delta related charge in 2008 to increase the Membership Rewards liability. Marketing, promotion, rewards and
cardmember services expenses increased $80 million or 26 percent to $387 million in 2007, primarily reflecting higher Membership Rewards liability resulting from enhancements to the method of liability estimation, partially offset by the adjustments
made to the Membership Rewards reserve models in 2006. Salaries and employee benefits and other operating</FONT></P> <P align=center><FONT face=serif size=1>54</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=1><FONT size=2>2008<FONT face=serif size=2></FONT> FINANCIAL REVIEW</FONT></FONT><FONT face=serif size=1></FONT> <FONT face=serif size=1><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=2>expenses increased $420 million or 14 percent to $3.4 billion in 2008, due to higher other operating expenses and greater salaries and employee benefits expense, which reflected the impacts of the CPS acquisition, as well as the
costs related to the Company&#146;s reengineering initiatives in 2008 and the pension-related gain in 2007. Salaries and employee benefits and other operating expenses increased $211 million or 8 percent to $3.0 billion in 2007, due to higher
salaries and benefits in part due to the acquisition of Harbor Payments on December 31, 2006, and the acquisition of a travel services business in 2007, increased other operating expenses which reflected a $38 million gain during 2006 related to the
sale of the Company&#146;s card-related activities in Brazil, Malaysia, and Indonesia, and higher occupancy and equipment expenses. These items were partially offset by the pension-related gain in 2007 and the reclassification of certain card
acquisition related costs effective July 1, 2006.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes<BR></STRONG></FONT><FONT face=serif size=2>The effective tax rate was 27 percent in 2008 versus 28 percent in 2007 and 33
percent in 2006. The rates for each of these years reflect tax benefits related to the resolution of certain prior years&#146; tax items.</FONT></P> <P align=justify><FONT face=serif size=4><FONT face=serif size=2><B><FONT face=serif size=4><FONT
face=serif size=2>GLOBAL NETWORK &amp; MERCHANT SERVICES</FONT></FONT></B></FONT></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" colSpan=12><FONT size=1><STRONG>SELECTED INCOME STATEMENT DATA</STRONG></FONT><FONT size=3>&nbsp;<BR>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"><FONT face=serif size=1>Years Ended December 31,&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="4%" colSpan=3><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="4%" colSpan=3><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="4%" colSpan=3><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=1><I>(Millions)</I>&nbsp;</FONT></TD>
<TD noWrap align=center width="3%">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Revenues&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Discount revenue, fees and other&nbsp;</FONT></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>3,875</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,549</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,059</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Interest income&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Interest expense&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(222</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(312</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(280</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Net interest income&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>227</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>315</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>285</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2>Total revenues net of interest expense&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>4,102</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,864</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,344</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Provisions for losses&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>127</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>103</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>63</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2>Total revenues net of interest expense after provisions for losses&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>3,975</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,761</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,281</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Marketing and promotion&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>553</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>595</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>518</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2>Salaries and employee benefits and other operating
expenses&nbsp;</FONT></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,932</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,606</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,575</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Total&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2,485</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,201</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,093</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax segment income&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,490</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,560</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,188</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2>Income tax provision&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>495</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>538</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>409</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Segment income&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>995</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,022</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>779</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=12> <P align=justify><FONT face=serif size=1><STRONG>SELECTED STATISTICAL INFORMATION</STRONG></FONT><FONT face=serif size=1><STRONG><SUP>(a)</SUP></STRONG><FONT
size=3>&nbsp;<BR>&nbsp; </FONT></FONT></P></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%"><FONT size=1>Years Ended December 31,</FONT>&nbsp;</TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face=serif size=1><EM>(Billions, except percentages </EM><EM>and where indicated)</EM></FONT>&nbsp;</TD>
<TD noWrap align=right width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Global Card billed business<SUP>(b)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>683.3</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>647.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>561.5</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT face=serif size=2>Global Network &amp; Merchant Services:&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Total segment assets&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>7.0</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>6.5</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Segment capital <I>(millions)</I><SUP>(c)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2><B>1,451</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>1,170</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2>1,272</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average segment capital<SUP>(d)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>75.4</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>90.7</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>60.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT face=serif size=2>Return on average tangible segment capital<SUP>(d)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2><B>77.4</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>93.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2>64.1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Global Network Services:&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="81%" bgColor=#ffffff><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Card billed business&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2><B>67.4</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>52.9</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2>35.4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Total cards-in-force <I>(millions)</I>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>24.8</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>20.3</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>See Glossary of Selected Terminology for the definitions of certain key terms and related information.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Global Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements, and certain
insurance fees charged on proprietary cards.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Segment capital represents capital allocated to a segment based upon specific business operational needs, risk measures, and regulatory capital
requirements.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;</TD>
<TD vAlign=top align=left width="100%"> <P align=justify><FONT face=serif size=1>Return on average segment capital is calculated by dividing (i) segment income ($1.0 billion, $1.0 billion, and $779 million for 2008, 2007, and 2006, respectively) by
(ii) average segment capital ($1.3 billion, $1.1 billion, and $1.3 billion for 2008, 2007, and 2006, respectively). Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation
of average tangible segment capital excludes average goodwill and other intangibles of $35 million, $33 million, and $78 million at December 31, 2008, 2007, and 2006, respectively. The Company believes the return on average tangible segment capital
is a useful measure of the profitability of its business growth.</FONT></P> </TD></TR></TABLE> <P align=justify><STRONG><FONT face=serif size=2><FONT face=serif size=1><STRONG>RESULTS OF OPERATIONS FOR THE THREE YEARS ENDED DECEMBER <FONT face=serif
size=1>31, 2008<BR></FONT></STRONG></FONT></FONT></STRONG><FONT face=serif size=2>Global Network &amp; Merchant Services reported segment income of $995 million in 2008, a $27 million or 3 percent decrease from $1.0 billion in 2007, which increased
$243 million or 31 percent from 2006.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Total Revenues Net of Interest Expense<BR></STRONG></FONT><FONT face=serif size=2>Global Network &amp; Merchant Services&#146; total revenues net of
interest expense increased $238 million or 6 percent to $4.1 billion in 2008, due to increased discount revenue, fees and other revenues offset by lower interest expense credit. Discount revenue, fees and other revenues increased $326 million or 9
percent to $3.9 billion in 2008 reflecting growth in merchant-related revenues, due to the 6 percent increase in global card billed business and higher GNS-related revenues. Interest expense credit decreased $90 million or 29 percent to $222 million
in 2008 due to a lower rate-driven interest credit, primarily in the United States, related to internal transfer pricing, which recognizes the merchant services&#146; accounts payable-related funding benefit. Total revenues net of
interest</FONT></P> <P align=center><FONT face=serif size=1>55</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT>
</FONT><FONT size=3></FONT> <BR>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>expense of $3.9 billion in 2007 were $520 million or 16 percent higher due to growth in merchant-related revenues, primarily generated from
the increase in global card billed business of 15 percent, higher GNS-related revenues, and the completion of independent operator agreements in Brazil, Malaysia, and Indonesia in 2006.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Provisions for Losses</STRONG><BR></FONT><FONT face=serif size=2>Provisions for losses increased $24 million or 23 percent to $127 million in 2008 compared to 2007, primarily reflecting merchant-related provisions. Provisions for
losses in 2007 increased $40 million or 63 percent to $103 million due to higher merchant-related bankruptcies.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Expenses</STRONG> <BR></FONT><FONT face=serif size=2>During 2008, Global
Network &amp; Merchant Services&#146; expenses increased $284 million or 13 percent to $2.5 billion due to increased salaries and employee benefits and other operating expenses, partially offset by a decrease in marketing and promotion expenses.
Expenses in 2008, 2007, and 2006, included $31 million, $6 million, and $8 million of reengineering costs, respectively, primarily related to the Company&#146;s reengineering initiatives in 2008 as previously discussed and international
establishment services in 2007 and 2006. Expenses in 2007 of $2.2 billion were $108 million or 5 percent higher than 2006, primarily due to higher marketing and promotion expenses and increased salaries and employee benefits and other operating
expenses.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing and promotion expenses decreased $42 million or 7 percent in 2008 to $553 million, reflecting lower brand and other marketing and promotion expenses as compared to
incremental business-building costs in 2007. Marketing and promotion expenses increased 15 percent in 2007 to $595 million, reflecting an increase in brand, merchant, and partner-related advertising
costs.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Salaries and employee benefits and other operating expenses increased $326 million or 20 percent to $1.9 billion in 2008, primarily due to increased merchant-related
reserves due to the challenging economic environment, last year&#146;s gains related to the sale of the Company&#146;s merchant-related operations in Russia, greater salaries and employee benefits expense, which reflected the expansion of the
merchant sales force and the costs related to the Company&#146;s reengineering initiatives in 2008 and higher volume-related expenses. Salaries and employee benefits and other operating expenses increased $31 million or 2 percent to $1.6 billion in
2007, reflecting higher salaries and employee benefits and volume-related expenses, partially offset by the pension-related gain in 2007.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes<BR></STRONG></FONT><FONT face=serif
size=2>The effective tax rate was 33 percent in 2008 and 34 percent in 2007 and 2006.</FONT></P> <P align=justify><STRONG><FONT face=serif size=2><FONT face=serif size=1><STRONG>CORPORATE &amp;<FONT face=serif size=1></FONT> OTHER</STRONG></FONT>
</FONT> <FONT face=serif size=2><BR></FONT></STRONG><FONT face=serif size=2>Corporate &amp; Other had net income of $168 million and $454 million in 2008 and 2007, respectively, and net expense of $126 million in 2006. Net income in 2008 reflected
the $186 million and $172 million after-tax income related to the MasterCard and Visa litigation settlements, respectively, offset by a $19 million after-tax charge primarily relating to the ongoing AEB operations retained by the Company in the
first quarter of 2008. 2008, 2007, and 2006, included $108 million after-tax, $4 million after-tax, and $20 million after-tax, respectively, of reengineering costs, primarily related to the Company&#146;s reengineering initiatives in 2008 as
previously discussed.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net income in 2007 reflected the $700 million after-tax gain resulting from the initial $1.13 billion due March 31, 2008, from Visa as part of the litigation
settlement. This was partially offset by a $46 million after-tax litigation related charge, and a $31 million after-tax charge for the contribution to the American Express Charitable Fund. Net expense in 2006 also included the $42 million after-tax
gain related to the rebalancing of the Travelers Cheque and Gift Card investment portfolio.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>EXPOSURE TO AIRLINE INDUSTRY</STRONG></FONT></STRONG>
<BR></FONT><FONT face=serif size=2>The Company has multiple co-brand relationships and rewards partners, of which airlines are one of the most important and valuable. The Company&#146;s largest airline co-brand partner is Delta Air Lines (Delta),
which merged with Northwest Airlines on October 29, 2008. On December 9, 2008, the Company announced that it had agreed to a 7-year extension of its exclusive co-brand credit card partnerships with Delta, as well as other partnership arrangements,
including Membership Rewards, merchant acceptance and travel. American Express&#146; Delta SkyMiles Credit Card co-brand portfolio accounts for approximately 5 percent of the Company&#146;s worldwide billed business and less than 15 percent of
worldwide cardmember lending receivables.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In 2008, there were a significant number of airline bankruptcies and liquidations, driven in part by volatile fuel costs and weakening
economies around the world. Historically, the Company has not experienced significant revenue declines when a particular airline scales back or ceases operations due to a bankruptcy or other financial challenges. This is because volumes generated by
that airline are typically shifted to other participants in the industry that accept the Company&#146;s card products. Nonetheless, the Company is exposed to business and credit risk in the airline industry primarily through business arrangements
where the Company has remitted payment to the airline for a cardmember purchase of tickets that have not yet been used or &#147;flown.&#148; In the event that the cardmember is not able to use the ticket and the Company, based on the facts and
circumstances, credits the cardmember for the unused ticket, this business arrangement creates a potential exposure for the Company. This credit exposure is included in the maximum</FONT></P> <P align=center><FONT face=serif size=1>56</FONT></P> <HR
align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT></FONT><FONT size=3></FONT> <BR>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify><FONT face=serif size=2>amount of undiscounted future payments disclosed in Note 15 to the Company&#146;s Consolidated Financial Statements. Historically, even for an airline that is operating under bankruptcy protection, this type of
exposure usually does not generate any significant losses for the Company because an airline operating under bankruptcy protection needs to continue accepting credit and charge cards and honoring requests for credits and refunds in the ordinary
course of its business. Typically, as an airline&#146;s financial situation deteriorates, the Company delays payment to the airline thereby increasing cash withheld to protect the Company in the event the airline is liquidated. The Company&#146;s
goal in these distressed situations is to hold sufficient cash over time to ensure that upon liquidation, the cash held is equivalent to the credit exposure related to any unused tickets. The Company has not to date experienced significant losses
from airlines that have ceased operations and entered into liquidation proceedings.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The current environment poses heightened challenges to the Company&#146;s ability to manage the
airline risk, as more airlines are converting their bankruptcy restructurings into liquidations or, in some instances, moving directly to liquidation thereby giving the Company less time to cover the Company&#146;s exposure. In addition, possible
mergers, acquisitions and asset divestitures in the airline industry may affect co-brand and Membership Rewards relationships with involved airlines.</FONT></P> <P align=justify><FONT face=serif size=4><FONT face=serif size=2><B><FONT face=serif
size=4><FONT face=serif size=2>OTHER REPORTING MATTERS</FONT></FONT></B></FONT></FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>ACCOUNTING DEVELOPMENTS<BR></STRONG></FONT></FONT><FONT face=serif size=2>See the
Recently Issued Accounting Standards section of Note 1 to the Consolidated Financial Statements.</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>GLOSSARY OF SELECTED TERMINOLOGY<BR></STRONG></FONT></FONT><I><FONT
face=serif size=2>Adjusted average loans</FONT></I> <FONT face=serif size=2>&#151; Represents average loans on an owned or managed basis, as applicable, excluding the impact of deferred card fees, net of deferred direct acquisition costs of
cardmember loans on an owned or managed basis, as applicable.</FONT></P> <P align=justify><I><FONT face=serif size=2>Adjusted net interest income</FONT></I> <FONT face=serif size=2>&#151; Represents net interest income allocated to the
Company&#146;s cardmember lending portfolio on an owned or managed basis, as applicable, which excludes the impact of card fees on loans and balance transfer fees attributable to the Company&#146;s cardmember lending portfolio on an owned or managed
basis, as applicable.</FONT></P> <P align=justify><I><FONT face=serif size=2>Asset securitizations</FONT></I> <FONT face=serif size=2>&#151; Asset securitization involves the transfer and sale of receivables or loans to a special purpose entity
created for the securitization activity, typically a trust. The trust, in turn, issues securities, commonly referred to as asset-backed securities that are secured by the transferred receivables or loans. The trust uses the proceeds from the sale of
such securities to pay the purchase price for the underlying receivables or loans.</FONT></P> <P align=justify><I><FONT face=serif size=2>Average discount rate</FONT></I> <FONT face=serif size=2>&#151; This calculation is designed to approximate
merchant pricing. It represents the percentage of billed business (both proprietary and Global Network Services) </FONT><FONT face=serif size=2>retained by the Company from merchants it acquires, prior to payments to third parties unrelated to
merchant acceptance.</FONT></P> <P align=justify><I><FONT face=serif size=2>Basic cards-in-force</FONT></I> <FONT face=serif size=2>&#151; Proprietary basic consumer cards-in-force includes basic cards issued to the primary account owner and does
not include additional supplemental cards issued on that account. Proprietary basic small business and corporate cards-in-force include basic and supplemental cards issued to employee cardmembers. Non-proprietary basic cards-in-force includes all
cards that are issued and outstanding under network partnership agreements.</FONT></P> <P align=justify><I><FONT face=serif size=2>Billed business</FONT></I> <FONT face=serif size=2>&#151; Represents the dollar amount of charges on all American
Express cards; also referred to as spend or charge volume. Proprietary billed business includes charges made on the Company&#146;s proprietary cards-in-force, cash advances on proprietary cards and certain insurance fees charged on proprietary
cards. Non-proprietary billed business represents the charges through the Company&#146;s global network on cards issued by the Company&#146;s network partners. Billed business is reflected in the United States or outside the United States based on
where the cardmember is domiciled.</FONT></P> <P align=justify><I><FONT face=serif size=2>Capital ratios</FONT></I> <FONT face=serif size=2>&#151; Represents the minimum standards established by the regulatory agencies as a measure to determine
whether the regulated entity has sufficient capital to absorb on and off-balance sheet losses beyond current loss accrual estimates.</FONT></P> <P align=justify><I><FONT face=serif size=2>Card acquisition</FONT></I> <FONT face=serif size=2>&#151;
Primarily represents the issuance of new cards to either new or existing cardmembers through marketing and promotion efforts.</FONT></P> <P align=justify><I><FONT face=serif size=2>Cardmember</FONT></I> <FONT face=serif size=2>&#151; The individual
holder of an issued American Express branded charge or credit card.</FONT></P> <P align=justify><I><FONT face=serif size=2>Interest income</FONT></I> <FONT face=serif size=2>&#151; Interest and fees on loans is assessed using the average daily
balance method for loans owned. These amounts are recognized based upon the principal amount outstanding in accordance with the terms of the applicable account agreement until the outstanding balance is paid or
written-off.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and dividends on investment securities primarily relates to the Company&#146;s performing fixed-income securities. Interest income is accrued as earned using the
effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so that the related investment security recognizes a constant rate of return on the outstanding balance throughout its term. These
amounts are recognized until these securities are in default or when it is likely that future interest payments will not be made as scheduled.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest income on deposits with banks and
other is recognized as earned, and primarily relates to the placement of</FONT></P> <P align=center><FONT face=serif size=1>57</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT
size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT></FONT> <BR>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>cash in excess of near-term funding requirements in interest-bearing time deposits,
overnight sweep accounts, and other interest bearing demand and call accounts.</FONT></P> <P align=justify><I><FONT face=serif size=2>Interest expense </FONT></I><FONT face=serif size=2>&#151; Interest expense includes interest incurred primarily to
fund cardmember lending, charge card product receivables, general corporate purposes, and liquidity needs, and is recognized as incurred. Interest expense is divided principally into three categories (i) deposits, which primarily relates to interest
expense on deposits taken from customers and institutions, (ii) short-term borrowings, which primarily relates to interest expense on commercial paper, federal funds purchased, bank overdrafts, and other short-term borrowings, and (iii) long-term
debt, which primarily relates to interest expense on the Company&#146;s long-term debt.</FONT></P> <P align=justify><I><FONT face=serif size=2>Cardmember loans</FONT></I><FONT face=serif size=2> &#151; Represents the outstanding amount due from
cardmembers for charges made on their American Express credit cards, as well as any interest charges and card-related fees. Cardmember loans also include balances with extended payment terms on certain charge card products and are net of unearned
revenue. </FONT></P> <P align=justify><I><FONT face=serif size=2>Cardmember receivables</FONT></I><FONT face=serif size=2> &#151; Represents the outstanding amount due from cardmembers for charges made on their American Express charge cards as well
as any card-related fees. </FONT></P> <P align=justify><I><FONT face=serif size=2>Charge cards</FONT></I><FONT face=serif size=2> &#151; Represents cards that carry no pre-set spending limits and are primarily designed as a method of payment and not
as a means of financing purchases. Cardmembers generally must pay the full amount billed each month. No finance charges are assessed on charge cards. </FONT></P> <P align=justify><I><FONT face=serif size=2>Credit cards</FONT></I><FONT face=serif
size=2> &#151; Represents cards that have a range of revolving payment terms, grace periods, and rate and fee structures. </FONT></P> <P align=justify><I><FONT face=serif size=2>Discount revenue</FONT></I><FONT face=sans-serif size=2> </FONT><FONT
face=serif size=2>&#151;</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>Represents revenue earned from fees charged to merchants with whom the Company has entered into a card acceptance agreement for processing cardmember
transactions. The discount fee generally is deducted from the Company&#146;s payment reimbursing the merchant for cardmember purchases. Such amounts are reduced by contra-revenue such as payments to third-party card issuing partners, cash-back
reward costs, and corporate incentive payments.</FONT></P> <P align=justify><I><FONT face=serif size=2>Interest-only strip</FONT></I><FONT face=serif size=2> &#151; Interest-only strips are generated from U.S. Card Services&#146; securitization
activity and are a form of retained interest held by the Company in the securitization. This financial instrument represents the present value of estimated future positive &#147;excess spread&#148; expected to be generated by the securitized assets
over the estimated life of those assets. Excess spread is the net cash flow from interest and fee collections allocated to the third-party investors&#146; interests in the securitization after deducting the interest paid on the investor
certificates, credit losses, contractual servicing fees, and other expenses. </FONT></P> <P align=justify><I><FONT face=serif size=2>Merchant acquisition</FONT></I><FONT face=serif size=2> &#151; Represents the signing of merchants to accept
American Express-branded charge and credit cards.</FONT></P> <P align=justify><I><FONT face=serif size=2>Net card fees</FONT></I><FONT face=serif size=2> &#151; Represents the charge card membership fees earned during the period. These fees are
recognized as revenue over the covered card membership period (typically one year), net of provision for projected refunds for cancellation of card membership. Beginning prospectively as of July 1, 2006, certain card acquisition-related costs were
reclassified from other, net expenses to a reduction in net card fees over the membership period covered by the card fee. </FONT></P> <P align=justify><I><FONT face=serif size=2>Net interest yield on cardmember loans</FONT></I><FONT face=serif
size=2> &#151; Represents the net spread earned on cardmember loans. Net interest yield on cardmember loans (both on an owned and managed basis) is computed by dividing adjusted net interest income by adjusted average loans, computed on an
annualized basis. The calculation of net interest yield on cardmember loans (both on an owned and managed basis) includes interest and fees that are deemed uncollectible. For the owned basis presentation, reserves and net write-offs related to
uncollectible interest and fees are recorded through provisions for losses &#150; cardmember lending, and for the managed basis presentation, reserves and net write-offs related to uncollectible interest and fees are included as a reduction to
securitization income, net; therefore, such reserves and net</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>write-offs are not included in the net interest yield calculation.</FONT></P> <P align=justify><I><FONT face=serif
size=2>Net loss ratio</FONT></I><FONT face=serif size=2> &#151; Represents the ratio of charge card write-offs consisting of principal (resulting from authorized and unauthorized transactions) and fee components, less recoveries, on cardmember
receivables expressed as a percentage of gross amounts billed to cardmembers. </FONT></P> <P align=justify><I><FONT face=serif size=2>Net write-off rate</FONT></I><FONT face=serif size=2> &#151; Represents the amount of cardmember loans or USCS
cardmember receivables written off consisting of principal (resulting from authorized transactions), less recoveries, as a percentage of the average loan balance or USCS average receivables during the period. </FONT></P> <P align=justify><I><FONT
face=serif size=2>Qualified Equity Offering</FONT></I><FONT face=serif size=2> &#151; The sale and issuance for cash by the Company to persons other than the Company or any of its subsidiaries after the original issue date of shares of perpetual
preferred stock, common stock or any combination of such stock, that, in each case, qualify as and may be included in Tier 1 capital of the Company at the time of issuance under the applicable risk-based capital guidelines of the Company&#146;s
appropriate federal banking agency (other than any such sales and issuances made pursuant to agreements or arrangements entered into, or pursuant to financing plans which were publicly announced, on or prior to October 13, 2008).</FONT></P> <P
align=justify><I><FONT face=serif size=2>Return on average equity</FONT></I><FONT face=serif size=2> &#151; Return on average equity is calculated by dividing one year period net income by one year average total shareholders&#146; equity.
</FONT></P> <P align=center><FONT face=serif size=1>58</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT></FONT>
<BR>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><I><FONT face=serif size=2>Return on average tangible equity</FONT></I> <FONT face=serif size=2>&#151; Return on average tangible equity is computed in the same manner as return on average
equity except the computation of average tangible shareholders&#146; equity excludes average goodwill and other intangibles.</FONT></P> <P align=justify><I><FONT face=serif size=2>Return on average segment capital</FONT></I> <FONT face=serif
size=2>&#151; Return on average segment capital is calculated by dividing one year period segment income by one year average segment capital.</FONT></P> <P align=justify><I><FONT face=serif size=2>Return on average tangible segment
capital</FONT></I> <FONT face=serif size=2>&#151; Return on average tangible segment capital is computed in the same manner as return on average segment capital except the computation of average tangible segment capital excludes average goodwill and
other intangibles.</FONT></P> <P align=justify><FONT face=serif size=2><I>Risk-weighted assets</I> &#151; Risk-weighted assets are assets weighted for risk according to a formula used by the Federal Reserve Board to conform to capital adequacy
guidelines. On and off-balance sheet items are weighted for risk, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being allocated a risk-adjusted weight.</FONT></P> <P align=justify><I><FONT
face=serif size=2>Securitization income, net</FONT></I> <FONT face=serif size=2>&#151; Includes non-credit provision components of the net gains or losses from securitization activities; changes in fair value of the interest-only strip; excess
spread related to securitized cardmember loans; and servicing income, net of related discounts or fees. Excess spread, which is recognized as earned, is the net cash flow from interest and fee collections allocated to the third-party investors&#146;
interests in the securitization after deducting the interest paid on the investor certificates, credit losses, contractual servicing fees, and other expenses.</FONT></P> <P align=justify><I><FONT face=serif size=2>Stored value and prepaid products
</FONT></I> <FONT face=serif size=2>&#151; Includes Travelers Cheques and other prepaid products such as gift cheques and cards as well as reloadable Travelers Cheque cards. These products are sold as safe and convenient alternatives to currency for
purchasing goods and services.</FONT></P> <P align=justify><I><FONT face=serif size=2>Tier 1 capital ratio</FONT></I> <FONT face=serif size=2>&#151; Tier 1 capital ratio is calculated as Tier 1 capital divided by risk-weighted assets. Tier 1 capital
is the sum of common stockholders&#146; equity, certain perpetual preferred stock, and minority interests in consolidated subsidiaries, adjusted for certain other comprehensive income items, ineligible goodwill and intangible assets. This ratio
is&nbsp;commonly used by regulatory agencies to assess a financial institution&#146;s financial strength and is the primary form of capital used to absorb losses beyond current loss accrual estimates. </FONT><FONT face=sans-serif size=2></FONT></P>
<P align=justify><I><FONT face=serif size=2>Tier 1 leverage ratio</FONT></I> <FONT face=serif size=2>&#151; Tier 1 leverage ratio is calculated by dividing Tier 1 capital (as defined above) by its average total consolidated assets for the most
recent quarter.</FONT></P> <P align=justify><I><FONT face=serif size=2>Total cards-in-force</FONT></I> <FONT face=serif size=2>&#151; Represents the number of cards that are issued and outstanding. Total consumer cards-in-force includes basic cards
issued to the primary account owner and any supplemental cards, which represent additional cards issued on that account. Total small business and corporate cards-in-force include basic cards issued to employee cardmembers. Proprietary cards-in-force
represent card products where the Company owns the cardmember relationship including card issuance, billing and credit management and strategic plans such as marketing, promotion, and development of card products and offerings. Proprietary
cards-in-force include co-brand and affinity cards. For non-proprietary cards-in-force (except for certain independent operator network partnership agreements), the Company maintains the responsibility to </FONT><FONT face=serif size=2>acquire and
service merchants that accept the Company&#146;s cards and the cardmember relationship is owned by the Company&#146;s network partners that issue the cards.</FONT></P> <P align=justify><FONT size=2><EM>Total risk-based capital ratio &#151;
</EM>Total risk-based capital ratio is calculated as the sum of Tier 1 capital (as defined above) and Tier 2 capital divided by risk-weighted assets. The Company calculates Tier 2 capital as the sum of the allowance for receivable and loan losses
(limited to 1.25 percent of risk-weighted assets) and 45 percent of the unrealized gains on equity securities.</FONT>&nbsp;</P> <P align=justify><I><FONT face=serif size=2>Travel sales &#151;</FONT></I> <FONT face=serif size=2>Represents the total
dollar amount of travel transaction volume for airline, hotel, car rental, and other travel arrangements made for consumers and corporate clients. The Company earns revenue on these transactions by charging a transaction or management
fee.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>FORWARD-LOOKING STATEMENTS</STRONG></FONT></STRONG> <BR></FONT><FONT face=serif size=2>This report includes forward-looking statements, which are
subject to risks and uncertainties. The forward-looking statements, which address the Company&#146;s expected business and financial performance, among other matters, contain words such as &#147;believe,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;optimistic,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;may,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;likely,&#148; 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&#146;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&#146; 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&#146;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 other 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
</FONT></P> <P align=center><FONT face=serif size=1>59</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT></FONT>
<BR>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>businesses that accept the Company&#146;s card products, and on the effectiveness of the Company&#146;s credit models; the impact of the Company&#146;s efforts to deal
with delinquent Cardmembers in the current challenging economic environment, which may affect payment patterns of Cardmembers and the perception of the Company&#146;s services, products and brands, the Company&#146;s near-term write-off rates,
including during the first half of 2009, and the volumes of the Company&#146;s loan balances in 2009; the write-off and delinquency rates in the medium- to long-term of Cardmembers added by the Company during the past few years, which could impact
their profitability to the Company; the Company&#146;s ability to effectively implement changes in the pricing of certain of its products and services; fluctuations in interest rates (including fluctuations in benchmarks, such as LIBOR and other
benchmark rates, and credit spreads), which impact the Company&#146;s borrowing costs, return on lending products and the value of the Company&#146;s investments; the Company&#146;s ability to meet its long-term on average and over time financial
targets; the actual amount to be spent by the Company on marketing, promotion, rewards and Cardmember services based on management&#146;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&#146;s ability to grow its business and generate excess capital and earnings in a manner and at levels that will allow the Company to return a portion of capital to shareholders, which will depend on the Company&#146;s ability to
manage its capital needs, and the effect of business mix, acquisitions and rating agency and regulatory requirements, including those arising from the Company&#146;s status as a bank holding company; the ability of the Company to meet its objectives
with respect to the growth of its brokered retail CD program and brokerage sweep account program and the implementation of its direct deposit initiative; 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&#146;s brand, allows the Company to leverage its significant processing scale, expands merchant coverage of the network, provides Global Network
Services&#146; 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&#146;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&#146;s existing
operations; the underlying assumptions and expectations related to the February 2008 sale of the American Express Bank Ltd. businesses and the transaction&#146;s impact on the Company&#146;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&#146;s operating expense to revenue ratio, both in the short-term (including during
2009) 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, </FONT><FONT face=serif
size=2>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&#146;s ability to reinvest the benefits arising from such reengineering actions in its businesses; bankruptcies, restructurings, consolidations or similar events (including, among others, the Delta
Air Lines/Northwest Airlines merger) affecting the airline or any other industry representing a significant portion of the Company&#146;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&#146;s businesses and/or negative changes in the Company&#146;s and its subsidiaries&#146; credit ratings, which could result in contingent payments under
contracts, decreased liquidity and higher borrowing costs; the ability of the Company to satisfy its liquidity needs and execute on its funding plans, which will depend on, among other things, the Company&#146;s future business growth, its credit
ratings, market capacity and demand for securities offered by the Company, performance by the Company&#146;s counterparties under its bank credit facilities and other lending facilities, regulatory changes, including changes to the policies, rules
and regulations of the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of San Francisco, the Company&#146;s ability to securitize and sell receivables and the performance of receivables previously sold in securitization
transactions and the Company&#146;s ability to meet the criteria for participation in certain liquidity facilities and other funding programs, including the Commercial Paper Funding Facility and the Temporary Liquidity Guarantee Program, being made
available through the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation and other federal departments and agencies; the Company&#146;s ability to redeem or otherwise access in a timely manner up to approximately $100
million invested in the Primary Reserve Fund, from which redemptions have been currently suspended; accuracy of estimates for the fair value of the assets in the Company&#146;s investment </FONT></P> <P align=center><FONT face=serif
size=1>60</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>2008<FONT face=serif></FONT> FINANCIAL REVIEW<FONT face=serif></FONT></FONT> <BR>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify><FONT face=serif size=2>portfolio and, in particular, those investments that are not readily marketable, including the valuation of the interest-only strip relating to the Company&#146;s lending securitizations and the ability of our
charge card and lending trusts to maintain excess spreads at levels sufficient to avoid material set-asides or early amortization of our charge card and lending securitizations, which will depend on various factors such as income derived from the
relevant portfolios and their respective credit performances; the Company&#146;s ability to avoid material losses on its investment portfolio, including its investments in state and municipal obligations, the issuers of which could be adversely
affected by the challenging economic environment; the Company&#146;s ability to invest in technology advances across all areas of its business to stay on the leading edge of technologies applicable to the payment industry; the Company&#146;s ability
to attract and retain executive management and other key employees in light of the limitations on compensation imposed on participants in the U.S. Department of the Treasury&#146;s Capital Purchase Program in which the Company is a participant; the
Company&#146;s ability to protect its intellectual property rights (IP) and avoid infringing the IP of other parties; the potential negative effect on the Company&#146;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 recently adopted 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&#146;s net income;
accounting changes; outcomes and costs associated with litigation and compliance and regulatory matters; and competitive pressures in all of the Company&#146;s major businesses. A further description of these and other risks and uncertainties can be
found in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2008, and the Company&#146;s other reports filed with the SEC.</FONT></P> <P align=center><FONT face=serif size=1>61</FONT></P> <HR align=center width="100%"
noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT face=serif size=2>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify><FONT face=serif size=5><FONT face=serif size=3><STRONG>MANAGEMENT<FONT face=serif size=3>&#146;S</FONT> REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</STRONG></FONT></FONT><FONT face=serif size=5></FONT></P> <P
align=justify><FONT face=serif size=2>The management of American Express Company (the Company) is responsible for establishing and maintaining adequate internal control over financial reporting.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The Company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles in the United States of America, and includes those policies and procedures that:</FONT></P> <UL> <LI> <P align=justify><FONT face=serif size=2>Pertain to the maintenance of records that,
in reasonable</FONT> <FONT face=serif size=2>detail, accurately and fairly reflect the transactions and</FONT> <FONT face=serif size=2>dispositions of the assets of the Company;</FONT> </P> <LI> <P align=justify><FONT face=serif size=2>Provide
reasonable assurance that transactions are recorded</FONT> <FONT face=serif size=2>as necessary to permit preparation of financial statements in</FONT> <FONT face=serif size=2>accordance with generally accepted accounting principles,</FONT> <FONT
face=serif size=2>and that receipts and expenditures of the Company are being</FONT> <FONT face=serif size=2>made only in accordance with authorizations of management</FONT> <FONT face=serif size=2>and directors of the Company; and</FONT> </P> <LI>
<P align=justify><FONT face=serif size=2>Provide reasonable assurance regarding prevention or timely</FONT> <FONT face=serif size=2>detection of unauthorized acquisition, use or disposition of</FONT> <FONT face=serif size=2>the Company&#146;s assets
that could have a material effect on the</FONT> <FONT face=serif size=2>financial statements.</FONT></P></LI></UL> <P align=justify><FONT face=serif size=2>Because of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s management assessed the effectiveness of the Company&#146;s internal control over financial reporting as of December 31, 2008. In
making this assessment, the Company&#146;s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in</FONT> <I><FONT face=serif size=2>Internal Control &#151; Integrated Framework.<BR>
</FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Based on management&#146;s assessment and those criteria, we conclude that, as of December 31, 2008, the Company&#146;s internal control over financial reporting is
effective.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>PricewaterhouseCoopers LLP, the Company&#146;s independent registered public accounting firm, has issued an attestation report appearing on the following page on the
effectiveness of the Company&#146;s internal control over financial reporting as of December 31, 2008.</FONT></P> <P align=center><FONT face=serif size=1>62</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=1><FONT face=serif size=2>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT> <BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=5><FONT face=serif
size=3><STRONG>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1><STRONG>THE BOARD OF DIRECTORS AND SHAREHOLDERS OF AMERICAN EXPRESS COMPANY:</STRONG>
</FONT></STRONG><BR></FONT><FONT face=serif size=2></FONT><FONT face=serif size=2>In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, of cash flows and of shareholders&#146; equity present
fairly, in all material respects, the financial position of American Express Company and its subsidiaries at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended
December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December
31, 2008, based on criteria established in</FONT> <I><FONT face=serif size=2>Internal Control - Integrated Framework</FONT></I> <FONT face=serif size=2>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
Company&#146;s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in
Management&#146;s Report on Internal </FONT><FONT face=serif size=2>Control Over Financial Reporting appearing on page 62. Our responsibility is to express opinions on these financial statements and on the Company&#146;s internal control over
financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement
presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our
opinions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with </FONT><FONT face=serif size=2>generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial
statements.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<IMG src="g79267img5.jpg" border=0> <BR> <P align=justify><FONT face=serif size=2>New York, New York</FONT></P> <P align=justify><FONT face=serif size=2>February 26, 2009</FONT></P> <P align=center><FONT face=serif size=1>63</FONT></P> <HR align=center
width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT face=serif size=2>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>CONSOLIDATED FINANCIAL STATEMENTS</STRONG><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>PAGE</STRONG></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Consolidated Statements of Income &#150; For the Years Ended December 31, 2008, 2007, and 2006<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>65</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Balance Sheets &#150; December 31, 2008 and 2007<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>66</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Consolidated Statements of Cash Flows &#150; For the Years Ended December 31, 2008, 2007, and 2006<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>67</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Statements of Shareholders&#146; Equity &#150; For the Years Ended December 31, 2008, 2007, and 2006<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT></TD></TR>
<TR>
<TD width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</STRONG><FONT size=3>&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 1 &#150; Summary of Significant Accounting Policies<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>69</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 2 &#150; Acquisitions, Divestitures, and Discontinued Operations<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>77</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 3 &#150; Accounts Receivable<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>80</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 4 &#150; Loans<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>80</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 5 &#150; Investment Securities<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>81</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 6 &#150; Asset Securitizations<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>84</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 7 &#150; Changes in Accumulated Other Comprehensive Income (Loss)<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>88</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 8 &#150; Other Assets<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>90</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 9 &#150; Customer Deposits<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>92</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 10 &#150; Debt<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>92</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 11 &#150; Other Liabilities<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>95</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 12 &#150; Common and Preferred Shares<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>95</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 13 &#150; Regulatory Matters and Capital Adequacy<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>95</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 14 &#150; Derivatives and Hedging Activities<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>97</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 15 &#150; Guarantees<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>99</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 16 &#150; Commitments and Contingencies<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>99</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 17 &#150; Fair Values of Financial Instruments<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>100</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 18 &#150; Significant Credit Concentrations<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>101</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 19 &#150; Stock Plans<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>102</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 20 &#150; Retirement Plans<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>104</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 21 &#150; Income Taxes<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>109</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 22 &#150; Earnings Per Common Share (EPS)<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>111</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#ffffff><FONT face=serif size=2>Note 23 &#150; Details of Certain Consolidated Statements of Income Lines<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#ffffff><FONT face=serif size=2>112</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Includes further details of:<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&gt; Other Commissions and Fees<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&gt; Other Revenues<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&gt; Marketing, Promotions, Rewards and Cardmember Services<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&gt; Other, Net Expenses<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 24 &#150; Reportable Operating Segments and Geographic Operations<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>112</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 25 &#150; Restructuring Charges<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>115</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 26 &#150; Parent Company<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>116</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Note 27 &#150; Subsequent Event<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>118</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Note 28 &#150; Quarterly Financial Data (Unaudited)<FONT size=3>&nbsp; </FONT></FONT></TD>
<TD noWrap align=right width="9%"><FONT face=serif size=2>118</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>64</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>CONSOLIDATED
STATEMENTS OF INCOME<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><FONT face=serif size=1>Years Ended December 31, </FONT><I><FONT face=serif size=1>(Millions, except per share amounts)</FONT></I>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD></TR>
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<TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Revenues</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><FONT face=serif size=2>Non-interest revenues</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Discount revenue</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>15,025</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,596</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12,978</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net card fees</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,150</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,919</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,824</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Travel commissions and fees</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,010</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,926</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,778</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other commissions and fees</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,307</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,417</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,233</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Securitization income, net</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,070</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,507</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,489</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>2,157</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,751</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,689</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total non-interest revenues</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>24,719</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>24,116</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,991</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><FONT face=serif size=2>Interest income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and fees on loans</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,159</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,351</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,869</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and dividends on investment securities</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>771</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>673</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>561</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Deposits with banks and other</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>271</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>400</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>271</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total interest income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>7,201</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>7,424</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>5,701</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Deposits</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>454</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>566</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>543</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Short-term borrowings</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>483</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>731</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>623</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Long-term debt</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,573</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,641</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,663</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>45</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>43</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>37</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total interest expense</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>3,555</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,981</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,866</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net interest income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,646</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,443</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,835</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><FONT face=serif size=2>Total revenues net of interest expense</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>28,365</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>27,559</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>24,826</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Provisions for losses</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Charge card</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,363</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,140</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>935</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Cardmember lending</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,231</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,761</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,623</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>204</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>202</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>108</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total provisions for losses</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,798</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,103</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,666</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><FONT face=serif size=2>Total revenues net of interest expense after provisions for losses</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>22,567</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>23,456</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>22,160</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Expenses</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Marketing, promotion, rewards and cardmember services</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>7,361</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7,817</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>6,504</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Salaries and employee benefits</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,090</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,438</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,040</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Professional services</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,413</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,280</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,263</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other, net</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,122</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,227</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,201</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>18,986</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>17,762</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>17,008</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,581</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,694</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,152</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><FONT face=serif size=2>Income tax provision</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>710</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,568</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,527</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Income from continuing operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,871</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,126</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,625</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><FONT face=serif size=2>(Loss) Income from discontinued operations, net of tax</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(172</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(114</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>82</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Net income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,012</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><B><FONT face=serif size=2>Earnings per Common Share &#151; Basic:</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income from continuing operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.49</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.52</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.99</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(Loss) Income from discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(0.15</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(0.10</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>0.07</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.34</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.42</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.06</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><B><FONT face=serif size=2>Earnings per Common Share &#151; Diluted:</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income from continuing operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.48</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.45</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.93</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(Loss) Income from discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(0.15</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(0.09</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>0.06</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.33</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.36</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.99</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Average common shares outstanding for earnings per common share:</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Basic</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,154</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,173</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,212</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Diluted</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>1,157</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,196</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,238</FONT> </TD></TR></TABLE><FONT face=serif size=1>See Notes to Consolidated Financial Statements.</FONT> <P align=center><FONT face=serif
size=1>65</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>CONSOLIDATED BALANCE SHEETS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#ffffff><FONT face=serif size=1>December 31, </FONT><I><FONT face=serif size=1>(Millions, except share data)</FONT></I>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=2>Assets</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>Cash and cash equivalents</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cash and cash due from banks</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,574</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,700</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Interest-bearing deposits in other banks (including federal funds sold and securities purchased</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>under resale agreements: 2008, $141; 2007, $3,878)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>6,554</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>5,407</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Short-term investment securities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,419</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,771</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>20,547</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>8,878</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Accounts receivable</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cardmember receivables, less reserves: 2008, $810; 2007, $1,149</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>32,178</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>38,923</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other receivables, less reserves: 2008, $118; 2007, $92</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,393</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,071</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Loans</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cardmember lending, less reserves: 2008, $2,570; 2007, $1,831</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>39,641</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>52,577</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other, less reserves: 2008, $39; 2007, $45</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>1,018</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>762</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Investment securities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,526</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,214</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Premises and equipment &#151; at cost, less accumulated depreciation:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>2008, $3,743; 2007, $3,453</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>2,948</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>2,692</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other assets</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,607</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,348</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Assets of discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>216</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>22,278</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Total assets</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>126,074</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>149,743</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff><B><FONT face=serif size=2>Liabilities and Shareholders&#146; Equity</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=2>Liabilities</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Customer deposits</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>15,486</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>15,397</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Travelers Cheques outstanding</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,433</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,197</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Accounts payable</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>8,428</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>7,740</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Short-term borrowings</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>8,993</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,761</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Long-term debt</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>60,041</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>55,285</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other liabilities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>14,592</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,807</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Liabilities of discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>260</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>21,527</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total liabilities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>114,233</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>138,714</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff><B><FONT face=serif size=2>Commitments and contingencies (see Note 16)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face=serif size=2>Shareholders&#146; Equity</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Common shares, $.20 par value, authorized 3.6 billion shares; issued and outstanding</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>1,160 million shares in 2008 and 1,158 million shares in 2007</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>232</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>232</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Additional paid-in capital</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>10,496</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10,164</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Retained earnings</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>2,719</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>1,075</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Accumulated other comprehensive (loss) income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net unrealized securities (losses) gains, net of tax: 2008, $458; 2007, $(6)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>(699</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>12</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net unrealized derivatives losses, net of tax: 2008, $44, 2007, $40</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(80</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(71</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Foreign currency translation adjustments, net of tax: 2008, $64; 2007, $7</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>(368</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>(255</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net unrealized pension and other postretirement benefit costs, net of tax:
2008, $216; 2007, $56</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(459</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(128</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total accumulated other comprehensive loss</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>(1,606</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2><STRONG>)</STRONG><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>(442</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total shareholders&#146; equity</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>11,841</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11,029</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#ffffff><FONT face=serif size=2>Total liabilities and shareholders&#146; equity</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=2>126,074</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>149,743</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><FONT face=serif size=1>See Notes to Consolidated Financial Statements.</FONT> <P align=center><FONT face=serif size=1>66</FONT></P> <HR align=center width="100%" noShade SIZE=2>
<PAGE> <P align=center><FONT face=serif size=2>CONSOLIDATED STATEMENTS OF CASH FLOWS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><FONT face=serif size=1>Years Ended December 31, </FONT><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><B><FONT face=serif size=2>Cash Flows from Operating Activities</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Net income</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,012</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,707</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Loss (Income) from discontinued operations, net of tax</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>172</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>114</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(82</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Income from continuing operations</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,871</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,126</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,625</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Adjustments to reconcile income from continuing operations to net cash provided by</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>operating activities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Provisions for losses</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>6,290</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,527</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,021</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Depreciation and amortization</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>712</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>648</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>608</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Deferred taxes, acquisition costs and other</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>442</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(851</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(378</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stock-based compensation</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>229</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>276</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>275</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other receivables</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>101</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(927</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(295</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other assets</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(2,223</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(170</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(491</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Accounts payable and other liabilities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>885</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,013</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,608</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Travelers Cheques outstanding</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(770</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(22</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>47</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net cash provided by (used in) operating activities attributable to
discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>129</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(129</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>92</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><FONT face=serif size=2>Net cash provided by operating activities</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>8,666</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8,491</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>9,112</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><B><FONT face=serif size=2>Cash Flows from Investing Activities</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Sale of investments</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>4,657</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,034</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,394</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Maturity and redemption of investments</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9,620</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,154</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>9,348</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Purchase of investments</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(14,724</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(9,592</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(14,596</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Net decrease (increase) in cardmember loans/receivables</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,448</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(20,801</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(15,096</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Proceeds from cardmember loan securitizations</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>9,619</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7,825</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,491</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Maturities of cardmember loan securitizations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,670</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(3,500</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(4,435</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Purchase of premises and equipment</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(977</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(938</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(832</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Sale of premises and equipment</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>27</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>55</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>78</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>(Acquisitions) dispositions, net of cash acquired/sold</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(4,589</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(124</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>779</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Net cash provided by investing activities attributable to discontinued operations</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,625</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>786</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>557</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><FONT face=serif size=2>Net cash provided by (used in) investing activities</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>7,036</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(17,101</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(15,312</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><B><FONT face=serif size=2>Cash Flows from Financing Activities</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Net change in customer deposits</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>358</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,361</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(1,876</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Net (decrease) increase in short-term borrowings</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(8,693</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,682</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>119</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Issuance of long-term debt</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>19,213</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>20,833</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>19,180</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Principal payments on long-term debt</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(13,787</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,214</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(7,755</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Issuance of American Express common shares</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>176</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>852</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,203</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Repurchase of American Express common shares</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(218</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(3,572</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(4,093</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Dividends paid</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(836</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(712</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(661</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Net cash (used in) provided by financing activities attributable to discontinued operations</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(6,653</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,236</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>461</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><FONT face=serif size=2>Net cash (used in) provided by financing activities</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(10,440</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>15,466</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>6,578</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Effect of exchange rate changes on cash</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>20</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>166</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>264</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Net increase in cash and cash equivalents</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,282</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7,022</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>642</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents at beginning of year includes cash of discontinued</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>operations: 2008, $6,390; 2007, $4,445; 2006, $3,332</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>15,268</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,246</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,604</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Cash and cash equivalents at end of year includes cash of discontinued</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>operations: 2008, $3; 2007, $6,390; 2006, $4,445</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>20,550</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>15,268</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>8,246</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><FONT face=serif size=1>See Notes to Consolidated Financial Statements.</FONT> <P align=center><FONT face=serif size=1>67</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146;</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>EQUIT Y<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="70%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Accumulated</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Additional</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Other</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Common</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Paid-in</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Comprehensive</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Retained</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%"><FONT face=serif size=1>Three Years Ended December 31, 2008 </FONT><I><FONT face=serif size=1>(Millions, except per share amounts)</FONT></I>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Total</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Shares</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Capital</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Income/(Loss)</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Earnings</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0><B><FONT face=serif size=2>Balances at December 31, 2005</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10,549</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>248</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,652</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp; (139</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,788</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>Comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized securities gains</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(45</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(45</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized derivatives gains</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(116</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(116</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Foreign currency translation adjustments</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>178</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>178</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Minimum pension liability adjustment</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(2</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,722</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Adjustment to initially apply SFAS No. 158, net of tax</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(396</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(396</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Repurchase of common shares</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(4,093</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(15</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(534</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(3,544</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Acquisition of Harbor Payments, Inc.</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>147</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>147</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other changes, primarily employee plans</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,274</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,373</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(106</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cash dividends declared</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Common, $0.57 per share</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(692</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(692</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%"><B><FONT face=serif size=2>Balances at December 31, 2006</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10,511</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>240</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>9,638</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(520</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,153</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,012</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,012</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized securities gains</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(80</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(80</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized derivatives (losses) gains</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(98</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(98</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Foreign currency translation adjustments</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(33</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(33</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net unrealized pension and other post retirement</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>benefit gains</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>289</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>289</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,090</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Repurchase of common shares</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(3,572</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(12</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(494</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(3,066</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other changes, primarily employee plans</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>867</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,020</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(157</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Adoption of FIN 48</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(127</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(127</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cash dividends declared</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Common, $0.63 per share</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(740</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(740</FONT> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%"><B><FONT face=serif size=2>Balances at December 31, 2007</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>11,029</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>232</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>10,164</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>(442</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,075</FONT> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net income</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,699</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized securities (losses) gains</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(711</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(711</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Change in net unrealized derivatives losses</FONT>&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Foreign currency translation adjustments</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(113</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(113</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net unrealized pension and other post retirement</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>benefit losses</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(334</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(334</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total comprehensive income</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,532</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Repurchase of common shares</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(218</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(1</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(42</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(175</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Other changes, primarily employee plans</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>334</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>374</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(44</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cash dividends declared</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Common, $0.72 per share</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(836</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(836</FONT></B> </TD>
<TD style="PADDING-BOTTOM: 1pt" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="70%" bgColor=#c0c0c0><B><FONT face=serif size=2>Balances at December 31, 2008</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>11,841</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>232</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>10,496</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>$(1,606</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,719</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><FONT face=serif size=1>See Notes to Consolidated Financial Statements.</FONT> <P align=center><FONT face=serif size=1>68</FONT></P> <HR align=center width="100%" noShade SIZE=2>
<PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=3><STRONG>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS </STRONG></FONT></P> <P align=justify><FONT face=serif size=1><STRONG>NOTE 1</STRONG></FONT><STRONG><FONT face=serif size=2><BR></FONT><FONT face=serif size=2>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </FONT></STRONG></P> <P
align=justify><FONT face=serif size=1><STRONG>THE COMPANY</STRONG> <BR></FONT><FONT face=serif size=2>American Express Company (the Company), a bank holding company, is a leading global payments</FONT><B><FONT face=serif size=2> </FONT></B><FONT
face=serif size=2>and travel company. The Company&#146;s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. The Company&#146;s businesses are
organized into two customer-focused groups, the Global Consumer Group and the Global Business-to-Business Group. The Global Consumer Group&#146;s range of products and services include charge and credit card products for consumers and small
businesses worldwide primarily through its U.S. bank subsidiaries and affiliates; consumer travel services; and stored value products such as Travelers Cheques and prepaid products. The Global Business-to-Business Group offers business travel,
corporate cards and other expense management products and services; network services for the Company&#146;s network partners; and merchant acquisition and merchant processing, point-of-sale,</FONT><B><FONT face=serif size=2> </FONT></B><FONT
face=serif size=2>servicing and settlement and marketing products</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>and services for merchants. The Company&#146;s various products and services are sold globally to diverse customer
groups, including consumers, small businesses, middle-market companies, and large corporations. These products and services are sold through various channels including direct mail, on-line applications, targeted sales forces, and direct response
advertising. </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>REPORTABLE OPERATING SEGMENTS<BR></STRONG></FONT><FONT face=serif size=2>The Company is principally engaged in two customer focused groups, the Global Consumer Group and the
Global Business-to-Business Group. The U.S. Card Services (USCS) and International Card Services (ICS) segments are aligned within the Global Consumer Group, and the Global Commercial Services (GCS) and the Global Network &amp; Merchant Services
(GNMS) segments are aligned within the Global Business-to-Business Group. Refer to Note 24 for additional information.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>BANK HOLDING COMPANY<BR></STRONG></FONT><FONT face=serif size=2>During
the fourth quarter of 2008, the Company became a bank holding company under the Bank Holding Company Act of 1956, and</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>the Federal Reserve Board (Federal Reserve) became the
Company&#146;s primary federal regulator. As such, the Company is subject to the Federal Reserve&#146;s</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>regulations, policies and minimum capital standards.<BR></FONT><STRONG><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>The primary reasons for the Company converting to a bank holding company were to become a Federal Reserve member </FONT><FONT face=serif size=2>and to have the same
status and regulator as a majority of the Company&#146;s peers. Taking this action allowed the Company to participate more fully in some government programs, which provides greater flexibility during uncertain economic times. The Company converting
to a bank holding company will not change its payments focused model, nor its core businesses.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>As a result of converting to a bank holding
company, the Company has made certain changes to its Consolidated Statements of Income and Consolidated Balance Sheets and reclassified certain prior period amounts in order to conform to the current presentation of its financials in accordance with
the Securities and Exchange Commission&#146;s regulations applicable to bank holding companies. These changes and reclassifications within the Consolidated Statements of Income include (i) new categories of interest income and interest expense, and
changes to the component classifications thereof, (ii) the reclassification of card fees on lending products from net card fees to interest and fees on loans, (iii) separate disclosure of certain financial statement line items, which are presented
in Note 23, and (iv) certain other placement and line title changes. The changes and reclassifications within the Consolidated Balance Sheets include (i) the breakout of interest and non-interest bearing cash accounts into separate lines, (ii) the
reclassification of unearned income on loans from other liabilities to a contra-asset, and (iii) certain other line title changes. These reclassifications had no impact on the Company&#146;s consolidated net income.</FONT></P> <P align=justify><FONT
face=serif size=1><STRONG>PRINCIPLES OF CONSOLIDATION <BR></STRONG></FONT><FONT face=serif size=2>The Consolidated Financial Statements of the Company are prepared in conformity with U.S. generally accepted accounting principles (GAAP). All
significant intercompany transactions are eliminated.&nbsp;<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>The Company consolidates all voting interest entities in which the Company holds
a greater than 50 percent voting interest. Entities in which the Company&#146;s voting interest is 20 percent or more but 50 percent or less are accounted for under the equity method. All other investments are accounted for under the cost method
unless the Company determines that it exercises significant influence over an entity by means other than voting rights, in which case the entity is accounted for under the equity method.<BR></FONT><STRONG><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Investments with Variable Interest Entities (VIEs) are limited. The Company generally utilizes VIEs in connection with its cardmember receivable securitizations
within the USCS segment. The Company consolidates any VIEs for which it is considered to be the primary beneficiary. The determination of whether an entity is a VIE is based on the amount and characteristics of the entity&#146;s equity. An
enterprise is required to consolidate a VIE when it has a variable interest for which it is deemed to be the primary beneficiary, that is, it will absorb a majority of the VIE&#146;s expected losses or receive a majority of the VIE&#146;s expected
residual returns. </FONT></P> <P align=center><FONT face=serif size=1>69</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif
size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Qualifying Special Purpose Entities (QSPEs) under Statement of Financial Accounting
Standards (SFAS) No. 140, &#147;Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148;, are not consolidated. The Company utilizes QSPEs in connection with cardmember lending securitizations within the
USCS segment.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Certain reclassifications of prior period amounts have been made to conform to the current presentation. These
reclassifications did not have an impact on the Company&#146;s results of operations or cash flows, and primarily include those described in the Bank Holding Company section above and in the Company&#146;s Form 8-K filed September 12,
2008.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>In addition, beginning prospectively as of July 1, 2006, certain card acquisition related costs were reclassified from other expenses
to a reduction in net card fees. </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>FOREIGN CURRENCY <BR></STRONG></FONT><FONT face=serif size=2>Assets and liabilities denominated in foreign currencies are translated into U.S. dollars
based upon exchange rates prevailing at the end of each year. The resulting translation adjustments, along with any related qualifying hedge and tax effects, are included in accumulated other comprehensive (loss) income, a component of
shareholders&#146; equity. Translation adjustments, including qualifying hedge and tax effects, are reclassified to earnings upon the sale or substantial liquidation of investments in foreign operations. Revenues and expenses are translated at the
average month-end exchange rates during the year. Gains and losses related to non-functional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported net in other revenue or other, net
expense, depending on the nature of the activity, in the Company&#146;s Consolidated Statements of Income. Net non-functional currency transaction gains amounted to approximately $15 million, $27 million, and $11 million in 2008, 2007, and 2006,
respectively.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>AMOUNTS BASED ON ESTIMATES AND ASSUMPTIONS<BR></STRONG></FONT><FONT face=serif size=2>Accounting estimates are an integral part of the Consolidated Financial Statements. These
estimates are based, in part, on management&#146;s assumptions concerning future events. Among the more significant assumptions are those that relate to reserves for cardmember losses relating to loans and charge receivables, Membership Rewards,
income taxes and fair value measurements, as discussed below. These accounting estimates reflect the best judgment of management, but actual results could differ. </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>TOTAL REVENUES NET OF
INTEREST EXPENSE<BR></STRONG></FONT><FONT face=serif size=2>The Company generates revenue from a variety of sources including global payments, such as charge and credit cards, travel services and investments funded by the sale of stored value
products, such as Travelers Cheques. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Discount Revenue</STRONG> <BR></FONT><FONT face=serif size=2>Discount revenue represents fees charged to merchants with which the Company has entered
into card acceptance agreements for facilitating transactions between the merchants and the Company&#146;s cardmembers. The discount generally is deducted from the payment to the merchant and recorded as discount revenue at the time the charge is
captured. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Net Card Fees</STRONG> <BR></FONT><FONT face=serif size=2>Card fees are deferred and recognized on a straight-line basis over the 12-month card membership period, net of deferred
direct card acquisition costs and a reserve for projected membership cancellations. Charge card fees are recognized in net card fees in the Consolidated Statements of Income. Lending product fees are considered an enhancement to the yield on the
product, and therefore are recognized in interest and fees on loans in the Consolidated Statements of Income.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Travel Commissions and Fees</STRONG> <BR></FONT><FONT face=serif size=2>The
Company earns travel commissions and fees by charging clients transaction or management fees for selling and arranging travel and travel management services. Client transaction fee revenue is recognized at the time the client books the travel
arrangements. Travel management services revenue is recognized over the contractual term of the agreement. The Company&#146;s travel suppliers (for example, airlines, hotels, car rental companies) pay commissions and fees on tickets issued, sales
and other services based on contractual agreements. Commissions and fees from travel suppliers are generally recognized at the time a ticket is purchased or over the term of the contract. Commissions and fees that are based on actual usage that is
unknown at time of purchase (for example, hotel and car rentals), are recognized when cash is received.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Other Commissions and Fees</STRONG> <BR></FONT><FONT face=serif size=2>Other
commissions and fees, which are recognized primarily in the period in which they are charged to the cardmember, include delinquency fees and other card related assessments, and foreign currency conversion fees. Also included are fees related to the
Company&#146;s Membership Rewards program, which are deferred and recognized over the period covered by the fee and are included in deferred charge card fees and other, net of deferred acquisition costs.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Securitization Income, Net</STRONG> <BR></FONT><FONT face=serif size=2>Securitization income, net includes non-credit provision components of the net gains or losses from securitization activities, excess spread related to securitized
cardmember loans, changes in the fair value of the interest-only strip, and servicing income, net of related discounts or fees. Excess spread, which is recognized as earned, is the net cash flow from interest and fee collections allocated to the
third-party investors&#146; interests </FONT></P> <P align=center><FONT face=serif size=1>70</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2>in the securitization after deducting the interest paid on the investor certificates, credit losses, contractual servicing
fees and other expenses.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Other Non-Interest Revenues<BR></STRONG></FONT><FONT face=serif size=2>Other revenues includes insurance premiums earned from cardmember travel and other insurance
programs, publishing revenues, revenues arising from contracts with GNS partners including royalties and signing fees, and other miscellaneous revenue and fees. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Contra-revenue</STRONG>
<BR></FONT><FONT face=serif size=2>The Company regularly makes payments through contractual arrangements with merchants, Corporate Card Clients and certain other customers. Payments to customers are generally classified as contra-revenue unless a
specifically identifiable benefit (e.g., goods or services) is received by the Company in consideration for that payment and the fair value of such benefit is determinable and measurable. If no such benefit is identified, then the entire payment is
classified as contra-revenue, and included within total non-interest revenues in the Consolidated Statements of Income in the line item where the related transaction revenues are recorded (e.g., discount revenue, travel commissions and fees, and
other commissions and fees). If such a benefit is identified, then the payment is classified as expense up to the estimated fair value of the benefit. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Interest
Income<BR></STRONG></FONT><FONT face=serif size=2>Interest and fees on loans is assessed using the average daily balance method for loans owned. These amounts are recognized based upon the principal amount outstanding in accordance with the terms of
the applicable account agreement until the outstanding balance is paid or written-off.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Interest and dividends on investment securities
primarily relates to the Company&#146;s performing fixed-income securities. Interest income is accrued as earned using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so that the
related investment security recognizes a constant rate of return on the outstanding balance throughout its term. These amounts are recognized until these securities are in default or when it is likely that future interest payments will not be made
as scheduled.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Interest income on deposits with banks and other is recognized as earned, and primarily relates to the placement of cash in
excess of near-term funding requirements in interest-bearing time deposits, overnight sweep accounts, and other interest bearing demand and call accounts.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Interest
Expense<BR></STRONG></FONT><FONT face=serif size=2>Interest expense includes interest incurred primarily to fund cardmember lending, charge card product receivables, general corporate purposes, and liquidity needs, and is recognized as incurred.
Interest expense is divided principally into three </FONT><FONT face=serif size=2>categories (i) deposits, which primarily relates to interest expense on deposits taken from customers and institutions, (ii) short-term borrowings, which primarily
relates to interest expense on commercial paper, federal funds purchased, bank overdrafts, and other short-term borrowings, and (iii) long-term debt, which primarily relates to interest expense on the Company&#146;s long-term debt.</FONT></P> <P
align=justify><FONT face=serif size=1><STRONG>EXPENSES <BR></STRONG></FONT><FONT face=serif size=2><STRONG>Marketing, Promotion, Rewards, and Cardmember Services<BR></STRONG></FONT><FONT face=serif size=2>Marketing and promotion expense includes
advertising costs, which are expensed in the year in which the advertising first takes place. Cardmember rewards expense includes the costs of rewards programs (including Membership Rewards, discussed in the Other Liabilities section below).
Cardmember services expense includes protection plans and complimentary services provided to cardmembers.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Stock-based Compensation <BR></STRONG></FONT><FONT face=serif size=2>The Company
recognizes the cost of employee stock awards granted in exchange for employee services based on the grant-date fair value of the award, net of expected forfeitures. Those costs are recognized ratably over the vesting period, which is generally 25
percent per year beginning with the first anniversary of the grant date.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Other, Net Expense<BR></STRONG></FONT><FONT face=serif size=2>Other, net expense includes general operating
expenses, gains (losses) on sale of assets or businesses not classified as discontinued operations, and litigation and insurance costs or settlements.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>BALANCE SHEET</STRONG>
<BR></FONT><FONT face=serif size=2><STRONG>Cash and cash equivalents</STRONG> <BR></FONT><FONT face=serif size=2>Cash and cash equivalents include cash and amounts due from banks, interest-bearing bank balances including federal funds sold and
securities purchased under resale agreements, and other highly liquid investments with original maturities of 90 days or less.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Accounts Receivable<BR></STRONG></FONT><I><FONT face=serif
size=2>Cardmember receivables <BR></FONT></I><FONT face=serif size=2>Cardmember receivables represent amounts due from charge card customers. These receivables are recorded at the time a cardmember enters into a point-of-sale transaction with a
merchant. Cardmember receivable balances are presented on the Consolidated Balance Sheets net of reserves for losses, discussed below, and includes principal and any related accrued fees. </FONT></P> <P align=justify><I><FONT face=serif
size=2>Reserves for losses &#151; cardmember receivables <BR></FONT></I><FONT face=serif size=2>Reserves for losses relating to cardmember receivables represent management&#146;s best estimate of the losses inherent in the Company&#146;s outstanding
portfolio of receivables. Management&#146;s </FONT></P> <P align=center><FONT face=serif size=1>71</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
</FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2>evaluation process requires certain estimates and judgments. Reserves for these losses are primarily based upon models that analyze specific
portfolio statistics and reflect management&#146;s judgment regarding overall reserve adequacy. The analytic models take into account several factors, including average write-off rates for various stages of receivable aging (i.e., current, 30 days,
60 days, 90 days) over a 24-month period and average bankruptcy and recovery rates. Management considers whether to adjust the analytic models based on other factors, such as reserves as a percentage of past-due accounts, reserves as a percentage of
cardmember loans and receivables, and net write-off coverage. Other factors considered include leading economic and market indicators, such as the unemployment rate, consumer confidence index, purchasing manager&#146;s index, bankruptcy filings,
concentration of credit risk such as based on tenure, industry or geographic regions, and the legal and regulatory environment.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Cardmember
receivables balances are written off when management deems amounts to be uncollectible and is generally determined by the number of days past due. Receivables in bankruptcy or owed by deceased individuals are written off upon notification, while
other accounts are written off when 180 days past due for cardmember receivables within the USCS segment and when 360 days past due for cardmember receivables within the ICS and GCS segments. Previously, cardmember receivables in the USCS segment
were written off when 360 days past due. During 2008, consistent with applicable bank regulatory guidance, the Company modified its write-off methodology to write off cardmember receivables in the USCS segment when 180 days past due. Net cardmember
receivables write-offs in 2008 included approximately $341 million resulting from this change in write-off methodology. The impact of this change to the provision for charge card losses was not material.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Investment Securities</STRONG><BR></FONT><FONT face=serif size=2>Investment securities include debt and equity securities and are classified within the available-for-sale category.<BR></FONT><STRONG><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Available-for-sale investment securities are carried at fair value on the Consolidated Balance Sheets with unrealized gains (losses) recorded in accumulated other
comprehensive income (loss), net of income tax provisions (benefits). Realized gains and losses on these securities are recognized in results of operations upon disposition of the securities using the specific identification method on a trade date
basis. In addition, realized losses are recognized when management determines that a decline in value is other-than-temporary, which requires judgment regarding the amount and timing of recovery. Indicators of other-than-temporary impairment for
debt securities include issuer downgrade, default, or bankruptcy. The Company also considers the extent to which cost exceeds fair value, the duration and size of that gap, management&#146;s judgment about the issuer&#146;s current and prospective
financial condition, as well as its intent and ability to hold the security until recovery of the unrealized losses. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Loans<BR></STRONG></FONT><I><FONT face=serif size=2>Cardmember
lending<BR></FONT></I><FONT face=serif size=2>Cardmember loans represent amounts due from lending product customers. These loans are recorded at the time a cardmember enters into a point-of-sale transaction with a merchant or when a charge card
customer enters into an extended payment arrangement. Cardmember loans are presented on the Consolidated Balance Sheets net of reserves for cardmember losses, discussed below, and include accrued interest receivable and fees as of the balance sheet
date. The Company&#146;s policy is to cease accruing for interest receivable on a cardmember loan at the time when the account is written off. </FONT></P> <P align=justify><I><FONT face=serif size=2>Reserve for losses &#151; cardmember lending <BR>
</FONT></I><FONT face=serif size=2>The Company&#146;s methodology for reserving for losses relating to cardmember loans is consistent with reserving for losses relating to cardmember receivables. Cardmember loans (other than those in bankruptcy or
owed by deceased individuals) are written off when 180 days past due.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Asset Securitizations</STRONG> <BR></FONT><FONT face=serif size=2>The Company periodically securitizes cardmember
receivables and loans by transferring those financial assets to a trust. The trust then issues securities to third-party investors, and these securities are collateralized by the transferred assets. The Company accounts for its transfers of these
financial assets in accordance with SFAS No. 140.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>In order for a securitization of financial assets to be accounted for as a sale, the
transferor must surrender control over those financial assets to the extent that the transferor receives consideration other than beneficial interests in the transferred assets.&nbsp;<BR></FONT><STRONG><FONT
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Cardmember loans are transferred to a QSPE, and such transactions are structured to meet the sales criteria. Accordingly, when loans are sold through
securitizations, the Company removes the loans from its Consolidated Balance Sheets and recognizes a gain or loss on sale and retained interests in the securitizations.&nbsp;<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></STRONG><FONT face=serif size=2>In contrast, cardmember receivables are transferred to a variable interest entity, a trust that does not meet the requirements for treatment as a qualifying sale. Securitizations of cardmember receivables are
accounted for as secured borrowings.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Premises and Equipment</STRONG> <BR></FONT><I><FONT face=serif size=2>Premises and Equipment <BR></FONT></I><FONT face=serif size=2>Premises and
equipment, including leasehold improvements, are carried at cost less accumulated depreciation. Costs incurred during construction are capitalized and are depreciated once an asset is placed in service. Depreciation is generally computed using the
straight-line method over the estimated useful lives of assets, which range from 3 to 8 years for equipment. Premises </FONT></P> <P align=center><FONT face=serif size=1>72</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2>are depreciated based upon their estimated useful life at
the acquisition date, which generally ranges from 40 to 60 years.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Leasehold improvements are depreciated using the straight-line method over
the lesser of the remaining term of the leased facility or the economic life of the improvement, which ranges from 5 to 10 years. The Company maintains operating leases worldwide for facilities and equipment. Rent expense for facility leases is
recognized ratably over the lease term, and is calculated to include adjustments for rent concessions, all non-market based rent escalations, and leasehold improvement allowances. The Company accounts for lease restoration obligations in accordance
with SFAS No. 143,</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>&#147;Accounting for Asset Retirement Obligations&#148; which requires recognition of the fair value of restoration liabilities when incurred, and amortization
of capitalized restoration costs over the lease term.</FONT></P> <P align=justify><I><FONT face=serif size=2>Software development costs <BR></FONT></I><FONT face=serif size=2>The Company capitalizes certain costs associated with the acquisition or
development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software&#146;s estimated useful life, generally 5 years.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Goodwill and Other Intangible Assets</STRONG> <BR></FONT><I><FONT face=serif size=2>Goodwill <BR></FONT></I><FONT face=serif size=2>Goodwill represents the excess of acquisition cost of an acquired company over the fair value of
assets acquired and liabilities assumed. Goodwill is included in other assets on the Consolidated Balance Sheets. The Company assigns goodwill to its reporting units for the purpose of impairment testing. A reporting unit is defined as an operating
segment, or a business one level below an operating segment. The Company evaluates goodwill for impairment annually and between annual tests if events occur or circumstances change that more likely than not reduce the fair value of reporting units
below their carrying amounts. In determining whether impairment has occurred, the Company generally uses a comparative market multiples approach for calculating fair value. </FONT></P> <P align=justify><I><FONT face=serif size=2>Intangible assets
<BR></FONT></I><FONT face=serif size=2>Intangible assets, primarily customer relationships, are amortized over their estimated useful lives of 1 to 22 years on a straight-line basis. Intangible assets are included in other assets on the Consolidated
Balance Sheets. The Company reviews intangible assets for impairment quarterly and whenever events and circumstances indicate that their carrying amounts may not be recoverable. In addition, on an annual basis, the Company performs an impairment
evaluation of all intangible assets based upon fair value generally using a discounted cash flow approach. An impairment is recognized if the carrying amount is not recoverable and exceeds the asset&#146;s fair value. </FONT></P> <P
align=justify><FONT face=serif size=2><STRONG>Other Liabilities <BR></STRONG></FONT><I><FONT face=serif size=2>Membership Rewards <BR></FONT></I><FONT face=serif size=2>The Membership Rewards program allows enrolled cardmembers to earn points that
can be redeemed for a broad range of rewards, including travel, entertainment, retail certificates, and merchandise. The Company establishes balance sheet reserves which represent the estimated cost of points earned to date that are ultimately
expected to be redeemed. These reserves reflect management&#146;s judgment regarding overall adequacy. A weighted average cost per point redeemed during the previous 12 months, adjusted as appropriate for recent changes in redemption costs, is used
to approximate future redemption costs and is affected by the mix of rewards redeemed. Management uses models to estimate ultimate redemption rates based on historical redemption statistics, card product type, year of program enrollment, enrollment
tenure, and card spend levels.&nbsp;<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>The provision for the cost of Membership Rewards points is included in marketing, promotion, rewards and
cardmember services and the balance sheet reserves are included in other liabilities. The Company continually evaluates its reserve methodology and assumptions based on developments in redemption patterns, cost per point redeemed, contract changes,
and other factors. </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Derivative Financial Instruments and Hedging Activities <BR></STRONG></FONT><FONT face=serif size=2>All derivatives are recognized on balance sheet at fair value as
either assets or liabilities. The fair value of the Company&#146;s derivative financial instruments are determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and
incorporate current market data inputs. The Company reports its derivative assets and liabilities in other assets and other liabilities, respectively, on a net by counterparty basis where management believes it has the legal right of offset under
enforceable netting arrangements. The accounting for the change in the fair value of a derivative financial instrument depends on its intended use and the resulting hedge designation, if any, as discussed below. </FONT></P> <P align=justify><I><FONT
face=serif size=2>Cash flow hedges <BR></FONT></I><FONT face=serif size=2>A cash flow hedge is a derivative designated to hedge the exposure of variable future cash flows that is attributable to a particular risk associated with an existing
recognized asset or liability, or a forecasted transaction. For derivative financial instruments that qualify as cash flow hedges, the effective portions of the gain or loss on the derivatives are recorded in accumulated other comprehensive (loss)
income and reclassified into earnings when the hedged cash flows are recognized into earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact,
primarily in interest expense. Any ineffective portion of the gain or loss, as determined by the </FONT></P> <P align=center><FONT face=serif size=1>73</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2>accounting requirements, is reported as a component of other, net expense. If a hedge
is de-designated or terminated prior to maturity, the amount previously recorded in accumulated other comprehensive (loss) income is recognized into earnings over the period that the hedged item impacts earnings. If a hedge relationship is
discontinued because it is probable that the forecasted transaction will not occur according to the original strategy, any related amounts previously recorded in accumulated other comprehensive (loss) income are recognized into earnings immediately.
</FONT></P> <P align=justify><I><FONT face=serif size=2>Fair value hedges <BR></FONT></I><FONT face=serif size=2>A fair value hedge is a derivative designated to hedge the exposure of future changes in the fair value of an asset or a liability, or
an identified portion thereof that is attributable to a particular risk. For derivative financial instruments that qualify as a fair value hedge, changes in the fair value of the derivatives, as well as of the corresponding hedged assets and
liabilities are recorded in earnings as a component of other, net expense, resulting in the ineffectiveness from the hedging relationship.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>If
a fair value hedge is de-designated or no longer considered to be effective, changes in fair value of the derivative continue to be recorded through earnings but the hedged asset or liability is no longer adjusted for changes in fair value. The
existing basis adjustment of the hedged asset or liability is then amortized or accreted as an adjustment to yield over the remaining life of the asset or liability.</FONT></P> <P align=justify><I><FONT face=serif size=2>Net investment hedges in
foreign operations <BR></FONT></I><FONT face=serif size=2>A net investment hedge in foreign operations is a derivative used to hedge future changes in currency exposure of a net investment in a foreign operation. For derivative financial instruments
that qualify as net investment hedges in foreign operations, the effective portions of the change in fair value of the derivatives are recorded in accumulated other comprehensive (loss) income as part of the cumulative translation adjustment. Any
ineffective portions of net investment hedges are recognized in other, net expense during the period of change. </FONT></P> <P align=justify><I><FONT face=serif size=2>Derivative financial instruments that qualify for hedge accounting
<BR></FONT></I><FONT face=serif size=2>Derivative financial instruments that are entered into for hedging purposes are designated as such when the Company enters into the contract. For all derivative financial instruments that are designated for
hedging activities, the Company formally documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also formally documents its risk management objectives and
strategies for entering into the hedge transactions. The Company formally assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items.
These assessments usually are made through the application of the dollar-offset method.&nbsp;<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>In accordance with its risk management
policies, the Company generally structures its hedges with very similar terms to the hedged items. When applying the accounting requirements, the Company recognizes ineffectiveness through earnings. If it is determined that a derivative is not
highly effective as a hedge, the Company will discontinue the application of hedge accounting. </FONT></P> <P align=justify><I><FONT face=serif size=2>Non-designated derivatives and trading activities<BR></FONT></I><FONT face=serif size=2>For
derivative financial instruments that do not qualify for hedge accounting, or are not designated as hedges, changes in fair value are reported in current period earnings generally as a component of other revenue, interest expense, or other, net
expenses depending on the type of derivative instrument and the nature of the transaction.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes <BR></STRONG></FONT><FONT face=serif size=2>The Company, its wholly-owned U.S.
subsidiaries, and certain non-U.S. subsidiaries file a consolidated federal income tax return. The Company is subject to the income tax laws of the United States, its states and municipalities and those of the foreign jurisdictions in which the
Company operates. These tax laws are complex, and the manner in which they apply to the taxpayer&#146;s facts is sometimes open to interpretation. Given these inherent complexities, the Company must make judgments in assessing the likelihood that a
tax position will be sustained upon examination by the taxing authorities based on the technical merits of the tax position. A tax position is recognized only when, based on management&#146;s judgment regarding the application of income tax laws, it
is more likely than not that the tax position will be sustained upon examination. The amount of benefit recognized for financial reporting purposes is based on management&#146;s best judgment of the most likely outcome resulting from examination
given the facts, circumstances and information available at the reporting date. The Company adjusts the level of unrecognized tax benefits when there is new information available to assess the likelihood of the outcome. Interest and penalties
relating to unrecognized tax benefits are reported in the income tax provision.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>Deferred tax assets and liabilities are determined based on
the differences between the GAAP financial statements and tax bases of assets and liabilities using the enacted tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is established
when management determines that it is more likely than not that all or some portion of the benefit of the deferred tax assets will not be realized.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif
size=2>The Company does not provide for federal income taxes on foreign earnings intended to be permanently reinvested outside the United States.</FONT></P> <P align=center><FONT face=serif size=1>74</FONT></P> <HR align=center width="100%" noShade
SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Fair Value
Measurements<BR></STRONG></FONT><FONT face=serif size=2>Effective January 1, 2008, the Company partially adopted the Financial Accounting Standards Board (FASB) SFAS No. 157, &#147;Fair Value Measurements&#148; (SFAS No. 157). SFAS No. 157 applies
broadly to financial and non-financial assets and liabilities reported or disclosed at fair value under existing authoritative accounting pronouncements. FASB Staff Position (FSP) FAS 157-2, &#147;Effective Date of FASB Statement No. 157&#148; (FSP
FAS 157-2), delays the effective date of SFAS No. 157 for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the Company&#146;s financial statements on a recurring basis (at least
annually), until its fiscal year beginning after November 15, 2008, including interim periods within that fiscal year ( January 1, 2009 for the Company). In accordance with FSP FAS 157-2, the Company has partially adopted SFAS No. 157 and has not
applied the provisions of SFAS No. 157 to its non-financial assets that are not measured at fair value on a recurring basis.&nbsp;<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>The
Company&#146;s partial adoption of SFAS No. 157 did not result in significant changes to the valuation techniques it had previously used to measure the fair value of its financial instruments. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date, and is based on the Company&#146;s principal or most advantageous market for the specific asset
or liability. The adoption did not have a material impact on the Company&#146;s financial position or results of operations.<BR></FONT><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG><FONT face=serif size=2>SFAS No. 157
established a three-level hierarchy of valuation techniques used to measure fair value, defined as follows: </FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Unadjusted Quoted Prices &#150; The fair value of
an asset or</FONT> <FONT face=serif size=2>liability is based on unadjusted quoted prices, in active</FONT> <FONT face=serif size=2>markets for identical assets or liabilities. An example would</FONT> <FONT face=serif size=2>be a marketable equity
security that is actively traded on the</FONT> <FONT face=serif size=2>New York Stock Exchange. (Level 1) The Company does</FONT> <FONT face=serif size=2>not have any assets or liabilities classified within Level 1 of</FONT> <FONT face=serif
size=2>the fair value hierarchy.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Pricing Models with Significant Observable Inputs &#150; The</FONT> <FONT face=serif size=2>fair value of an asset or liability is based on information</FONT> <FONT
face=serif size=2>derived from either an active market quoted price, which</FONT> <FONT face=serif size=2>may require further adjustment based on the attributes of</FONT> <FONT face=serif size=2>the financial asset or liability being measured, or an
inactive</FONT> <FONT face=serif size=2>market transaction. Circumstances when adjustments to</FONT> <FONT face=serif size=2>market quoted prices may be appropriate include (i) a</FONT> <FONT face=serif size=2>quoted price for an actively traded
equity investment that is</FONT> <FONT face=serif size=2>adjusted for a contractual trading restriction, or (ii) the fair</FONT> <FONT face=serif size=2>value derived from a trade of an identical or similar security</FONT> <FONT face=serif size=2>in
an inactive market. (Level 2) The Company&#146;s investment</FONT> <FONT face=serif size=2>securities and derivatives are classified within Level 2 of the</FONT> <FONT face=serif size=2>fair value hierarchy. Refer to Notes 2, 5, and
14.</FONT></LI></UL> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>Pricing Models with Significant Unobservable Inputs &#150;</FONT> <FONT face=serif size=2>The fair value of an asset or liability is primarily based
on</FONT> <FONT face=serif size=2>internally derived assumptions surrounding the timing and</FONT> <FONT face=serif size=2>amount of expected cash flows for the financial instrument. </FONT><FONT face=serif size=2>Therefore, these assumptions are
unobservable in either an</FONT> <FONT face=serif size=2>active or inactive market. An example would be the retained</FONT> <FONT face=serif size=2>subordinated interest in a securitization trust. (Level 3) The</FONT> <FONT face=serif
size=2>Company&#146;s retained subordinated securities and interest-</FONT><FONT face=serif size=2>only strip, from its securitization programs, are classified</FONT> <FONT face=serif size=2>within Level 3 of the fair value hierarchy. Refer to Note
6.</FONT> </LI></UL> <P align=justify><FONT face=serif size=2>The level in the fair value hierarchy to which an asset or liability is classified is based upon the lowest level of input that is significant to the fair value measurement. For example,
if an asset or liability is valued based on observable inputs (e.g., Level 2) as well as unobservable inputs (e.g., Level 3), and the unobservable inputs significantly contributed to the determination of fair value, it is classified in Level 3 of
the fair value hierarchy.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>RECENTLY ISSUED ACCOUNTING STANDARDS</STRONG> <BR></FONT><FONT face=serif size=2>The FASB recently issued the following accounting standards, which are effective
beginning January 1, 2009. </FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>FSP No. EITF 03-6-1, &#147;Determining Whether Instruments</FONT> <FONT face=serif size=2>Granted in Share-Based Payment
Transactions are</FONT> <FONT face=serif size=2>Participating Securities&#148; (FSP EITF 03-6-1) states unvested</FONT> <FONT face=serif size=2>share-based payment awards that contain non-forfeitable</FONT> <FONT face=serif size=2>rights to
dividends or dividend equivalents (e.g., Restricted</FONT> <FONT face=serif size=2>Stock Awards) whether paid or unpaid, are participating</FONT> <FONT face=serif size=2>securities and should be included in the computation of basic</FONT> <FONT
face=serif size=2>and diluted earnings per share pursuant to the two-class</FONT> <FONT face=serif size=2>method. FSP EITF 03-6-1 requires all prior-period EPS data</FONT> <FONT face=serif size=2>presented to be adjusted retrospectively (including
interim</FONT> <FONT face=serif size=2>financial statements, summaries of earnings, and selected</FONT> <FONT face=serif size=2>financial data) to conform to its provisions. The retrospective</FONT> <FONT face=serif size=2>adoption of FSP EITF
03-6-1 is expected to have an annual</FONT> <FONT face=serif size=2>decrease of between $.01 and $.03 on basic and diluted</FONT> <FONT face=serif size=2>earnings per share for the years 2005 through 2008.</FONT> </LI></UL> <P align=justify><FONT
face=serif size=2>The adoption of the accounting standards listed below will not have a material impact on the Company&#146;s financial position or results of operations.</FONT></P> <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> <LI><FONT
face=serif size=2>SFAS No. 141 (revised 2007), &#147;Business Combinations&#148;</FONT> <FONT face=serif size=2>(SFAS No. 141(R)) replaces the previous business</FONT> <FONT face=serif size=2>combination accounting guidance under SFAS No. 141.
</FONT><FONT face=serif size=2>SFAS No. 141(R) primarily requires the following changes</FONT> <FONT face=serif size=2>in applying the purchase method of accounting to the</FONT> <FONT face=serif size=2>acquisition of a business. (1) All
acquisitions of controlling</FONT> <FONT face=serif size=2>interests are fully measured at fair value, including purchases</FONT> <FONT face=serif size=2>of a less-than-100 percent stake, (2) direct acquisition costs</FONT> <FONT face=serif
size=2>(e.g., investment banking, legal and accounting costs) are</FONT> <FONT face=serif size=2>expensed, (3) contingent consideration is recognized and</FONT> <FONT face=serif size=2>measured at fair value as of the acquisition date, with post-
</FONT> </LI></UL> <P align=center><FONT face=serif size=1>75</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif
size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P style="PADDING-LEFT: 40px" align=justify><FONT face=serif size=2>acquisition adjustments to the fair value recorded through earnings, and (4) any non-controlling interests&#146; share of earnings in a
partially owned subsidiary are included in the consolidated net income of the group. </FONT></P> <UL> <LI> <P align=justify><FONT face=serif size=2>SFAS No. 160, &#147;Noncontrolling Interests in Consolidated Financial Statements&#148; (SFAS No.
160), which is to be retrospectively applied for presentation and disclosure purposes, requires entities to include non-controlling (minority) interests in partially owned consolidated subsidiaries within shareholders&#146; equity in the
consolidated financial statements. All amounts related to non-controlling interests are presented separately on the face of the financial statements. SFAS No. 160 also requires the consolidating entity to include, prospectively, all earnings of the
consolidated subsidiary attributable to the non-controlling interest holder in its income statement with an offsetting charge (credit) to the non-controlling interest in shareholders&#146; equity. </FONT></P> <LI> <P align=justify><FONT face=serif
size=2>SFAS No. 161, &#147;Disclosures about Derivative Instruments and Hedging Activities &#150; an amendment of FASB Statement No. 133&#148; (SFAS No. 161), amends and expands the disclosure requirements of FASB Statement No. 133, &#147;Accounting
for Derivative Instruments and Hedging Activities&#148; (SFAS No. 133) requiring enhanced disclosures about the Company&#146;s derivative and hedging activities. Under SFAS No. 161, the Company is required to provide disclosures about (a) how and
why it uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect the Company&#146;s
financial position, results of operations, and cash flows. SFAS No. 161 is effective prospectively, and applies to derivative instruments existing at the reporting date, with comparative disclosures of earlier periods encouraged upon initial
adoption. </FONT></P> <LI> <P align=justify><FONT face=serif size=2>EITF No. 07-1, &#147;Accounting for Collaborative Arrangements&#148; (EITF 07-1), which is to be retrospectively applied, defines collaborative arrangements as those that do not
involve a separate legal entity and in which the participants are actively involved and are exposed to significant risks and rewards that depend on the ultimate commercial success of the endeavor. EITF 07-1 also clarifies that the equity method of
accounting should not be applied and requires the disclosure of the Company&#146;s accounting policies regarding income statement characterization, the amounts and income statement classification of the arrangements and information about the nature
and purpose of the arrangements. </FONT></P> <LI> <P align=justify><FONT face=serif size=2>FSP No. FAS 142-3, &#147;Determination of the Useful Life of Intangible Assets&#148; (FSP FAS 142-3), removes the requirement within SFAS No. 142
&#147;Goodwill and Other </FONT><FONT face=serif size=2>Intangible Assets&#148; for an entity to consider, when determining the useful life of a recognized intangible asset, whether an intangible asset can be renewed without substantial cost or
material modifications to the existing terms and conditions. FSP FAS 142-3 requires an entity to consider its own historical experience in developing renewal or extension assumptions, or assumptions that a marketplace participant would use about
renewal or extension. </FONT></P> <LI> <P align=justify><FONT face=serif size=2>FSP FAS 157-2, as described above, delays the effective date of SFAS No. 157 for non-financial assets and non-financial liabilities, except for items that are recognized
or disclosed at fair value in the Company&#146;s financial statements on a recurring basis (at least annually), until January 1, 2009.</FONT></P></LI></UL> <P align=justify><FONT face=serif size=2>In addition to the above, the FASB also recently
issued the following accounting standard, which is effective for the year ending December 31, 2009, the adoption of which will not have a material impact on the Company&#146;s financial position or results of operations.</FONT></P> <UL> <LI> <P
align=justify><FONT face=serif size=1></FONT><FONT face=serif size=2>FSP No. FAS 132(R)-1, &#147;Employers&#146; Disclosures about Postretirement Benefit Plan Assets&#148; (FSP FAS 132(R)-1), amends SFAS 132 (revised 2003), &#147;Employers&#146;
Disclosures about Pensions and Other Postretirement Benefits,&#148; to provide guidance on an employer&#146;s disclosures about plan assets of a defined benefit pension or other postretirement plan. These disclosures include: how investment
allocation decisions are made, including the factors that are pertinent to an understanding of investment policies and strategies, the major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan
assets, the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the period and significant concentrations of risk within plan assets.</FONT></P></LI></UL> <P align=center><FONT face=serif
size=1>76</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=1><STRONG>NOTE 2<BR></STRONG></FONT><STRONG><FONT face=serif size=2><FONT face=serif size=2>ACQUISITIONS, DIVESTITURES, AND DISCONTINUED </FONT></FONT></STRONG><STRONG><FONT face=serif size=2><FONT face=serif size=2>OPERATIONS
</FONT></FONT></STRONG></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>ACQUISITIONS<BR></FONT></STRONG></FONT><FONT face=serif size=2><STRONG>Corporate Payment Services<BR></STRONG></FONT><FONT face=serif size=2>On March 28, 2008,
the Company purchased Corporate Payment Services (CPS), General Electric Company&#146;s commercial card and corporate purchasing business unit. The total cash consideration of $2.3 billion paid by the Company consisted of the contractual purchase
price of approximately $1.1 billion plus the repayment of CPS&#146; $1.2 billion in outstanding debt as of the acquisition date.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>The following table summarizes the assets acquired and
liabilities assumed by reportable operating segment as of the acquisition date, reflecting the final purchase price allocation completed in the fourth quarter of 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>GCS</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>USCS</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Total</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Other receivables</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,149</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp; $</FONT></STRONG> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;&#151;</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,149</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT face=serif size=2>Other loans</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>107</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>107</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Goodwill</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>818</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>818</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT face=serif size=2>Definite-lived intangibles</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>217</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>1</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>218</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Premises and equipment</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>14</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>14</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><FONT face=serif size=2>Other assets</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>3</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>3</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Total assets</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,201</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>108</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,309</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total liabilities</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>63</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>65</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Net assets</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,138</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>106</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,244</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The customer receivables and loans acquired as
part of the CPS acquisition, totaling $1.1 billion and $107 million, respectively, as of the acquisition date, are included in other receivables and other loans. As underlying cardmember relationships migrate to the Company&#146;s products, the
associated receivables will be reflected in the cardmember receivables and cardmember lending lines on the Consolidated Balance Sheets. As of December 31, 2008, the amount of CPS receivables included in other receivables and other loans was $880
million and $99 million, respectively; and, no CPS receivables were included in cardmember receivables or cardmember lending. The migration of CPS customers to the Company&#146;s products is expected to be substantially completed by the first
quarter of 2009. <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The acquisition of CPS did not have a significant impact on the Company&#146;s results of operations for the year ended December 31, 2008.</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG><FONT size=1>DIVESTITURES<BR></FONT></STRONG></FONT><FONT face=serif size=2>On May 31, 2007, the Company completed the sale of its merchant-related activities in Russia for a net gain of approximately
$27 million ($18 million after-tax), recorded in the Company&#146;s continuing operations, and reflected in the GNMS segment.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>During the third quarter of 2006, the Company
completed the sale of its card and merchant-related activities in Malaysia, and its card and merchant-related activities in Indonesia for combined proceeds of $94 million. The transactions generated a gain of $33 million ($24 million after-tax), and
are reported in the Company&#146;s continuing operations ($23 million in the ICS segment and $10 million in the GCS segment).<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>On June 30, 2006, the Company completed the sale of
its card and merchant-related activities and international banking activities in Brazil for approximately $470 million. The transaction generated a net after-tax gain of $109 million. $144 million ($131 million after-tax) of the gain relates to the
</FONT><FONT face=serif size=2>card and merchant-related activities sold and is reported in the Company&#146;s continuing operations ($91 million in the ICS segment, $28 million in the GCS segment, and $25 million in the GNMS segment). A $48 million
($22 million after-tax) loss resulted from the sale of the Company&#146;s international banking activities; this portion of the sale was reflected in discontinued operations, as discussed below.</FONT><BR><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>The Company will continue to maintain its presence in the merchant-related businesses within Russia and in the card and merchant-related businesses within Malaysia, Indonesia, and Brazil
through its GNS arrangements with the acquirers and its retention of agreements with multinational merchants.</FONT></FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>DISCONTINUED OPERATIONS<BR></FONT></STRONG></FONT><FONT
face=serif size=2>On September 18, 2007, the Company entered into an agreement to sell its international banking subsidiary, American Express Bank Ltd. (AEB) to Standard Chartered PLC (Standard Chartered). The sale was completed on February 29,
2008. In the second quarter of 2008, the Company and Standard Chartered agreed on the final purchase price of $796 million, equaling the final net asset value of the AEB businesses that were sold plus $300 million. The sale resulted in an after-tax
gain of $11 million.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>On September 18, 2007, the Company also entered into an agreement with Standard Chartered to sell American Express International Deposit Company
(AEIDC), a subsidiary that issues investment certificates to AEB&#146;s customers, 18 months after the close of the AEB sale through a put/call agreement. In the third quarter of 2008, AEIDC qualified to be reported as a discontinued operation as it
is the Company&#146;s intention to exercise its AEIDC put option in the third quarter of 2009.</FONT><BR><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>On June 30, 2006, the Company completed the sale of certain of its activities
in Brazil as discussed above. The international banking portion of the transaction generated an after-tax loss of $22 million reported in discontinued operations for banking activities the Company exited in Brazil. Financial results for these
operations, prior to the second quarter of 2006, were not reclassified as discontinued operations because such results are not material.</FONT></FONT></P> <P align=center><FONT face=serif size=1>77</FONT></P> <HR align=center width="100%" noShade
SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For all
periods presented, all of the operating results, assets and liabilities, and cash flows of discontinued operations, except as described above, have been removed from the Corporate &amp; Other segment and are presented separately in the
Company&#146;s Consolidated Financial Statements. Summary operating results of the discontinued operations included AEB (except for certain components of AEB that are not being sold), AEIDC, and the Brazilian banking activities, as well as
businesses disposed of in previous years. The Notes to the Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Results from
discontinued operations for the years ended December 31, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>2008</STRONG></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(43</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>925</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,097</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT size=2>Pretax (loss) income from </FONT><FONT face=serif size=2>discontinued operations</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>(160</FONT></B> </TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(163</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>108</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Income tax provision (benefit)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>12</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(49</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2><FONT size=3><FONT size=2>(Loss) Income from discontinued </FONT></FONT>operations, net of tax</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(172</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(114</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>82</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Included in the results from discontinued operations for 2008, 2007 and 2006 are pretax losses of $275 million ($179 million after-tax), $105 million ($69 million after-tax), and $0, respectively, for
mark-to-market adjustments and sales associated with the AEIDC investment portfolio.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Assets and liabilities of the discontinued operations at December 31, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>2008</STRONG></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Assets:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cash and cash equivalents</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>3</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>6,390</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Investments</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>213</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,730</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Loans, net of reserves</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8,283</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other assets</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,875</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total assets</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>216</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>22,278</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Liabilities:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Customer deposits</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>15,079</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Investment certificate reserves</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>22</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,299</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other liabilities</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>238</FONT></B> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,149</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total liabilities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>260</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,527</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Net (deficit) assets</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(44</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>751</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The balance at December 31, 2008, represents a loan to AEIDC from AEIDC&#146;s parent; this loan is expected to be settled concurrent with, or following the transfer of AEIDC to Standard Chartered in the
third quarter of 2009.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Accumulated other comprehensive loss, net of tax, associated with discontinued operations at December 31, was as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2008</FONT></B><B><SUP><FONT face=serif size=2>(a)</FONT></SUP></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; 2007</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Accumulated other comprehensive loss, net of tax:<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Net unrealized securities losses</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$&#151;</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>(15</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Foreign currency translation adjustments</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(28</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>Net unrealized pension and other </FONT></FONT>postretirement benefit
costs<FONT size=3> </FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>Total accumulated other comprehensive loss</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$&#151;</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(41</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>As noted above, all of AEIDC&#146;s investment portfolio was reclassified from available-for-sale to Trading in the third quarter of 2007. As a result, no further balances remain in accumulated other
comprehensive loss related to this portfolio.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Goodwill of approximately $27 million was included in AEB&#146;s assets as of December 31, 2007.</FONT></P> <P align=center><FONT
face=serif size=1>78</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG><FONT size=1>ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS MEASURED AT FAIR VALUE ON A RECURRING BASIS:<BR></FONT></STRONG></FONT><FONT face=serif size=2>As described in Note 1, on January 1, 2008,
the Company partially adopted SFAS No. 157 for its financial assets and financial liabilities that are accounted for at fair value. The fair value measurement and disclosure provisions of SFAS No. 157 are prospective in nature and, therefore, apply
to financial assets and financial liabilities included in discontinued operations from January 1, 2008, forward. The following table presents the AEIDC financial instruments carried at fair value at December 31, 2008 and the respective SFAS No. 157
fair value hierarchy level: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="78%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="14%" colSpan=2><FONT face=serif size=1>Total Carrying Value included in Assets</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="14%" colSpan=2><FONT face=serif size=1>of Discontinued Operations on the</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="5%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="14%" colSpan=2><FONT face=serif size=1>Consolidated Balance Sheet</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=1>Fair Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="14%" colSpan=2><FONT face=serif size=1>at December 31, 2008</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>Hierarchy Level</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Residential mortgage-backed securities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Non-Government Sponsored Entities:</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="12%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Prime</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="12%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>46</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>2</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Alt-A</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>159</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>2</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Total residential mortgage-backed securities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>205</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=serif size=2>Other asset-backed securities</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>8</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>3</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>Total investments at fair value</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="12%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>213</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The fair market values were obtained from pricing services engaged by the Company. The Company receives one price for each security. The fair values provided by the pricing services are estimated by using
pricing models, where the inputs to those models are based on observable market inputs. The inputs to the valuation techniques applied by the pricing services vary depending on the type of security being priced but are typically benchmark yield,
benchmark security prices, credit spreads, prepayment speeds, reported trades, broker-dealer quotes, all with reasonable levels of transparency. The pricing models used generally do not entail substantial subjectivity because the methodologies
employed use inputs observed from active markets or recent trades of similar securities in inactive markets. The pricing services do not apply any adjustments to the pricing models used, nor does the Company apply any adjustments to prices received
from the pricing services. The Company has reaffirmed its understanding of the valuation techniques used by its pricing services. No adjustments were deemed necessary to the prices provided by the pricing services as a result of current market
conditions. The use of different techniques (e.g., different pricing models) to determine the fair value of these investments could result in different estimates of fair value at the reporting date.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents investments in other asset-backed securities transferred in the second quarter of 2008 from Level 2 into Level 3 of the fair value hierarchy primarily due to the significant inputs to the fair
value of these assets being unobservable as a result of limited marketplace activity. The value of these assets was $24 million when they were transferred into Level 3 during the second quarter of 2008. Since then, the Company had $10 million in net
settlements and $6 million in realized losses, reducing the value of these investments to $8 million.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>79</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></P> <P align=justify><FONT face=serif size=1><STRONG>NOTE 3<BR></STRONG></FONT><STRONG><FONT
face=serif size=2><FONT face=serif size=2>ACCOUNTS RECEIVABLE </FONT></FONT></STRONG></P> <P align=justify><FONT face=serif size=2>Accounts receivable at December 31 consisted of: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>U.S. Card Services</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>17,822</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,418</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>International Card Services</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,582</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>6,616</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Global Commercial Services</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>9,397</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11,411</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Global Network &amp; Merchant Services</FONT><SUP><FONT face=serif size=2>(a)(b)</FONT></SUP> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>187</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>627</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember receivables, gross</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>32,988</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>40,072</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Less: Cardmember reserve for losses</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>810</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,149</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember receivables, net</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>32,178</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>38,923</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Other receivables, gross</FONT><SUP><FONT face=serif size=2>(b)(d)</FONT></SUP> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>4,511</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,163</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Less: Other reserve for losses</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>118</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>92</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Other receivables, net</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>4,393</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,071</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes receivables primarily related to certain of the Company&#146;s business partners and International Currency Card portfolios.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>At December 31, 2007, Global Network &amp; Merchant Services cardmember receivables also included receivables purchased from joint ventures of $429 million that were reclassified to other receivables during
2008.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes approximately $9.9 billion and $12.4 billion of cardmember receivables outside the United States as of December 31, 2008 and 2007, respectively.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Other receivables primarily represent amounts due from the tax authorities, travel customers and suppliers, third party card issuing partners, and other receivables due to the Company in the ordinary course
of business. This amount also includes accrued interest on investments, and accruals for the Company&#146;s litigation settlement with Visa. Other receivables at December 31, 2008, also include acquisition of other receivables of
CPS.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The following table presents changes in the cardmember receivable reserve for losses for years ended December 31: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; 2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; 2006</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Balance, January 1</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,149</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>981</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>942</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2>Additions:</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>Cardmember receivables </FONT></FONT>provision</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,363</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,140</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>935</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2>Deductions:</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>Cardmember receivables net </FONT>write-offs</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,552</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(907</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(810</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cardmember receivables other</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(150</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(65</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(86</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Balance, December 31</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>810</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,149</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>981</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents write-offs of charge card balances consisting of principal (resulting from authorized and unauthorized transactions) and fee components, less recoveries of $187 million, $203 million, and $177
million for 2008, 2007, and 2006, respectively.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"> <P><FONT face=serif size=1>Includes foreign currency translation and other adjustments primarily related to the reclassification of waived fee reserves to a contra-cardmember receivable.<BR><BR></FONT><FONT face=serif size=1>See
Note 4 for a discussion of impaired cardmember receivables at December 31, 2008 and 2007. </FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>NOTE 4<BR></FONT><FONT face=serif size=2><FONT face=serif
size=2>LOANS</FONT></FONT></STRONG></FONT></P> <P align=justify><FONT face=serif size=2>Loans at December 31 consisted of: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>U.S. Card Services</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>32,684</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>43,253</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>International Card Services</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>9,499</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>11,155</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Global Commercial Services</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>28</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Cardmember lending, gross</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>42,211</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>54,408</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Less: Cardmember lending reserve for losses</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,570</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,831</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Cardmember lending, net</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>39,641</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>52,577</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Other loans, gross</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,057</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>807</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Less: Other reserve for losses</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>39</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>45</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Other loans, net</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,018</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>762</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Other loans primarily represent small business installment loans. Other loans at December 31, 2008, also includes the acquisition of a storecard portfolio in the third quarter of 2008 whose billed business is
not processed on the Company&#146;s network, a loan to an affiliate in discontinued operations, and small business loans associated with the CPS acquisition.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The following table
presents changes in the cardmember lending reserve for losses for the years ended December 31: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp; </FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Balance, January 1</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,831</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,171</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>996</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Additions:</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Cardmember lending<FONT size=3> </FONT>provisions</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,106</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,615</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,507</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cardmember lending other</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>125</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>146</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>116</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total provision</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,231</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,761</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,623</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Deductions:</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cardmember lending net<FONT size=3> </FONT>write-offs &#150; principal</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(2,643</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(1,636</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(1,201</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cardmember lending net<FONT size=3> </FONT>write-offs &#150; interest and fees</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>(580</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(354</FONT> </TD>
<TD noWrap align=left width="2%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(158</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cardmember lending other</FONT><SUP><FONT face=serif size=2>(d)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(269</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(111</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(89</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Balance, December 31</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2,570</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp; </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,831</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,171</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents loss provisions for cardmember lending consisting of principal (resulting from authorized transactions), interest, and fee reserves components.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Primarily represents adjustments to cardmember lending receivables resulting from unauthorized transactions and other items such as waived fees.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Cardmember lending net write-offs &#150; principal for 2008, 2007, and 2006 include recoveries of $301 million, $295 million, and $187 million, respectively. Recoveries of interest and fees were de minimis.
</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes foreign currency translation and other adjustments primarily related to the reclassification of waived fee reserves to a contra-cardmember receivable.</FONT></TD></TR></TABLE> <P align=center><FONT
face=serif size=2><FONT size=1>80</FONT></FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY
</FONT></P> <P align=justify><FONT face=serif size=2>The following table presents changes in the other loans reserve for losses for the years ended December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>&nbsp; <STRONG>2008</STRONG></FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>&nbsp; 2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>&nbsp; 2006</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Balance, January 1</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>45</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>40</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>38</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Provisions</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>32</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>71</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>24</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Net write-offs and other</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>(38</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(66</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(22</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%"><FONT face=serif size=2>Balance, December 31</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>39</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>45</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>40</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Net write-offs for 2008, 2007, and 2006 include recoveries of $8 million, $7 million, and $6 million, respectively.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Individually
&#147;impaired&#148; loans are defined by GAAP as larger balance or restructured loans for which it is probable that the lender will be unable to collect all amounts due according to the original contractual terms of the loan agreement.
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>Impaired loans include loans and receivables that have been modified for borrowers who are experiencing financial difficulties. The Company may modify cardmember loans and
receivables and such modifications may include reducing </FONT><FONT face=serif size=2>the interest rate/delinquency fees on the loans/receivables and/or placing the cardmember on a fixed payment plan not exceeding 60 months. If the cardmember does
not comply with the modified terms, then the loan or receivable agreement reverts back to its original terms. Under these programs, approximately $821 million and $175 million of cardmember loans and receivables outstanding at December 31, 2008 and
2007, respectively, have been modified. In accordance with the Company&#146;s methodology for determining its reserve for losses, the Company had provided adequate reserves for these cardmember loans or receivables, and therefore, modifications to
these cardmember loans or receivables had no incremental impact on the Company&#146;s reserve for losses.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>Loans amounting to $927 million and $707 million at December 31,
2008 and 2007, respectively, were past due 90 days or more and still accruing interest. The Company&#146;s policy is to accrue interest through the date of charge-off (i.e. 180 days past due).</FONT></P> <P align=justify><FONT face=serif
size=1><STRONG>NOTE 5</STRONG></FONT><STRONG><FONT face=serif size=2><BR></FONT><FONT face=serif size=2>INVESTMENT SECURITIES</FONT></STRONG></P> <P align=justify><FONT face=serif size=2>The following is a summary of investment securities, all of
which are classified as available-for-sale at December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="53%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=11><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=11><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Fair</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="53%">&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Cost</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gains</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Cost</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gains</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=2>State and municipal obligations</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,552</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>37</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,034</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,555</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,795</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>102</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(136</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,761</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%"><FONT face=serif size=2>U.S. Government and agencies obligations</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,074</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>92</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,166</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,034</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>76</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>5,110</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=2>Mortgage-backed securities</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>73</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>75</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>79</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(1</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>79</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%"><FONT face=serif size=2>Retained subordinated securities</FONT><SUP><FONT face=serif size=2>(c)</FONT></SUP> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,328</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(584</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>744</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>78</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>78</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=2>Equity securities</FONT><SUP><FONT face=serif size=2>(d)</FONT></SUP> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>200</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>344</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>544</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%"><FONT face=serif size=2>Corporate debt securities</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>230</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>1</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(13</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>218</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>285</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>1</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(4</FONT> </TD>
<TD noWrap align=left width="2%"><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>282</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign government bonds and obligations</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>84</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>81</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>51</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>53</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="53%"><FONT face=serif size=2>Other</FONT><SUP><FONT face=serif size=2>(e)</FONT></SUP> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>143</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>143</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>851</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>851</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="53%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>13,684</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>477</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,635</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,526</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,173</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>182</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(141</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,214</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>U.S. Government and agency obligations include U.S. Treasury securities and senior debentures issued by Government Sponsored Enterprises (Fannie Mae and Freddie Mac). At December 31, 2008 and 2007, these
amounts included $3.2 billion and $3.1 billion, respectively, of securities issued by Fannie Mae and Freddie Mac. At December 31, 2008, there were no securities loaned out on an overnight basis to financial institutions under the securities lending
program. At December 31, 2007 there were $970 million of securities loaned out on an overnight basis to financial institutions under the securities lending program.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents the amount of mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Including the $213 million of mortgage and other asset-backed securities discussed in Note 2, the
Company&#146;s total exposure to mortgage and other asset-backed securities is $288 million.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Consists of investments in retained subordinated securities from the Company&#146;s securitization programs.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>In 2006, the Company acquired a non-controlling interest in the common stock of Industrial Commercial Bank of China (ICBC) for $200 million. The Company is restricted from selling 50 percent of this
investment until April 2009 and the remaining 50 percent until October 2009. Upon falling within 12 months of the restriction termination dates (50 percent in April 2008 and 50 percent in October 2008), the investment was reclassified from other
assets to available-for-sale securities at fair value. Changes in the securities fair value from its cost at date of acquisition are recorded in other comprehensive income in 2008.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(e)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Included in other are short-term money market and state tax exempt securities (estimated fair value totaling $127 million and $833 million at December 31, 2008 and 2007, respectively) and other securities,
primarily mutual funds.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>81</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif><FONT size=1><STRONG>FAIR VALUE<BR></STRONG></FONT></FONT><FONT face=serif size=2>The following is a description of the valuation
techniques utilized by the Company to measure the fair value of its investment securities, including the general classification of such items pursuant to the fair value hierarchy. These techniques may produce fair values that may not be indicative
of a future sale, or reflective of future fair values. The use of different techniques to determine the fair value of these types of investment securities could result in different estimates of fair value at the reporting date. SFAS No. 157 was
adopted by the Company on January 1, 2008; therefore, classification of the Company&#146;s investments pursuant to the fair value hierarchy is applicable only to the estimated fair values as of December 31, 2008. </FONT></P> <UL> <LI> <P
align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>When available, quoted market prices are used to determine fair value and the investment securities are classified within Level 1 of the fair value hierarchy. </FONT></P> <LI> <P
align=justify><FONT face=serif size=2>When quoted prices in an active market are not available, the fair market values for the Company&#146;s investment securities are obtained primarily from pricing services engaged by the Company, and the Company
receives one price for each security. The fair values provided by the pricing services are estimated by using pricing models, where the inputs to those models are based on observable market inputs. The inputs to the valuation techniques applied by
the pricing services </FONT><FONT face=serif size=2>vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, broker-dealer quotes, all with
reasonable levels of transparency. The pricing services do not apply any adjustments to the pricing models used, nor does the Company apply any adjustments to prices received from the pricing services. Although the underlying inputs are directly
observable from active markets or recent trades of similar securities in inactive markets, the pricing models used do entail a certain amount of subjectivity and therefore differing judgements in how the underlying inputs are modeled could result in
different estimates of fair value. As of December 31, 2008, all of the Company&#146;s investment securities are classified within Level 2 of the fair value hierarchy, except for the retained subordinated securities from the Company&#146;s
securitization programs which are classified within Level 3 of the fair value hierarchy, and are discussed in more detail in Note 6.</FONT></P></LI></UL> <P align=justify><FONT face=serif size=2>The Company has reaffirmed its understanding of the
valuation techniques used by its pricing services. No adjustments were deemed necessary to the prices provided by the pricing services as a result of current market conditions. In addition, the Company corroborates the prices provided by its pricing
services to test their reasonableness by comparing their prices to valuations from different pricing sources as well as comparing prices to the sale prices received from sold securities.</FONT></P> <P align=justify><FONT face=serif size=2>The
following table provides information about available-for-sale investment securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2008 and 2007:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="56%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=11><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=11><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="56%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Less than 12 months</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>12 months or more</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Less than 12 months</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=5><FONT face=serif size=1>12 months or more</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><FONT size=1>Estimated</FONT><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="56%"><FONT face=serif size=1>Description of Securities</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=2>State and municipal obligations</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,515</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(326</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,037</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(708</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,680</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(120</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>195</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(16</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%"><FONT face=serif size=2>Retained subordinated securities</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>744</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>(584</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=2>Corporate debt securities</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>35</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>99</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(12</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>110</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(2</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>116</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(2</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="56%"><FONT face=serif size=2>Foreign government bonds and obligations</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>27</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>(4</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=2>Mortgage-backed securities</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>20</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(1</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="56%"><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>3,321</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(915</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2,136</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(720</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,790</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(122</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%"><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>331</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(19</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company reviews and evaluates investments at least quarterly and more
often as market conditions may require to identify investments that have indications of other-than-temporary impairments. The determination of other-than-temporary impairment is a subjective process, requiring the </FONT><FONT face=serif size=2>use
of judgments and assumptions. Accordingly, the Company considers several metrics when evaluating securities for an other-than-temporary impairment, including the extent to which amortized cost exceeds fair value, the duration and size of that
difference, and the issuers credit rating.</FONT></P> <P align=center><FONT face=serif size=1>82</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
</FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>The following table summarizes the unrealized losses of temporary impairments by ratio of fair value to amortized cost as of December 31,
2008: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="67%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><FONT face=serif size=1>Less than 12 months</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>12 months or more</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=5><FONT face=serif size=1>Total</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="67%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="67%"><FONT face=serif size=1>Ratio of Fair Value to</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Fair</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Unrealized</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="67%"><FONT face=serif size=2><FONT size=1>Amortized Cost</FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Losses</FONT> </TD>
<TD noWrap align=right width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>90%&#150;100%</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,289</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>(73</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>111</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(7</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,400</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(80</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="67%"><FONT face=serif size=2>Less than 90%</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2,032</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>(842</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2,025</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(713</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>4,057</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(1,555</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,321</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>(915</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,136</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(720</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,457</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,635</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The securities with a fair value to amortized cost
ratio of less than 100 percent consist primarily of state and municipal securities and the retained subordinated securities from the Company&#146;s securitization programs. The retained subordinated securities represent investments in the Lending
Trust, as discussed in more detail in Note 6. The state and municipal securities do not contain a concentration of any one security. At December 31, 2008, the Company had approximately 995 securities with a fair value of $5.5 billion in an
unrealized loss position, which represented approximately 63 percent of the total number of outstanding investment securities. <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>Key factors considered when assessing
other-than-temporary impairment include the determination of the extent to which the difference is due to increased default risk for the specific issuer, or market interest rate risk. With respect to increased default risk, the Company assesses the
collectibility of principal and interest payments by monitoring issuer&#146;s credit ratings, related changes to those ratings, specific credit events associated with the individual issuers as well as the credit ratings of financial guarantor, where
applicable. With respect to market interest rate risk, including benchmark interest rates and credit spreads, the Company&#146;s intent and ability to hold the securities for a time sufficient to recover the unrealized losses is a significant
consideration in the other-than-temporary evaluation process.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The gross unrealized losses on state and municipal securities are attributable to a number of reasons such as
increases in issuer specific credit spreads, changes in the interest rates as well as pricing pressures resulting from the excess supply of securities in the market that were caused by unusually high redemptions of municipal money market funds that
occurred since September 2008. However, there were no specific credit concerns identified for any of the issuers and therefore the Company expects to collect all of the contractual cash flows due on these securities. These securities support
specific businesses within the Company and the Company has both the intent and ability to hold these securities for a time sufficient to recover the unrealized losses.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The
gross unrealized losses on the retained subordinated securities from the Company&#146;s securitization programs are primarily attributable to the increase in issuer specific credit spreads. The credit spreads on these securities have increased
substantially during fourth quarter of 2008 due to limited </FONT><FONT face=serif size=2>market liquidity. However, upon analysis of the projected cash flows of the American Express Credit Account Master Trust (the Lending Trust), the Company
expects to collect all of the contractual cash flows due on these securities. Also, the Company has the ability and intent to hold these securities as there are no current funding needs that would require the Company to sell these securities.&nbsp;
</FONT><FONT face=serif size=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The gross unrealized losses on all other securities are attributable to changes in market interest rates, particularly the widening of credit spreads. The Company has the
ability and the intent to hold these securities for a time sufficient to recover the unrealized losses and expects that contractual principal and interest will be received on these securities. </FONT></P> <P align=justify><FONT face=serif><FONT
size=1><STRONG>SUPPLEMENTAL INFORMATION<BR></STRONG></FONT></FONT><FONT face=serif size=2>Gross realized gains and losses on sales of investment securities, included in other revenue, follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>&nbsp; 2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp; 2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>&nbsp; 2006</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Gains</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>20</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>14</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>89</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><FONT face=serif size=2>Losses</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>(8</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(5</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(1</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>12</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>9</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>88</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes $68 million of gains related to a rebalancing program in the fourth quarter of 2006 to better align the maturity profile of the Travelers Cheque and Gift Card investment portfolio with its business
liquidity needs.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Contractual maturities of investment securities classified as available-for-sale, excluding equity securities</FONT><B><FONT face=serif size=2> </FONT></B><FONT
face=serif size=2>and other securities, primarily mutual funds with no stated maturity, follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="89%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Estimated</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Cost</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Fair Value</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Due in:</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>2009</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,318</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,355</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2010&#150;2013</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,227</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,943</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>2014&#150;2018</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>726</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>472</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2019 and beyond</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,195</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,194</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Total</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>13,466</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>11,964</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The expected payments on state and municipal obligations and
mortgage-backed securities may not coincide with their contractual maturities because borrowers have the right to call or prepay certain obligations. </FONT></P> <P align=center><FONT face=serif size=2><FONT size=1>83</FONT></FONT></P> <HR
align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif
size=1><STRONG>NOTE 6</STRONG></FONT><STRONG><FONT face=serif size=2><BR></FONT><FONT face=serif size=2>ASSET SECURIZATIONS</FONT></STRONG></P> <P align=justify><STRONG><FONT size=1>OFF-BALANCE SHEET SECURITIZATIONS<BR></FONT></STRONG><FONT
face=serif size=2><STRONG>Servicing Portfolio<BR></STRONG></FONT><FONT face=serif size=2>The Company periodically securitizes cardmember loans through the Lending Trust. The following table illustrates the activity in the Lending Trust (including
the securitized cardmember loans and seller&#146;s interest) for the years ended December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Lending Trust assets, January 1</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>36,194</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>34,584</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Account additions, net</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>10,187</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember activity, net</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,802</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,610</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Lending Trust assets, December 31</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>41,579</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>36,194</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Securitized cardmember loans,<FONT size=3> </FONT>January 1</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>22,670</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>20,170</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Impact of issuances</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>10,955</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>6,000</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Impact of maturities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,670</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(3,500</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Securitized cardmember loans,<FONT size=3> </FONT>December 31</FONT> </TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>28,955</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>22,670</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Seller&#146;s interest, January 1</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>13,524</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>14,414</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Impact of issuances</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>(10,955</FONT></B> </TD>
<TD noWrap align=left width="2%"><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(6,000</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Impact of maturities</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,670</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,500</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Account additions, net</FONT> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=2>10,187</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember activity, net</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,802</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,610</FONT> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Seller&#146;s interest, December 31</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>12,624</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>13,524</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company, through its subsidiaries, is required to maintain an undivided interest in the transferred cardmember loans (seller&#146;s interest), which
is equal to the balance of all cardmember loans transferred to the Lending Trust plus the associated accrued interest receivable (Lending Trust assets) less the investors&#146; portion of those assets (securitized cardmember loans). Seller&#146;s
interest is reported as cardmember lending on the Company&#146;s Consolidated Balance Sheets. Any billed finance charges related to the investors&#146; portion of securitized cardmember loans are reported as other assets on the Company&#146;s
Consolidated Balance Sheets. The seller&#146;s interest is required to be maintained at a minimum level of 7 percent of the outstanding securities in the Lending Trust. If the seller&#146;s interest was reduced below the 7 percent level, the Company
would be required to add additional cardmember loans to the Lending Trust. As of December 31, 2008, the amount of seller&#146;s interest was approximately 40 percent of the outstanding securities in the Lending
Trust.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The Company retains servicing responsibilities for the transferred cardmember loans through its subsidiary, American Express Travel Related Services Company, Inc., (TRS)
and earns a related fee. No servicing asset or liability is recognized at the time of a securitization because the Company receives adequate compensation relative to current market servicing fees.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Securitization Income<BR></STRONG></FONT><FONT face=serif size=2>The following table summarizes the activity related to securitized loans reported in securitization income, net for the years ended December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Excess spread, net</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>544</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,025</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,055</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2>Servicing fees</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>543</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>425</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>407</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>(Losses) Gains on sales from<FONT size=3> </FONT>securitizations</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(17</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>57</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>27</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%"><FONT face=serif size=2>Securitization income, net</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>1,070</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,507</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,489</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Excess spread, net is the net cash flow from interest and fee collections allocated to the investors&#146; interests after deducting the interest paid on investor certificates, credit losses, contractual
servicing fees, other expenses, and the changes in the fair value of the interest-only strip in 2008 and 2007.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Excludes $446 million and $(177) million of credit provision impact from cardmember loan sales and maturities for 2008, $144 million and $(84) million of credit provision impact from cardmember loan sales and
maturities for 2007, as well as $83 million and $(104) million of credit provision impact from cardmember loan sales and maturities for 2006.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>At the time of a cardmember loan
securitization, the Company records a gain (loss) on sale, which is calculated as the difference between the proceeds from the sale and the book basis of the cardmember loans sold. The book basis is determined by allocating the carrying amount of
the sold cardmember loans, net of applicable credit reserves, between the cardmember loans sold and the interests retained based on their relative fair values. Such fair values are based on market prices at the date of transfer for the sold
cardmember loans and on the estimated present value of future cash flows for retained interests. Gains (Losses) on sale from securitizations are reported in securitization income, net in the Company&#146;s Consolidated Statements of Income. The
income component resulting from the release of credit reserves upon sale is reported as a reduction of provision for losses from cardmember lending.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Retained Interests in Securitized Assets
and Fair Value Measurement<BR></STRONG></FONT><FONT face=serif size=2>The Company retains subordinated interests in the securitized cardmember loans. These interests include one or more A-rated and BBB-rated investments in tranches of the
securitization (subordinated securities) and an interest-only strip. The following table presents retained interests for the years ended December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=2><FONT size=1><EM>(Millions)</EM></FONT><FONT size=3>&nbsp;</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Subordinated securities</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>744</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>78</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=2>Interest-only strip</FONT><SUP><FONT face=serif size=2>(b)</FONT></SUP> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>32</FONT></B> </TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>223</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Total retained interests</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>776</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>301</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The subordinated securities are accounted for at fair value as available-for-sale investment securities and are reported in investments on the Company&#146;s Consolidated Balance Sheets with unrealized gains
(losses) recorded in accumulated other comprehensive (loss) income.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>84</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS<BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY </FONT></FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The interest-only strip is accounted for at fair value and is reported in other assets on the Company&#146;s Consolidated Balance Sheets with changes in fair value recorded in securitization income, net in
the Company&#146;s Consolidated Statements of Income.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The Company partially adopted SFAS No. 157 as of January 1, 2008. SFAS No. 157 established a three-level hierarchy of valuation
techniques used to measure fair value. Refer to Note 1 for additional discussion regarding each level in the fair value hierarchy as defined by SFAS No. 157. The Company classifies its subordinated securities and its interest-only strip in Level 3
of the fair value hierarchy.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The Company determines the fair value of its retained subordinated securities using discounted cash flow models. The discount rate used is based on
an interest rate curve that is observable in the marketplace plus an unobservable credit spread commensurate with the risk of these securities and similar financial instruments. The Company classifies such securities in Level 3 of the fair value
hierarchy because the applicable credit spreads are not observable due to the illiquidity in the market with respect to these securities and similar financial instruments.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The
fair value of the interest-only strip is the present value of estimated future positive excess spread expected to be generated by the securitized loans over the estimated remaining life of those loans. Management utilizes certain estimates and
assumptions to determine the fair value of the interest-only strip asset, including estimates for finance charge yield, credit losses, LIBOR (which determines future certificate interest costs), monthly payment rate and discount rate. On a quarterly
basis, the Company compares the assumptions it uses in calculating the fair value of its interest-only strip to observable market data when available, and to historical trends. The interest-only strip is classified within Level 3 of the fair value
hierarchy due to the significance of the unobservable inputs used in valuing this asset.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The following table presents the changes in fair value of the Company&#146;s retained
subordinated securities and its interest-only strip during the year ended December 31, 2008: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="86%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Investments-</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Other</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Retained</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Assets-</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Subordinated</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Interest-</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Securities</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Only Strip</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Beginning fair value</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>78</FONT></B> </TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>223</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT face=serif size=2>Increases in securitized loans</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>1,250</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>71</FONT></B> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Decreases in securitized loans</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(42</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><FONT face=serif size=2>Total realized and unrealized losses</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(584</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><STRONG><FONT size=2>)<SUP><FONT face=serif>(a)</FONT></SUP></FONT></STRONG> </TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><STRONG><FONT size=2><SUP><FONT face=serif>&nbsp;</FONT></SUP></FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(220</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><STRONG><FONT size=2>)<SUP><FONT face=serif>(b)</FONT></SUP></FONT></STRONG> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Ending fair value</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>744</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>32</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Included in accumulated other comprehensive (loss) income.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Included in securitization income, net.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Changes in the estimates and assumptions used may have a significant impact on the Company&#146;s
valuation of the retained interests. The key economic assumptions used in measuring the interest-only strip asset at the time of issuance as well as </FONT><FONT face=serif size=2>at December 31, 2008, and the sensitivity of the fair value to
immediate 10 percent and 20 percent adverse changes in these assumptions are as follows (rates are per annum):</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="98%" colSpan=10><B><FONT face=serif size=1>Interest-Only Strip</FONT></B> </TD>
<TD align=center width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=3><FONT face=serif size=1>At time of issuance</FONT> </TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=4><FONT face=serif size=1>As of December 31, 2008</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Impact on</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>fair value</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>of 10%</FONT> </TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"><I><FONT face=serif size=2></FONT></I></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>adverse</FONT> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%"><I><FONT face=serif size=1>(Millions, except rates per annum)</FONT></I> </TD>
<TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>Assumptions</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>change</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Finance charge yield</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>13.5%-15.6</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT size=2>15.8%-16.3</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><STRONG><FONT size=2>13.8%-14.0</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>$</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(92.4</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>)<SUP><FONT face=serif>(b)</FONT></SUP></FONT></STRONG> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%"><FONT face=serif size=2>Expected credit losses</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2><STRONG>4.3%-5.8</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>2.6%-4.3</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><FONT size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>9.2%-10.2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><STRONG><FONT size=2>$</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(63.1</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><STRONG><FONT size=2>)<SUP><FONT face=serif>(b)</FONT></SUP></FONT></STRONG> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>LIBOR</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>2.7%-4.6</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>5.0%-5.4</FONT> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.8%-2.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(7.8</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%"><FONT face=serif size=2>Monthly payment rate</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2><STRONG>23.8%-24.7</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT size=2>24.6%-25.6</FONT> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><FONT size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>23.5</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="2%"><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(0.2</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Discount<FONT size=3> </FONT>Rate</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>11.0%-12.0</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><STRONG><FONT size=2>%</FONT></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>12.0</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>19.4</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(0.1</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The impact on fair value of a 20 percent adverse change is approximately two times the impact of a 10 percent adverse change identified above.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>The fair value of the interest-only strip is $32 million as of December 31, 2008. Therefore, a 10 percent adverse change in the assumption would result in the fair value of the interest-only strip written
down to zero.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The key assumptions and the sensitivity of the current year&#146;s fair value of the retained subordinated securities to immediate 10 percent and 20 percent adverse
changes in these key assumptions are as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="99%" colSpan=9><B><FONT face=serif size=1>Retained Subordinated Securities</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Impact on fair</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Impact on fair</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><I><FONT face=serif size=2></FONT></I></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>value of 10%</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>value of 20%</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"><I><FONT face=serif size=1>(Millions, except rates per annum)</FONT></I> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=1>Assumptions</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>adverse change</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>adverse change</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Discount rate</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>22.0%-32.6%</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(45.0)</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>(85.4)</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="80%"><FONT face=serif size=2>LIBOR</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>2.0%-2.5%</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(5.5)</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>(10.9)</FONT></B> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>This sensitivity analysis does not represent management&#146;s
expectations of adverse changes in these assumptions but is provided as a hypothetical scenario to assess the sensitivity of the fair value of the retained subordinated interests to changes in key inputs. Management cannot extrapolate changes in
fair value based on a 10 percent or 20 percent change in all key assumptions simultaneously in part because the relationship of the change in one assumption on the fair value of the retained interest is calculated independently from any change in
another assumption. Changes in one factor may cause changes in another, which could magnify or offset the sensitivities.</FONT></P> <P align=center><FONT size=1>85</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Other Disclosures<BR></STRONG></FONT><FONT face=serif size=2>The
table below summarizes cash flows received from the Lending Trust for the years ended December 31: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Proceeds from new securitizations<FONT size=3> </FONT>during the period</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>9,619</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5,909</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=2>Proceeds from collections reinvested<FONT size=3> </FONT>in revolving cardmember securitizations</FONT> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>78,164</FONT></B> </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>63,714</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Servicing fees received</FONT> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>543</FONT></B> </TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>425</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Other cash flows received on retained<FONT size=3> </FONT>interests from interest-only strips</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2,363</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,407</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The following table presents quantitative information about
delinquencies, net credit losses, and components of securitized cardmember loans on a trust basis at December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="85%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount of</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Net</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Total</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Loans 30</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Credit</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Principal</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Days or</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Write-offs</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount of</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>More Past</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>During</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><EM><FONT face=serif size=1>(Billions)</FONT> </EM></TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Loans</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Due</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>the Year</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=2>2008</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Cardmember loans managed</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>71.2</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>3.3</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=2>4.9</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Less: Cardmember loans<FONT size=3> </FONT>securitized</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>29.0</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.4</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.7</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Cardmember loans<FONT size=3> </FONT>on-balance sheet</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>42.2</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>1.9</FONT></B> </TD>
<TD noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=2>3.2</FONT></B> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>2007</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Cardmember loans managed</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>77.1</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>2.1</FONT> </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>2.8</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Less: Cardmember loans<FONT size=3> </FONT>securitized</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>22.7</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>0.6</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>0.8</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Cardmember loans<FONT size=3> </FONT>on-balance sheet</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>54.4</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>1.5</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2.0</FONT> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Excludes subordinated accrued interest receivable classified in other assets. Refer to Note 8.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=1><STRONG>ON-BALANCE SHEET
SECURITIZATIONS<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s securitizations of cardmember receivables are accounted for as secured borrowings, rather than as qualifying sales, because the receivables are transferred to a
non-qualifying special purpose entity, the American Express Issuance Trust (the Charge Trust). The Charge Trust is considered a variable interest entity and is consolidated by American Express Receivables Financing Corporation V, LLC, its primary
beneficiary, which is in turn consolidated by the Company.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The cardmember receivables securitized through this entity are not accounted for as sold and continue to be reported as
owned assets on the Company&#146;s Consolidated Balance Sheets. The related securities issued to third-party investors are reported as long-term debt on the Company&#146;s Consolidated Balance Sheets. The Company, through its subsidiaries, is
required to maintain an undivided, pro rata interest in the transferred cardmember receivables (seller&#146;s interest) at a minimum level of 15 percent of the total receivables in the Charge Trust. If the seller&#146;s interest was reduced below
the 15 percent level, the Company would be required to add additional cardmember </FONT><FONT face=serif size=2>receivables to the Charge Trust. As of December 31, 2008, the amount of seller&#146;s interest was approximately 32 percent of the total
receivables in the Charge Trust.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The following table summarizes the total assets and liabilities held by the Charge Trust at December 31:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Billions)</FONT></I> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>&nbsp; 2008</FONT></B> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>&nbsp; 2007</FONT> </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Assets</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>$7.8</FONT></B> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$9.0</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT face=serif size=2>Liabilities</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>$5.0</FONT></B> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$3.1</FONT> </TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>These receivables are available only for payment of the debt or other
obligations issued or arising in the securitization transactions. For these assets, the carrying values approximate fair value because these are short-term in duration. The long-term debt is payable only out of collections on the underlying
securitized assets. The fair value of these liabilities was $4.4 million and $3.2 million at December 31, 2008 and 2007, respectively.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1>TRUST
TRIGGERS<BR></FONT></STRONG></FONT><FONT face=serif size=2>Under the respective terms of the Lending Trust and the Charge Trust agreements, the occurrence of certain events could result in payment of trust expenses, establishment of reserve funds,
or in a worst-case scenario, early amortization of investor certificates. <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=2>The following table below presents key metrics reported by each trust at December 31, 2008:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="87%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Lending</FONT> </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Charge</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%">&nbsp;</TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Trust</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Trust</FONT> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Total trust excess spread rate,<FONT size=3> </FONT>net &#150; three months average</FONT> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>6.97%</STRONG><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><SUP><FONT size=2>(a)</FONT></SUP></STRONG> </TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>25.99%</FONT></B> </TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><SUP><FONT size=2>(b)</FONT></SUP></STRONG> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><FONT face=serif size=2>Floating rate series excess spread rate,<FONT size=3> </FONT>net &#150; three months average</FONT> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><STRONG>6.85%</STRONG><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%"><STRONG><SUP><FONT size=2>(c)</FONT></SUP></STRONG> </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><STRONG>26.25%</STRONG><FONT size=3> </FONT></FONT></TD>
<TD noWrap align=left width="1%"><STRONG><SUP><FONT size=2>(c)</FONT></SUP></STRONG> </TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Fixed rate series excess spread rate,<FONT size=3> </FONT>net &#150; three months average</FONT> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>5.20%</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><SUP><FONT size=2>(c)</FONT></SUP></STRONG> </TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>25.00%</STRONG><FONT size=3> </FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><SUP><FONT size=2>(c)</FONT></SUP></STRONG> </TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Total Trust Excess Spread Rate, net in the Lending Trust is the sum of the net cash flows of the (i) excess spread, net and (ii) issuer rate, as a percentage of the outstanding investors&#146; certificates.
Excess spread, net is the net cash flows from interest and fee collections allocated to the investors&#146; interests after deducting the interest paid on investors&#146; certificates, credit losses, contractual servicing fees and other expenses.
The deductions may be a greater amount than the collections, resulting in negative spread losses. Excess spread, net is reported by the Company in securitization income, net in the Consolidated Statements of Income. See above for the disclosure of
excess spread, net. Issuer rate collections are a portion of monthly discount revenue that is earned and collected by the Company on new transactions by cardmembers that have their loans sold into the Lending Trust. These cash flows are available to
pay monthly Lending Trust expense. The issuer rate is reported in discount revenue in the Company&#146;s Consolidated Statements of Income.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Total Trust Excess Spread Rate, net in the Charge Trust is the net cash flows from the discounted portion of principal collections allocated to the investors&#146; interests after deducting the interest paid
on investors&#146; notes, credit losses, contractual servicing fees and other expenses, as a percentage of the outstanding investors&#146; notes.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Rates are calculated based on a 30/360 annualization factor.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>86</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>In the event the excess spread, net in
the Lending Trust becomes negative, and the issuer rate collections are utilized to pay Lending Trust expenses, this would be reflected as an expense in securitization income, net in the Company&#146;s Consolidated Statements of Income and as a
reduction of the Total Excess Spread Rate, net.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the event the excess spread rate, net for a given fixed or floating rate series is reduced below certain levels for either the Lending
Trust or the Charge Trust, certain triggering events occur, including:</FONT></P> <UL style="TEXT-ALIGN: justify"> <LI><FONT face=serif size=2>If the three-month average excess spread rate, net for a given fixed or floating rate series falls below
five percent or four percent for the Lending Trust and Charge Trust, respectively, the affected Trust is required to fund a cash reserve account (from cash that would normally revert back to the Company through its subsidiaries) in increasing
amounts from $6 million up to a maximum of approximately $2.0 billion for the Lending Trust and from $52 million up to maximum $207 million for the Charge Trust, depending on the fixed or floating rate series Total Trust Excess Spread Rate, net.
During February 2009, for certain fixed rate series within the Lending Trust, a cash reserve account is required to be funded in the amount of $22 million of which a partial funding in the amount of $1.5 million is being recorded in other
receivables on the Company&#146;s Consolidated Balance Sheets. The Company has rights to this cash, and it will only be used if this cash is required to help pay-off any outstanding principal or interest at maturity or in the event of an early
amortization (see below). These fixed rate series, referred to above, will mature in 2009 and 2011, and it is expected that the cash in the cash reserve account will revert back to the Company upon maturity.<BR>&nbsp;</FONT> <LI><FONT face=serif
size=2>If the three-month average excess spread rate, net for a given fixed or floating rate series for either Trust falls below zero percent, an early amortization of the affected Trust will occur. The applicable cash reserve account (see above)
for each Trust is available to the investors if the collections from the securitized loans and receivables are insufficient to pay the principal balance of the investors&#146; notes and certificates.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>In
the event of an early amortization of the Lending Trust, the lending receivable assets and investor certificates issued by the Lending Trust would revert to the Company&#146;s balance sheet and the investor certificates would be required to be
repaid over an approximate four month period, based on the estimated average life of the securitized loans. Although the repayment of the investor certificates is non-recourse to the Company, the Company would need an alternate source of funding for
the lending receivables assets that, as a consequence of the early amortization, would revert to the Company&#146;s balance sheet, as well as for lending receivables assets that would be generated in the future from the accounts that are the source
of the reverted receivables.<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>In the event of an early amortization of the Charge Trust, the underlying investor notes issued by the Charge Trust are required to be repaid over an approximate one month
period, based on the estimated average life of the securitized receivables.</FONT></LI></UL> <P align=justify><FONT face=serif size=2>With respect to both the Lending Trust and the Charge Trust, a decline in the actual or implied short-term credit
rating of TRS below A-1/P-1 would trigger a requirement that TRS, as servicer, transfer collections on the securitized assets to investors on a daily, rather than a monthly, basis or make alternative arrangements with the rating agencies to allow
TRS to continue to transfer collections on a monthly basis. Such alternative arrangements include obtaining appropriate guarantees for the performance of the payment and deposit obligations of TRS, as servicer.</FONT></P> <P align=center><FONT
face=serif size=1>87</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY
</FONT></P> <P align=justify><FONT face=serif size=2><B><FONT face=serif size=1>NOTE 7</FONT></B><BR></FONT><FONT face=serif size=4><FONT face=serif size=2><B><FONT face=serif size=4><FONT face=serif size=2>CHANGES IN ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS)</FONT></FONT></B></FONT></FONT></P> <P align=justify><FONT face=serif size=2>Changes in each component of accumulated other comprehensive income (loss) for the three years ended December 31, were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="64%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Net</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Net</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"></TD>
<TD align=left width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Unrealized</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Unrealized</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"></TD>
<TD align=left width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Net</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Gains</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Foreign</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Pension</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Minimum</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Accumulated</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"></TD>
<TD align=left width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Unrealized</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>(Losses)</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Currency</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>and Other</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Pension</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Other</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"><FONT face=serif size=1>Three Years Ended December 31,</FONT></TD>
<TD align=left width="1%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Gains (Losses)</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>on</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Translation</FONT></TD>
<TD align=right width="1%"></TD>
<TD noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>Postretirement</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Liability</FONT></TD>
<TD align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Comprehensive</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%"><I><FONT face=serif size=1>(Millions), net of tax<SUP>(a)</SUP></FONT></I></TD>
<TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=3><FONT face=serif size=1>on Securities</FONT></TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Derivatives</FONT></TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Adjustments</FONT></TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Benefit Costs</FONT></TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Adjustment</FONT></TD>
<TD align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Income (Loss)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Balances at December 31, 2005</FONT></B></TD>
<TD align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>137</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; &nbsp;$</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>143</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; $</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(400</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>&nbsp; $</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; $</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(19</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(139</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=1>Investment securities</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=right width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net unrealized securities gains</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification for net realized gains</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(54</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(54</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Other gains<SUP>(b)</SUP></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>44</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>44</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Derivatives</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net unrealized gains on cash flow hedges</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>42</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>42</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cash flow hedge gains reclassified to earnings</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(158</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(158</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Foreign currency translation adjustments</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification to earnings due to sale of foreign entities</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>110</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%">&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%">&nbsp;</TD>
<TD align=right width="1%"><FONT face=serif size=1>110</FONT></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Translation gains</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>215</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>215</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="64%"><FONT size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Net losses related to hedges of investment in foreign</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=1>operations</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(221</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(221</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Pension and other postretirement benefit costs</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Adjustment to initially apply SFAS No. 158</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(415</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>19</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(396</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Discontinued operations<SUP>(c)</SUP></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(43</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>74</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(2</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>29</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net change in accumulated other comprehensive</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (loss) income</FONT></TD>
<TD align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>(45</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>(116</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>178</FONT></TD>
<TD align=left width="1%">&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>(417</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>19</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT face=serif size=1>(381</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Balances at December 31, 2006</FONT></B></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>92</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>27</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(222</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(417</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(520</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Investment securities</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%">&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%">&nbsp;</TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net unrealized securities losses</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(80</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(80</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification for net realized gains</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%">&nbsp;</TD>
<TD align=right width="1%"><FONT face=serif size=1>(5</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(5</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Other losses<SUP>(b)</SUP></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(47</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(47</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Derivatives</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net unrealized losses on cash flow hedges</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(68</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(68</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Cash flow hedge gains reclassified to earnings</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(30</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(30</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Foreign currency translation adjustments</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification to earnings due to sale of foreign</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> entities</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>3</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>3</FONT></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Translation gains</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>347</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>347</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net losses related to hedges of investment in foreign</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> operations</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%">&nbsp;</TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%">&nbsp;</TD>
<TD align=right width="1%"><FONT face=serif size=1>(380</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>(380</FONT></TD>
<TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Pension and other postretirement benefit costs</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Annual valuation adjustment</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>239</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>239</FONT></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Curtailment impact</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>18</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="3%" bgColor=#c0c0c0></TD>
<TD align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>18</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Amortization of prior service cost and net actuarial loss</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>28</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"><FONT face=serif size=1>28</FONT></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Discontinued operations<SUP>(c)</SUP></FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>52</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(3</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>4</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>53</FONT></TD>
<TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD noWrap align=left width="64%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Net change in accumulated other comprehensive</FONT></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="1%"></TD>
<TD align=left width="3%"></TD>
<TD align=right width="1%"></TD>
<TD align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="64%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (loss) income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>(80</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>(98</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>(33</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>289</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=right width="1%"><FONT face=serif size=1>78</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="1%"></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>88</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT
size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="59%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Net</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Net</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Unrealized</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Unrealized</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Net</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Gains</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Foreign</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Pension</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3>&nbsp;<FONT face=serif size=1>Minimum</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Accumulated</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Unrealized</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>(Losses)</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Currency</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>and Other</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Pension</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Other</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%"><FONT face=serif size=1>Three Years Ended December 31,</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Gains (Losses)</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>on</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Translation</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Postretirement</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD align=right width="5%" colSpan=3><FONT face=serif size=1>Liability</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Comprehensive</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="59%"><I><FONT face=serif size=1>(Millions), net of tax<SUP>(a)</SUP></FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>on Securities</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Derivatives</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="6%" colSpan=4><FONT face=serif size=1>Adjustments</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Benefit Costs</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" colSpan=3><FONT face=serif size=1>Adjustment</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Income (Loss)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0><B><FONT face=serif size=1>Balances at December 31, 2007</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>12</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(71</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(255</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(128</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(442</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Investment securities</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net unrealized securities losses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(718</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(718</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Reclassification for net realized gains</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(8</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(8</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Derivatives</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net unrealized losses on cash flow hedges</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(170</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(170</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Cash flow hedge losses reclassified to earnings</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>161</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>161</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Foreign currency translation adjustments</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Translation losses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1,102</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1,102</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net gains related to hedges of investment in foreign</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>961</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>961</FONT></B></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pension and other postretirement benefit costs</FONT>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Annual valuation adjustment</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(353</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(353</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Curtailment/settlement impact</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>8</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>8</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Amortization of prior service cost and net actuarial loss</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>16</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>16</FONT></B></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="59%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Discontinued operations<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>15</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>28</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(2</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>41</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net change in accumulated other comprehensive income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="59%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(loss)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(711</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(9</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(113</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(331</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(1,164</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="59%" bgColor=#c0c0c0><B><FONT face=serif size=1>Balances at December 31, 2008</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(699</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(80</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(368</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(459</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1,606</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The following table shows the tax impact for the three years ended December 31, for the changes in each component of accumulated other comprehensive income (loss):</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=1><EM>(Millions)</EM></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=serif size=1>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>2006</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Investment securities</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;$</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>(472</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(84</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Derivatives</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>(4</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>(56</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>(61</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Foreign currency translation adjustments</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>(66</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>17</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(28</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Pension and other postretirement benefit costs</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>(159</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>152</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>(209</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Minimum pension liability adjustment</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>10</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=1>Discontinued operations<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>16</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>29</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>16</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Total tax impact</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>(685</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>58</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(276</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Other gains (losses) primarily related to the impact of changes in the fair market value of the interest-only strip for year 2006. In connection with the initial adoption of SFAS No. 155,
&#147;Accounting for Certain Hybrid Financial Instruments &#150; an amendment of FASB Statements No. 133 and 140&#148; (SFAS No. 155), as of January 1, 2007, the Company recognized a gain of $80 million ($50 million after-tax) related to the fair
value of the interest-only strip, which was recorded in other comprehensive income (loss) in previous periods. Changes in the fair value of the interest-only strip subsequent to the adoption of this standard are reflected in securitization income,
net.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Relates to the change in accumulated other comprehensive income (loss) prior to the dispositions of AEB and AEIDC.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>89</FONT></P> <HR
align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify><STRONG><FONT face=serif size=2><FONT size=1>NOTE</FONT></FONT></STRONG> <STRONG><FONT face=serif size=1>8<BR></FONT><FONT face=serif size=4><FONT face=serif size=2>OTHER ASSETS</FONT></FONT></STRONG></P> <P align=justify><FONT
face=serif size=2>The following is a summary of other assets at December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Deferred tax assets, net</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,470</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2,411</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Goodwill</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>2,301</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>1,508</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Derivative assets</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,743</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>247</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Prepaid expenses<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>1,712</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>618</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Subordinated accrued interest receivable<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>807</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Other intangible assets, at amortized cost</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>717</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>204</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Restricted cash</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>238</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>276</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=1>Other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>1,619</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>2,084</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>12,607</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>7,348</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Includes $890 million of Delta Miles purchased in connection with the renegotiated contract with Delta Air Lines. The Delta Miles are subject to certain restrictions and will be expensed as used in
the future.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Subordinated accrued interest receivable was reclassified from cardmember loans prospectively beginning in the first quarter 2008. The balance included in cardmember loans at December 31, 2007 was
$630 million.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>GOODWILL<BR></STRONG></FONT></STRONG></FONT><FONT face=serif size=2>The changes in the carrying amount of goodwill reported in
the Company&#146;s reportable operating segments were as follows. During 2007 and 2008, no goodwill was written off due to impairment.</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="73%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Corporate</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>USCS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>ICS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>GCS</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>GNMS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>&amp; Other</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Total</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>Balance at January 1, 2007</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>168</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>518</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>740</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>27</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1></FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>$16</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT color=#000000><FONT face=serif size=1>1,469</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Acquisitions</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>7</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>19</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>26</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Other, including foreign currency translation</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp; <FONT face=serif size=1>and reclassifications</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>12</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>13</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Balance at December 31, 2007</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>175</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>519</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>771</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>27</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>16</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>1,508</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Acquisitions<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>828</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>828</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Dispositions</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(1</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(1</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Other, including foreign currency translation</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(10</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(25</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(34</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="73%"><B><FONT face=serif size=1>Balance at December 31, 2008</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>175</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>509</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>1,573</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>28</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>$16</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>2,301</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Includes approximately $818 million related to the acquisition of General Electric Company&#146;s commercial card and corporate purchasing business. Refer to Note 2 for further
discussion.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>OTHER INTANGIBLE ASSETS</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>The components of other intangible assets were
as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=8><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%" colSpan=8><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gross</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Net</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Gross</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Net</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Accumulated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Accumulated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Amortization</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Amortization</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>Customer relationships</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>744</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(135</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>609</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>187</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(78</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>109</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%"><FONT face=serif size=1>Other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>160</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>(52</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>108</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>137</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(42</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>95</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>904</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(187</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>717</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>324</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(120</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>204</FONT></TD></TR></TABLE><BR> <P align=center><FONT face=serif size=1>90</FONT></P> <HR align=center width="100%" noShade SIZE=2>
<PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>The gross changes in the
carrying values and accumulated amortization related to other intangible assets, which are all definite lived, were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="73%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=8><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=8><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gross</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Net</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Gross</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Net</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Accumulated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Accumulated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amortization</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amortization</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at January 1</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>324</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(120</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>204</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>

<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>341</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(185</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>156</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=1>Acquisitions<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>604</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>604</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>93</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>93</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Amortization<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(83</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(83</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(47</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(47</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=1>Other<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(24</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>16</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>(8</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(110</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>112</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>2</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at December 31</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>904</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(187</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>717</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>324</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(120</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>204</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Includes approximately $218 million and $265 million, related to the acquisition of CPS from General Electric Company as discussed in Note 2 and a corporate signing bonus payment made in connection
with the renegotiated contract with Delta Air Lines, respectively. Intangible assets acquired in 2008 and 2007 are being amortized, on average, over 8 years and 16 years, respectively.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>2006 amortization expense was $60 million.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Primarily includes the write-off of fully amortized intangible assets and foreign currency translation.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>Estimated amortization
expense for other intangible assets over the next five years is as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2009</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2010</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2011</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2012</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2013</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=1>Estimated amortization expense</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$126</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$117</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$100</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$92</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$83</FONT></B></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company has $141 million and $114 million in
affordable housing partnership interests at December 31, 2008 and 2007, respectively, included in other assets in the table above. The Company is a limited partner and typically has a less than 50 percent interest in the affordable housing
partnerships. These partnership interests are accounted for in accordance with the following accounting pronouncements, (i) FASB Interpretation No. 46(R), &#147;Consolidation of Variable Interest Entities&#148;, (ii) EITF No. 94-01, &#147;Accounting
for Tax Benefits Resulting from Investments in Affordable Housing Projects&#148;, and (iii) the related accounting guidance of Statement of Position No. 78-9, &#147;Accounting Investments in Real Estate Ventures&#148;, EITF Topic D-46,
&#147;Accounting for Limited Partnership Investments&#148;, and EITF No. 04-5, &#147;Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners have Certain
Rights.&#148;</FONT></P> <P align=center><FONT face=serif size=1>91</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><STRONG><FONT face=serif size=2><FONT size=1>NOTE</FONT></FONT></STRONG> <STRONG><FONT face=serif size=1>9<BR></FONT><FONT face=serif
size=4><FONT face=serif size=2>CUSTOMER DEPOSITS</FONT></FONT></STRONG></P> <P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, customer deposits were split between interest-bearing and non-interest-bearing deposits as follows:
</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>U.S. offices:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Interest-bearing ($14,069 at fair</FONT> <FONT face=serif size=1>value at December 31, 2008)</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>14,377</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>13,279</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Non-interest-bearing</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>23</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>45</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Non-U.S. offices:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Interest-bearing ($1,029 at fair value at</FONT> <FONT face=serif size=1>December 31, 2008)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,072</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,050</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Non-interest-bearing</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>14</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>23</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Total customer deposits</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>15,486</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>15,397</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The customer deposits are aggregated by deposit type
offered by the Company at December 31, 2008 and 2007, as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Retail:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Cash sweep accounts</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>7,123</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>2,106</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>CDs</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>6,232</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Institutional</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>837</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>10,928</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Others</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,294</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2,363</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT face=serif size=1>Total&nbsp;customer&nbsp;deposits</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>15,486</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>15,397</FONT></TD></TR></TABLE> <BR> <P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, time deposits in denominations of
$100,000 or more were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>U.S.</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>894</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>11,187</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=1>Non-U.S.</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>153</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,124</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,047</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>12,311</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The scheduled maturities of all time deposits at
December 31, 2008 are as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>U.S.</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Non-U.S.</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Total</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>2009<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>4,755</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>669</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>5,424</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=1>2010</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>976</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>115</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,091</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>2011</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>454</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>454</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=1>2012</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>2013</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>884</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>884</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><FONT face=serif size=1>After 5 years</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>7,069</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>784</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>7,853</FONT></B></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"> <P align=justify><FONT face=serif size=1>Includes the U.S. and Non-U.S. time deposits in denominations of $100,000 or more of $894 million and $153 million, respectively.</FONT></P></TD></TR></TABLE> <P align=justify><FONT
face=serif size=2><FONT face=serif size=1><STRONG>NOTE</STRONG> <STRONG>10<BR></STRONG></FONT></FONT><FONT face=serif size=4><FONT face=serif size=2><STRONG>DEBT</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif
size=1><STRONG>SHORT-TERM BORROWINGS<BR></STRONG></FONT></FONT><FONT face=serif size=2>The Company&#146;s short-term borrowings outstanding, defined as debt with original maturities of less than one year, at December 31, was as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%"><I><FONT face=serif size=1>(Millions, except percentages)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Effective</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Effective</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Stated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Interest</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Stated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Interest</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Outstanding</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate on</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate with</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Outstanding</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate on</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate with</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Balance</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Debt<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Swaps<SUP>(a)(b)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Balance</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Debt<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Swaps<SUP>(a)(b)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=1>Commercial paper<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; $</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>7,272</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>2.20</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>10,490</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.36</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"><FONT face=serif size=1>Federal funds purchased and securities sold</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=1>under agreements to repurchase</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>470</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1.30</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>2,434</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>4.98</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=1>Other short-term borrowings<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,251</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>1.90</STRONG></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>1.88</STRONG></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4,837</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.83</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="76%"><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; <STRONG>$</STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>8,993</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>2.11</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>17,761</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 4.57</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>For floating rate debt issuances, the stated and effective interest rates are based on the floating rates in effect at December 31, 2008 and 2007, respectively. These rates may not be indicative of future
interest rates.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Effective interest rates are only presented if swaps are in place to hedge the underlying debt at the respective year-end.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes $4.5 billion of commercial paper purchased by the Federal Reserve Bank&#146;s Special Purpose Vehicle (SPV) through the Commercial Paper Funding Facility (CPFF) at December 31, 2008. The Company is
permitted to issue up to a maximum of $14.7 billion to the SPV that was created for this purpose. The facility will mature in October 2009.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Other short-term borrowings include $313 million related to borrowings with a discontinued operation (AEB) at December 31, 2007, and interest bearing overdrafts with banks of $669 million and $463 million at
December 31, 2008 and 2007, respectively.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>92</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>LONG-TERM DEBT<BR></STRONG></FONT></FONT><FONT face=serif size=2>The
Company&#146;s outstanding long-term debt with original maturities of one year or greater, at December 31, was as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%"><I><FONT face=serif size=1>(Millions, except percentages)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%" colSpan=9><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=center width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Effective</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Year-End</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Effective</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Stated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Interest</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Stated</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Interest</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>Maturity</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Outstanding</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate on</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate with</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Outstanding</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate on</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>Rate with</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>Dates</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Balance<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Debt<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Swaps<SUP>(b)(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Balance<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Debt<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>Swaps<SUP>(b)(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><B><FONT face=serif size=1>American Express Company</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>(Parent Company only)</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>2009&#150;2038</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>7,182</FONT></B></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>6.29</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>5.53</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>5,996</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>5.40</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Subordinated Debentures<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2036</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>750</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>6.80</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>750</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.80</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"><B><FONT face=serif size=1>American Express Travel Related</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Services Company, Inc.</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2009&#150;2011</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>2,000</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>4.09</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>4.98</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2,000</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.93</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.98</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%"><B><FONT face=serif size=1>American Express Credit</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Corporation</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2009&#150;2017</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>17,490</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3.85</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3.28</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>19,118</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.99</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.98</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#ffffff><FONT face=serif size=1>Borrowings under Bank Credit Facilities</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>2012</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>2,506</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>4.56</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>4.88</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>3,146</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>7.34</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>7.09</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><B><FONT face=serif size=1>American Express Centurion Bank</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#ffffff><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>2009&#150;2017</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>9,587</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>2.58</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>1.97</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>11,099</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>5.25</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>5.14</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><B><FONT face=serif size=1>American Express Bank, FSB</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#ffffff><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>2009&#150;2017</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>15,402</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>2.88</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>9,909</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>5.23</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> 5.13</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><B><FONT face=serif size=1>American Express Receivables</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1>Financing Corporation V LLC</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#ffffff><FONT face=serif size=1>Fixed and Floating Rate Senior Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>2010&#150;2012</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>4,826</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>2.17</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>2,976</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>5.19</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Floating Rate Subordinated Notes</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2010&#150;2012</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>144</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1.63</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>144</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.67</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="72%" bgColor=#ffffff><B><FONT face=serif size=1>Other</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Fixed and Floating Rate Notes<SUP>(e)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2009&#150;2014</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>154</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>6.79</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>147</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>6.53</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="72%" bgColor=#ffffff><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>60,041</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; 3.63</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>%</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1>55,285</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> 5.30</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>%</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-TOP: #ffffff 1pt solid" vAlign=top width="100%"><FONT face=serif size=1>The outstanding balances reflect the impact of fair value hedge accounting whereby certain fixed rate notes have been swapped to floating rate through the use
of interest rate swaps and are marked to market, as is the associated swap that is reported as a derivative asset or liability. In 2008 and 2007, the effect of these adjustments was $1.0 billion and $0.1 billion, respectively. Refer to Note 14 for
more details on the Company&#146;s treatment of fair value hedges.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-TOP: #ffffff 1pt solid" vAlign=top width="100%"><FONT face=serif size=1>For floating rate debt issuances, the stated and effective interest rates are based on the floating rates in effect at December 31, 2008 and 2007,
respectively. These rates may not be indicative of future interest rates.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-TOP: #ffffff 1pt solid" vAlign=top width="100%"><FONT face=serif size=1>Effective interest rates are only presented when swaps are in place to hedge the underlying debt at the respective year-end.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-TOP: #ffffff 1pt solid" vAlign=top width="100%"><FONT face=serif size=1>The maturity date will automatically be extended to September 1, 2066, except in the case of (a) a prior redemption or (b) a default related to the debentures.
</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(e)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-TOP: #ffffff 1pt solid" vAlign=top width="100%"><FONT face=serif size=1>Includes $89 million and $90 million as of December 31, 2008 and 2007, respectively, related to a sale-leaseback transaction completed in
2004.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>93</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>Through its subsidiaries, American Express Bank, FSB (FSB) and American Express Centurion Bank (Centurion Bank), the
Company was approved to issue an aggregate maximum of $13.3 billion of guaranteed debentures under the Federal Depository Insurance Corporation&#146;s (FDIC&#146;s) Temporary Liquidity Guarantee Program (TLGP), which provides a FDIC guarantee for
newly-issued senior unsecured debt. At December 31, 2008, the Company had $5.9 billion outstanding of senior notes issued through the program, comprised of $750 million of two-year floating rate notes, $1.7 billion of three-year floating rate notes,
and $3.5 billion of three-year fixed rate notes.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the Parent Company had $750 million principal outstanding of Subordinated Debentures that accrue interest at
an annual rate of 6.80 percent until September 1, 2016, and at an annual rate of three-month LIBOR plus 2.23 percent thereafter. At the Company&#146;s option, the Subordinated Debentures are redeemable for cash after September 1, 2016 at 100 percent
of the principal amount plus any accrued but unpaid interest. If the Company fails to achieve specified performance measures, it will be required to issue its common shares and apply the net proceeds to make interest payments on the Subordinated
Debentures. No dividends on the Company&#146;s common or preferred shares could be paid until such interest payments are made. The Company would fail to meet these specific performance measures if: (i) the Company&#146;s tangible common equity is
less than 4 percent of total adjusted assets for the most recent quarter or (ii) if the trailing two quarters&#146; consolidated net income is equal to or less than zero and tangible common equity as of the trigger determination date and as of the
end of the quarter end six months prior, has in each case declined by 10 percent or more from the tangible common equity as of the end of the quarter 18 months prior to the trigger determination date. The Company met the specified performance
measures in 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the Company was not in violation of any of its debt covenants.</FONT></P> <P align=justify><FONT face=serif size=2>Aggregate annual maturities on
long-term debt obligations (based on final maturity dates) at December 31, 2008, were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2009</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2010</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2011</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2012</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2013</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=1>Thereafter</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>American Express Company (Parent Company only)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>500</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&#151;</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>399</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&#151;</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>997</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>6,036</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>7,932</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT size=1>American Express Travel Related Services Company, Inc.</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>800</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,200</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>2,000</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>American Express Credit Corporation</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>5,193</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,361</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,754</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,999</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>5,142</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>547</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>19,996</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT face=serif size=1>American Express Centurion Bank</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>4,750</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>2,227</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,233</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>1,377</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>9,587</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>American Express Bank, FSB</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,665</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,805</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>5,165</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,633</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,836</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,298</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>15,402</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="71%"><FONT size=1>American Express Receivables Financing</FONT> <FONT size=1>Corporation V LLC</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>3,410</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,560</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><B><FONT face=serif size=1>4,970</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Other</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>40</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>17</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>8</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>89</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>154</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="71%"><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>14,948</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>10,820</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>8,526</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>8,425</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>7,975</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>9,347</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>60,041</FONT></B></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>As of December 31, 2008 and 2007, the Company maintained total
bank lines of credit of $11.2 billion and $12.4 billion, respectively. Of the total credit lines, $8.7 billion and $9.0 billion were unutilized, and of these unutilized amounts, $7.9 billion and $8.2 billion supported commercial paper borrowings at
December 31, 2008 and 2007, respectively. The Company pays commitment fees to maintain lines of credit; for the year ended December 31, 2008, these fees totaled $6 million.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company paid total interest primarily related to short- and long-term debt, corresponding interest rate swaps and customer deposits of $3.5 billion, $3.7 billion, and $2.8 billion in 2008, 2007, and 2006, respectively.</FONT></P> <P
align=center><FONT face=serif size=1>94</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN
EXPRESS COMPANY</FONT></P> <P align=justify><STRONG><FONT face=serif size=2><FONT face=serif size=1><STRONG>NOTE</STRONG> <STRONG>11</STRONG></FONT></FONT></STRONG><STRONG><FONT face=serif size=1><BR></FONT><FONT face=serif size=4><FONT face=serif
size=2>OTHER LIABILITIES</FONT></FONT></STRONG></P> <P align=justify><FONT face=serif size=2>The following is a summary of other liabilities at December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2>&nbsp;<FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Membership Rewards liabilities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>4,643</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,785</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT face=serif size=1>Employee-related liabilities<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>2,026</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=1>1,887</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Deferred charge card fees, net</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,041</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,030</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=1>Other<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>6,882</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>6,105</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>14,592</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13,807</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Employee-related liabilities include employee benefit plan obligations and incentive compensation.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Other includes accruals for rebates, advertising and promotion, derivatives, restructuring and reengineering reserves, and minority interest in subsidiaries.</FONT></TD></TR></TABLE> <P
align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>DEFERRED CHARGE CARD FEES</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>The carrying amount of deferred charge card and other fees, net of direct acquisition
costs and reserves for membership cancellations as of December 31 were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Deferred charge card and other fees</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,233</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>1,211</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=1>Deferred direct acquisition costs</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(78</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>(79</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=1>Reserves for membership cancellations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(114</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(102</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT face=serif size=1>Deferred charge card fees and other, net of<FONT size=3></FONT> direct acquisition costs and reserves</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>1,041</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,030</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>NOTE</STRONG> <STRONG>12<BR></STRONG></FONT></FONT><FONT face=serif size=4><FONT face=serif size=2><STRONG>COMMON AND
PREFERRED SHARES</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2>At December 31, 2008, the Company has 100 million common shares remaining under the share repurchase authorizations. Such authorizations do not have an expiration
date, and at present, there is no intention to modify or otherwise rescind the current authorizations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common shares are retired by the Company upon repurchase (except for 372,383 and
500,000 shares held as treasury shares at December 31, 2008 and 2007, respectively), and excluded from the shares outstanding in the table below. There were no shares held in treasury as of December 31,
2006.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table shows authorized shares and provides a reconciliation of common shares issued and outstanding:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><I><FONT face=serif size=1>(Millions, except where indicated)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=2>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Common shares authorized</FONT> <FONT face=serif size=1><EM>(billions)</EM><SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3.6</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>3.6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT size=1>Shares issued and outstanding at <FONT face=serif>beginning of year</FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,158</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>1,199</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>1,241</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Repurchases of common shares</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>(5</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(60</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(75</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=1>Acquisition of Harbor Payments</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>2</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Other, primarily stock option exercises</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>7</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>19</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>31</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT size=1>Shares issued and outstanding at end</FONT> <FONT face=serif size=1>of year</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>1,160</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,158</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,199</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"> <P align=justify><FONT face=serif size=1>Of the common shares authorized but unissued at December 31, 2008, approximately 143 million shares were reserved for issuance for employee stock, employee benefit and dividend
reinvestment plans.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The Board of Directors is authorized to permit the Company to issue up to 20 million preferred shares at a par value of $1.66 2/3 without further shareholder
approval. At December 31, 2008 and 2007, no preferred shares had been issued.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On January 9, 2009, the Company participated in the United States Department of Treasury&#146;s Capital
Purchase Program (CPP), and issued 3,388,890 shares of the Company&#146;s Fixed Rate Cumulative Perpetual Preferred Stock, Series A, to the Treasury Department. Refer to Note 27 for further discussion.</FONT></P> <P align=justify><FONT face=serif
size=2><FONT size=1><STRONG>NOTE 13</STRONG></FONT></FONT><FONT face=serif size=1><BR></FONT><FONT face=serif size=4><FONT face=serif size=2><STRONG>REGULATORY MATTERS AND CAPITAL ADEQUACY</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif
size=2>As previously discussed, the Company became a bank holding company under the Bank Holding Company Act of 1956 during the fourth quarter of 2008. At that time, the Federal Reserve became the Company&#146;s primary federal regulator and the
Company became subject to the Federal Reserve&#146;s requirements for risk-based capital and leverage ratios.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Federal Reserve&#146;s guidelines for capital adequacy define two
categories of risk-based capital: Tier 1 capital and Tier 2 capital. Tier 1 capital, as it applies to the Company, is comprised of shareholders&#146; equity less goodwill and other adjustments. Tier 2 capital, as it applies to the Company, consists
of the aggregate allowance for credit losses up to a certain percentage of risk-weighted assets, and a portion of any unrealized gains of equity securities. Under the risk-based capital guidelines of the Federal Reserve, the Company is required to
maintain minimum ratios of Tier 1 and Total (Tier 1 plus Tier 2) capital to risk weighted assets, as well as minimum leverage ratios (which are defined as Tier 1 capital to average adjusted on-balance sheets assets). Failure to meet these minimum
requirements could cause the Federal Reserve Board to take action.</FONT></P> <P align=center><FONT face=serif size=1>95</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company was not previously required to calculate risk-based
capital ratios or a leverage ratio. The methodology of calculating these ratios may be refined over time.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s two U.S. Bank operating subsidiaries, Centurion Bank and
FSB, are subject to various regulatory capital requirements of the FDIC and the Office of Thrift Supervision (OTS). Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional, discretionary actions by
regulators, that, if undertaken could have a direct material effect on Centurion Bank and FSB&#146;s financial statements.</FONT></P> <P align=justify><FONT face=serif size=2>The following table presents the risk&#150;based capital ratios for the
Company and its significant banking subsidiaries at December 31, 2008:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="77%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Well-capitalized</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Minimum capital</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>American</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>American Express</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>American</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%"><I><FONT face=serif size=1>(Millions, except percentages)</FONT></I></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>ratios<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>ratios<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Express Company</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Centurion Bank</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Express Bank, FSB<SUP>(f)</SUP></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Tier 1 capital</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>10,087</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,029</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,415</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"><FONT face=serif size=1>Total capital</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>11,610</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>3,386</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>3,767</FONT></B></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Tier 1 capital ratio</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>6.0</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>4.0</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>9.7</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>12.3</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>12.7</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="77%"><FONT face=serif size=1>Total capital ratio</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>10.0</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>8.0</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>11.1</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>13.7</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>14.0</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=1>Tier 1 leverage ratio<SUP>(a)(b)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.0</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>%<SUP><FONT face=serif>(d)</FONT></SUP></FONT></STRONG></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>%<SUP>(e)</SUP></FONT></STRONG></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>8.5</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>13.2</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>12.2</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%</FONT></B></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>Average adjusted assets for purposes of calculating the leverage ratio include total average assets for most recent quarter adjusted for unrealized gains/losses on debt securities less deductions
for disallowed goodwill and other intangible assets that are subject to deductions from Tier 1 capital.</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>(b)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>American Express Bank, FSB leverage ratio represents Tier 1 core capital ratio, calculated similarly to Tier 1 leverage ratio.</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>As defined by the regulations issued by the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), OTS and FDIC.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="98%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>Represents requirements for banking subsidiaries pursuant to regulations issued under the Federal Deposit Insurance Corporation Improvement Act. There is no Tier 1 leverage component in the
definition of a well-capitalized bank holding company.</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="98%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(e)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>The minimum Tier 1 leverage ratio for bank holding companies and banks is 3 percent or 4 percent depending on factors specified in regulations issued by the Federal Reserve Board and
OCC.</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="98%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(f)</FONT></TD>
<TD vAlign=top noWrap align=left width="1%"></TD>
<TD vAlign=top width="98%"><FONT face=serif size=1>Subsequent to December 31, 2008, the Company infused $500 million of additional capital into FSB.</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>As previously discussed, the
Company participated in the CPP on January 9, 2009, which will increase its Tier 1 capital by $3.39 billion effective that date and not reflected in the capital ratios presented above. Refer to Note 27 for further discussion.</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG><FONT face=serif size=2><STRONG><STRONG>Restricted Net Assets of Subsidiaries</STRONG></STRONG></FONT></STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>Certain
of the Company&#146;s subsidiaries are subject to restrictions on the transfer of net assets under debt agreements and regulatory requirements. These restrictions have not had any effect on the Company&#146;s shareholder dividend policy and
management does not anticipate any impact in the future. Procedures exist to transfer net assets between the Company and its subsidiaries, while ensuring compliance with the various contractual and regulatory constraints. At December 31, 2008, the
aggregate amount of net assets of subsidiaries that may not be transferred to American Express&#146; Parent Company (Parent Company) was approximately $7 billion.</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif
size=1><STRONG><FONT face=serif size=2><STRONG>Bank Holding Company Dividend Restrictions</STRONG></FONT><BR></STRONG></FONT></FONT><FONT face=serif size=2>As a bank holding company, the Company is limited in its ability to pay dividends by its
regulators who could prohibit a dividend that would be considered an unsafe or unsound banking practice. It is the policy of the Federal Reserve that bank holding companies should generally pay dividends on common stock only out of earnings, and
only if prospective earnings retention is consistent with the organization&#146;s expected future needs, asset quality, and financial condition. Moreover, bank holding companies should not maintain dividend levels that undermine a company&#146;s
ability to be a source of strength to its banking subsidiaries. The Federal Reserve has indicated that bank holding companies should carefully review their dividend policy and has discouraged dividend pay-out ratios that are at 100 percent unless
both asset quality and capital are very strong.</FONT></P> <P align=center><FONT face=serif size=1>96</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</FONT><BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><FONT size=1><STRONG>NOTE 14</STRONG></FONT></FONT><FONT face=serif size=1><BR></FONT><FONT face=serif
size=4><FONT face=serif size=2><STRONG>DERIVATIVES AND HEDGING ACTIVITIES</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2>The Company uses derivative financial instruments to manage exposure to various market risks, such as
changes in benchmark interest rates and foreign exchange rates. These instruments enable end users to increase, reduce, or alter exposure to various market risks and, for that reason, are an integral component of the Company&#146;s market risk and
related asset/liability management strategy and processes. Overall market risk exposures are monitored and managed by the Market Risk Committee, guided by Board-approved policies covering derivative financial instruments, funding, and
investments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the Company&#146;s charge card and fixed-rate lending products, interest rate exposure is managed by using fixed-rate debt. For the majority of its cardmember loans,
which are linked to a floating rate base and generally reprice each month, the Company uses floating rate funding. The Company uses derivative instruments, primarily interest rate swaps, to achieve a targeted mix of fixed and floating rate funding.
The Company regularly reviews its strategy and may modify it based on market conditions.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>FAIR VALUE MEASUREMENTS</STRONG></FONT><BR></STRONG></FONT><FONT
face=serif size=2>The fair value of the Company&#146;s derivatives is estimated by using pricing models that do not contain a high level of subjectivity as the valuation techniques used do not require significant judgment and inputs to those models
are readily observable from actively quoted markets. The valuation models used by the Company are consistently applied and reflect the contractual terms of the derivatives, including the period of maturity, and market-based parameters such as
interest rates, foreign exchange rates, equity indices or prices, and volatility.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In certain instances, credit valuation adjustments are necessary when the market parameters (for
example, a benchmark curve) used to value derivatives is not indicative of the credit quality of the company or its counterparties. The Company considers the counterparty credit risk by applying an observable forecasted default rate to the current
exposure.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company manages derivative counterparty credit risk by considering the current exposure, which is the replacement cost of contracts on the measurement date, as well as
estimating the maximum potential value of the contracts over the next twelve months, considering such factors as the volatility of the underlying or reference index. To mitigate derivative credit risk, counterparties are required to be pre-approved
and rated as investment grade. Counterparty risk exposures are monitored by the Company&#146;s Institutional Risk Management Committee (IRMC). The IRMC formally reviews large institutional exposures to ensure compliance with the Company&#146;s
Enterprise-wide Risk Management Committee guidelines and procedures and determines the risk mitigation actions, when necessary. Additionally, the Company may, on occasion, enter into master netting agreements.</FONT></P> <P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of December 31, 2008, the credit and nonperformance risks associated with the Company&#146;s derivative counterparties were not significant.</FONT></P> <P align=justify><FONT
face=serif size=2>The following table summarizes the total fair value, excluding interest accruals, of derivative product assets and liabilities at December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face=serif size=2>2008<SUP>(a)</SUP></FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><FONT face=serif size=2>2007</FONT>&nbsp; &nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Assets</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Liabilities</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Assets</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Liabilities</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=1>Cash flow hedges</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&#151;</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;$</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>125</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>11</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>122</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=1>Fair value hedges</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>1,072</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>114</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=1>Net investment hedges</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>535</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>165</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>62</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>2</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=1>Derivatives not designated as hedges</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>136</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>154</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>60</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>46</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=1>Total fair value, excluding interest accruals<SUP>(b)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,743</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>444</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>247</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>170</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>SFAS No. 157 was adopted by the Company on January 1, 2008. The fair values of the Company&#146;s derivative instruments are classified within Level 2 of the fair value hierarchy.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Financial Interpretation No. 39, &#147;Offsetting of Amounts Related to Certain Contracts&#148; (FIN 39), permits the netting of derivative assets and derivative liabilities when a legally
enforceable master netting agreement exists between the Company and its derivative counterparty. At December 31, 2008 and 2007, $39 million and $8 million, respectively, of derivative assets and liabilities have been offset and represents the impact
of legally enforceable master netting agreements that provide for the net settlement of all contracts in accordance with FIN 39.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>97</FONT></P> <HR align=center width="100%" noShade
SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>The following table
summarizes the income effects of derivatives for the years ended December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><EM><FONT size=1>(Millions)</FONT></EM></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><STRONG><FONT size=2>2008</FONT></STRONG></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=1>Cash flow hedges, net of tax<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=1>Ineffective net losses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>&nbsp;&#151;</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>(1</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>(1</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Gains on forecasted transactions no longer probable to occur</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&nbsp;&#151;</FONT></B></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification of realized (losses) gains from other comprehensive loss</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>(161</FONT></B></TD>
<TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>30</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>158</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=1>Fair value hedges, net of tax<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Ineffective net losses</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>45</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&nbsp;&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>(1</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
<TR>
<TD width="99%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=1>Net investment hedges, net of tax:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Ineffective net gains</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD noWrap align=right width="2%"><B><FONT face=serif size=1>2</FONT></B></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&nbsp;&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=1>&nbsp;&#151;</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=1>Reclassification of loss from cumulative translation adjustment as a result of sales of foreign entities
</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>&#151;</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(3</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>$</FONT></STRONG></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(110)</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><SUP><FONT size=1>(b)</FONT></SUP></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"> <P align=justify><FONT face=serif size=1>There were no (losses) gains due to exclusion of any component of derivative instruments from the assessment of hedge effectiveness for 2008, 2007 and 2006.</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"> <P align=justify><FONT face=serif size=1>Represents the sale of Brazil and certain other dispositions.</FONT></P></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>CASH FLOW
HEDGES</STRONG><BR></FONT></FONT><FONT face=serif size=2>A cash flow hedge is a derivative designated to hedge the exposure of variable future cash flows attributable to a particular risk of an existing recognized asset or liability, or a forecasted
transaction. The Company hedges existing long-term variable-rate debt, the rollover of short-term borrowings and the anticipated forecasted issuance of additional funding through the use of derivative instruments, primarily interest rate swaps.
These derivative instruments effectively convert floating rate debt to a fixed rate debt for the duration of the swap.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the normal course of business, as derivatives mature, the
Company expects to reclassify $87 million of net pretax losses on derivative instruments from accumulated other comprehensive (loss) income to earnings during the next 12 months.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>Currently, the longest period of time over which the Company is hedging exposure to variability in future cash flows for forecasted transactions is approximately one year, which is related to certificate of deposits.</FONT></P> <P
align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>FAIR VALUE HEDGES<BR></STRONG></FONT></FONT><FONT face=serif size=2>A fair value hedge is a derivative designated to hedge the exposure of future changes in the fair value of an
asset or a liability, or an identified portion thereof that is attributable to a particular risk. The Company is exposed to interest rate risk associated with its fixed-rate long-term debt. The Company uses interest rate swaps to convert certain
fixed-rate long-term debt to floating rate at the time of issuance.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If the fair value hedge is fully effective, the gain or loss on the hedging instrument would exactly offset the loss
or gain on the hedged item attributable to the hedged risk. Any difference between the changes in the fair value of the derivatives and the hedged item is referred to as hedge ineffectiveness. Hedge ineffectiveness may be caused by differences
between the interest coupon and the benchmark rate, primarily due to credit spreads at inception of the hedging relationship, which are not economically reflected in the terms of the interest rate swap.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG><FONT face=serif size=1><STRONG>NET INVESTMENT HEDGES</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>A net investment hedge in a foreign operation is a derivative used to hedge future changes in currency exposure of a net
investment in a foreign operation. The Company designates foreign currency derivatives, primarily forward agreements, as hedges of net investments in certain foreign operations. These derivatives reduce exposure to changes in currency exchange rates
on the Company&#146;s investments in non-U.S. subsidiaries.</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>DERIVATIVES NOT DESIGNATED AS HEDGES<BR></STRONG></FONT></FONT><FONT face=serif size=2>The Company has
derivatives that act as economic hedges and that either do not qualify or are not designated for hedge accounting treatment. Foreign currency transactions and non-U.S. dollar cash flow exposures may from time to time be partially or fully
economically hedged through foreign currency contracts, primarily forward contracts, foreign currency options, and cross-currency swaps. These hedges generally mature within one year. Foreign currency contracts involve the purchase and sale of a
designated currency at an agreed upon rate for settlement on a specified date. The changes in the fair value of the derivative instrument effectively offset the related foreign exchange gains or losses on the underlying balance sheet exposures. From
time to time, the Company may enter into interest rate swaps to specifically manage funding costs related to its proprietary card business. The following table provides the total fair value, excluding accruals, of these derivative product assets and
liabilities as of December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face=serif size=1>2008</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><FONT face=serif size=1>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Assets</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Liabilities</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Assets</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Liabilities</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Foreign currency<FONT size=3></FONT> transactions</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>127</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=1>134</FONT></B></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>31</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>38</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="83%"><FONT face=serif size=1>Interest rate swaps</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>9</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=serif size=1>20</FONT></B></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>29</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=1>8</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>98</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif
size=1><STRONG>NOTE</STRONG> <STRONG>15<BR></STRONG></FONT></FONT><FONT face=serif size=4><FONT face=serif size=2><STRONG>GUARANTEES</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2>The Company provides cardmember protection plans
that cover losses associated with purchased products, as well as certain other guarantees in the ordinary course of business that are within the scope of FASB Financial Interpretation No. 45, &#147;Guarantor&#146;s Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others&#148; (FIN 45). For the Company, FIN 45 guarantees primarily consist of card and travel protection programs, including:</FONT></P> <UL style="TEXT-ALIGN: justify">
<LI><FONT face=serif size=2>Credit Card Registry &#150; cancels and requests replacement of lost or stolen cards, and provides for fraud liability coverage;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Return Protection &#150; refunds the price of
eligible purchases made with the card where the merchant will not accept the return for up to 90 days from the date of purchase;<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Account Protection &#150; provides account protection in the event that a
cardmember is unable to make payments on the account due to unforeseen hardship; and,<BR>&nbsp;</FONT> <LI><FONT face=serif size=2>Merchant Protection &#150; protects cardmembers against billing disputes with the merchant, primarily for non-delivery
of goods and services (i.e., usually in the event of bankruptcy or liquidation of the merchant. In the event that a dispute is resolved in the cardmember&#146;s favor, the Company will credit the cardmember account for the amount of the purchase and
will seek recovery from the merchant. If the Company is unable to collect the amount from the merchant, it will bear the loss for the amount credited to the cardmember.)</FONT></LI></UL> <P align=justify><FONT face=serif size=2>In relation to its
maximum amount of undiscounted payments as seen below, to date the Company has not experienced any significant losses related to its FIN 45 guarantees.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s initial
recognition of guarantees within the scope of FIN 45 is at fair market value, which has been determined in accordance with the fair value measurement provisions of SFAS No. 157.<BR></FONT><FONT face=serif size=2><FONT
size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following table provides information related to such guarantees at December 31, 2008 and December 31, 2007:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="84%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="7%" colSpan=5><FONT face=serif size=1>Maximum amount</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="7%" colSpan=5><FONT face=serif size=1>of undiscounted</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="7%" colSpan=5><FONT face=serif size=1>Amount of related</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="7%" colSpan=5><FONT face=serif size=1>future payments<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="7%" colSpan=5><FONT face=serif size=1>liability<SUP>(b)</SUP></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="7%" colSpan=5><I><FONT face=serif size=1>(Billions)</FONT></I></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="7%" colSpan=5><I><FONT face=serif size=1>(Millions)</FONT></I></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2><FONT size=1>Type of Guarantee</FONT></FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><B><FONT face=serif size=1>2008</FONT></B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><B><FONT face=serif size=1>2008</FONT></B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Card and travel operations<SUP>(c)</SUP></FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; $</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>69</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>70</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>99</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;</STRONG>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>64</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>Other<SUP>(d)</SUP></FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>1</FONT></B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>93</FONT></B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>44</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Total</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>70</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>71</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>192</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>108</FONT></FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents the notional amounts that could be lost under the guarantees and indemnifications if there were a total default by the guaranteed parties. The Merchant Protection guarantee is calculated using
management&#146;s best estimate of maximum exposure based on all eligible claims as measured against annual billed business volumes.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Included as part of other liabilities on the Company&#146;s Consolidated Balance Sheets. The increase in the liability from December 31, 2007 to December 31, 2008, results substantially from guarantees
related to the Company&#146;s business dispositions and an increase in merchant protection-related reserves primarily related to the airline industry.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes Credit Card Registry, Return Protection, Account Protection and Merchant Protection, which the Company offers directly to cardmembers. The Company generally has no collateral or other recourse
provisions related to these guarantees.</FONT></TD></TR>
<TR>
<TD colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Other primarily includes guarantees related to the Company&#146;s business dispositions, real estate, and tax, as well as contingent consideration obligations.</FONT></TD></TR></TABLE> <P align=justify><FONT
face=serif size=2><STRONG><FONT size=1><STRONG>NOTE 16</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=4><FONT size=2><STRONG>COMMITMENTS AND CONTINGENCIES</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2>The Company and
its subsidiaries are involved in a number of legal and arbitration proceedings, including class actions, concerning matters arising in connection with the conduct of their respective business activities. The Company believes it has meritorious
defenses to each of these actions and intends to defend them vigorously. In the course of its business, the Company and its subsidiaries are also subject to governmental examinations, information gathering requests, subpoenas, inquiries, and
investigations. The Company believes that it is not a party to, nor are any of its properties the subject of, any pending legal, arbitration, regulatory, tax or investigative proceedings that would have a material adverse effect on the
Company&#146;s consolidated financial condition or liquidity. However, it is possible that the outcome of any such proceedings could have a material impact on results of operations in any particular reporting period as the proceedings are resolved.
</FONT></P> <P align=justify><FONT face=serif size=2><FONT size=1><STRONG>VISA AND MASTERCARD SETTLEMENTS<BR></STRONG></FONT></FONT><FONT face=serif size=2>On November 7, 2007 and June 25, 2008, as previously disclosed, the Company announced that it
had reached</FONT> <FONT face=serif size=2>settlement agreements with Visa and MasterCard, respectively. Under the terms of the settlement agreements, the Company will receive aggregate maximum payments of $4.05 billion. The settlement with Visa
comprised an initial payment of $1.13 billion ($700 million after-tax) that was recorded as a gain in the fourth quarter of 2007. Having met quarterly performance criteria, the Company recognized $70 million ($43 million after-tax) from Visa in each
of the four quarters of 2008 and $150 million ($93 million after-tax) from MasterCard in the third and fourth quarters of 2008. The remaining Visa and MasterCard quarterly payments, subject to the Company achieving certain quarterly performance
criteria continue through the fourth and second quarters of 2011, respectively, and are included in other, net expenses within the Corporate &amp; Other segment.</FONT></P> <P align=center><FONT face=serif size=1>99</FONT></P> <HR align=center
width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company also has contingent obligations to make payments under contractual agreements entered into as part of the ongoing operation of the Company&#146;s business, primarily
with co-brand partners. The contingent obligations under such arrangements were approximately $6.1 billion as of December 31, 2008.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company leases certain facilities and equipment
under noncancelable and cancelable agreements. Total rental expense amounted to $337 million, $300 million, and $297 million in 2008, 2007, and 2006, respectively. At December 31, 2008, the minimum aggregate rental commitment under all noncancelable
operating leases (net of subleases of $15 million) was:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2009</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>254</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>2010</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>233</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2011</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>191</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>2012</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>166</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2013</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>152</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>Thereafter</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>1,526</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Total</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,522</FONT></B></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>At December 31, 2008, the
Company&#146;s future minimum lease payments under capital leases or other similar arrangements is approximately $11 million per annum from 2009 through 2013 and $62 million thereafter.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG><FONT face=serif size=1><STRONG>NOTE 17</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=4><FONT size=2><STRONG>FAIR VALUES OF FINANCIAL INSTRUMENTS</STRONG></FONT></FONT></P> <P align=justify><FONT face=serif size=2>SFAS No.
107, &#147;Disclosures About Fair Value of Financial Instruments&#148; (SFAS No. 107), requires the disclosure of the estimated fair value of financial instruments. A financial instrument is defined as cash, evidence of an ownership in an entity, or
a contract between two entities to deliver cash or another financial instrument or to exchange other financial instruments. The disclosure requirements of SFAS No. 107 exclude leases, affiliate investments, pension and benefit obligations, insurance
contracts, and all non-financial instruments.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table discloses fair value information for the Company&#146;s financial instrument assets and liabilities, included in the
scope of SFAS No. 107, as of December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><I><FONT face=serif size=1>(Rounded to nearest billion)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face=serif size=1><FONT face=serif size=2>2008</FONT></FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><FONT face=serif size=1><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Carrying</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Fair</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>Value</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2><B>Financial Instrument Assets:</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets for which carrying values equal or approximate fair value</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>73</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>73</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>65</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>66</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>41</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>41</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>53</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>54</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%"><FONT face=serif size=2><B>Financial Instrument Liabilities:</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities for which carrying values equal or approximate fair value</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>45</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>44</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>53</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>53</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="83%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>60</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>56</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>55</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>54</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The fair values of these financial instruments are estimates based upon
market conditions and perceived risks as of December 31, 2008 and 2007, and require management judgment. These figures may not be indicative of their future fair values. The fair value of the Company cannot be estimated by aggregating the amounts
presented.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following methods were used to determine estimated fair values.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>FINANCIAL
INSTRUMENT ASSETS FOR WHICH CARRYING VALUES EQUAL OR APPROXIMATE FAIR VALUE</STRONG></FONT></STRONG><BR></FONT><FONT face=serif size=2>Financial assets for which carrying values equal or approximate fair values include cash and cash equivalents,
cardmember receivables, accrued interest, and certain other assets. For these assets, the carrying values approximate fair value because these are short-term in duration or variable rate in nature.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG>Investments</STRONG><BR></FONT><FONT face=serif size=2>Investments are recorded at fair value on the Consolidated Balance Sheets with unrealized gains and losses recorded in accumulative other comprehensive income (loss) or earnings
depending upon the classification of securities as available-for-sale or trading. The recognized gains and losses are recognized in the Consolidated Statements of Income upon disposition of the securities or when management determines that a decline
in value is other-than-temporary. Refer to Note 5 for carrying and fair value information regarding investments.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Derivative Financial Instruments<BR></STRONG></FONT><FONT face=serif
size=2>Derivative financial instruments are recorded at fair value on the Consolidated Balance Sheets, with gains and losses recognized in the Consolidated Statements of Income or Consolidated Balance Sheets based upon the nature of the derivative.
Refer to Note 14 for fair value information regarding derivative financial instruments.</FONT></P> <P align=center><FONT face=serif size=1>100</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif
size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Interest-Only Strip<BR></STRONG></FONT><FONT face=serif
size=2>The interest-only strip is also recorded at fair value on the Consolidated Balance Sheets, with gains and losses recognized in the Consolidated Statements of Income. Refer to Note 6 for additional information regarding the interest-only
strip.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1><STRONG>LOANS</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>For the Company&#146;s loans, the principal market is assumed to be the securitization market,
and the Company uses the hypothetical securitization price to determine the fair value of the portfolio. The securitization price is determined from the assumed proceeds of the hypothetical securitization in the current market, adjusted for
securitization uncertainties such as the market conditions and liquidity.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>FINANCIAL INSTRUMENT LIABILITIES FOR WHICH CARRYING VALUES EQUAL OR APPROXIMATE
FAIR VALUE</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>Financial liabilities for which carrying values equal or approximate fair values include accrued interest, customer deposits, Travelers Cheques outstanding, short-term borrowings,
and certain other liabilities. For these liabilities, the carrying values approximate fair value because these are short-term in duration, variable rate in nature, or have no defined maturity.</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG><FONT face=serif size=1><STRONG>LONG-TERM DEBT</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>For long-term debt, fair value is estimated using either quoted market prices or discounted cash flows based on the
Company&#146;s current borrowing rates for similar types of borrowing. For variable-rate long-term debt that reprices within one year, fair value approximates carrying value.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Refer to
Note 15 for discussion of carrying and fair value information regarding guarantees.</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>NOTE 18</STRONG></FONT><BR></FONT><FONT face=serif size=4><FONT size=2><FONT
size=1><FONT size=2><FONT size=3><FONT size=2><FONT size=3><FONT size=2><FONT size=3><FONT size=2><STRONG>SIGNIFICANT CREDIT CONCENTRATIONS</STRONG></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P> <P align=justify><FONT
face=serif size=2>Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counterparties whose aggregate credit exposure is material in relation to American Express&#146; total credit
exposure. The Company&#146;s customers operate in diverse industries, economic sectors and geographic regions.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table details the Company&#146;s maximum credit exposure by
category, including the credit exposure associated with derivative financial instruments, at December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=1>(Billions, except percentages)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=1><FONT size=2>2008</FONT></FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=2>On-balance sheet:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individuals<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>68</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>85</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>24</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>11</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and agencies<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>11</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>12</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>14</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>14</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face=serif size=2>Total on-balance sheet<SUP>(e)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>117</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>122</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Unused lines-of-credit-individuals<SUP>(f)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>253</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>258</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Individuals primarily include cardmember loans and receivables.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Financial institutions primarily include debt obligations of banks, broker-dealers, insurance companies and savings and loan associations.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>U.S. Government and agencies represent debt obligations of the U.S. Government and its agencies, states and municipalities, and government sponsored entities.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>All other primarily includes cardmember receivables from other corporate institutions.</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(e)&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>Certain distinctions between categories require management judgment.&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT size=1>(f)&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT size=1>Because charge card products have no preset spending limit, the associated credit limit on cardmember receivables is not quantifiable. Therefore, the quantified unused line-of-credit amounts only include the
approximate credit line available on cardmember loans (including both for on-balance sheet loans and loans previously securitized).&nbsp;&nbsp;</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>At December 31, 2008, the
Company&#146;s most significant concentration of credit risk was with individuals, including cardmember receivables and loans. These amounts are generally advanced on an unsecured basis. However, the Company reviews each potential customer&#146;s
credit application and evaluates the applicant&#146;s financial history and ability and willingness to repay. The Company also considers credit performance by customer tenure, industry, and geographic location in managing credit exposure. The
following table details the Company&#146;s cardmember lending and receivables exposure (including unused lines-of-credit on cardmember lending) in the United States and International, at December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Billions, except percentages)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>On-balance sheet:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>56</B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>71</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>19</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>24</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=2>On-balance sheet<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>75</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>95</FONT></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1pt solid" width="91%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD align=right width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD align=right width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Unused lines-of-credit-individuals:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD align=right width="2%"><FONT face=serif size=2><B>211</B></FONT></TD>
<TD align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD align=right width="2%"><FONT face=serif size=2>210</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>42</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>48</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT face=serif size=2>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>253</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>258</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Represents cardmember loans to individuals as well as receivables from individuals and corporate institutions as discussed in footnotes (a) and (d) from the previous table.&nbsp;</FONT></TD></TR></TABLE> <P
align=center><FONT face=serif size=1>101</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif
size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>EXPOSURE TO AIRLINE INDUSTRY</STRONG></FONT><BR></STRONG></FONT><FONT face=serif size=2>The Company has multiple co-brand
relationships and rewards partners, of which airlines are one of the most important and valuable. The Company&#146;s largest airline co-brand partner is Delta Air Lines (Delta), which merged with Northwest Airlines on October 29, 2008. On December
9, 2008, the Company announced that it had agreed to a 7-year extension of its exclusive co-brand credit card partnerships with Delta, as well as other partnership arrangements, including Membership Rewards, merchant acceptance and travel. American
Express&#146; Delta SkyMiles Credit Card co-brand portfolio accounts for approximately 5 percent of the Company&#146;s worldwide billed business and less than 15 percent of worldwide cardmember lending
receivables.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In 2008, there were a significant number of airline bankruptcies and liquidations, driven in part by volatile fuel costs and weakening economies around the world.
Historically, the Company has not experienced significant revenue declines when a particular airline scales back or ceases operations due to a bankruptcy or other financial challenges. This is because volumes generated by that airline are typically
shifted to other participants in the industry that accept the Company&#146;s card products. Nonetheless, the Company is exposed to business and credit risk in the airline industry primarily through business arrangements where the Company has
remitted payment to the airline for a cardmember purchase of tickets that have not yet been used or &#147;flown.&#148; In the event that the cardmember is not able to use the ticket and the Company, based on the facts and circumstances, credits the
cardmember for the unused ticket, this business arrangement creates a potential exposure for the Company. This credit exposure is included in the maximum amount of undiscounted future payments disclosed in Note 15 to the Company&#146;s Consolidated
Financial Statements. Historically, even for an airline that is operating under bankruptcy protection, this type of exposure usually does not generate any significant losses for the Company because an airline operating under bankruptcy protection
needs to continue accepting credit and charge cards and honoring requests for credits and refunds in the ordinary course of its business. Typically, as an airline&#146;s financial situation deteriorates, the Company delays payment to the airline
thereby increasing cash withheld to protect the Company in the event the airline is liquidated. The Company&#146;s goal in these distressed situations is to hold sufficient cash over time to ensure that upon liquidation, the cash held is equivalent
to the credit exposure related to any unused tickets. The Company has not to date experienced significant losses from airlines that have ceased operations and entered into liquidation proceedings.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The current environment poses heightened challenges to the Company&#146;s ability to manage the airline risk, as more airlines are converting their bankruptcy restructurings into liquidations or, in some instances, moving directly
to liquidation thereby giving the Company less time to cover the Company&#146;s exposure. In addition, possible mergers, acquisitions and asset divestitures in the airline industry may affect co-brand and Membership Rewards relationships with
involved airlines.</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>NOTE 19<BR></STRONG></FONT></FONT><FONT face=serif size=4><STRONG><FONT size=2><STRONG>STOCK PLANS</STRONG></FONT></STRONG></FONT></P> <P
align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>STOCK OPTION AND AWARD PROGRAMS<BR></STRONG></FONT></FONT><FONT face=serif size=2>Under the 2007 Incentive Compensation Plan and previously under the 1998 Incentive Compensation
Plan (the Plans), awards may be granted to employees and other key individuals who perform services for the Company and its participating subsidiaries. These awards may be in the form of stock options, restricted stock awards or units (RSAs),
portfolio grants (PGs), and similar awards designed to meet the requirements of non-U.S. jurisdictions.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For the Company&#146;s Plans, there were a total of 45 million, 52 million, and
66 million common shares unissued and available for grant at December 31, 2008, 2007 and 2006, respectively, as authorized by the Company&#146;s Board of Directors and shareholders.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company granted stock option awards to its Chief Executive Officer (CEO) in November 2007 and January 2008 that have performance-based and market-based conditions. These option awards are separately described below and are excluded from the
information and tables presented in the following paragraphs.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A summary of stock option and RSA activity as of December 31, 2008, and changes during the year are presented
below:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"><I><FONT face=serif size=1>(Shares in thousands)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Stock Options</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>RSAs</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Weighted</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Weighted</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Average</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Average</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Exercise</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Grant</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Shares</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Price</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Shares</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Price</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Outstanding at December 31, 2007</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>85,206</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>39.93</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>7,523</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>52.38</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT face=serif size=2>Granted</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>6,896</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>47.73</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,292</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>48.29</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Exercised/vested</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>(6,013</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>32.21</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>(2,952</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>49.66</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="80%"><FONT face=serif size=2>Forfeited/expired</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>(2,415</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>43.98</B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>(755</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>51.00</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Outstanding at December 31, 2008<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>83,674</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>40.94</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>7,108</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>51.49</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="80%"><FONT face=serif size=2>Options exercisable at December 31, 2008<SUP>(a)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>67,081</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>38.20</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>At December 31, 2008, the exercise prices for both stock options outstanding and stock options exercisable ranged from $24.66 to $60.95.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif
size=1>102</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P>
<P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>STOCK OPTIONS<BR></STRONG></FONT></STRONG></FONT><FONT face=serif size=2>Each stock option has an exercise price equal to the market price of the Company&#146;s common
stock on the date of grant and a contractual term of 10 years from the date of grant. Stock options vest ratably, substantially all at 25 percent per year beginning with the first anniversary of the grant
date.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The weighted-average remaining contractual life of the stock options outstanding and exercisable as of December 31, 2008 was 4.0 years and 2.9 years, respectively. At December 31,
2008, the stock options outstanding and exercisable had no intrinsic value (the amount by which the fair value of the Company&#146;s stock exceeds the exercise price of the option).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
intrinsic value for options exercised during 2008, 2007, and 2006 was $79 million, $463 million, and $661 million, respectively (based upon the fair value of the Company&#146;s stock price at the date of
exercise).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The fair value of each option is estimated on the date of grant using a Black-Scholes-Merton option-pricing model. The following weighted-average assumptions are used for
grants issued in 2008, 2007, and 2006, the majority of which were granted in the beginning of each year:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Dividend yield</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1.5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1.0</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.9</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2>Expected volatility</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>19</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>19</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>23</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Risk-free interest rate</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2.8</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4.8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4.3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2>Expected life of stock option <I>(years)</I></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>4.7</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4.7</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4.6</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted-average fair value per option</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$&nbsp;</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>8.24</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>13.39</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>12.76</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The expected volatility is based on weighted historical and implied volatilities of the Company&#146;s common stock price. The expected
life of the options is based on historical data.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Stock Options with Performance-Based and Market-Based Conditions<BR></STRONG></FONT><FONT face=serif size=2>On November 30, 2007 and January
31, 2008, the Company&#146;s CEO was granted in the aggregate 2,750,000 of non-qualified stock option awards with performance-based and market-based conditions. The exercise prices per share are $58.98 and $49.13, respectively. Both awards have a
contractual term of 10 years and a vesting period of six years.</FONT></P> <P align=justify><I><FONT face=serif size=2>Performance-Based Conditions<BR></FONT></I><FONT face=serif size=2>Awards for 2,062,500 options have performance-based conditions
with an aggregate grant date fair value of approximately $33.8 million using a Black-Scholes-Merton option-pricing model. Compensation expense for these awards will be recognized over the vesting period when it is determined it is probable that the
performance metrics will be achieved. No compensation expense for these awards was recorded in 2008 or 2007.</FONT></P> <P align=justify><I><FONT face=serif size=2>Market-Based Conditions<BR></FONT></I><FONT face=serif size=2>Awards for 687,500
options have market-based conditions with an aggregate grant date fair value of approximately $10.5 million using a Monte Carlo valuation model. Compensation expense for the fair value of these awards is recognized ratably over the vesting period
irrespective of the probability of the market metric being achieved. Total compensation expense recorded in 2008 and 2007 was $2.4 million and $0.1 million, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following
assumptions were used to value the market-based awards:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="88%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>January 31,</FONT></B></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>November 30,</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face=serif size=1>At Date of Grant</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=serif size=1>2008</FONT></B></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Dividend yield</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1.5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1.2</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Expected volatility &#150; Company</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>27</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>27</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Expected volatility &#150; S&amp;P 500 Index</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>16</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>16</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Risk-free interest rate</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>4.5</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4.6</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Expected life of stock option <I>(years)</I></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>8</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Fair value per option</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>13.28</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>17.25</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Aggregate fair value <I>(millions)</I></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>4.6</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.9</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>RESTRICTED STOCK AWARDS<BR></STRONG></FONT></FONT><FONT face=serif size=2>RSAs are valued based on the
stock price on the date of grant and recognized ratably over the vesting period, which is generally 25 percent per year, beginning with the first anniversary of the grant date. RSA holders receive non-forfeitable dividends or dividend equivalents.
The total fair value of shares vested during 2008, 2007, and 2006 was $134 million, $203 million, and $176 million, respectively (based upon the Company&#146;s stock price at the vesting date).</FONT></P> <P align=justify><FONT face=serif
size=2><STRONG><FONT face=serif size=1><STRONG>PORTFOLIO GRANTS<BR></STRONG></FONT></STRONG></FONT><FONT face=serif size=2>The Company awards cash-settled PGs that earn value based on the Company&#146;s financial performance and the Company&#146;s
total shareholder return versus that of the S&amp;P 500 Index. These awards cliff vest after a three-year performance period and are subject to adjustments and approval by management and the CBC. The PGs are classified as liabilities and, therefore,
the fair value is determined at the date of grant and remeasured quarterly as part of compensation expense over the performance period. Cash paid upon vesting of PGs was $59 million, $55 million, and $56 million in 2008, 2007 and 2006, respectively.
</FONT></P> <P align=center><FONT face=serif size=1>103</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif
size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><FONT face=serif size=1><STRONG>SUMMARY OF STOCK PLAN EXPENSE<BR></STRONG></FONT></FONT><FONT face=serif size=2>The components of the Company&#146;s pretax
stock-based compensation expense (net of cancellations) are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2006</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Restricted stock awards<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>141</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>135</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>137</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Stock options<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>73</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>78</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>80</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio grants and other</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>21</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>63</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>58</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face=serif size=2>Performance/market-based stock options<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Total compensation expense, pretax<SUP>(c)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>237</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>276</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>275</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>As of December 31, 2008, the total unrecognized compensation cost related to unvested RSAs and options was $217 million and $90 million, respectively. The unrecognized cost for RSAs and options
will be recognized ratably over the weighted-average remaining vesting period of 2.3 years and 2.2 years, respectively.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>As of December 31, 2008, the total unrecognized compensation cost related to unvested performance-based and market-based options was $33.8 million and $8.0 million, respectively.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The total income tax benefit recognized in the income statement for stock-based compensation arrangements in 2008, 2007 and 2006 was $83 million, $96 million and $96 million,
respectively.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1><STRONG>NOTE 20<BR></STRONG></FONT></STRONG></FONT><FONT face=serif size=4><STRONG><FONT face=serif size=2><STRONG>RETIREMENT
PLANS</STRONG></FONT></STRONG></FONT></P> <P align=justify><FONT face=serif size=2>The Company sponsors defined benefit pension plans, defined contribution plans and defined benefit post-employment benefit plans for its employees. The following
table provides a summary of the total cost related to these plans as of December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Defined benefit pension plan cost<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>13</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>28</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>124</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT face=serif size=2>Defined contribution plan cost<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>211</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>173</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>106</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Defined benefit post-employment plan cost</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>27</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>31</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>39</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#ffffff><FONT face=serif size=2>Net periodic benefit cost</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2><B>251</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2>232</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT face=serif size=2>269</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Amendments to the U.S. defined benefit and defined contribution plans were effective in the third quarter of 2007. Therefore, the 2007 defined benefit plan pension costs are net of a $63 million curtailment
gain. These amendments are further described in the next paragraph.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>In January 2007, the Company approved amendments to the U.S. American Express Retirement Plan (the Plan) and the
Supplemental Retirement Plan (the SRP) effective July 1, 2007, which provided that active participants immediately vested in their accrued benefits, but no longer accrue future benefits other than interest credits under the plans. As a result of
this action in 2007, there was a net reduction in the projected benefit obligation of $91 million and a related curtailment gain of $63 million ($39 million after-tax) on the date the plan amendment was approved. As a result of these changes, the
Company modified the existing defined contribution plan in the United States to provide for greater Company contributions as further described in the Defined Contribution Retirement Plan section of this
note.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following sections provide additional information relating to each of these benefit arrangements.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif
size=1><STRONG>DEFINED BENEFIT PENSION PLANS</STRONG></FONT></STRONG><BR></FONT><FONT face=serif size=2>The Company sponsors the Plan for eligible employees in the United States. The Plan is a noncontributory defined benefit plan and was amended
effective July 1, 2007. The Plan is a qualified plan under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The benefits are funded through a trust. The Company&#146;s funding of retirement costs complies with the applicable
minimum funding requirements specified by ERISA, as revised under the new Pension Protection Act (PPA), effective October 1, 2008. The funded status of the Plan on an ERISA basis as of October 1, 2008 (plan year) is 104 percent (under the PPA
calculation) and 120 percent for 2007 (under the calculation prior to PPA). The PPA calculation assumptions are specific to ERISA and differ from the calculation of net funded status for GAAP purposes. (See Net Funded Status as of December 31, 2008
in the table below).<BR></FONT><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan is a cash balance plan and employees&#146; accrued benefits are based on notional account balances, which are maintained for each
individual. Employees&#146; balances are credited daily with interest at a fixed-rate that is updated each January 1 and is based on the average of the daily five-year U.S. Treasury Note yields for the previous October 1 through November 30. The
interest rate varies from a minimum of 5 percent to a maximum equal to the lesser of (i) 10 percent or (ii) the annual maximum interest rate set by the U.S. government for determining lump-sum values. Employees and their beneficiaries have the
option to receive annuity payments upon retirement or a lump-sum payout at vested termination, death, disability or retirement.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company also sponsors an unfunded non-qualified SRP
for employees compensated above a certain level to supplement their pension benefits that are limited by the Internal Revenue Service. The SRP is a supplemental plan that was also amended as of July 1, 2007, and its terms generally parallel those of
the Plan but the SRP&#146;s definition of compensation and payment options differ.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company&#146;s significant defined benefit pension plans cover employees in the United
States and United Kingdom. Most employees outside the United States and United Kingdom are covered by local retirement plans, some of which are funded, while other employees receive payments at the time of retirement or termination under applicable
labor laws or agreements. The Company complies with the minimum funding requirements in all countries.</FONT></P> <P align=center><FONT face=serif size=1>104</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT
face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For each plan, the funded
status is defined by SFAS No. 158 as the difference between the fair value of plan assets (in compliance with SFAS No. 157) and the respective plan&#146;s projected benefit obligation. The projected benefit obligation represents a liability based on
the plan participant&#146;s service-to-date and their expected future compensation at their projected retirement date. Changes in the funded status are recorded as unrecognized gains and losses, which are recognized in other comprehensive income,
net of tax, in the periods in which they occur along with prior service cost.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the Company adopted the measurement requirements of SFAS No. 158, which
requires plan assets and benefit obligations to be measured as of the Company&#146;s fiscal year-end date. Previously, these amounts were measured (and are currently reported for 2007) as of September 30. The adoption of the December 31, 2008
measurement date resulted in 15 months</FONT> <FONT face=serif size=2>of defined benefit pension and other postretirement costs being recognized in 2008. Under SFAS No. 158, the three months of additional expense is recorded as a charge to retained
earnings of $6 million and a credit to accumulated other comprehensive income of $3 million.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At December 31, 2008, the net underfunded status related to the plans was $441 million
which is based on the 2008 activity shown in the following table:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=2>Net Funded Status</FONT></I></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Net funded status, beginning of year<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>113</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(236</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>(Decrease) Increase in value of plan assets</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(900</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>210</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Decrease in projected benefit obligation</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>346</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>139</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Net change&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(554</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>349</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Funded status&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(441</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>113</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Fourth quarter contributions</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>4</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Net amount recognized at December 31,<SUP>(b)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(441</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>117</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The beginning of the year is as of September 30, which was the measurement date prior to 2008.</FONT></TD></TR>
<TR>
<TD vAlign=top colSpan=2><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The 2007 balance includes the fourth quarter contributions of $4 million, which are not included in the 2007 end of year and 2008 beginning of year amounts shown on the tables in the Plan Assets
and Obligations section.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The 2008 change in funded status shown in the above table (from $113 million overfunded status to $441 million underfunded status) is caused by a decrease in
the fair value of plan assets of $900 million, partially offset by a decrease in the projected benefit obligation of $346 million (net $554 million change). The primary driver of the $554 million change is attributable to the $461 million market
decline in assets. (See Reconciliation of Change in Fair Value of Plan Assets Table in the Plan Assets and Obligations section).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table provides the funded status amounts
recognized on the Consolidated Balance Sheets as of December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Other liabilities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(441</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(199</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Other assets&nbsp;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>&nbsp;&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; &nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>316</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Net amount recognized at December 31,</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(441</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>117</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Plan Assets and Obligations<BR></STRONG></FONT><FONT face=serif size=2>The following tables provide a reconciliation of changes
in the fair value of plan assets and projected benefit obligations for all plans (2008 changes and end of year amounts are as of December 31, 2008 and all 2007 amounts and 2008 beginning of year amounts are as of September 30):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" colSpan=4><I><FONT face=serif size=2>Reconciliation of Change in Fair Value of Plan Assets</FONT></I></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>Fair value of plan assets,<FONT face=serif>beginning of year</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,593</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,383</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2>Effect of transition to December 31st&nbsp;<FONT face=serif>measurement date</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>11</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&#151;</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Actual return on plan assets</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(461</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>304</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Employer contributions</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>20</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>29</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Benefits paid</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(61</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(52</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Settlements</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(88</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(93</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Foreign currency exchange rate changes</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(321</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>22</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Net change</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(900</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>210</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>Fair value of plan assets, <FONT face=serif>end of year</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1,693</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,593</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR>
<TD width="100%" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%" colSpan=4><I><FONT face=serif size=2>Reconciliation of Change in Projected Benefit Obligation</FONT></I></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>Projected benefit obligation, <FONT face=serif>beginning of year</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,480</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,619</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2>Effect of transition to December 31st <FONT face=serif>measurement date</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&#151;</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Service cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>23</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>93</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Interest cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>136</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>138</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Benefits paid</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(61</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(52</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Actuarial gain</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(56</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(163</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Plan amendments</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(4</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Settlements/curtailments</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(93</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(185</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Foreign currency exchange rate changes</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(297</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>28</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Net change</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(346</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(139</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Projected benefit obligation, end of year</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,134</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,480</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE> <P align=center><FONT face=serif size=1>105</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Accumulated Other Comprehensive Loss<BR></STRONG></FONT><FONT face=serif size=2>The
following table provides the amounts comprising accumulated other comprehensive loss, which are not yet recognized as components of net periodic pension benefit cost as of December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net actuarial loss</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>650</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>123</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Net prior service cost</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(3</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Total, pretax effect</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>647</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>125</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Tax impact</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(215</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(32</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Total, net of taxes</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>432</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>93</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Includes impact of transition to December 31 measurement date of $3 million credit.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The estimated portion of the net actuarial loss and net
prior service cost that is expected to be recognized as a component of net periodic pension benefit cost in 2009 is $11 million and nil, respectively. For 2007, excluded from the table above is $(2) million of net change in accumulated other
comprehensive income related to AEB discontinued operations.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table details the amounts recognized in other comprehensive loss in 2008:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><B><FONT face=serif size=1><FONT size=2>2008</FONT></FONT></B></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Net actuarial loss:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassified to earnings from equity<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(22</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses in current year</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>552</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net actuarial loss</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>530</B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Net prior service cost:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recognized as a result of curtailment</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(1</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains in current year</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(4</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net prior service cost</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(5</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Total, pretax&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>525</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Excludes impact of transition to December 31st measurement date of $3 million credit.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG>Benefit Obligations<BR></STRONG></FONT><FONT
face=serif size=2>The accumulated benefit obligation is the present value of benefits earned to date by plan participants computed based on current compensation levels as contrasted to the projected benefit obligation, which is the present value of
benefits earned to date by plan participants based on their expected future compensation at their projected retirement date. The unvested portion of the accumulated benefit obligation is minimal. In the following tables, 2008 amounts are as of
December 31, 2008, and 2007 amounts are as of September 30, 2007.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The accumulated and projected benefit obligations for all defined benefit pension plans are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Accumulated benefit obligation</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,057</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,371</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%"><FONT size=2><FONT face=serif size=2>Projected benefit obligation</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2,134</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2,480</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The accumulated benefit obligation and fair value of
plan assets for pension plans with accumulated benefit obligations that exceed the fair value of plan assets are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Accumulated benefit obligation</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,056</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>205</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT size=2><FONT face=serif size=2>Fair value of plan assets</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>1,691</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>22</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The projected benefit obligation and fair value of plan
assets for pension plans with projected benefit obligations that exceed the fair value of plan assets are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Projected benefit obligation</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2,134</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>224</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%"><FONT size=2><FONT face=serif size=2>Fair value of plan assets</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>1,693</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>22</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Net Periodic Pension Benefit Cost<BR></STRONG>
</FONT><FONT face=serif size=2>SFAS No. 87, &#147;Employers&#146; Accounting for Pensions&#148; (SFAS No. 87), provides for the delayed recognition of the net actuarial loss and the net prior service cost remaining in accumulated other comprehensive
income (loss).</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Service cost is the component of net periodic benefit cost that represents the current value of benefits earned by an employee during the period. Net periodic benefit
cost also includes the estimated interest incurred on the outstanding projected benefit obligation during the period.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A plan amendment that retroactively increases benefits is
recognized as an increase to the projected benefit obligation, and a corresponding charge to other comprehensive income, net of tax, at the date of the amendment. The related costs (prior service costs) are amortized as a component of net periodic
pension benefit cost on a straight-line basis over the average remaining service period of active participants.&nbsp;</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Actuarial gains and losses that are not recognized immediately as a
component of net periodic pension cost are recognized as increases or decreases in accumulated other comprehensive income, net of tax, as they arise. Cumulative net actuarial loss included in accumulated other comprehensive income (loss) which
exceeds 10 percent of the greater of the projected benefit obligation and the market-related value of plan assets are amortized over the average remaining service period of active participants.&nbsp;</FONT></P> <P align=center><FONT face=serif
size=1>106</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The components of the net periodic pension benefit cost for all defined benefit pension plans as of December 31, are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Service cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>23</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>89</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>109</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT size=2><FONT face=serif size=2>Interest cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>136</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>126</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>115</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Expected return on plan assets</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(169</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(155</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; &nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(138</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT size=2><FONT face=serif size=2>Amortization of prior service costs</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>&#151;</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Recognized net actuarial loss</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>17</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>35</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>36</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT size=2><FONT face=serif size=2>Settlements/curtailment loss (gain)</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(68</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net periodic pension benefit cost</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>13</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>28</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>124</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Assumptions</STRONG><BR></FONT><FONT face=serif size=2>The weighted-average assumptions used to determine
benefit obligations were (as of December 31st and September 30th, respectively):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Discount rates</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>5.9</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>5.8</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="92%"><FONT size=2><FONT face=serif size=2>Rates of increase in compensation levels</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>3.9</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>4.2</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The weighted-average assumptions used to determine yearly
net periodic pension benefit costs were (as of September 30th for all years presented):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2006</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Discount rates</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>5.8</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>5.2</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>5.1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT size=2><FONT face=serif size=2>Rates of increase in compensation levels</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>4.2</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>4.1</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>4.3</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Expected long-term rates of return on assets</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>7.6</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>7.8</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>7.8</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company assumes a long-term rate of
return on assets on a weighted-average basis. In developing this assumption, management evaluates historical returns on plan assets as well as benchmark information including projections of asset class returns and long-term
inflation.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The discount rate assumptions for the Company&#146;s material plans (U.S. and U.K.) are determined by using a model consisting of bond portfolios that match the cash flows of
the plan&#146;s projected benefit payments based on the plan participant&#146;s service to date and their expected future compensation. Use of the rate produced by this model generates a projected benefit obligation that equals the current market
value of a portfolio of high-quality zero-coupon bonds whose maturity dates and amounts match the timing and amount of expected future benefit payments.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Asset
Allocation<BR></STRONG></FONT><FONT face=serif size=2>The asset allocation by asset category for the Company&#146;s pension plans are presented below as of December 31, 2008 and September 30, 2007, as well as the 2009 target allocation. Actual
allocations generally are within 5 percent of these targets:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="86%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>Target</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Percentage of</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>Allocation</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><FONT face=serif size=1>Plan assets at</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=2><B><FONT face=serif size=2>2009</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>&nbsp; 2008</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&nbsp; 2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Equity securities</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>54</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>48</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>55</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"><FONT size=2><FONT face=serif size=2>Debt securities</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT size=2><B><FONT face=serif size=2>40</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>43</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>27</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Other</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>9</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>18</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%"><FONT size=2><FONT face=serif size=2>Total</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT size=2><B><FONT face=serif size=2>100</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>100</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>100</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The Company invests in a diversified portfolio to ensure
that adverse or unexpected results from a security class will not have a detrimental impact on the entire portfolio. The portfolio is diversified by asset type, risk characteristics and concentration of investments. Asset classes and ranges
considered appropriate for investment of each plan&#146;s assets are determined by the plan&#146;s investment committee. The asset classes typically include domestic and foreign equities, emerging market equities, domestic and foreign investment
grade and high-yield bonds and domestic real estate.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Benefit Payments<BR></STRONG></FONT><FONT face=serif size=2>The Company&#146;s retirement plans expect to make benefit payments to
retirees as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="82%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2014</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2009</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2010</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2011</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2012</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2013</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&#150;2018</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Expected payments</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $134</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $137</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $141</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $148</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $146</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; $870</FONT></B></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>In addition, the
Company expects to contribute $65 million to its pension plans in 2009.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT face=serif size=1><STRONG>DEFINED CONTRIBUTION RETIREMENT PLANS</STRONG></FONT></STRONG><BR></FONT><FONT
face=serif size=2>The Company sponsors defined contribution retirement plans, the principal plan being the Retirement Savings Plan (RSP) (formerly the ISP), a 401(k) savings plan with a profit sharing component. The RSP is a qualified plan under
ERISA and covers most employees in the U. S. Under the terms of the RSP, employees have the option of investing up to 10 percent of their contributions in the American Express Company Stock Fund, which invests primarily in the Company&#146;s common
stock, through accumulated payroll deductions. Employees are restricted from transferring balances into this fund if the balance has reached 10 percent of the employee&#146;s total account balance. The RSP held 13 million and 15 million shares of
American Express Common Stock at December 31, 2008 and 2007, respectively, beneficially for employees. In conjunction with the amendments to the Plan and the SRP that occurred</FONT></P> <P align=center><FONT face=serif size=1>107</FONT></P> <HR
align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT
face=serif size=2>in 2007, the Company amended the RSP effective July 1, 2007. These amendments include an expanded definition of pay encompassing more elements of employee compensation (total pay) as well as an increase in the Company&#146;s
matching of employees&#146; contributions to the plan from a maximum of 3 percent of base pay to a maximum of 5 percent of total pay. Additional annual conversion contributions of up to 8 percent of total pay will be provided into the RSP in the
future for eligible employees who were hired before April 1, 2007. The Company also sponsors an unfunded non-qualified Supplemental Retirement Plan (the SRP-RSP) that was also amended during 2007, and its terms generally parallel those of the
RSP.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The total expense for all defined contribution plans globally was $211 million, $173 million, and $106 million in 2008, 2007, and 2006, respectively.</FONT></P> <P
align=justify><FONT face=serif size=2><FONT face=serif size=1><B><FONT face=serif size=2><FONT face=serif size=1>OTHER POSTRETIREMENT BENEFITS PLANS<BR></FONT></FONT></B></FONT></FONT><FONT face=serif size=2>The Company sponsors unfunded defined
postretirement benefit plans that provide health care and life insurance to certain retired U.S. employees.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Accumulated Other Comprehensive Loss<BR></STRONG></FONT><FONT face=serif
size=2>The following table provides the amounts comprising accumulated other comprehensive loss which are not yet recognized as components of net periodic benefit cost as of December 31:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Net actuarial loss</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp; <STRONG>$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>47</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp; $</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>66</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=2>Net prior service cost</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(2</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(4</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Total, pretax effect</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>45</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>62</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face=serif size=2>Tax impact</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(18</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(25</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Total, net of taxes</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>27</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>37</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The estimated portion of the net actuarial loss and net prior service credit above that is expected to be recognized as a component of
net periodic benefit cost in 2009 is $2 million and $(2) million, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The following table details the amounts recognized in other comprehensive loss in 2008:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net actuarial gain:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassified to earnings from equity</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(4</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains in current year</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(14</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net actuarial gain</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(18</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net prior service cost:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassified to earnings from equity</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net prior service cost</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>2</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="95%"><FONT size=2><FONT face=serif size=2>Total, pretax</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(16</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Plan Obligations<BR></STRONG></FONT><FONT
face=serif size=2>The following table provides a reconciliation of the changes in the projected benefit obligation for all plans accounted for under SFAS No. 106, &#147;Employers&#146; Accounting for Postretirement Benefits Other Than Pensions&#148;
(SFAS No. 106) (2008 changes and end of year amounts are as of December 31, 2008 and all 2007 amounts and 2008 beginning of year amounts are as of September 30, 2007):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="93%" colSpan=4><I><FONT face=serif size=2>Reconciliation of Change in Projected Benefit Obligation</FONT></I></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#ffffff><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Projected benefit obligation</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>312</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;</STRONG> $</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>376</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>Effect of transition to December 31st measurement date</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>1</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>&#151;</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Service cost</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>Interest cost</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>19</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>19</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Benefits paid</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(27</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(23</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>Actuarial gain</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>(16</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>(66</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net change</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(17</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(64</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>Projected benefit obligation, end of year</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><B><FONT face=serif size=2>295</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#ffffff><FONT size=2><FONT face=serif size=2>312</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The liabilities for the Company&#146;s defined postretirement benefit plans recognized on the Consolidated Balance Sheets as of December
31 are included in the table below:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=2>Reconciliation of Accrued Benefit Cost and Total Amount Recognized</FONT></I></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Funded status of the plan</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&nbsp;&nbsp; $</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(295</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> $</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(312</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Fourth quarter payments</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>5</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Net amount recognized at December 31,</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(295</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(307</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Net Periodic Benefit Cost</STRONG><BR></FONT><FONT
face=serif size=2>SFAS No. 106 provides for the delayed recognition of the net actuarial loss and the net prior service credit remaining in accumulated other comprehensive income (loss).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>The following table provides the components of the net periodic benefit cost as of December 31 for all defined postretirement benefit plans accounted for under SFAS No. 106:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><FONT face=serif size=2><STRONG>2008</STRONG></FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><FONT face=serif size=2>2006</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Service cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>$</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>$</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>7</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%"><FONT size=2><FONT face=serif size=2>Interest cost</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>19</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>19</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>20</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Amortization of prior service costs</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(2</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(2</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(2</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT size=2><FONT face=serif size=2>Recognized net actuarial loss</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>4</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>8</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>14</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Net periodic benefit cost</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>27</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>31</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>39</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>108</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT
size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Assumptions<BR></STRONG></FONT><FONT face=serif size=2>The
weighted-average assumptions used to determine benefit obligations were (as of December 31 and September 30, respectively):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; 2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; 2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Discount rates</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>6.0</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6.1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%"><FONT size=2><FONT face=serif size=2>Health care cost increase rate:</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following year</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>8.5</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>9.0</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="91%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decreasing to the year 2016</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>5</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>5</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The discount rate assumption for the Company&#146;s
unfunded defined postretirement benefit plan is determined by using a model consisting of bond portfolios that match the cash flows of the plan&#146;s projected benefit payments. Use of the rate produced by this model generates a projected benefit
obligation that equals the current market value of a portfolio of high-quality zero-coupon bonds whose maturity dates and amounts match the timing and amount of expected future benefit payments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>A one percentage-point change in assumed health care cost trend rates would have the following effects:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="86%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="5%" colSpan=5><FONT face=serif size=1>One</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="6%" colSpan=6><FONT face=serif size=1>One</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="5%" colSpan=5><FONT face=serif size=1>percentage-</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=6><FONT face=serif size=1>percentage-</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=5><FONT face=serif size=1>point increase</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=6><FONT face=serif size=1>point decrease</FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="86%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; 2008</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;</STRONG> 2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT size=2>Increase (Decrease) on benefits earned and interest <FONT face=serif size=2>cost for U.S. plans</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>$</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(1</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="86%"><FONT size=2><FONT face=serif size=2>Increase (Decrease) on postretirement benefit obligation for U.S. plans</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>15</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>16</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>(13</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>(14</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Benefit Payments<BR></STRONG></FONT><FONT face=serif size=2>The
Company&#146;s other postretirement benefit plans expect to make benefit payments as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="82%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2014</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="82%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2009</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2010</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2011</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2012</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>2013</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>&#150;2018</FONT></B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Expected payments</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $23</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2></FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $23</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2></FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $23</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2></FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $23</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2></FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $24</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2></FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; $132</FONT></B></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>In
addition, the Company expects to contribute $23 million to its other postretirement benefit plans in 2009.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG><FONT size=1><STRONG>NOTE 21<BR></STRONG></FONT></STRONG></FONT><FONT face=serif
size=4><STRONG><FONT face=serif size=2><STRONG>INCOME TAXES</STRONG></FONT></STRONG></FONT></P> <P align=justify><FONT face=serif size=2>The components of income tax expense included in the Consolidated Statements of Income on income from continuing
operations were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2006</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Current income tax expense:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. federal</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>735</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1,631</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1,081</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. state and local</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(28</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>246</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>153</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S.</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>352</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>408</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>302</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current income tax expense</FONT>
</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1,059</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>2,285</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,536</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>Deferred income tax (benefit) expense:</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. federal</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(150</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(496</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>16</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. state and local</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(84</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(22</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(36</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S.</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(115</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(199</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>11</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred income tax benefit</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(349</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(717</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(9</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Total income tax expense on continuing operations</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>710</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,568</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,527</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>A reconciliation of the U.S. federal statutory rate of 35 percent to the Company&#146;s actual income tax rate for
2008, 2007, and 2006 on continuing operations was as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>&nbsp;&nbsp; 2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; 2007</FONT></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp; 2006</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Combined tax at U.S. statutory federal income tax rate</FONT>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>35.0</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>35.0</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>35.0</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT size=2>Increase (Decrease) in taxes <FONT face=serif size=2>resulting from:</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Tax-exempt income</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(3.9</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(2.8</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(3.0</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local income taxes, net of federal benefit</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>1.6</FONT></B></FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2.6</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>1.5</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Non-U.S. subsidiaries earnings</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(8.4</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(5.0</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(3.9</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Tax settlements</FONT><SUP><FONT face=serif size=2>(a)</FONT></SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(5.5</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(2.2</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(0.3</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=2>&nbsp; &nbsp; &nbsp;&nbsp; <FONT face=serif size=2>All other</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1.0</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(0.1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>0.3</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT size=2><FONT face=serif size=2>Actual tax rates</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>19.8</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>%</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>27.5</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>29.6</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff 1.5pt solid" noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>%</FONT></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=1>Relates to the resolution of tax matters in various jurisdictions.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>109</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>The following table presents changes
in the unrecognized tax benefits:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Balance, January 1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1,112</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,143</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases:</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year tax positions</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>81</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>165</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tax positions related to prior years</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>409</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>95</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Effects of foreign currency translations</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&#151;</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Decreases:</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tax positions related to prior years</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(208</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(164</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Settlements with tax authorities</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(213</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>(126</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Lapse of statute of limitations</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(3</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(2</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Effects of foreign currency
translations</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>(2</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&#151;</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Balance, December 31</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1,176</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,112</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>Included in the $1.2 billion and $1.1 billion of unrecognized tax benefits at December 31, 2008 and December 31,
2007, respectively, are approximately $452 million and $597 million, respectively that, if recognized, would favorably affect the effective tax rate in a future period. These benefits primarily relate to the Company&#146;s gross permanent benefits
and corresponding foreign tax credits and federal tax effects.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company is under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries
and states in which the Company has significant business operations. The tax years under examination and open for examination vary by jurisdiction. In June 2008, the IRS completed its field examination of the Company&#146;s federal tax returns for
the years 1997 through 2002. However, these years continue to remain open as a consequence of certain issues under appeal. The Company is currently under examination by the IRS for the years 2003 and
2004.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Given the inherent complexities of the business and that the Company is subject to taxation in a substantial number of jurisdictions, the Company routinely assesses the likelihood
of additional assessments in each of the taxing jurisdictions and has established a liability for unrecognized tax benefits that management believes to be adequate. Once established, unrecognized tax benefits are adjusted if more accurate
information is available, or a change in circumstance, or an event occurs necessitating a change to the liability.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company believes that it is reasonably possible that the
unrecognized tax benefits could decrease within the next 12 months by as much as $574 million principally as a result of potential resolutions of prior years&#146; tax items with various taxing authorities. The prior years&#146; tax items include
unrecognized tax benefits relating to the timing of recognition of certain gross income, the deductibility of certain expenses or losses, and the attribution of taxable income to a particular jurisdiction or jurisdictions. Of the $574 million of
unrecognized tax benefits, approximately $474 million are temporary differences that, if recognized, would only impact the effective rate due to</FONT> <FONT face=serif size=2>net interest assessments and state tax rate differentials. With respect
to the remaining decrease of $100 million, it is not possible to quantify the impact that the decrease could have on the effective tax rate and net income due to the inherent complexities and the number of tax years open for examination in multiple
jurisdictions. Resolution of the prior years&#146; items that comprise this remaining amount could have an impact on the effective tax rate and on net income, either favorably (principally as a result of settlements that are less than the liability
for unrecognized tax benefits) or unfavorably (if such settlements exceed the liability for unrecognized tax benefits).<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and penalties relating to unrecognized tax benefits are
reported in income tax provision. During the years ended December 31, 2008 and December 31, 2007, the Company recognized approximately $44 million and $13 million, respectively, of interest and penalties. The Company has approximately $265 million
and $235 million accrued for the payment of interest and penalties at December 31, 2008 and December 31, 2007, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Accumulated earnings of certain non-U.S. subsidiaries, which
totaled approximately $5.6 billion at December 31, 2008, are intended to be permanently reinvested outside the United States. Accordingly, federal taxes, which would have aggregated approximately $1.3 billion, have not been provided on those
earnings.</FONT></P> <P align=center><FONT face=serif size=1>110</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT
face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company records a deferred income tax (benefit) provision when there are differences between assets and liabilities
measured for financial reporting and for income tax return purposes. The significant components of deferred tax assets and liabilities at December 31 are reflected in the following table:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><B><FONT face=serif size=2>2008</FONT></B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT size=2><FONT face=serif size=2>2007</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Deferred tax assets:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Reserves not yet deducted for tax purposes</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>3,559</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>3,175</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Employee compensation and benefits</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>680</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>503</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized securities losses</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>458</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>&#151;</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>246</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>210</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Gross deferred tax assets</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>4,943</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>3,888</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Valuation
allowance</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>(69</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>)</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>(60</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>)</FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets after valuation allowance</FONT>
</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>4,874</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>3,828</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>Deferred tax liabilities:</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles and fixed assets</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>713</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>633</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>531</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>499</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset securitizations</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>84</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>107</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized securities gains</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>&#151;</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>6</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>76</FONT></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>172</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Gross deferred tax liabilities</FONT>
</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><B><FONT face=serif size=2>1,404</FONT></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><FONT face=serif size=2>1,417</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="90%"><FONT size=2><FONT face=serif size=2>Net deferred tax assets</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><B><FONT face=serif size=2>$</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><B><FONT face=serif size=2>3,470</FONT></B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT size=2><FONT face=serif size=2>$</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT size=2><FONT face=serif size=2>2,411</FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT size=2></FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The valuation allowances at December 31, 2008 and 2007, relate to deferred tax assets associated with non-U.S.
operations.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income taxes paid by the Company (including amounts related to discontinued operations) during 2008, 2007, and 2006, were approximately $2.0 billion, $1.8 billion, and $1.4
billion, respectively. These amounts include estimated tax payments and cash settlements relating to prior tax years.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The tax benefit realized for tax deductions from stock option
exercises which are recorded in additional paid-in capital totaled $21 million, $158 million, and $128 million for the years ended December 31, 2008, 2007, and 2006, respectively.</FONT></P> <P align=justify><B><FONT face=serif size=1>NOTE
22</FONT><BR><FONT face=serif size=2>EARNINGS PER COMMON SHARE (EPS)</FONT></B></P> <P align=justify><FONT face=serif size=2>Basic EPS is computed by dividing net income by the average weighted shares outstanding during the period. Diluted EPS is
basic EPS adjusted for the dilutive effect of stock options, RSAs, and other financial instruments that may be converted into common shares. The computations of basic and diluted EPS for the years ended December 31 were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><I><FONT face=serif size=1>(Millions, except per share amounts)</FONT></I>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Numerator:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2,871</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,126</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,625</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (Loss) Income from discontinued operations, net of tax</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(172</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(114</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>82</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2,699</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>4,012</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,707</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Denominator:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Basic: Weighted-average shares outstanding during the period</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>1,154</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,173</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,212</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Add: Dilutive effect of stock options,</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> restricted stock awards and other dilutive
securities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>3</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>23</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Diluted</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>1,157</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,196</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,238</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Basic EPS:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2.49</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3.52</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.99</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (Loss) Income from</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(0.15</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(0.10</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.07</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2.34</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3.42</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3.06</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Diluted EPS:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2.48</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3.45</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.93</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (Loss) Income from discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(0.15</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(0.09</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.06</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="84%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2.33</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3.36</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2.99</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>For the years ended December 31, 2008, 2007, and 2006, the dilutive
effect of unexercised stock options excludes 45 million, 8 million, and 6 million options, respectively, from the computation of EPS because inclusion of the options would have been anti-dilutive.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The Subordinated Debentures, discussed in Note 10, would affect the EPS computation only in the unlikely event the Company fails to achieve specified performance measures related to the Company&#146;s tangible common equity and
consolidated net income. In that circumstance the Company would reflect the additional common shares in the EPS computation.</FONT></P> <P align=center><FONT face=serif size=1>111</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><B><FONT face=serif size=1>NOTE 23</FONT> <BR><FONT face=serif size=2>DETAILS OF
CERTAIN CONSOLIDATED STATEMENTS OF INCOME LINES</FONT></B></P> <P align=justify><FONT face=serif size=2>As a result of converting to a bank holding company, the Company has made certain additional disclosures in accordance with the Securities and
Exchange Commission requirements as discussed further in Note 1. The following items represent 1 percent or more of the aggregate of total interest income and total non-interest revenues.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>The following is a detail of other commissions and fees for the years ended December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Delinquency fees</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>852</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>879</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>805</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>Foreign currency conversion revenue</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>755</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>718</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>591</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>700</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>820</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>837</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Total other commissions and fees</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2,307</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,417</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,233</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The following is a detail of other revenues for the years ended December
31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Insurance premiums</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>326</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>349</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>327</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>Publishing revenue</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>327</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>345</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>301</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,504</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,057</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,061</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Total other revenues</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>2,157</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,751</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,689</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2>The following is a detail of marketing, promotions, rewards and cardmember
services for the years ended December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Marketing and promotion</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,430</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,562</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,491</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="87%"><FONT face=serif size=2>Cardmember rewards</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>4,389</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,777</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,728</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Cardmember services</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>542</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>478</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>285</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Total marketing, promotion, rewards and cardmember services</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>7,361</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>7,817</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>6,504</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The following is a detail of other, net expenses for the years ended
December 31:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Occupancy and equipment</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,641</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,436</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,384</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Communications</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>466</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>461</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>434</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Travel and entertainment</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>254</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>254</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>284</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>MasterCard and Visa settlements</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(571</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(1,056</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,332</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,132</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,099</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Total other, net expense</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>3,122</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2,227</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3,201</FONT></TD></TR></TABLE><BR> <P align=justify><B><FONT face=serif size=1>NOTE 24</FONT><BR><FONT face=serif size=2>REPORTABLE OPERATING
SEGMENTS AND GEOGRAPHIC OPERATIONS</FONT></B></P> <P align=justify><FONT face=serif size=2><B><FONT face=serif size=1>REPORTABLE OPERATING SEGMENTS</FONT></B> <BR></FONT><FONT face=serif size=2>The Company, a bank holding company, is a leading
global payments and travel company that is principally engaged in two customer-focused groups, the Global Consumer Group and the Global Business-to-Business Group. Accordingly, the Company&#146;s U.S. Card Services (USCS) and International Card
Services (ICS) operating segments are aligned within the Global Consumer Group and the Global Commercial Services (GCS) and Global Network &amp; Merchant Services (GNMS) operating segments are aligned within the Global Business-to-Business
Group.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company considers a combination of factors when evaluating the composition of its reportable operating segments, including the results reviewed by the chief operating
decision maker, economic characteristics, products and services offered, classes of customers, product distribution channels, geographic considerations (primarily U.S. versus international), and regulatory environment considerations. Based on these
factors, the Company has the following five reportable operating segments.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>USCS issues a wide range of card products and services to consumers and small businesses in the United States,
and provides consumer travel services to cardmembers and other consumers.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>ICS issues proprietary consumer and small business cards outside the United
States.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>GCS offers global corporate payment and travel-related products and services to large and mid-sized companies.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
size=2>GNMS segment operates a global general-purpose charge and credit card network, which includes both proprietary cards and cards issued under network partnership agreements. It also manages merchant services globally, which includes signing
merchants to accept cards as well as processing and settling card transactions for those merchants. This segment also offers merchants point-of-sale products, servicing and settlements and marketing
programs.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Corporate &amp; Other consists of corporate functions and auxiliary businesses, including the Company&#146;s publishing business, Travelers Cheques and other prepaid products,
as well as other company operations.</FONT></P> <P align=center><FONT face=serif size=1>112</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT><BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>The following table presents certain selected financial information at December 31, 2008, 2007, and 2006 and for each of the
years then ended.</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="73%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2>&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="2%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="3%" colSpan=2>&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=3>&nbsp; &nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" align=right width="4%" colSpan=3><FONT face=serif size=1>Corporate</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="4%" colSpan=2>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><I><FONT face=serif size=1>(Millions, except where indicated)</FONT></I>&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>USCS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><FONT face=serif size=1>ICS</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=1>GCS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>GNMS</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>&amp; Other<SUP>(a)</SUP></FONT><FONT face=serif size=1><SUP></SUP></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT size=1>Consolidated</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Non-interest revenues</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>11,427</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>3,758</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>5,081</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>3,875</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>578</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>24,719</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,736</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,984</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>168</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>308</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>7,201</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2,166</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>961</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>553</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(222</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>97</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,555</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>13,997</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,781</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,696</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>4,102</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>789</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>28,365</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Total provision</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>4,389</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>1,030</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>231</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>127</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>21</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>5,798</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,141</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>153</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>693</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,490</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>104</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,581</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Income tax provision (benefit)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>289</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>(198</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>188</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>495</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(64</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>710</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Income from continuing operations</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>852</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>351</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>505</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>995</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>168</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,871</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Total equity <I>(billions)</I>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>4.8</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>2.0</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>3.5</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>1.4</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>0.1</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><B>11.8</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>2007<SUP>(b)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Non-interest revenues</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>11,750</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>3,499</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,697</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,549</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>621</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>24,116</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5,125</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,741</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>187</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>368</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,424</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2,653</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>909</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>615</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(312</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>116</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,981</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>14,222</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4,331</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,269</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,864</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>873</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>27,559</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Total provision</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2,998</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>812</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>163</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>103</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>27</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>4,103</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,730</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>117</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>744</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,560</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>543</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,694</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Income tax provision (benefit)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>907</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>(174</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>208</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>538</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>89</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,568</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Income from continuing operations</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,823</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>291</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>536</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,022</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>454</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,126</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Total equity <I>(billions)</I>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>4.5</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2.1</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>2.2</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1.2</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1.0</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>11.0</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>2006<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Non-interest revenues</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>10,775</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>3,243</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,254</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,059</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>660</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>21,991</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Interest income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,688</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,440</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>120</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>448</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,701</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,843</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>718</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>474</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(280</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>111</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,866</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>12,620</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3,965</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,900</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,344</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>997</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>24,826</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Total provision</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,625</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>852</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>113</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>63</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>13</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,666</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income (loss) from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,323</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>312</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>716</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,188</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(387</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,152</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Income tax provision (benefit)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,171</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>(31</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>239</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>409</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(261</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,527</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Income (loss) from continuing operations</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,152</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>343</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>477</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>779</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;(126</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,625</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Total equity <I>(billions)</I>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>4.7</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>1.7</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1.9</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1.3</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>0.9</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>10.5</FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Corporate &amp; Other includes adjustments and eliminations for the items included in total revenues net of interest expense above.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Amounts for 2007 and 2006 include certain revenue and expense reclassifications related to the Company&#146;s conversion to a bank holding company discussed in Note 1, as well as changes to the
Company&#146;s reportable operating segments in 2007. Additionally, certain reclassifications of prior year amounts have been made to conform to the current presentation related to discontinued operations as discussed in Note 2. Except for
discontinued operations, these items had no impact on the Company&#146;s consolidated pretax income from continuing operations, income tax provision, and income from continuing operations. None of these items had an impact on the Company&#146;s net
income.</FONT></TD></TR></TABLE> <P align=justify><FONT face=serif size=2><STRONG>Total Revenues Net of Interest Expense<BR></STRONG></FONT><FONT face=serif size=2>The Company allocates discount revenue and certain other revenues among segments
using a transfer pricing methodology. Segments earn discount revenue based on the volume of merchant business generated by cardmembers. Within the USCS, ICS and GCS segments, discount revenue reflects the issuer component of the overall discount
rate; within the GNMS segment, discount revenue reflects the network and merchant component of the overall discount rate. Total interest income and net card fees are directly attributable to the segment in which they are reported.</FONT></P> <P
align=justify><FONT face=serif size=2><STRONG>Provisions for Losses<BR></STRONG></FONT><FONT face=serif size=2>The provisions for losses are directly attributable to the segment in which they are reported.</FONT></P> <P align=justify><FONT
face=serif size=2><STRONG>Expenses<BR></STRONG></FONT><FONT face=serif size=2>Marketing, promotion, rewards and cardmember services expenses are reflected in each segment based on actual expenses incurred, with the exception of brand advertising,
which is reflected in the GNMS segment. Rewards and cardmember services expenses are reflected in each segment based on actual expenses incurred within each segment.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Salaries and
employee benefits and other operating expenses reflect expenses, such as professional services, occupancy and equipment, and communications, incurred directly within each segment. In addition, expenses related to the Company&#146;s support services,
such as technology costs, are allocated to each segment based on support service activities directly attributable to the segment. Other overhead expenses, such as staff group support functions, are allocated to segments based on each segment&#146;s
</FONT></P> <P align=center><FONT face=serif size=1>113</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR><FONT face=serif size=1>AMERICAN
EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2>relative level of pretax income, with the exception of certain fourth quarter 2008 severance and other related charges of $133 million from the Company&#146;s fourth quarter
restructuring initiative. This presentation is consistent with how such charges were reported internally. See further discussion in Note 25 regarding this corporate initiative. Financing requirements are managed on a consolidated basis. Funding
costs are allocated based on segment funding requirements.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Capital<BR></STRONG></FONT><FONT face=serif size=2>Each business segment is allocated capital based on established business model
operating requirements, risk measures, and</FONT> <FONT face=serif size=2>regulatory capital requirements. Business model operating requirements include capital needed to support operations and specific balance sheet items. The risk measures include
considerations for credit, market, and operational risk.</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Income Taxes<BR></STRONG></FONT><FONT face=serif size=2>Income tax provision (benefit) is allocated to each business segment based
on the actual effective tax rates applicable to various businesses that make up the segment.</FONT></P> <P align=justify><FONT face=serif size=1><STRONG>GEOGRAPHIC OPERATIONS<BR></STRONG></FONT><FONT face=serif size=2>The following table presents
the Company&#146;s total revenues net of interest expense and pretax income in different geographic regions:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>United States</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Europe</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Asia/Pacific</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>All Other</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=1>Consolidated</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>19,365</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>3,755</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>2,544</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>2,701</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>28,365</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,110</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>196</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>99</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>176</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,581</B></FONT></TD></TR>
<TR>
<TD width="99%" colSpan=16><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>19,456</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,515</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>2,231</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>2,357</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>27,559</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4,984</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>301</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>124</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>285</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>5,694</FONT></TD></TR>
<TR>
<TD width="99%" colSpan=16><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>2006</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="74%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>17,393</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,168</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>1,992</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>2,273</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>24,826</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4,312</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>292</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>131</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>417</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>5,152</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2>The data in the above table is, in part, based upon
internal allocations, which necessarily involve management&#146;s judgment.</FONT></P> <P align=center><FONT face=serif size=1>114</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</FONT><BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><B><FONT face=serif size=1>NOTE 25<BR></FONT><FONT face=serif size=2>RESTRUCTURING CHARGES</FONT></B></P> <P align=justify><FONT
face=serif size=2>During 2008, the Company recorded restructuring charges of $434 million. While the Company&#146;s restructuring activity in the first and third quarters of 2008 primarily related to exiting certain international banking businesses,
the Company recorded $410 million of restructuring charges in the fourth quarter of 2008 in order to further reduce the Company&#146;s cost structure. This restructuring is expected to result in the elimination of approximately 7,000 positions or
approximately 10 percent of its total worldwide workforce. These reductions will primarily occur across business units, markets and staff groups focusing on management and other positions that do not interact directly with customers. These
restructuring activities primarily related to reorganizing or automating certain internal processes; outsourcing certain operations to third parties; and discontinuing or relocating business activities to other
geographies.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>During 2007 and 2006, the Company recorded restructuring charges of $49 million and $100 million, respectively, primarily related to the reorganizations within the
Company&#146;s business travel, operations, finance, and technology areas.&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Restructuring charges are comprised of severance obligations and other exit costs. The charges and any
subsequent adjustments related to severance obligations are included in salaries and employee benefits and discontinued operations in the Company&#146;s Consolidated Statements of Income, while other exit costs are included in occupancy and
equipment, professional services, other net expenses and discontinued operations.</FONT></P> <P align=justify><FONT face=serif size=2>The following table summarizes the Company&#146;s restructuring reserves activity for the years ended December 31,
2008, 2007, and 2006:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Severance<SUP>(a)</SUP></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Other<SUP>(b)</SUP></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=1>Total<FONT size=3></FONT></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Liability balance at December 31, 2005</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>86</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>8</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>94</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Restructuring charges, net of $20 in reversals<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>89</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>11</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>100</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Payments</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(84</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(9</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(93</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Other non-cash</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(2</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(6</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(8</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Liability balance at December 31, 2006</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>89</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>93</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Restructuring charges, net of $17 in reversals<SUP>(c)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>34</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>15</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>49</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Payments</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(61</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(6</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(67</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Other non-cash</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(2</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(4</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(6</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Liability balance at December 31, 2007</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>60</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>9</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>69</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Restructuring charges, net of $10 in reversals<SUP>(d)</SUP></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>366</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>68</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>434</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Payments</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>(63</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(13</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(76</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Other non-cash</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>2</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(2</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Liability balance at December 31, 2008<SUP>(e)</SUP></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>365</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>62</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>427</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Accounted for in accordance with SFAS No. 112, &#147;Employer&#146;s Accounting for Post Employment Benefits&#148; and SFAS No. 146, &#147;Accounting for Costs Associated with Exit or Disposal
Activities.&#148;</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Other primarily includes facility exit and contract termination costs.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Reversals primarily relate to higher employee redeployments to other positions within the Company.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Reversals of $10 million ($3 million in ICS, $2 million in GCS, $1 million in GNMS, and $4 million in Corporate &amp; Other), primarily relate to higher employee redeployments to other positions
within the Company.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(e)</FONT></TD>
<TD vAlign=top noWrap><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The majority of cash payments related to the remaining restructuring liabilities are expected to be completed in 2009, with the exception of certain smaller amounts related to contractual long-term
severance arrangements which are expected to be completed in 2011, and certain lease obligations which will continue until their expiration in 2018.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>115</FONT></P> <HR align=center
width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=1><FONT size=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR></FONT></FONT><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif
size=2>The following table summarizes the Company&#146;s restructuring charges, net of reversals, by reportable segment for the year ended December 31, 2008, and the cumulative amounts relating to the restructuring programs that were in progress
during 2008 and initiated at various dates between 2006 and 2008.</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="84%" colSpan=5><FONT face=serif size=1><STRONG></STRONG></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="16%" colSpan=9><STRONG><FONT size=1>Cumulative&nbsp;Restructuring Expense Incurred to Date on</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="76%"></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=2><B><FONT face=serif size=1><FONT face=serif size=2>2008</FONT></FONT></B></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%" colSpan=9><B><FONT face=serif size=1>in-Progress Restructuring Programs</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="6%" colSpan=2><FONT face=serif size=1>Total Restructuring</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="5%" colSpan=2></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="5%" colSpan=2></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD noWrap align=right width="4%" colSpan=3></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=2><FONT face=serif size=1>Charges net of reversals</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=2><B><FONT face=serif size=1>Severance</FONT></B></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" colSpan=2><B><FONT face=serif size=1>Other</FONT></B></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><B><FONT face=serif size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=2>USCS</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>30</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>54</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>5</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>59</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"><FONT face=serif size=2>ICS</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>67</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>90</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>7</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>97</B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=2>GCS</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="5%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>133</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>142</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>18</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>160</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"><FONT face=serif size=2>GNMS</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>30</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>38</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>1</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>39</B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=2>Corporate &amp; Other<SUP>(a)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>157</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>136</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>46</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>182</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="76%"><FONT face=serif size=2>Total continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>417</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>460</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="4%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>77</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>537</B></FONT></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=serif size=2>Discontinued operations<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>17</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="76%"><FONT face=serif size=2>Total</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="5%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>434</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>460</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="4%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>77</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>537</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2><B><SUP>(c)</SUP></B></FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>The Corporate &amp; Other segment includes certain fourth quarter 2008 severance and other charges of $133 million related to Company-wide support functions which were not allocated to the
Company&#146;s operating segments, as this was a corporate initiative and is consistent with how such charges were reported internally. Had the Company allocated these charges to the operating segments, 18 percent would have remained in Corporate
&amp; Other while the balance would have been charged out as follows: USCS (29 percent), ICS (13 percent), GCS (23 percent) and GNMS (17 percent).</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Represents severance and other charges related to the disposition of the Company&#146;s international banking subsidiary (AEB).</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>As of December 31, 2008, the total expenses to be incurred for previously approved restructuring activities that were in progress are not expected to be materially different than the cumulative
expenses incurred to date for these programs.</FONT></TD></TR></TABLE> <P align=justify><B><FONT face=serif size=1>NOTE 26<BR></FONT><FONT face=serif size=2>PARENT COMPANY</FONT></B></P> <P align=justify><FONT face=serif size=2><STRONG>Parent
Company &#150; Condensed Statements of Income</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=1>Years ended December 31</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%" colSpan=3>&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=3><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2007</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2006</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense net of total revenues</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>(170</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(89</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(47</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Expenses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Salaries and employee benefits</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>129</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>132</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>136</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Other</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>119</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>160</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>184</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Total</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>248</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>292</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>320</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Pretax loss</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>(418</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(381</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>(367<FONT size=3></FONT></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Income tax benefit</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>(176</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(157</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(174</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Net loss before equity in net income of subsidiaries and affiliates</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>(242</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(224</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>(193</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Equity in net income of subsidiaries and affiliates</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>3,113</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,350</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3,818</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>2,871</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,126</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>3,625</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>(Loss) Income from discontinued operations, net of tax</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>(172</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(114</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>82</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Net income</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>2,699</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>4,012</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>3,707</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=2><STRONG>Parent Company &#150; Condensed Balance Sheets</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=1>As of December 31</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><I><FONT face=serif size=1>(Millions)</FONT></I>&nbsp;</TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2007</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><B>Assets</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Cash and cash equivalents</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>3</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Investment securities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>594</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>50</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Equity in net assets of subsidiaries and affiliates of continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>12,563</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>11,381</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Accounts receivable, less reserves</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,153</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>332</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Loan to affiliate in discontinued operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>238</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Premises and equipment &#150; at cost, less accumulated</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> depreciation: 2008, $33; 2007, $27</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>46</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>38</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Due from subsidiaries</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>5,928</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>5,313</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Other assets</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>716</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>579</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Equity in net (liabilities) assets of subsidiaries and affiliates of</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> discontinued operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(44</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>751</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Total assets</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>21,197</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>18,447</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2><B>Liabilities and Shareholders&#146; Equity</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Accounts payable and other liabilities</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,424</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>672</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Long-term debt<SUP>(a)</SUP>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>7,932</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>6,746</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Total liabilities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>9,356</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>7,418</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Shareholders&#146; equity</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Common shares</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>232</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>232</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%"><FONT face=serif size=2>Additional paid-in capital</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>10,496</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>10,164</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Retained earnings</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,719</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,075</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Accumulated other comprehensive loss</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(1,606</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(442</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Total shareholders&#146; equity</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>11,841</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>11,029</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="89%"><FONT face=serif size=2>Total liabilities and shareholders&#146; equity</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>21,197</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>18,447</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Aggregate annual maturities of long-term debt for the five years ending December 31, 2013, are as follows (millions); 2009, $500; 2010, $0; 2011, $399; 2012, $0; 2013, $997 and thereafter, $6,036.
Refer to Note 10 for additional details.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>116</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT><BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><FONT face=serif size=2><STRONG>Parent Company &#150; Condensed Statements of Cash Flows</STRONG></FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=1>Years Ended December 31</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="4%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><I><FONT face=serif size=1>(Millions)</FONT></I></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>2008</B></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2007</FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>2006</FONT> <FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Cash Flows from Operating Activities Net income</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,699</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,012</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Adjustments to reconcile net income to cash</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> provided by operating activities:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Equity in net (income) loss of subsidiaries and affiliates:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &#150; Continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(3,113</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(4,350</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(3,818</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &#150; Discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>172</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>114</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(82</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Dividends received from subsidiaries and affiliates</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2,340</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,708</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,479</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Loan to affiliate in discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(238</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Other operating activities, primarily with subsidiaries</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(1,915</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(242</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(255</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Net cash (used by) provided by operating activities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(55</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,242</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,031</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR>
<TD width="100%" colSpan=13><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Cash Flows from Investing Activities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Purchase of investments</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(20</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Premises and equipment</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(14</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(10</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(10</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Acquisition</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(200</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Investments in subsidiaries and affiliates</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(58</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(550</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Net cash used in investing activities</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(72</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(560</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(230</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=13><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Cash Flows from Financing Activities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Issuance of debt</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>3,000</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,500</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,750</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Principal payment of debt</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(1,995</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(750</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(1,000</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Issuance of American Express common shares</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>176</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>852</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,203</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Repurchase of American Express common shares</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(218</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(3,572</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(4,093</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Dividends paid</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(836</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(712</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(661</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Net cash provided by (used in) financing activities</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>127</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(2,682</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(2,801</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="85%"><FONT face=serif size=2>Net change in cash and cash equivalents</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents at beginning of year</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>3</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%"><FONT face=serif size=2>Cash and cash equivalents at end of year</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>3</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>3</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR> <P align=justify><FONT face=serif size=1><STRONG>SUPPLEMENTAL DISCLOSURES<BR></STRONG></FONT><FONT face=serif
size=2>Cash paid for interest (net of amounts capitalized) in 2008, 2007, and 2006 was $509 million, $319 million, and $190 million, respectively. Net cash received for income taxes in 2008, 2007, and 2006 was $21 million, $75 million, and $216
million, respectively.<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Parent Company guarantees up to $102 million of indebtedness under lines of credit that subsidiaries have with various banks. As of December 31, 2008, $30
million in lines of credit have been drawn down.</FONT></P> <P align=center><FONT face=serif size=1>117</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT><BR><FONT face=serif size=1>AMERICAN EXPRESS COMPANY</FONT></P> <P align=justify><B><FONT face=serif size=1>NOTE 27<BR></FONT><FONT face=serif size=2>SUBSEQUENT EVENT</FONT></B></P> <P align=justify><FONT face=serif size=2>In
October 2008, the United States Department of the Treasury (Treasury Department) announced its Capital Purchase Program (CPP) under the Emergency Economic Stabilization Act of 2008 (EESA).&nbsp;<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT
face=serif size=2>Subsequent to year-end 2008, the Company participated in the CPP by issuing to the Treasury Department 3,388,890 shares of the Company&#146;s Series A Fixed Rate Cumulative Perpetual Preferred Stock, along with a ten-year warrant
(Warrant) to purchase up to 24,264,129 shares of common stock at an initial per share exercise price of $20.95 per share. The aggregate gross proceeds received by the Company on January 9, 2009 for the Series A Preferred Stock and Warrant totaled
$3.39 billion.<BR><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=serif size=2>As of January 9, 2009, both the Series A Preferred Stock and Warrant are accounted for as permanent equity and are components of Tier 1 capital, thus
enhancing the Company&#146;s Tier 1 and Total Capital ratios.</FONT></P> <P align=justify><B><FONT face=serif size=1>NOTE 28<BR></FONT><FONT face=serif size=2>QUARTERLY FINANCIAL DATA (UNAUDITED)</FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><I><FONT face=serif size=1>(Millions, except per share amounts)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=15><FONT face=serif size=2><STRONG>2008<SUP>(a)</SUP></STRONG></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%" colSpan=14><FONT face=serif size=2>2007<SUP>(a)</SUP></FONT> <FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face=serif size=2>Quarters Ended</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>12/31</B></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>9/30</B></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>6/30</B></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2><B>3/31</B></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>12/31</FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>9/30<SUP>(b)</SUP></FONT> <FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2>6/30</FONT></TD>
<TD noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=3><FONT face=serif size=2>3/31</FONT> <FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>6,506</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>7,164</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>$<FONT face=serif></FONT></FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><STRONG>7,455</STRONG></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>7,240</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>7,324</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>6,956</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>6,867</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>6,412</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2>Pretax income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>268</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>1,078</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>774</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>1,461</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,158</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,505</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,415</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,616</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>306</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>861</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>660</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,044</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>858</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,122</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,046</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,100</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2>(Loss) Income from discontinued operations, net of tax</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(66</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(46</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(7</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(53</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(27</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(55</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>11</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(43</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Net income</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>240</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>815</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>653</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>991</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>831</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,067</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,057</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,057</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2>Earnings Per Common Share &#151; Basic:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Continuing operations</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.27</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.75</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.57</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.91</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.74</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.96</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.89</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.93</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Discontinued operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.06</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.04</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.05</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.02</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.05</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>0.01</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.04</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.21</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.71</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.57</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.86</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.72</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.91</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.90</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.89</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2>Earnings Per Common Share &#151; Diluted:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Continuing operations</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.27</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.74</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.57</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.90</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.73</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.94</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.87</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.91</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Discontinued operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.06</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.04</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2><STRONG>(0.01</STRONG></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>(0.05</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.02</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.04</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>0.01</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>(0.04</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.21</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.70</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.56</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.85</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.71</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.90</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.88</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.87</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2>Cash dividends declared per common share</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>0.18</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>0.18</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>0.18</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>0.18</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.18</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.15</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.15</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.15</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Common share price:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="61%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> High</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>35.80</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>42.50</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
<TD noWrap align=right width="2%"><FONT size=2><STRONG>52.63</STRONG></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>52.32</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>63.63</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>65.89</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>65.24</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>61.90</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Low</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>16.55</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>31.68</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=2><STRONG>37.61</STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>39.50</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>50.37</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>55.50</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>55.34</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>53.91</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Note 2 provides additional information on discontinued operations.</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD vAlign=top noWrap></TD>
<TD vAlign=top width="100%"><FONT face=serif size=1>Diluted EPS from discontinued operations was greater than basic EPS from discontinued operations due to the impact of rounded fractional amounts.</FONT></TD></TR></TABLE> <P align=center><FONT
face=serif size=1>118</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P align=center><FONT face=serif size=2>CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA</FONT><BR><FONT face=serif size=1>AMERICAN EXPRESS
COMPANY</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><I><FONT face=serif size=1>(Millions, except per share amounts, percentages, and where indicated)</FONT></I></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2><B>2008</B></FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2></FONT><FONT face=serif size=2>2007</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2></FONT><FONT face=serif size=2>2006</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><FONT face=serif size=2></FONT><FONT face=serif size=2>2005</FONT></TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
<TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" colSpan=2><FONT face=serif size=2></FONT><FONT face=serif size=2>2004</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><B>Operating Results</B> <B><SUP>(a)</SUP></B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Total revenues net of interest expense</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>28,365</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>27,559</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>24,826</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>22,145</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>20,168</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Expenses</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>18,986</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>17,762</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>17,008</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,605</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>14,418</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Provisions for losses</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>5,798</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,103</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2,666</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2,561</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2,139</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Income from continuing operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,871</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,126</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,625</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,014</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2,543</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>(Loss) Income from discontinued operations</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(172</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(114</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>82</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>720</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>973</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Income before cumulative effect of accounting change</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2,699</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4,012</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,707</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,734</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,516</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Net income</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2,699</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>4,012</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,707</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>3,734</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3,445</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Return on average equity<SUP>(b)</SUP></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>22.3</B></FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>%</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>37.3</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>34.7</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25.4</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>22.0</FONT></TD>
<TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><B>Balance Sheet</B><B><SUP>(a)</SUP></B></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>20,547</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>8,878</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3,801</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,272</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>7,585</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Accounts receivable, net</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>36,571</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>41,994</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>38,642</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>35,293</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>32,125</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Loans, net</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>40,659</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>53,339</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>43,034</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>33,824</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>27,596</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Investment securities</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>12,526</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>13,214</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>13,207</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>13,102</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>12,444</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Assets of discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>216</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>22,278</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>20,699</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>19,866</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>105,497</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Total assets</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>126,074</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>149,743</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>128,262</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>114,571</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>194,804</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Customer deposits</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>15,486</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,397</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>12,011</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,827</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>10,040</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Travelers Cheques outstanding</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>6,433</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>7,197</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>7,215</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>7,175</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>7,287</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Short-term borrowings</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>8,993</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>17,761</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15,236</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,711</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>14,498</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Long-term debt</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>60,041</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>55,285</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>42,747</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>30,781</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>32,627</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Liabilities of discontinued operations</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>260</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>21,527</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>20,003</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>19,077</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>97,914</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Shareholders&#146; equity</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>11,841</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>11,029</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>10,511</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>10,549</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>16,020</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><B>Common Share Statistics</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Earnings per share:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Income from continuing operations:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Basic</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2.49</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3.52</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.99</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.44</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.02</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Diluted</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2.48</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3.45</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2.93</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.40</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1.98</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (Loss) Income from discontinued operations:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Basic</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>(0.15</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(0.10</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.07</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.59</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.77</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Diluted</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>(0.15</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2><B>)</B></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(0.09</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.06</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>0.57</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>0.76</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Cumulative effect of accounting change, net of tax:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Basic</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><STRONG><FONT size=2>$ </FONT></STRONG></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>(0.05</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Diluted</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>$</FONT></STRONG></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>&#151;</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>(0.06</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Net income:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Basic</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>2.34</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3.42</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3.06</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.03</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2.74</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Diluted</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>2.33</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>3.36</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.99</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>2.97</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>2.68</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Cash dividends declared per share</FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>0.72</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.63</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.57</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.48</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>0.44</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Book value per share</FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>10.21</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>9.53</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>8.76</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>8.50</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>12.83</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Market price per share<SUP>(c)</SUP>:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> High</FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>52.63</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>65.89</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>62.50</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>59.50</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>57.05</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Low</FONT></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>16.55</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>50.37</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>49.73</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>47.01</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>47.32</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Close</FONT></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2><B>$</B></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>18.55</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>52.02</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>60.67</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>51.46</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>56.37</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Average common shares outstanding for earnings per share:</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Basic</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2><B>1,154</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,173</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD noWrap align=right width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,212</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%"><FONT face=serif size=2>1,233</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>1,259</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Diluted</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>1,157</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,196</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,238</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,258</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1,285</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Shares outstanding at period end</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>1,160</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,158</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,199</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,241</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>1,249</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><B>Other Statistics</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%"><FONT face=serif size=2>Number of employees at period end <I>(thousands)</I>:</FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="3%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> United States</FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>31</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>29</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>41</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Outside United States</FONT></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>35</B></FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>36</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>33</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>37</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>37</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2> Total<SUP>(d)</SUP></FONT></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2><B>66</B></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>65</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>66</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
<TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>78</FONT></TD>
<TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="73%"><FONT face=serif size=2>Number of shareholders of record</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2><B>43,257</B></FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>50,216</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>51,644</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=serif size=2>55,409</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face=serif size=2>50,394</FONT></TD>
<TD noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(a)</FONT></TD>
<TD noWrap></TD>
<TD width="100%"><FONT face=serif size=1>On November 10, 2008, the Company became a bank holding company under the U.S. Bank Holding Act of 1956. As a result of converting to a bank holding company, the Company has made certain changes to its
Consolidated Statements of Income and Consolidated Balance Sheets and reclassified certain prior period amounts in order to conform to the current presentation of its financial statements in accordance with the Securities and Exchange
Commission&#146;s regulations applicable to bank holding companies. In 2007, the Company entered into an agreement to sell its international banking subsidiary, AEB, and its subsidiary that issues investment certificates to AEB&#146;s customers,
AEIDC, to Standard Chartered subject to certain regulatory approvals. The results, assets, and liabilities of AEB (except for certain components of the business which were not sold) are presented as discontinued operations. Additionally, the
spin-off of Ameriprise and certain dispositions were completed in 2006 and 2005, and the results of these operations are presented as discontinued operations. Note 2 provides additional information on discontinued operations. </FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(b)</FONT></TD>
<TD noWrap></TD>
<TD width="100%"><FONT face=serif size=1>Return on average equity is calculated by dividing one year period of net income by one year average of total shareholders&#146; equity.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(c)</FONT></TD>
<TD noWrap></TD>
<TD width="100%"><FONT face=serif size=1>The market price per share beginning with the fourth quarter of 2005 reflects the spin-off of Ameriprise as of September 30, 2005. The opening share price on the first trading day after the spin-off was
$50.75.</FONT></TD></TR>
<TR>
<TD width="100%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=1>(d)</FONT></TD>
<TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD width="100%"><FONT face=serif size=1>Amounts include employees from discontinued operations.</FONT></TD></TR></TABLE> <P align=center><FONT face=serif size=1>119</FONT></P> <HR align=center width="100%" noShade SIZE=2> <PAGE> <P
align=center>&nbsp; </P> </BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>16
<FILENAME>dex21.htm
<DESCRIPTION>SUBSIDIARIES OF THE COMPANY
<TEXT>
<HTML><HEAD>
<TITLE>Subsidiaries of the Company</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 21 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SUBSIDIARIES OF THE REGISTRANT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Unless
otherwise indicated, all of the voting securities of these subsidiaries are directly or indirectly owned by the registrant. Where the name of the subsidiary is indented, the voting securities of such subsidiary are owned directly by the company
under which its name is indented. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Name</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Jurisdiction&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="1"><B>Incorporation</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">56th Street AXP Campus LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Austria Bank GmbH</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Austria</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Bank LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Russia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Banking Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International Deposit Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Cayman&nbsp;Islands</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel Related Services Company, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Bank (Mexico) S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Bank Services, S.A. de C.V.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Bank FSB</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Receivables Financing Corporation IV, LLC.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Business Loan Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Centurion Bank</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Centurion Services Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Receivables Financing Corporation III, LLC.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Company (Mexico) S.A. de C.V.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Insurance Services, Agente de Seguros, S.A. de C.V.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Servicios Profesionales, S.A. de C.V.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Credit Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Capital Australia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Australia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Credit Mexico, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fideicomiso Empresarial Amex No.&nbsp;232033 (American Express Business Trust)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mexico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Euro Funding Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Overseas Credit Corporation Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jersey</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">AEOCC Management Company Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jersey</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Overseas Credit Corporation N.V.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Netherlands&nbsp;Antilles</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">AE Hungary Holdings Limited Liability Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hungary</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Canada Credit Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Canada</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Canada Finance Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Canada</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Sterling Funding Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Funding (Luxembourg) S.a.r.l</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Luxembourg</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Credco Finance, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Credco Receivables Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Dutch Capital, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express France Holdings I LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express France Holdings II LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Global Financial Services, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Holdings Netherlands CV</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Netherlands</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Incentive Services, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Incentive Services LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Insurance Agency of Puerto Rico, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Puerto Rico</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International (NZ), Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Alpha Card SCRL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Belgium</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Alpha Card Merchant Services SCRL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Belgium</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express (Malaysia) SDN. BHD.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Malaysia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express (Thai) Co. Ltd</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Thailand</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Brasil Assessoria Empresarial Ltda.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Brazil</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International (B) SDN, BHD</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Brunei&nbsp;Darussalam</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International Holdings, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Argentina S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Argentina</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Holdings (France) SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express France SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Carte France SA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Change SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Paris SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Services SA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Voyages SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Management</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express France Finance SNC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">South Pacific Credit Card Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">New Zealand</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Centurion Finance Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">New Zealand</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">AE Exposure Management Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jersey</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

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<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express (India) Private Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">India</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Asia Network Consulting (Beijing) Limited Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Australia Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Australia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Business Solutions Co., Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Japan</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Company AS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Norway</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Corporate Travel SA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Belgium</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Denmark A/S</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Denmark</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Europe Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sceptre Nominees Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Group Services Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Holdings AB</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Sweden</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Business Travel A/S</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Denmark</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Business Travel AB</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Sweden</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Business Travel AS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Norway</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Forsakringsaktiebolaget Viator</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Sweden</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Holdings Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Services Europe Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Hungary Financial Services Closed Company Limited by Shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hungary</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Hungary Travel Services Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hungary</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International (India) Private Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">India</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International (Taiwan), Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Taiwan,&nbsp;Province&nbsp;of&nbsp;China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express International SA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Greece</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Key Tours Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Greece</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Locazioni Finanziarie s.r.l</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Italy</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Payment Services Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Poland S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Poland</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Reiseb&uuml;ro GmbH</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Austria</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Services India Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">India</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Slovensko, s.r.o.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Slovakia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express spol. s.r.o.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Czech Republic</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Swiss Holdings GmbH</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Switzerland</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Swisscard AECS AG</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Switzerland</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel (Singapore) Pte. Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Singapore</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel Holdings (Hong Kong) Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hong Kong</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CITS American Express Air Services Ltd</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CITS American Express Southern Air Services Ltd</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CITS American Express Travel Services Ltd</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Farrington American Express Travel Services Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hong Kong</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel Holdings (M) Company SDN, BHD</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Malaysia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mayflower American Express Travel Services SDN, BHD</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Malaysia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel Related Services Pakistan (Pvt.) Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Pakistan</FONT></TD></TR>
</TABLE>

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<TD></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Travel Services Vostok, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Russia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ZAO &#147;American Express International Services&#148;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Russia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Wholesale Currency Services Pty. Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Australia</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Broker Assicurativo s.r.l.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Italy</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex General Insurance Agency, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Taiwan, Province of China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Life Insurance Marketing, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Taiwan,&nbsp;Province&nbsp;of&nbsp;China</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Travel Holding (Japan) Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Japan</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Nippon Travel Agency, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Japan</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interactive Transaction Solutions Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interactive Transaction Solutions SAS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">France</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mackinnons American Express Travel (Private) Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Sri Lanka</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Merchant Services Poland, S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Poland</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sociedad Internacional de Servicios de Panama S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Panama</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TransUnion Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Hong Kong</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Service (Thailand) Company Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Thailand</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TRS Card International, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express de Espana, S.A. (Sociedad Unipersonal)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express E.F.C., S.A. (Sociedad Unipersonal)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Foreign Exchange, S.A. (Sociedad Unipersonal)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Viajes, S.A. (Sociedad Unipersonal)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Barcelo Viajes SL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:13.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Asesores de Seguros, S.A. (Sociedad Unipersonal)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Marketing&nbsp;&amp; Development Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Prepaid Card Management Company, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Publishing Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Receivables Financing Corporation II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">American Express Receivables Financing Corporation V LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex (Middle East) B.S.C. (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Bahrain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Al Omania LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Oman</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Egypt LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Egypt</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ASAL (American Express Saudi Arabia Ltd)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Bahrain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Bank of Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Canada</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Canada Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Canada</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Card Services Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Asesor&iacute;as e Inversiones American Express Chile Limitada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chile</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amex Inmobiliaria Limitada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chile</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

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<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bansamex, S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Spain</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cardmember Financial Services Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jersey</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cavendish Holdings, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Drillamex, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">FRC West Property. LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Harbor Payments, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fiware Holdings, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Harbor Payments Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Southern Africa Travellers Cheque Company (Pty).Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">South Africa</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Swiss Bankers Prepaid Services AG</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Switzerland</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Travel Impressions, Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Travellers Cheque Associates Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United&nbsp;Kingdom</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">AMEX Assurance Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amexco Insurance Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">National Express Company, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">The Balcor Company Holdings, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">The Balcor Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rexport, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">United States</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>17
<FILENAME>dex231.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML><HEAD>
<TITLE>Consent of PricewaterhouseCoopers LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 23.1 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B></B>We hereby consent to the incorporation by reference in the Registration Statements (Form S-8 No.&nbsp;2-46918, No.&nbsp;2-59230, No.&nbsp;2-64285, No.&nbsp;2-73954, No.&nbsp;2-89680, No.&nbsp;33-01771,
No.&nbsp;33-02980, No.&nbsp;33-28721, No.&nbsp;33-33552, No.&nbsp;33-36442, No.&nbsp;33-48629, No.&nbsp;33-62124, No.&nbsp;33-65008, No.&nbsp;33-53801, No.&nbsp;333-12683, No.&nbsp;333-41779, No.&nbsp;333-52699, No.&nbsp;333-73111,
No.&nbsp;333-38238, No.&nbsp;333-98479; and No.&nbsp;333-142710; Form S-3 No.&nbsp;2-89469, No.&nbsp;33-43268, No.&nbsp;33-50997, No.&nbsp;333-32525, No.&nbsp;333-45445, No.&nbsp;333-47085, No.&nbsp;333-55761, No.&nbsp;333-51828,
No.&nbsp;333-113768, No.&nbsp;333-117835 and No.&nbsp;333-138032) of American Express Company of our report dated February&nbsp;26, 2009, relating to the consolidated financial statements and the effectiveness of internal control over financial
reporting, which appears in the Annual Report to Shareholders, which is incorporated by reference in this Annual Report on Form 10-K. <B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/
PricewaterhouseCoopers LLP </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">New York, New York </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">February&nbsp;26, 2009 </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>18
<FILENAME>dex311.htm
<DESCRIPTION>CERTIFICATION OF KENNETH I. CHENAULT, CHIEF EXECUTIVE OFFICER
<TEXT>
<HTML><HEAD>
<TITLE>Certification of Kenneth I. Chenault, Chief Executive Officer</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 31.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>CERTIFICATION </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">I, Kenneth I. Chenault, certify that: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. I have reviewed this annual report on Form 10-K of American Express Company; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. The registrant&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: February 27, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Kenneth I. Chenault</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Kenneth I. Chenault</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>19
<FILENAME>dex312.htm
<DESCRIPTION>CERTIFICATION OF DANIEL T. HENRY, CHIEF FINANCIAL OFFICER
<TEXT>
<HTML><HEAD>
<TITLE>Certification of Daniel T. Henry, Chief Financial Officer</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 31.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>CERTIFICATION </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">I, Daniel T. Henry, certify that: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. I have reviewed this annual report on Form 10-K of American Express Company; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. The registrant&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: February&nbsp;27, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Daniel T. Henry</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Daniel T. Henry</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>20
<FILENAME>dex321.htm
<DESCRIPTION>CERTIFICATION OF CEO AND CFO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
<TEXT>
<HTML><HEAD>
<TITLE>Certification of CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 32.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Certification Pursuant to </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>18 U.S.C. Section&nbsp;1350, </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>as Adopted Pursuant to </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In connection with the Annual Report on Form 10-K of American Express Company (the
&#147;Company&#148;) for the fiscal year ended December&nbsp;31, 2008, as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), Kenneth I. Chenault, as Chief Executive Officer of the Company, and Daniel T.
Henry, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(1) The Report fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Kenneth I. Chenault</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Kenneth I. Chenault</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">February 27, 2009</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Daniel T. Henry</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Daniel T. Henry</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">February 27, 2009</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, and is not being &#147;filed&#148; as part of the Form 10-K or as a separate disclosure document for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the
extent that this Exhibit 32.1 is expressly and specifically incorporated by reference in any such filing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A signed original of this written statement
required by Section&nbsp;906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g79267ex11cov.jpg
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
