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<SEC-DOCUMENT>0000004962-09-000003.txt : 20090126
<SEC-HEADER>0000004962-09-000003.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20090126170053
ACCESSION NUMBER:		0000004962-09-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090126
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20090126
DATE AS OF CHANGE:		20090126

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07657
		FILM NUMBER:		09546008

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

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>fqfyearn.txt
<DESCRIPTION>8-K
<TEXT>
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported): January 26, 2009


                           AMERICAN EXPRESS COMPANY
            (Exact name of registrant as specified in its charter)

         New York                      1-7657                 13-4922250
- -----------------------------  ------------------------    -------------------
(State or other jurisdiction   (Commission File Number)     (IRS Employer
     of incorporation)                                      Identification No.)


       200 Vesey Street, World Financial Center
                 New York, New York                        10285
       ----------------------------------------          ----------
       (Address of principal executive offices)          (Zip Code)


      Registrant's telephone number, including area code: (212) 640-2000

                                     None
              --------------------------------------------------
         (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

         Written communications pursuant to Rule 425 under the Securities Act
- ----     (17 CFR 230.425)

         Soliciting material pursuant to Rule 14a-12 under the Exchange Act
- ----     (17 CFR 240.14a-12)

         Pre-commencement communications pursuant to Rule 14d-2(b) under the
- ----     Exchange Act (17 CFR 240.14d-2(b))

         Pre-commencement communications pursuant to Rule 13e-4(c) under the
- ----     Exchange Act (17 CFR 240.13e-4(c))



<PAGE>
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND ITEM 7.01 REGULATION
FD DISCLOSURE

     The following information is furnished under Item 2.02 - Results of
Operations and Financial Condition and Item 7.01 - Regulation FD Disclosure:

     On January 26, 2009, American Express Company issued a press release
announcing its financial results for the fourth quarter and full year of 2008.
A copy of such press release is attached to this report as Exhibit 99.1 and is
hereby incorporated herein by reference. In addition, in conjunction with the
announcement of its financial results, American Express Company distributed
additional financial information relating to its 2008 fourth quarter and full
year financial results and a 2008 Fourth Quarter/Full Year Earnings
Supplement. Such additional financial information and the 2008 Fourth
Quarter/Full Year Earnings Supplement are attached to this report as Exhibits
99.2 and 99.3, respectively, and each is hereby incorporated by reference.


EXHIBIT

99.1      Press Release, dated January 26, 2009, of American Express Company
          announcing its financial results for the fourth quarter and full
          year of 2008.

99.2      Additional financial information relating to the financial results
          of American Express Company for the fourth quarter and full year of
          2008.

99.3      2008 Fourth Quarter/Full Year Earnings Supplement of American Express
          Company.


<PAGE>

                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        AMERICAN EXPRESS COMPANY
                                        (REGISTRANT)






                                        By:    /s/ Stephen P. Norman
                                        Name:  Stephen P. Norman
                                        Title: Secretary

DATE:   January 26, 2009

<PAGE>

                                  EXHIBIT INDEX


Exhibit
No.         Description
- ---------   -----------
99.1        Press Release, dated January 26, 2009, of American Express Company
            announcing its financial results for the fourth quarter and full
            year of 2008.

99.2        Additional financial information relating to the financial
            results of American Express Company for the fourth quarter and full
            year of 2008.

99.3        2008 Fourth Quarter/Full Year Earnings Supplement of American
            Express Company.

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

NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE

[LOGO OF AMERICAN EXPRESS COMPANY]


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

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

FOR IMMEDIATE RELEASE
- --------------------------------------------------------------------------------

               AMERICAN EXPRESS REPORTS FOURTH QUARTER EARNINGS
        FROM CONTINUING OPERATIONS OF $238 MILLION, OR $0.21 PER SHARE;
                 FULL-YEAR EARNINGS FROM CONTINUING OPERATIONS
                    TOTAL $2.8 BILLION, OR $2.42 PER SHARE

<TABLE>
<CAPTION>
                     (Millions, except per share amounts)

                                                   Quarters Ended          Percentage            Years Ended          Percentage
                                                    December 31,            Inc/(Dec)           December 31,           Inc/(Dec)
                                                    ------------            ---------           ------------           ---------
                                                  2008          2007                          2008         2007
                                                  ----          ----                          ----         ----
<S>                                          <C>            <C>               <C>        <C>           <C>               <C>
   Total revenues net of interest expense     $  6,506       $ 7,324           (11)%      $ 28,365      $ 27,559            3%

   Income From Continuing Operations          $    238       $   858           (72)%      $  2,803      $  4,126          (32)%
   Loss From Discontinued Operations          $    (66)      $   (27)            #        $   (172)     $   (114)          51%
   Net Income                                 $    172       $   831           (79)%      $  2,631      $  4,012          (34)%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations       $   0.21       $  0.74           (72)%      $   2.43      $   3.52          (31)%
      Loss From Discontinued Operations       $  (0.06)      $ (0.02)            #        $  (0.15)     $  (0.10)          50%
      Net Income                              $   0.15       $  0.72           (79)%      $   2.28      $   3.42          (33)%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations       $   0.21       $  0.73           (71)%      $   2.42      $   3.45          (30)%
      Loss From Discontinued Operations       $  (0.06)      $ (0.02)            #        $  (0.15)     $  (0.09)          67%
      Net Income                              $   0.15       $  0.71           (79)%      $   2.27      $   3.36          (32)%

   Average Common Shares Outstanding
      Basic                                       1,155          1,157          - %          1,154          1,173          (2)%
      Diluted                                     1,155          1,178         (2)%          1,157          1,196          (3)%

   Return on Average Equity*                      21.7%          37.3%                        21.7%         37.3%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Refer to Appendix I for the components of return on average equity.

# Denotes a variance of more than 100%.


                                     -1-
<PAGE>
New York - January 26, 2009 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported fourth-quarter income from continuing operations of $238 million,
down 72 percent from $858 million a year ago. Diluted earnings per share from
continuing operations were $0.21, down 71 percent from $0.73 a year ago.

Net income totaled $172 million for the quarter, down 79 percent from a year
ago. On a per-share basis, net income was $0.15, down 79 percent from $0.71 a
year ago.

Consolidated total revenues net of interest expense declined 11 percent to
$6.5 billion, down from $7.3 billion a year ago.

Consolidated provisions totaled $1.4 billion compared to $1.5 billion in the
year-ago period, which included a significant credit related charge.

Consolidated expenses totaled $4.9 billion, up 5 percent from $4.7 billion a
year ago. Both periods included significant items, which are outlined below.

The company's return on average equity (ROE) was 21.7 percent, down from 37.3
percent a year ago.

"Our fourth quarter results reflect an operating environment that was among
the harshest we have seen in decades," said Kenneth I. Chenault, chairman and
chief executive officer. "Nevertheless, we met our near term goals - staying
liquid, staying profitable, and investing selectively to strengthen our
competitive position over the longer term."

"We remained profitable in the quarter and generated $2.8 billion in earnings
for the full year 2008. We exceeded all of our funding requirements, in part
by raising $6.2 billion through a new retail certificate of deposit program.

"We also continued to invest in the business, announcing a multiyear
partnership with Delta Airlines this quarter, expanding our global network
business and successfully integrating the corporate card business we purchased
from General Electric.

"While our business volumes compared favorably with other major competitors,
overall cardmember spending declined 10 percent year-over-year, or 5 percent
adjusting for foreign exchange rates. As anticipated, loan delinquencies and
write-offs rose. These trends, together with the restructuring charge, had a
significant impact on our bottom line.

"In January, we further bolstered our capital position with a $3.4 billion
investment from the U.S. Treasury Capital Purchase Program. These additional
funds will enhance our ability to continue extending loans to credit-worthy
consumers and small business owners.

                                     -2-
<PAGE>
"We authorized more than $73 billion of U.S. charge card spending during the
quarter, and we are providing U.S. consumer and small business cardmembers
with open credit lines that are on par with year-ago levels, despite the
difficult conditions in the marketplace. Our aim is to accommodate the
spending needs of our cardmembers, while helping to ensure that they do not
incur inappropriate debt levels.

"We remain cautious about the economic outlook through 2009, and expect
cardmember spending to remain soft with past-due loans and write-offs rising
from current levels. However, we believe the longer-term growth potential of
the payments sector remains very attractive. The investments we are making in
our business will help ensure that we can capitalize on those opportunities
when the environment improves."

The fourth quarter results included:
o $421 million ($273 million after-tax) of reengineering costs, primarily
related to severance and other costs associated with previously announced
staff reductions, and o A previously announced $106 million ($66 million
after-tax) increase in the company's Membership Rewards reserve, in connection
with the company's extension of its partnership agreement with Delta Air
Lines.

Significant items in the year-ago fourth quarter included:
o $1.13 billion ($700 million after-tax) gain from the company's settlement
with Visa, and - $143 million ($89 million after-tax) of incremental
investments in business-building initiatives, - $74 million ($46 million
after-tax) in litigation-related costs pertaining to the lawsuit against Visa,
and - $50 million ($31 million after-tax) in contributions to the American
Express Charitable Fund. o $685 million ($430 million after-tax) charge
related to the company's enhancements to its method of estimating the
liability for Membership Rewards, o $438 million ($274 million after-tax)
credit-related charge in the U.S. Card Services Segment.

During the fourth-quarter, non-U.S. revenues, provisions and expenses were
lower due to the translation effects of a comparatively stronger U.S. dollar.

The net tax benefit for the quarter of $78 million was principally due to the
impact of recurring permanent benefits on lower pre-tax income.

DISCONTINUED OPERATIONS

Discontinued operations for the fourth quarter generated a loss of $66 million
compared with a loss of $27 million during the year-ago period, which
primarily reflected mark-to-market adjustments within the American Express
International Deposit Company investment portfolio.

                                     -3-
<PAGE>
SEGMENT RESULTS

U.S. CARD SERVICES reported fourth-quarter net income of $4 million, down from
$7 million a year ago.

Total revenues net of interest expense for the fourth quarter decreased 13
percent to $3.2 billion, driven by lower cardmember spending as well as lower
securitization income, net.

Provisions for losses decreased 8 percent to $1.1 billion from the year ago
levels, which included the credit-related charge mentioned above. The
provision for the current quarter reflected higher write-off and past due
rates. On a managed basis(1) the net loan write-off rate was 6.7%, up from
5.9% in the third quarter and 3.4% a year ago. Owned net write-offs were 7.0%
in the quarter, up from 6.1% in the third quarter and 3.5% a year ago.

Total expenses decreased 15 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 31 percent from the year-ago period,
which included a portion of the 2007 Membership Rewards charge mentioned
above. The current quarter reflected scaled-back marketing activities as well
as the Delta Air Lines related rewards expense. Salaries and employee benefits
and other operating expenses increased 16 percent from year-ago levels,
reflecting $30 million ($20 million after-tax) of the reengineering charge
mentioned above.

INTERNATIONAL CARD SERVICES reported fourth-quarter net income of $36 million,
compared to a net loss of $68 million a year ago.

Total revenues net of interest expense decreased 8 percent to $1.1 billion,
primarily driven by reduced cardmember spending.

Provisions for losses rose 10 percent to $243 million, from $220 million a
year ago reflecting higher past due and write-off rates.

Total expenses decreased 22 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 53 percent from year-ago levels, which
included a portion of the 2007 Membership Rewards charge mentioned earlier.
The current quarter also reflected lower marketing expenses. Salaries and
employee benefits and other operating expenses increased 15 percent from
year-ago levels, reflecting $84 million ($55 million after-tax) of the
reengineering charge mentioned earlier, as well as higher operating expenses.

- -------------
(1) The "managed basis" presentation includes on-balance sheet Cardmember
loans and off-balance sheet securitized Cardmember loans. The difference
between the "owned basis" (GAAP) information and "managed basis" information
is attributable to the effects of securitization activities. Please refer to
the information set forth on Exhibit I for further discussion of the owned and
managed basis presentation.

                                     -4-
<PAGE>
GLOBAL COMMERCIAL SERVICES reported a fourth-quarter net loss of $18 million
compared to net income of $110 million a year ago.

Total revenues net of interest expense decreased 7 percent to $1.0 billion,
reflecting lower level of spending by corporate cardmembers as well as lower
travel commissions and fees.

Provisions for losses totaled $69 million up 25 percent from $55 million in
the year ago period due to higher write-offs and past due rates.

Total expenses increased 11 percent. Salaries and employee benefits and other
operating expenses increased 20 percent from the year-ago period reflecting
$136 million ($88 million after-tax) of the reengineering charge mentioned
earlier. Marketing, promotion, rewards and cardmember services expenses
decreased 41 percent from the year-ago period, which included a portion of the
2007 Membership Rewards charge mentioned above.

Both revenues and expenses reflected the impact of the acquisition of a
commercial card and corporate purchasing unit in March 2008.

GLOBAL NETWORK & MERCHANT SERVICES reported fourth-quarter net income of $215
million, down 15 percent from $254 million a year ago.

Fourth-quarter total revenues net of interest expense decreased 9 percent to
$945 million. The decrease reflected lower merchant-related revenues from the
decrease in global card billed business, offset in part by higher revenues
from Global Network Services' bank partners.

Provisions for losses were $36 million, primarily reflecting merchant-related
provisions. The year-ago provision was $28 million.

Total expenses decreased 4 percent, reflecting lower brand advertising.
Salaries and employee benefits and other operating expenses included $28
million ($17 million after-tax) of the reengineering charge mentioned above.

CORPORATE AND OTHER reported a fourth-quarter net income of $1 million,
compared with net income of $555 million last year. The year-ago quarter
included the previously mentioned gain from the company's settlement with
Visa. The fourth quarter 2008 reflects the recognition of $220 million ($136
million after-tax) for the previously announced MasterCard and Visa
settlements as well as $143 million ($93 million after-tax) of the
reengineering charges mentioned above.

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

                                     ***


                                     -5-
<PAGE>
ED. NOTE: On November 10, 2008, American Express became a bank holding company
regulated by the Federal Reserve Board and consequently fourth-quarter
earnings results incorporate some financial reporting changes in accordance
with SEC regulations.

The 2008 Fourth Quarter Earnings Supplement will be available today on the
American Express web site at
http://ir.americanexpress.com. An investor conference call will be held at
5:00 p.m. (ET) today to discuss fourth-quarter earnings results. Live audio
and presentation slides for the investor conference call will be available to
the general public at the same web site. A replay of the conference call will
be available later today at the same web site address.


EXHIBIT I
                           AMERICAN EXPRESS COMPANY
                              U.S. CARD SERVICES
<TABLE>
<CAPTION>
(Billions, Except Percentages)

                                           Quarter Ended         Quarter Ended          Quarter Ended
                                         December 31, 2008     September 30, 2008      December 31, 2007
<S>                                        <C>                    <C>                    <C>
Cardmember lending - owned basis (A):
Average Loans (B)                            $  33.2                $  36.3                $  40.8
Net write-off rate                               7.0%                   6.1%                   3.5%

Cardmember lending - managed basis (C):
Average Loans (B)                             $  63.0               $  64.6                $  63.2
Net write-off rate                                6.7%                  5.9%                   3.4%
</TABLE>

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

(B) Loan balances for all periods presented used to calculate average loans
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.

(C) The managed basis presentation assumes that there have been no off-balance
sheet securitization transactions, i.e., all securitized cardmember loans and
related income effects are reflected as if they were in the Company's balance
sheets and income statements, respectively. The difference between the "owned
basis" (GAAP) information and "managed basis" information is attributable to
the effects of securitization activities. The Company presents U.S. Card
Services information on a managed basis because that is the way the Company's
management views and manages the business. Management believes that a full
picture of trends in the Company's cardmember lending business can only be
derived by evaluating the performance of both securitized and non-securitized
cardmember loans. Management also believes that use of a managed basis
presentation presents a more accurate picture of the key dynamics of the
cardmember lending business. Irrespective of the on and off-balance sheet
funding mix, it is important for management and investors to see metrics for
the entire cardmember lending portfolio because they are more representative
of the economics of the aggregate cardmember relationships and ongoing
business performance and trends over time. It is also important for investors
to see the overall growth of cardmember loans and related revenue in order to
evaluate market share. These metrics are significant in evaluating the
Company's performance and can only be properly assessed when all
non-securitized and securitized cardmember loans are viewed together on a
managed basis. The Company does not currently securitize international loans.


                                     -6-
<PAGE>
THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS
AND UNCERTAINTIES. THE FORWARD-LOOKING STATEMENTS, WHICH ADDRESS THE COMPANY'S
EXPECTED BUSINESS AND FINANCIAL PERFORMANCE, AMONG OTHER MATTERS, CONTAIN
WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC," "INTEND,"
"PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY," AND
SIMILAR EXPRESSIONS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON
THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH
THEY ARE MADE. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY
FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED
TO, THE FOLLOWING: CONSUMER AND BUSINESS SPENDING ON THE COMPANY'S CREDIT AND
CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER PREPAID PRODUCTS AND
GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON THE ECONOMIC
ENVIRONMENT, AND THE ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID
PRODUCTS, SERVICES AND REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH
PRODUCTS, ATTRACT NEW CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A
GREATER SHARE OF EXISTING CARDMEMBERS' SPENDING, AND SUSTAIN PREMIUM DISCOUNT
RATES ON ITS CARD PRODUCTS IN LIGHT OF REGULATORY AND MARKET PRESSURES,
INCREASE MERCHANT COVERAGE, RETAIN CARDMEMBERS AFTER LOW INTRODUCTORY LENDING
RATES HAVE EXPIRED, AND EXPAND THE GLOBAL NETWORK SERVICES BUSINESS; THE
COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS
LOANS, MERCHANTS AND OTHER CREDIT TRENDS, WHICH WILL DEPEND IN PART ON THE
ECONOMIC ENVIRONMENT, INCLUDING, AMONG 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 BUSINESSES
THAT ACCEPT THE COMPANY'S CARD PRODUCTS, AND ON THE EFFECTIVENESS OF THE
COMPANY'S CREDIT MODELS; THE IMPACT OF THE COMPANY'S EFFORTS TO DEAL WITH
DELINQUENT CARDMEMBERS IN THE CURRENT CHALLENGING ECONOMIC ENVIRONMENT, WHICH
MAY AFFECT PAYMENT PATTERNS OF CARDMEMBERS, THE COMPANY'S NEAR-TERM WRITE-OFF
RATES, INCLUDING DURING THE FIRST HALF OF 2009, AND THE VOLUMES OF THE
COMPANY'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'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'S BORROWING COSTS, RETURN ON LENDING PRODUCTS AND THE
VALUE OF THE COMPANY'S INVESTMENTS; THE COMPANY'S ABILITY TO MEET ITS ROE
TARGET RANGE OF 33 TO 36 PERCENT ON AVERAGE AND OVER TIME, WHICH WILL DEPEND
IN PART ON FACTORS SUCH AS THE COMPANY'S ABILITY TO GENERATE SUFFICIENT
REVENUE GROWTH AND ACHIEVE SUFFICIENT MARGINS, FLUCTUATIONS IN THE CAPITAL
REQUIRED TO SUPPORT ITS BUSINESSES, THE MIX OF THE COMPANY'S FINANCINGS, AND
FLUCTUATIONS IN THE LEVEL OF THE COMPANY'S SHAREHOLDERS' EQUITY DUE TO SHARE
REPURCHASES, DIVIDENDS, CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME AND
ACCOUNTING CHANGES, AMONG OTHER THINGS; THE ACTUAL AMOUNT TO BE SPENT BY THE
COMPANY ON MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED ON
MANAGEMENT'S ASSESSMENT OF COMPETITIVE OPPORTUNITIES AND OTHER FACTORS
AFFECTING ITS JUDGMENT; THE ABILITY TO CONTROL AND MANAGE OPERATING,
INFRASTRUCTURE, ADVERTISING AND PROMOTION EXPENSES AS BUSINESS EXPANDS OR

                                     -7-
<PAGE>
CHANGES, INCLUDING THE ABILITY TO ACCURATELY ESTIMATE THE PROVISION FOR THE
COST OF THE MEMBERSHIP REWARDS PROGRAM; FLUCTUATIONS IN FOREIGN CURRENCY
EXCHANGE RATES; THE COMPANY'S ABILITY TO GROW ITS BUSINESS, GENERATE EXCESS
CAPITAL AND, OVER TIME, MEET OR EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY
TARGET BY REINVESTING APPROXIMATELY 35 PERCENT OF ANNUALLY-GENERATED CAPITAL,
AND RETURNING APPROXIMATELY 65 PERCENT OF SUCH CAPITAL TO SHAREHOLDERS WHICH
WILL DEPEND ON THE COMPANY'S ABILITY TO MANAGE ITS CAPITAL NEEDS AND THE
EFFECT OF BUSINESS MIX, ACQUISITIONS AND RATING AGENCY REQUIREMENTS; THE
SUCCESS OF THE GLOBAL NETWORK SERVICES BUSINESS IN PARTNERING WITH BANKS IN
THE UNITED STATES, WHICH WILL DEPEND IN PART ON THE EXTENT TO WHICH SUCH
BUSINESS FURTHER ENHANCES THE COMPANY'S BRAND, ALLOWS THE COMPANY TO LEVERAGE
ITS SIGNIFICANT PROCESSING SCALE, EXPANDS MERCHANT COVERAGE OF THE NETWORK,
PROVIDES GLOBAL NETWORK SERVICES' BANK PARTNERS IN THE UNITED STATES THE
BENEFITS OF GREATER CARDMEMBER LOYALTY AND HIGHER SPEND PER CUSTOMER, AND
MERCHANT BENEFITS SUCH AS GREATER TRANSACTION VOLUME AND ADDITIONAL HIGHER
SPENDING CUSTOMERS; THE ABILITY OF THE GLOBAL NETWORK SERVICES BUSINESS TO
MEET THE PERFORMANCE REQUIREMENTS CALLED FOR BY THE COMPANY'S RECENT
SETTLEMENTS WITH MASTERCARD AND VISA; TRENDS IN TRAVEL AND ENTERTAINMENT
SPENDING AND THE OVERALL LEVEL OF CONSUMER CONFIDENCE; THE UNCERTAINTIES
ASSOCIATED WITH BUSINESS ACQUISITIONS, INCLUDING, AMONG OTHERS, THE FAILURE TO
REALIZE ANTICIPATED BUSINESS RETENTION, GROWTH AND COST SAVINGS, AS WELL AS
THE ABILITY TO EFFECTIVELY INTEGRATE THE ACQUIRED BUSINESS INTO THE COMPANY'S
EXISTING OPERATIONS; THE UNDERLYING ASSUMPTIONS AND EXPECTATIONS RELATED TO
THE FEBRUARY 2008 SALE OF THE AMERICAN EXPRESS BANK LTD. BUSINESSES AND THE
TRANSACTION'S IMPACT ON THE COMPANY'S EARNINGS PROVING TO BE INACCURATE OR
UNREALIZED; THE SUCCESS, TIMELINESS AND FINANCIAL IMPACT (INCLUDING COSTS,
COST SAVINGS, AND OTHER BENEFITS, INCLUDING INCREASED REVENUES), AND
BENEFICIAL EFFECT ON THE COMPANY'S OPERATING EXPENSE TO REVENUE RATIO, BOTH IN
THE SHORT-TERM (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, OUTSOURCING (INCLUDING, AMONG OTHERS,
TECHNOLOGIES OPERATIONS), RELOCATING CERTAIN FUNCTIONS TO LOWER-COST OVERSEAS
LOCATIONS, MOVING INTERNAL AND EXTERNAL FUNCTIONS TO THE INTERNET TO SAVE
COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO CERTAIN OF SUCH REENGINEERING
ACTIONS; THE COMPANY'S ABILITY TO REINVEST THE BENEFITS ARISING FROM SUCH
REENGINEERING ACTIONS IN ITS BUSINESSES; BANKRUPTCIES, RESTRUCTURINGS,
CONSOLIDATIONS OR SIMILAR EVENTS (INCLUDING, AMONG OTHERS, THE DELTA
AIRLINES/NORTHWEST AIRLINES MERGER) AFFECTING THE AIRLINE OR ANY OTHER
INDUSTRY REPRESENTING A SIGNIFICANT PORTION OF THE COMPANY'S BILLED BUSINESS,
INCLUDING ANY POTENTIAL NEGATIVE EFFECT ON PARTICULAR CARD PRODUCTS AND
SERVICES AND BILLED BUSINESS GENERALLY THAT COULD RESULT FROM THE ACTUAL OR
PERCEIVED WEAKNESS OF KEY BUSINESS PARTNERS IN SUCH INDUSTRIES; THE TRIGGERING
OF OBLIGATIONS TO MAKE PAYMENTS TO CERTAIN CO-BRAND PARTNERS, MERCHANTS,
VENDORS AND CUSTOMERS UNDER CONTRACTUAL ARRANGEMENTS WITH SUCH PARTIES UNDER
CERTAIN CIRCUMSTANCES; A DOWNTURN IN THE COMPANY'S BUSINESSES AND/OR NEGATIVE
CHANGES IN THE COMPANY'S AND ITS SUBSIDIARIES' CREDIT RATINGS, WHICH COULD
RESULT IN CONTINGENT PAYMENTS UNDER CONTRACTS, DECREASED LIQUIDITY AND HIGHER
BORROWING COSTS; 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'S FUTURE BUSINESS GROWTH, ITS CREDIT RATINGS, MARKET CAPACITY AND
DEMAND FOR SECURITIES OFFERED BY THE COMPANY, PERFORMANCE BY THE COMPANY'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'S ABILITY TO SECURITIZE AND SELL
RECEIVABLES AND THE PERFORMANCE OF RECEIVABLES PREVIOUSLY SOLD IN
SECURITIZATION TRANSACTIONS AND THE COMPANY'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'S ABILITY TO REDEEM OR OTHERWISE ACCESS

                                     -8-
<PAGE>
IN A TIMELY MANNER UP TO $500 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'S INVESTMENT PORTFOLIO AND, IN
PARTICULAR, THOSE INVESTMENTS THAT ARE NOT READILY MARKETABLE, INCLUDING THE
VALUATION OF THE INTEREST-ONLY STRIP RELATING TO THE COMPANY'S LENDING
SECURITIZATIONS; THE COMPANY'S ABILITY TO INVEST IN TECHNOLOGY ADVANCES ACROSS
ALL AREAS OF ITS BUSINESS TO STAY ON THE LEADING EDGE OF TECHNOLOGIES
APPLICABLE TO THE PAYMENTS INDUSTRY; THE COMPANY'S ABILITY TO PROTECT ITS
INTELLECTUAL PROPERTY RIGHTS (IP) AND AVOID INFRINGING THE IP OF OTHER
PARTIES; THE POTENTIAL NEGATIVE EFFECT ON THE COMPANY'S BUSINESSES AND
INFRASTRUCTURE, INCLUDING INFORMATION TECHNOLOGY, OF TERRORIST ATTACKS,
NATURAL DISASTERS OR OTHER CATASTROPHIC EVENTS IN THE FUTURE; POLITICAL OR
ECONOMIC INSTABILITY IN CERTAIN REGIONS OR COUNTRIES, WHICH COULD AFFECT
LENDING AND OTHER COMMERCIAL ACTIVITIES, AMONG OTHER BUSINESSES, OR
RESTRICTIONS ON CONVERTIBILITY OF CERTAIN CURRENCIES; CHANGES IN LAWS OR
GOVERNMENT REGULATIONS; THE POTENTIAL IMPACT OF REGULATIONS 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'S NET INCOME; ACCOUNTING CHANGES; OUTCOMES AND
COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY MATTERS; AND
COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES. A FURTHER
DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2007,
ITEM 1A OF PART 2 IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE
QUARTER ENDED SEPTEMBER 30, 2008, AND THE COMPANY'S OTHER REPORTS FILED WITH
THE SEC.



                                     -9-
<PAGE>
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. Amounts have been revised to reflect various changes in
financial and statistical reporting in conjunction with American Express
Company's conversion to a bank holding company. Refer to Appendix II-VI for
revised quarterly periods in 2007 and full year 2007.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                          Quarters Ended                         Years Ended
                                           December 31,                          December 31,
                                         ----------------    Percentage       ------------------    Percentage
                                          2008      2007      Inc/(Dec)        2008       2007      Inc/(Dec)
                                         ------    ------    ----------       -------    -------    ----------
<S>                                      <C>       <C>          <C>           <C>        <C>            <C>
Revenues
  Discount revenue                       $3,468    $3,912       (11)%         $15,025    $14,596          3%
  Net card fees                             536       508         6             2,150      1,919         12
  Travel commissions and fees               444       514       (14)            2,010      1,926          4
  Other commissions and fees                522       650       (20)            2,307      2,417         (5)
  Securitization income, net                199       326       (39)            1,070      1,507        (29)
  Other                                     566       496        14             2,157      1,751         23
                                         ------    ------                     -------    -------
    Total other revenues                  5,735     6,406       (10)           24,719     24,116          3
                                         ------    ------                     -------    -------
Interest income
  Interest and fees on loans              1,364     1,735       (21)            6,159      6,351         (3)
  Interest and dividends on investment
  securities                                168       181        (7)              771        673         15
  Deposits with banks and other              36        93       (61)              271        400        (32)
                                         ------    ------                     -------    -------
    Total interest income                 1,568     2,009       (22)            7,201      7,424         (3)
                                         ------    ------                     -------    -------
Interest expense
  Deposits                                   99       170       (42)              518        589        (12)
  Short-term borrowings                      77       147       (48)              497        733        (32)
  Long-term debt                            604       738       (18)            2,439      2,565         (5)
  Other                                      17        36       (53)              101         94          7
                                         ------    ------                     -------    -------
    Total interest expense                  797     1,091       (27)            3,555      3,981        (11)
                                         ------    ------                     -------    -------
      Net interest income                   771       918       (16)            3,646      3,443          6
                                         ------    ------                     -------    -------
Total revenues net of interest expense    6,506     7,324       (11)           28,365     27,559          3
                                         ------    ------                     -------    -------
Provisions for losses
  Charge card                               426       419         2             1,363      1,140         20
  Cardmember lending                        927       970        (4)            4,231      2,761         53
  Other                                      51        61       (16)              204        202          1
                                         ------    ------                     -------    -------
    Total                                 1,404     1,450        (3)            5,798      4,103         41
                                         ------    ------                     -------    -------
Total revenues net of interest expense
 after provisions for losses              5,102     5,874       (13)           22,567     23,456         (4)
                                         ------    ------                     -------    -------

Expenses
  Marketing and promotion                   524       804       (35)            2,430      2,562         (5)
  Cardmember rewards                      1,088     1,778       (39)            4,389      4,777         (8)
  Cardmember services                       140       137         2               542        478         13
  Salaries and employee benefits          1,660     1,437        16             6,090      5,438         12
  Professional services                     649       646         -             2,413      2,280          6
  Occupancy and equipment                   456       382        19             1,641      1,436         14
  Communications                            118       119        (1)              466        461          1
  Other, net                                307      (587)        #             1,123        330          #
                                         ------    ------                     -------    -------
    Total                                 4,942     4,716         5            19,094     17,762          7
                                         ------    ------                     -------    -------
Pretax income from continuing
 operations                                 160     1,158       (86)            3,473      5,694        (39)
Income tax (benefit) provision              (78)      300         #               670      1,568        (57)
                                         ------    ------                     -------    -------
Income from continuing operations           238       858       (72)            2,803      4,126        (32)
Loss from discontinued operations,
 net of tax                                 (66)      (27)        #              (172)      (114)        51
                                         ------    ------                     -------    -------
Net income                               $  172    $  831       (79)          $ 2,631    $ 4,012        (34)
                                         ======    ======                     =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                  December 31,   December 31,
                                                      2008           2007
                                                  ------------   ------------
<S>                                                   <C>            <C>
Assets
  Cash                                                $ 21           $  9
  Accounts receivable                                   37             42
  Investment securities                                 13             13
  Loans                                                 41             53
  Other assets                                          14             11
  Assets of discontinued operations                      -             22
                                                      ----           ----
    Total assets                                      $126           $150
                                                      ====          =====

Liabilities and Shareholders' Equity
  Short-term borrowings                               $  9           $ 18
  Long-term debt                                        60             55
  Other liabilities                                     45             44
  Liabilities of discontinued operations                 -             22
                                                      ----           ----
    Total liabilities                                  114            139
                                                      ----           ----

  Shareholders' equity                                  12             11
                                                      ----           ----
    Total liabilities and shareholders' equity        $126           $150
                                                      ====           ====
</Table>

                                     -11-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                          Quarters Ended                        Years Ended
                                           December 31,                         December 31,
                                         ----------------    Percentage      ------------------    Percentage
                                          2008      2007      Inc/(Dec)       2008       2007      Inc/(Dec)
                                         ------    ------    ----------      -------    -------    ----------
<S>                                      <C>       <C>           <C>         <C>        <C>            <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                     $3,223    $3,709        (13)%       $13,997    $14,222         (2)%
  International Card Services             1,098     1,189         (8)          4,781      4,331         10
  Global Commercial Services              1,044     1,128         (7)          4,696      4,269         10
  Global Network & Merchant Services        945     1,041         (9)          4,102      3,864          6
                                         ------    ------                    -------    -------
                                          6,310     7,067        (11)         27,576     26,686          3
  Corporate & Other,
    including adjustments and
    eliminations                            196       257        (24)            789        873        (10)
                                         ------    ------                    -------    -------
CONSOLIDATED TOTAL REVENUES NET OF
 INTEREST EXPENSE                        $6,506    $7,324        (11)        $28,365    $27,559          3
                                         ======    ======                    =======    =======
PRETAX INCOME (LOSS) FROM CONTINUING
 OPERATIONS
  U.S. Card Services                     $  (48)   $  (40)        20         $ 1,044    $ 2,730        (62)
  International Card Services               (38)     (181)       (79)            153        117         31
  Global Commercial Services                (59)      144          #             676        744         (9)
  Global Network & Merchant Services        303       379        (20)          1,490      1,560         (4)
                                         ------    ------                    -------    -------
                                            158       302        (48)          3,363      5,151        (35)
  Corporate & Other                           2       856          #             110        543        (80)
                                         ------    ------                    -------    -------
PRETAX INCOME FROM CONTINUING
 OPERATIONS                              $  160    $1,158        (86)        $ 3,473    $ 5,694        (39)
                                         ======    ======                    =======    =======
NET INCOME (LOSS)
  U.S. Card Services                     $    4    $    7        (43)        $   792    $ 1,823        (57)
  International Card Services                36       (68)         #             351        291         21
  Global Commercial Services                (18)      110          #             494        536         (8)
  Global Network & Merchant Services        215       254        (15)            995      1,022         (3)
                                         ------    ------                    -------    -------
                                            237       303        (22)          2,632      3,672        (28)
  Corporate & Other                           1       555          #             171        454        (62)
                                         ------    ------                    -------    -------
  Income from continuing operations         238       858        (72)          2,803      4,126        (32)
  Loss from discontinued operations,
   net of tax                               (66)      (27)         #            (172)      (114)        51
                                         ------    ------                    -------    -------
NET INCOME                               $  172    $  831        (79)        $ 2,631    $ 4,012        (34)
                                         ======    ======                    =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                     -12-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                     Quarters Ended                       Years Ended
                                                       December 31,                       December 31,
                                                     ---------------   Percentage      -----------------    Percentage
                                                      2008     2007     Inc/(Dec)       2008       2007      Inc/(Dec)
                                                     ------   ------   ----------      ------     ------    ----------
<S>                                                  <C>      <C>          <C>         <C>        <C>           <C>
EARNINGS PER COMMON SHARE

BASIC
      Income from continuing operations              $ 0.21   $ 0.74       (72)%       $ 2.43     $ 3.52        (31)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.10)        50
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.72       (79)%       $ 2.28     $ 3.42        (33)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,157         -%          1,154     1,173         (2)%
                                                     ======   ======                   ======     ======

DILUTED
      Income from continuing operations              $ 0.21   $ 0.73       (71)%       $ 2.42     $ 3.45        (30)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.09)        67
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.71       (79)%       $ 2.27     $ 3.36        (32)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,178        (2)%        1,157      1,196         (3)%
                                                     ======   ======                   ======     ======

Cash dividends declared per common share             $ 0.18   $ 0.18         -%        $ 0.72     $ 0.63         14%
                                                     ======   ======                   ======     ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                      Quarters Ended                         Years Ended
                                                       December 31,                          December 31,
                                                     ----------------   Percentage        -----------------   Percentage
                                                      2008      2007     Inc/(Dec)         2008       2007     Inc/(Dec)
                                                     ------    ------   ----------        ------     ------   ----------
<S>                                                  <C>       <C>          <C>           <C>        <C>           <C>
Return on average equity (A)                           21.7%     37.3%                      21.7%      37.3%
Return on average tangible equity (A)                  27.4%     44.0%                      27.4%      44.0%
Common shares outstanding (millions)                  1,160     1,158       -%             1,160      1,158        -%
Book value per common share                          $10.15    $ 9.53       7%            $10.15     $ 9.53        7%
Shareholders' equity (billions)                      $11.8     $11.0        7%            $11.8      $11.0         7%
</Table>

# - Denotes a variance of more than 100%.

(A) Refer to Appendix I for components of return on average equity and return
on average tangible equity.

                                     -13-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2financials.txt
<DESCRIPTION>99.2
<TEXT>
                                                                  EXHIBIT 99.2

All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. Amounts have been revised to reflect various changes in
financial and statistical reporting in conjunction with American Express
Company's conversion to a bank holding company. Refer to Appendix II-VI for
revised quarterly periods in 2007 and full year 2007.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                          Quarters Ended                         Years Ended
                                           December 31,                          December 31,
                                         ----------------    Percentage       ------------------    Percentage
                                          2008      2007      Inc/(Dec)        2008       2007      Inc/(Dec)
                                         ------    ------    ----------       -------    -------    ----------
<S>                                      <C>       <C>          <C>           <C>        <C>            <C>
Revenues
  Discount revenue                       $3,468    $3,912       (11)%         $15,025    $14,596          3%
  Net card fees                             536       508         6             2,150      1,919         12
  Travel commissions and fees               444       514       (14)            2,010      1,926          4
  Other commissions and fees                522       650       (20)            2,307      2,417         (5)
  Securitization income, net                199       326       (39)            1,070      1,507        (29)
  Other                                     566       496        14             2,157      1,751         23
                                         ------    ------                     -------    -------
    Total other revenues                  5,735     6,406       (10)           24,719     24,116          3
                                         ------    ------                     -------    -------
Interest income
  Interest and fees on loans              1,364     1,735       (21)            6,159      6,351         (3)
  Interest and dividends on investment
  securities                                168       181        (7)              771        673         15
  Deposits with banks and other              36        93       (61)              271        400        (32)
                                         ------    ------                     -------    -------
    Total interest income                 1,568     2,009       (22)            7,201      7,424         (3)
                                         ------    ------                     -------    -------
Interest expense
  Deposits                                   99       170       (42)              518        589        (12)
  Short-term borrowings                      77       147       (48)              497        733        (32)
  Long-term debt                            604       738       (18)            2,439      2,565         (5)
  Other                                      17        36       (53)              101         94          7
                                         ------    ------                     -------    -------
    Total interest expense                  797     1,091       (27)            3,555      3,981        (11)
                                         ------    ------                     -------    -------
      Net interest income                   771       918       (16)            3,646      3,443          6
                                         ------    ------                     -------    -------
Total revenues net of interest expense    6,506     7,324       (11)           28,365     27,559          3
                                         ------    ------                     -------    -------
Provisions for losses
  Charge card                               426       419         2             1,363      1,140         20
  Cardmember lending                        927       970        (4)            4,231      2,761         53
  Other                                      51        61       (16)              204        202          1
                                         ------    ------                     -------    -------
    Total                                 1,404     1,450        (3)            5,798      4,103         41
                                         ------    ------                     -------    -------
Total revenues net of interest expense
 after provisions for losses              5,102     5,874       (13)           22,567     23,456         (4)
                                         ------    ------                     -------    -------

Expenses
  Marketing and promotion                   524       804       (35)            2,430      2,562         (5)
  Cardmember rewards                      1,088     1,778       (39)            4,389      4,777         (8)
  Cardmember services                       140       137         2               542        478         13
  Salaries and employee benefits          1,660     1,437        16             6,090      5,438         12
  Professional services                     649       646         -             2,413      2,280          6
  Occupancy and equipment                   456       382        19             1,641      1,436         14
  Communications                            118       119        (1)              466        461          1
  Other, net                                307      (587)        #             1,123        330          #
                                         ------    ------                     -------    -------
    Total                                 4,942     4,716         5            19,094     17,762          7
                                         ------    ------                     -------    -------
Pretax income from continuing
 operations                                 160     1,158       (86)            3,473      5,694        (39)
Income tax (benefit) provision              (78)      300         #               670      1,568        (57)
                                         ------    ------                     -------    -------
Income from continuing operations           238       858       (72)            2,803      4,126        (32)
Loss from discontinued operations,
 net of tax                                 (66)      (27)        #              (172)      (114)        51
                                         ------    ------                     -------    -------
Net income                               $  172    $  831       (79)          $ 2,631    $ 4,012        (34)
                                         ======    ======                     =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                       9
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                  December 31,   December 31,
                                                      2008           2007
                                                  ------------   ------------
<S>                                                   <C>            <C>
Assets
  Cash                                                $ 21           $  9
  Accounts receivable                                   37             42
  Investment securities                                 13             13
  Loans                                                 41             53
  Other assets                                          14             11
  Assets of discontinued operations                      -             22
                                                      ----           ----
    Total assets                                      $126           $150
                                                      ====          =====

Liabilities and Shareholders' Equity
  Short-term borrowings                               $  9           $ 18
  Long-term debt                                        60             55
  Other liabilities                                     45             44
  Liabilities of discontinued operations                 -             22
                                                      ----           ----
    Total liabilities                                  114            139
                                                      ----           ----

  Shareholders' equity                                  12             11
                                                      ----           ----
    Total liabilities and shareholders' equity        $126           $150
                                                      ====           ====
</Table>

                                      10
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                          Quarters Ended                        Years Ended
                                           December 31,                         December 31,
                                         ----------------    Percentage      ------------------    Percentage
                                          2008      2007      Inc/(Dec)       2008       2007      Inc/(Dec)
                                         ------    ------    ----------      -------    -------    ----------
<S>                                      <C>       <C>           <C>         <C>        <C>            <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                     $3,223    $3,709        (13)%       $13,997    $14,222         (2)%
  International Card Services             1,098     1,189         (8)          4,781      4,331         10
  Global Commercial Services              1,044     1,128         (7)          4,696      4,269         10
  Global Network & Merchant Services        945     1,041         (9)          4,102      3,864          6
                                         ------    ------                    -------    -------
                                          6,310     7,067        (11)         27,576     26,686          3
  Corporate & Other,
    including adjustments and
    eliminations                            196       257        (24)            789        873        (10)
                                         ------    ------                    -------    -------
CONSOLIDATED TOTAL REVENUES NET OF
 INTEREST EXPENSE                        $6,506    $7,324        (11)        $28,365    $27,559          3
                                         ======    ======                    =======    =======
PRETAX INCOME (LOSS) FROM CONTINUING
 OPERATIONS
  U.S. Card Services                     $  (48)   $  (40)        20         $ 1,044    $ 2,730        (62)
  International Card Services               (38)     (181)       (79)            153        117         31
  Global Commercial Services                (59)      144          #             676        744         (9)
  Global Network & Merchant Services        303       379        (20)          1,490      1,560         (4)
                                         ------    ------                    -------    -------
                                            158       302        (48)          3,363      5,151        (35)
  Corporate & Other                           2       856          #             110        543        (80)
                                         ------    ------                    -------    -------
PRETAX INCOME FROM CONTINUING
 OPERATIONS                              $  160    $1,158        (86)        $ 3,473    $ 5,694        (39)
                                         ======    ======                    =======    =======
NET INCOME (LOSS)
  U.S. Card Services                     $    4    $    7        (43)        $   792    $ 1,823        (57)
  International Card Services                36       (68)         #             351        291         21
  Global Commercial Services                (18)      110          #             494        536         (8)
  Global Network & Merchant Services        215       254        (15)            995      1,022         (3)
                                         ------    ------                    -------    -------
                                            237       303        (22)          2,632      3,672        (28)
  Corporate & Other                           1       555          #             171        454        (62)
                                         ------    ------                    -------    -------
  Income from continuing operations         238       858        (72)          2,803      4,126        (32)
  Loss from discontinued operations,
   net of tax                               (66)      (27)         #            (172)      (114)        51
                                         ------    ------                    -------    -------
NET INCOME                               $  172    $  831        (79)        $ 2,631    $ 4,012        (34)
                                         ======    ======                    =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                      11
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                     Quarters Ended                       Years Ended
                                                       December 31,                       December 31,
                                                     ---------------   Percentage      -----------------    Percentage
                                                      2008     2007     Inc/(Dec)       2008       2007      Inc/(Dec)
                                                     ------   ------   ----------      ------     ------    ----------
<S>                                                  <C>      <C>          <C>         <C>        <C>           <C>
EARNINGS PER COMMON SHARE

BASIC
      Income from continuing operations              $ 0.21   $ 0.74       (72)%       $ 2.43     $ 3.52        (31)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.10)        50
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.72       (79)%       $ 2.28     $ 3.42        (33)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,157         -%          1,154     1,173         (2)%
                                                     ======   ======                   ======     ======

DILUTED
      Income from continuing operations              $ 0.21   $ 0.73       (71)%       $ 2.42     $ 3.45        (30)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.09)        67
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.71       (79)%       $ 2.27     $ 3.36        (32)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,178        (2)%        1,157      1,196         (3)%
                                                     ======   ======                   ======     ======

Cash dividends declared per common share             $ 0.18   $ 0.18         -%        $ 0.72     $ 0.63         14%
                                                     ======   ======                   ======     ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                      Quarters Ended                         Years Ended
                                                       December 31,                          December 31,
                                                     ----------------   Percentage        -----------------   Percentage
                                                      2008      2007     Inc/(Dec)         2008       2007     Inc/(Dec)
                                                     ------    ------   ----------        ------     ------   ----------
<S>                                                  <C>       <C>          <C>           <C>        <C>           <C>
Return on average equity (A)                           21.7%     37.3%                      21.7%      37.3%
Return on average tangible equity (A)                  27.4%     44.0%                      27.4%      44.0%
Common shares outstanding (millions)                  1,160     1,158       -%             1,160      1,158        -%
Book value per common share                          $10.15    $ 9.53       7%            $10.15     $ 9.53        7%
Shareholders' equity (billions)                      $11.8     $11.0        7%            $11.8      $11.0         7%
</Table>

# - Denotes a variance of more than 100%.

(A) Refer to Appendix I for components of return on average equity and return
on average tangible equity.

                                      12
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended                         Years Ended
                                                       December 31,                          December 31,
                                                     ----------------    Percentage       ------------------    Percentage
                                                      2008      2007      Inc/(Dec)        2008        2007      Inc/(Dec)
                                                     ------    ------    ----------       -------    -------    ----------
<S>                                                  <C>       <C>          <C>           <C>        <C>            <C>
Card billed business (A):
  United States                                      $112.7    $123.0        (8)%         $ 471.1    $ 459.3         3%
  Outside the United States                            47.8      54.5       (12)            212.2      188.0        13
                                                     ------    ------                     -------    -------
      Total                                          $160.5    $177.5       (10)          $ 683.3    $ 647.3         6
                                                     ======    ======                     =======    =======
Total cards-in-force (millions) (B):
  United States                                        54.0      52.3         3%             54.0       52.3         3%
  Outside the United States                            38.4      34.1        13              38.4       34.1        13
                                                     ------    ------                     -------    -------
      Total                                            92.4      86.4         7              92.4       86.4         7
                                                     ======    ======                     =======    =======
Basic cards-in-force (millions) (B):
  United States                                        42.0      40.9         3%             42.0       40.9         3%
  Outside the United States                            33.4      29.2        14           $  33.4       29.2        14
                                                     ------    ------                     -------    -------
      Total                                            75.4      70.1         8              75.4       70.1         8
                                                     ======    ======                     =======    =======

Average discount rate (C)                              2.53%     2.54%                       2.55%      2.56%
Average basic cardmember spending (dollars) (D)      $2,792    $3,228       (14)%         $12,025    $12,106        (1)%
Average fee per card (dollars) (D)                      $34       $33         3%          $    34    $    32         6%
Average fee per card adjusted (dollars) (D)             $38       $37         3%          $    39    $    36         8%
</Table>

(A) Card billed business includes activities (including cash advances) related
to proprietary cards, cards issued under network partnership agreements, and
certain insurance fees charged on proprietary cards. Card billed business is
reflected in the United States or outside the United States based on where the
cardmember is domiciled.

(B) Total cards-in-force represents the number of cards that are issued and
outstanding. Proprietary basic consumer cards-in-force includes basic cards
issued to the primary account owner and does not include additional
supplemental cards issued on that account. Proprietary basic small business
and corporate cards-in-force include basic and supplemental cards issued to
employee cardmembers. Non-proprietary basic cards-in-force includes all cards
that are issued and outstanding under network partnership agreements.

(C) This calculation is designed to approximate merchant pricing. It
represents the percentage of billed business (both proprietary and Global
Network Services) retained by the Company from merchants it acquires, prior to
payments to third parties unrelated to merchant acceptance.

(D) Average basic cardmember spending and average fee per card are computed
from proprietary card activities only. Average fee per card is computed based
on net card fees, including the amortization of deferred direct acquisition
costs, 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 $41 million and
$35 million for the quarters ended December 31, 2008 and 2007, respectively,
and $146 million and $130 million for the years ended December 31, 2008 and
2007, 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 $76 million and $320 million
for the quarter and year ended December 31, 2008, and $74 million and
$288 million for the quarter and year ended December 21, 2007. The company
presents adjusted average fee per card because management believes that this
metric presents a better picture of card fee pricing across a range of its
proprietary card products.

                                      13
<Page>

(Preliminary)

                            AMERICAN EXPRESS COMPANY
                  SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                      Quarters Ended                           Years Ended
                                                       December 31,                            December 31,
                                                     -----------------     Percentage      --------------------   Percentage
                                                      2008       2007      Inc/(Dec)        2008         2007      Inc/(Dec)
                                                     ------     ------     ----------      -------      -------   ----------
<S>                                                  <C>        <C>          <C>           <C>          <C>          <C>
Worldwide cardmember receivables:
  Total receivables                                  $ 33.0     $ 40.1       (18)%         $  33.0      $  40.1      (18)%
  Loss reserves (millions):
    Beginning balance                                $1,134     $  998        14%          $ 1,149      $   981       17%
      Provision (A)                                     426        419         2             1,363        1,140       20
      Net write offs                                   (669)      (249)        #            (1,552)        (907)      71
      Other                                             (81)       (19)        #              (150)         (65)       #
                                                     ------     ------                     -------      -------
    Ending balance                                   $  810     $1,149       (30)          $   810      $ 1,149      (30)
                                                     ======     ======                     =======      =======

    % of receivables                                    2.5%       2.9%                        2.5%         2.9%
  Net write-off rate - USCS (A)                         3.5%       N/A                         3.6%         N/A
  30 days past due as a % of total - USCS               3.7%       N/A                         3.7%         N/A
  Net loss ratio as a % of charge volume - ICS         0.30%      0.21%                       0.24%        0.26%
  90 days past due as a % of total - ICS                3.1%       1.8%                        3.1%         1.8%
  Net loss ratio as a % of charge volume - GCS         0.14%      0.12%                       0.13%        0.10%
  90 days past due as a % of total - GCS                2.7%       2.1%                        2.7%         2.1%

Worldwide cardmember lending - owned basis (B):
  Total loans (C)                                    $ 42.2     $ 54.4       (22)%         $  42.2      $  54.4      (22)%
  30 days past due loans as a % of total                4.4%       2.8%                        4.4%         2.8%
  Loss reserves (millions):
    Beginning balance                                $2,640     $1,469        80%          $ 1,831      $ 1,171       56%
      Provision                                         897        924        (3)            4,106        2,615       57
      Net write-offs - principal                       (702)      (474)       48            (2,643)      (1,636)      62
      Write-offs - interest and fees                   (143)      (105)       36              (580)        (354)      64
      Other                                            (122)        17         #              (144)          35        #
                                                     ------     ------                     -------      -------
    Ending balance                                   $2,570     $1,831        40           $ 2,570      $ 1,831       40
                                                     ======     ======                     =======      =======
    % of loans                                          6.1%       3.4%                        6.1%         3.4%
    % of past due                                       137%       119%                        137%         119%
  Average loans (C)                                  $ 43.0     $ 51.6       (17)%         $  47.6      $  47.1        1%
  Net write-off rate                                    6.5%       3.7%                        5.5%         3.5%
  Net interest yield on cardmember loans (D)            8.8%       8.5%                        8.8%         8.9%

Worldwide cardmember lending - managed basis (E):
  Total loans (C)                                    $ 72.0     $ 77.1        (7)%         $  72.0      $  77.1       (7)%
  30 days past due loans as a % of total                4.6%       2.8%                        4.6%         2.8%
  Loss reserves (millions):
    Beginning balance                                $4,268     $1,991         #%          $ 2,581      $ 1,622       59%
      Provision                                       1,621      1,387        17             6,863        3,726       84
      Net write-offs - principal                     (1,181)      (662)        -            (4,065)      (2,280)      78
      Write-offs - interest and fees                   (241)      (151)       60              (890)        (519)      71
      Other                                            (123)        16         #              (145)          32        #
                                                     ------     ------                     -------      -------
    Ending balance                                   $4,344     $2,581        68           $ 4,344      $ 2,581       68
                                                     ======     ======                     =======      =======
    % of loans                                          6.0%       3.4%                        6.0%         3.4%
    % of past due                                       132%       121%                        132%         121%
  Average loans (C)                                  $ 72.8     $ 74.0        (2)%         $  75.0      $  68.2       10%
  Net write-off rate                                    6.5%       3.6%                        5.4%         3.3%
  Net interest yield on cardmember loans (D)            8.9%       8.8%                        9.2%         9.0%
</Table>

# - Denotes a variance of more than 100%.

(A) In the fourth quarter 2008, the Company revised the time period in which
past due cardmember receivables in U.S. Card Services are written off.
Receivables are now written off when 180 days past due. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter and full year 2008 include write-offs of $341 million
resulting from the change from 360 days past due to 180 days past due. The net
write-off rate excludes the $341 million. However, this amount is reflected as
a write-off reducing the reserve balance in the fourth quarter and full year
2008 reserve roll-forward. Including the $341 million, the net write-off rate
was 11.0% and 5.4% for the fourth quarter 2008 and year 2008, respectively.
The net write off rate, reflecting write-offs of principal only, has been
presented beginning with the first quarter of 2008. The Company is evaluating
when International Card Services and Global Commercial Services will be
converted to this method.

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

(C) 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.

(D) See Appendix VII for discussion of Net interest yield on cardmember loans.

(E) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information for further discussion of the managed
basis presentation.

                                      14
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     December 31,    September 30,      June 30,        March 31,     December 31,
                                                         2008            2008             2008            2008            2007
                                                     ------------    -------------    ------------    ------------    ------------
<S>                                                    <C>              <C>             <C>             <C>             <C>
Revenues
  Discount revenue                                     $3,468           $3,848          $3,991          $3,718          $3,912
  Net card fees                                           536              541             542             531             508
  Travel commissions and fees                             444              499             573             494             514
  Other commissions and fees                              522              573             590             622             650
  Securitization income, net                              199              200             227             444             326
  Other                                                   566              553             578             460             496
                                                       ------           ------          ------          ------          ------
     Total other revenues                               5,735            6,214           6,501           6,269           6,406
                                                       ------           ------          ------          ------          ------
Interest income
  Interest and fees on loans                            1,364            1,560           1,564           1,671           1,735
  Interest and dividends on investment securities         168              200             217             186             181
  Deposits with banks and other                            36               74              76              85              93
                                                       ------           ------          ------          ------          ------
    Total interest income                               1,568            1,834           1,857           1,942           2,009
                                                       ------           ------          ------          ------          ------
Interest expense
  Deposits                                                 99              126             132             161             170
  Short-term borrowings                                    77              118             141             161             147
  Long-term debt                                          604              608             603             624             738
  Other                                                    17               32              27              25              36
                                                       ------           ------          ------          ------          ------
    Total interest expense                                797              884             903             971           1,091
                                                       ------           ------          ------          ------          ------
      Net interest income                                 771              950             954             971             918
                                                       ------           ------          ------          ------          ------
Total revenues net of interest expense                  6,506            7,164           7,455           7,240           7,324
                                                       ------           ------          ------          ------          ------
Provisions for losses
  Charge card                                             426              351             241             345             419
  Cardmember lending                                      927              958           1,537             809             970
  Other                                                    51               50              46              57              61
                                                       ------           ------          ------          ------          ------
     Total                                              1,404            1,359           1,824           1,211           1,450
                                                       ------           ------          ------          ------          ------
Total revenues net of interest expense after
 provision for losses                                   5,102            5,805           5,631           6,029           5,874
                                                       ------           ------          ------          ------          ------

Expenses
  Marketing and promotion                                 524              649             663             594             804
  Cardmember rewards                                    1,088            1,132           1,129           1,040           1,778
  Cardmember services                                     140              148             132             122             137
  Salaries and employee benefits                        1,660            1,465           1,495           1,470           1,437
  Professional services                                   649              608             606             550             646
  Occupancy and equipment                                 456              398             412             375             382
  Communications                                          118              118             115             115             119
  Other, net                                              307              209             305             302            (587)
                                                       ------           ------          ------          ------          ------
     Total                                              4,942            4,727           4,857           4,568           4,716
                                                       ------           ------          ------          ------          ------
Pretax income from continuing operations                  160            1,078             774           1,461           1,158
Income tax (benefit) provision                            (78)             217             114             417             300
                                                       ------           ------          ------          ------          ------
Income from continuing operations                         238              861             660           1,044             858
Loss from discontinued operations, net of tax             (66)             (46)             (7)            (53)            (27)
                                                       ------           ------          ------          ------          ------
Net income                                             $  172           $  815          $  653          $  991          $  831
                                                       ======           ======          ======          ======          ======
</Table>

                                      15
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     December 31,    September 30,      June 30,        March 31,     December 31,
                                                         2008            2008             2008            2008            2007
                                                     ------------    -------------    ------------    ------------    ------------
<S>                                                     <C>              <C>             <C>             <C>             <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                                    $3,223           $3,459          $3,593          $3,722          $3,709
  International Card Services                            1,098            1,232           1,256           1,195           1,189
  Global Commercial Services                             1,044            1,200           1,308           1,144           1,128
  Global Network & Merchant Services                       945            1,071           1,083           1,003           1,041
                                                        ------           ------          ------          ------          ------
                                                         6,310            6,962           7,240           7,064           7,067
  Corporate & Other,
    including adjustments and eliminations                 196              202             215             176             257
                                                        ------           ------          ------          ------          ------

CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE     $6,506           $7,164          $7,455          $7,240          $7,324
                                                        ======           ======          ======          ======          ======

PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS
  U.S. Card Services                                    $  (48)          $  364          $  (63)         $  791          $  (40)
  International Card Services                              (38)               1              73             117            (181)
  Global Commercial Services                               (59)             191             326             218             144
  Global Network & Merchant Services                       303              397             455             335             379
                                                        ------           ------          ------          ------          ------
                                                           158              953             791           1,461             302

  Corporate & Other                                          2              125             (17)              -             856
                                                        ------           ------          ------          ------          ------

PRETAX INCOME FROM CONTINUING OPERATIONS                $  160           $1,078          $  774          $1,461          $1,158
                                                        ======           ======          ======          ======          ======

NET INCOME (LOSS)
  U.S. Card Services                                    $    4           $  244          $   21          $  523          $    7
  International Card Services                               36               67             115             133             (68)
  Global Commercial Services                               (18)             134             227             151             110
  Global Network & Merchant Services                       215              258             299             223             254
                                                        ------           ------          ------          ------          ------
                                                           237              703             662           1,030             303

  Corporate & Other                                          1              158              (2)             14             555
                                                        ------           ------          ------          ------          ------
  Income from continuing operations                        238              861             660           1,044             858
  Loss from discontinued operations, net of tax            (66)             (46)             (7)            (53)            (27)
                                                        ------           ------          ------          ------          ------

NET INCOME                                              $  172           $  815          $  653          $  991          $  831
                                                        ======           ======          ======          ======          ======
</Table>

                                      16
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                                                   Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     December 31,    September 30,      June 30,        March 31,     December 31,
                                                         2008            2008             2008            2008            2007
                                                     ------------    -------------    ------------    ------------    ------------
<S>                                                     <C>             <C>               <C>            <C>             <C>
EARNINGS PER COMMON SHARE

BASIC
      Income from continuing operations                 $ 0.21          $ 0.75            $ 0.57         $ 0.91          $ 0.74
      Loss from discontinued operations                  (0.06)          (0.04)                -          (0.05)          (0.02)
                                                        ------          ------            ------         ------          ------
      Net income                                        $ 0.15          $ 0.71            $ 0.57         $ 0.86          $ 0.72
                                                        ======          ======            ======         ======          ======
      Average common shares outstanding (millions)       1,155           1,154             1,154          1,153           1,157
                                                        ======          ======            ======         ======          ======

DILUTED
      Income from continuing operations                 $ 0.21          $ 0.74            $ 0.57         $ 0.90          $ 0.73
      Loss from discontinued operations                  (0.06)          (0.04)            (0.01)         (0.05)          (0.02)
                                                        ------          ------            ------         ------          ------
      Net income                                        $ 0.15          $ 0.70            $ 0.56         $ 0.85          $ 0.71
                                                        ======          ======            ======         ======          ======
      Average common shares outstanding (millions)       1,155           1,158             1,163          1,163           1,178
                                                        ======          ======            ======         ======          ======
Cash dividends declared per common share                $ 0.18          $ 0.18            $ 0.18         $ 0.18          $ 0.18
                                                        ======          ======            ======         ======          ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                                                   Quarters Ended
                                                     -----------------------------------------------------------------------------
                                                     December 31,    September 30,      June 30,        March 31,     December 31,
                                                         2008            2008             2008            2008            2007
                                                     ------------    -------------    ------------    ------------    ------------
<S>                                                     <C>             <C>             <C>              <C>            <C>
Return on average equity (A)                              21.7%           27.8%           31.1%           35.9%           37.3%
Return on average tangible equity (A)                     27.4%           34.4%           37.7%           42.7%           44.0%
Common shares outstanding (millions)                     1,160           1,160           1,159           1,158           1,158
Book value per common share                             $10.15          $10.79          $10.58          $ 9.94          $ 9.53
Shareholders' equity (billions)                         $ 11.8          $ 12.5          $ 12.3          $ 11.5          $ 11.0
</Table>

(A) Refer to Appendix I for components of return on average equity and return
on average tangible equity.

                                      17
<Page>

(Preliminary)
                           AMERICAN EXPRESS COMPANY
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                 Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                  December 31,    September 30,     June 30,        March 31,    December 31,
                                                      2008            2008            2008            2008           2007
                                                  ------------    -------------   ------------    ------------   ------------
<S>                                                  <C>              <C>            <C>             <C>            <C>
Card billed business (A):
  United States                                      $112.7           $120.3         $123.5          $114.6         $123.0
  Outside the United States                            47.8             55.2           57.4            51.8           54.5
                                                     ------           ------         ------          ------         ------
      Total                                          $160.5           $175.5         $180.9          $166.4         $177.5
                                                     ======           ======         ======          ======         ======
Total cards-in-force (millions) (B):
  United States                                        54.0             54.3           53.5            52.9           52.3
  Outside the United States                            38.4             37.8           36.6            35.1           34.1
                                                     ------           ------         ------          ------         ------
      Total                                            92.4             92.1           90.1            88.0           86.4
                                                     ======           ======         ======          ======         ======
Basic cards-in-force (millions) (B):
  United States                                        42.0             42.3           41.9            41.4           40.9
  Outside the United States                            33.4             32.8           31.6            30.2           29.2
                                                     ------           ------         ------          ------         ------
      Total                                            75.4             75.1           73.5            71.6           70.1
                                                     ======           ======         ======          ======         ======

Average discount rate (C)                              2.53%            2.56%          2.56%           2.57%          2.54%
Average basic cardmember spending (dollars) (D)      $2,792           $3,049         $3,199          $2,984         $3,228
Average fee per card (dollars) (D)                   $   34           $   34         $   34          $   34         $   33
Average fee per card adjusted (dollars) (D)          $   38           $   39         $   39          $   39         $   37
</Table>

(A) Card billed business includes activities (including cash advances) related
to proprietary cards, cards issued under network partnership agreements, and
certain insurance fees charged on proprietary cards. Card billed business is
reflected in the United States or outside the United States based on where the
cardmember is domiciled.

(B) Total cards-in-force represents the number of cards that are issued and
outstanding. Proprietary basic consumer cards-in-force includes basic cards
issued to the primary account owner and does not include additional
supplemental cards issued on that account. Proprietary basic small business
and corporate cards-in-force include basic and supplemental cards issued to
employee cardmembers. Non-proprietary basic cards-in-force includes all cards
that are issued and outstanding under network partnership agreements.

(C) This calculation is designed to approximate merchant pricing. It
represents the percentage of billed business (both proprietary and Global
Network Services) retained by the Company from merchants it acquires, prior to
payments to third parties unrelated to merchant acceptance.

(D) Average basis 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 $41 million for
the quarter ended December 31, 2008, $35 million for the quarter ended
September 30, 2008, $34 million for the quarter ended June 30, 2008,
$36 million for the quarter ended March 31, 2008, and $35 million for the
quarter ended December 31, 2007, 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
for these periods was $76 million for the quarter ended December 31, 2008,
$84 million for the quarter ended September 30, 2008, $82 million for the
quarter ended June 30, 2008, $77 million for the quarter ended March 31,
2008, and $74 million for the quarter ended December 31, 2007, 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.

                                      18
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                 SELECTED STATISTICAL INFORMATION (CONTINUED)

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                  December 31,    September 30,     June 30,        March 31,    December 31,
                                                      2008            2008            2008            2008           2007
                                                  ------------    -------------   ------------    ------------   ------------
<S>                                                  <C>             <C>             <C>             <C>            <C>
Worldwide cardmember receivables:
  Total receivables                                  $ 33.0          $  37.6         $ 39.9          $ 39.0         $ 40.1
  Loss reserves (millions):
    Beginning balance                                $1,134          $ 1,146         $1,221          $1,149         $  998
      Provision                                         426              351            241             345            419
      Net write offs (A)                               (669)            (333)          (293)           (257)          (249)
      Other                                             (81)             (30)           (23)            (16)           (19)
                                                     ------          -------         ------          ------         ------
    Ending balance                                   $  810          $ 1,134         $1,146          $1,221         $1,149
                                                     ======          =======         ======          ======         ======
    % of receivables                                    2.5%             3.0%           2.9%            3.1%           2.9%
  Net write-off rate - USCS (A)                         3.5%             3.4%           3.9%            3.6%           N/A
  30 days past due as a % of total - USCS               3.7%             3.6%           3.4%            3.3%           N/A
  Net loss ratio as a % of charge volume - ICS         0.30%            0.25%          0.22%           0.21%          0.21%
  90 days past due as a % of total - ICS                3.1%             2.7%           2.4%            2.2%           1.8%
  Net loss ratio as a % of charge volume - GCS         0.14%            0.15%          0.10%           0.12%          0.12%
  90 days past due as a % of total - GCS                2.7%             1.8%           1.6%            1.7%           2.1%

 Worldwide cardmember lending - owned basis (B):
  Total loans (C)                                    $ 42.2          $  45.7         $ 49.6          $ 49.4         $ 54.4
  30 days past due loans as a % of total                4.4%             3.7%           3.4%            3.3%           2.8%
  Loss reserves (millions):
    Beginning balance                                $2,640          $ 2,594         $1,919          $1,831         $1,469
      Provision                                         897              927          1,506             776            924
      Net write-offs - principal                       (702)            (697)          (678)           (566)          (474)
      Write-offs - interest and fees                   (143)            (161)          (149)           (127)          (105)
      Other                                            (122)             (23)            (4)              5             17
                                                     ------          -------         ------          ------         ------
    Ending balance                                   $2,570          $ 2,640         $2,594          $1,919         $1,831
                                                     ======          =======         ======          ======         ======
    % of loans                                          6.1%             5.8%           5.2%            3.9%           3.4%
    % of past due                                       137%             154%           155%            118%           119%
  Average loans (C)                                  $ 43.0          $  47.7         $ 49.6          $ 50.7         $ 51.6
  Net write-off rate                                    6.5%             5.8%           5.5%            4.5%           3.7%
  Net interest yield on cardmember loans (D)            8.8%             8.9%           8.5%            8.9%           8.5%

Worldwide cardmember lending - managed basis (E):
  Total loans (C)                                    $ 72.0          $  75.5         $ 76.5          $ 75.1         $ 77.1
  30 days past due loans as a % of total                4.6%             3.8%           3.3%            3.2%           2.8%
  Loss reserves (millions):
    Beginning balance                                $4,268          $ 3,984         $2,811          $2,581         $1,991
      Provision                                       1,621            1,643          2,368           1,231          1,387
      Net write-offs - principal                     (1,181)          (1,090)          (974)           (820)          (662)
      Write-offs - interest and fees                   (241)            (245)          (217)           (187)          (151)
      Other                                            (123)             (24)            (4)              6             16
                                                     ------          -------         ------          ------         ------
    Ending balance                                   $4,344          $ 4,268         $3,984          $2,811         $2,581
                                                     ======          =======         ======          ======         ======
    % of loans                                          6.0%             5.7%           5.2%            3.8%           3.4%
    % of past due                                       132%             148%           159%            117%           121%
  Average loans (C)                                  $ 72.8          $  76.1         $ 75.8          $ 75.7         $ 74.0
  Net write-off rate                                    6.5%             5.7%           5.1%            4.3%           3.6%
  Net interest yield on cardmember loans (D)            8.9%             9.2%           9.0%            9.6%           8.8%
</Table>

(A) In the fourth quarter 2008, the Company revised the time period in which
past due cardmember receivables in U.S. Card Services are written off.
Receivables are now written off when 180 days past due. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter 2008 include write-offs of $341 million resulting from the
change from 360 days past due to 180 days past due. The net write-off rate
excludes the $341 million. However, this amount is reflected as a write-off
reducing the reserve balance in the fourth quarter 2008 reserve roll-forward.
Including the $341 million, the net write-off rate was 11.0% for the fourth
quarter 2008. The net write off rate, reflecting write-offs of principal only,
has been presented beginning with the first quarter of 2008. The Company is
currently evaluating when International Card Services and Global Commercial
Services will be converted to this method.

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

(C) 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.

(D) See Appendix VII for discussion of Net increase yield on cardmember loans.

(E) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information for further discussion of the managed
basis presentation.

                                      19
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                          December 31,                            December 31,
                                                     ----------------------   Percentage     ---------------------   Percentage
                                                       2008          2007      Inc/(Dec)        2008       2007       Inc/(Dec)
                                                     ---------    ---------   ----------     ---------   ---------   ----------
<S>                                                    <C>          <C>          <C>          <C>         <C>            <C>
Revenues
  Discount revenue, net card fees and other            $2,465       $2,720        (9)%        $10,357     $10,243          1%
  Securitization income, net                              199          326       (39)           1,070       1,507        (29)
  Interest income                                       1,049        1,402       (25)           4,736       5,125         (8)
  Interest expense                                        490          739       (34)           2,166       2,653        (18)
                                                       ------       ------                    -------     -------
    Net interest income                                   559          663       (16)           2,570       2,472          4
                                                       ------       ------                    -------     -------
Total revenues net of interest expense                  3,223        3,709       (13)          13,997      14,222         (2)
                                                       ------       ------                    -------     -------
Provisions for losses                                   1,051        1,139        (8)           4,389       2,998         46
                                                       ------       ------                    -------     -------
Total revenues net of interest expense after
  provisions for losses                                 2,172        2,570       (15)           9,608      11,224        (14)
                                                       ------       ------                    -------     -------
Expenses
  Marketing, promotion, rewards
    and cardmember services                             1,208        1,739       (31)           4,837       5,140         (6)
  Salaries and employee benefits
    and other operating expenses                        1,012          871        16            3,727       3,354         11
                                                       ------       ------                    -------     -------
      Total                                             2,220        2,610       (15)           8,564       8,494          1
                                                       ------       ------                    -------     -------
Pretax segment (loss) income                              (48)         (40)       20            1,044       2,730        (62)
Income tax (benefit) provision                            (52)         (47)       11              252         907        (72)
                                                       ------       ------                    -------     -------
Segment income                                         $    4       $    7       (43)         $   792     $ 1,823        (57)
                                                       ======       ======                    =======     =======
</Table>

# - Denotes a variance of more than 100%.

                                      20
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                          December 31,                            December 31,
                                                     ----------------------   Percentage     ---------------------   Percentage
                                                       2008          2007      Inc/(Dec)        2008       2007       Inc/(Dec)
                                                     ---------    ---------   ----------     ---------   ---------   ----------
<S>                                                    <C>          <C>          <C>          <C>         <C>            <C>
Income Statement Data
  Discount revenue, net card fees and other:
    Reported for the period (GAAP)                     $2,465       $2,720        (9)%        $10,357     $10,243          1%
    Securitization adjustments                            110           76        45              400         310         29
                                                       ------       ------                    -------     -------
    Managed discount revenue, net card fees
      and other                                        $2,575       $2,796        (8)         $10,757     $10,553          2
                                                       ------       ------                    -------     -------

  Interest income:
    Reported for the period (GAAP)                     $1,049       $1,402       (25)         $ 4,736     $ 5,125         (8)
    Securitization adjustments                            902          828         9            3,512       3,130         12
                                                       ------       ------                    -------     -------
    Managed interest income                            $1,951       $2,230       (13)         $ 8,248     $ 8,255          -
                                                       ------       ------                    -------     -------

  Securitization income, net:
    Reported for the period (GAAP)                     $  199       $  326       (39)         $ 1,070     $ 1,507        (29)
    Securitization adjustments                           (199)        (326)      (39)          (1,070)     (1,507)       (29)
                                                       ------       ------                    -------     -------
    Managed securitization income, net                 $    -       $    -         -          $     -     $     -          -
                                                       ------       ------                    -------     -------

  Interest expense:
    Reported for the period (GAAP)                     $  490       $  739       (34)         $ 2,166     $ 2,653        (18)
    Securitization adjustments                            230          287       (20)             830       1,136        (27)
                                                       ------       ------                    -------     -------
    Managed interest expense                           $  720       $1,026       (30)         $ 2,996     $ 3,789        (21)
                                                       ------       ------                    -------     -------

  Provisions for losses:
    Reported for the period (GAAP)                     $1,051       $1,139        (8)         $ 4,389     $ 2,998         46
    Securitization adjustments                            577          263         #            2,002         871          #
                                                       ------       ------                    -------     -------
    Managed provisions for losses                      $1,628       $1,402        16          $ 6,391     $ 3,869         65
                                                       ------       ------                    -------     -------
</Table>

# - Denotes a variance of more than 100%.

For U.S. Card Services, the managed basis presentation assumes that there have
been no off-balance sheet securitization transactions, i.e., all securitized
cardmember loans and related income effects are reflected as if they were in
the Company's balance sheets and income statements, respectively. For the
managed basis presentation, revenue and expenses related to securitized
cardmember loans are reflected in other commissions and fees (included above
in discount revenue, net card fees and other), 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.

The Company presents U.S. Card Services information on a managed basis because
that is the way the Company's management views and manages the business.
Management believes that a full picture of trends in the Company's cardmember
lending business can only be derived by evaluating the performance of both
securitized and non-securitized cardmember loans. Management also believes
that use of a managed basis presentation presents a more accurate picture of
the key dynamics of the cardmember lending business. Irrespective of the on
and off-balance sheet funding mix, it is important for management and
investors to see metrics for the entire cardmember lending portfolio because
they are more representative of the economics of the aggregate cardmember
relationships and ongoing business performance and trends over time. It is
also important for investors to see the overall growth of cardmember loans and
related revenue in order to evaluate market share. These metrics are
significant in evaluating the Company's performance and can only be properly
assessed when all non-securitized and securitized cardmember loans are viewed
together on a managed basis. The Company does not currently securitize
international loans.

                                      21
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                          December 31,                            December 31,
                                                     ----------------------   Percentage     ---------------------   Percentage
                                                       2008          2007      Inc/(Dec)        2008       2007       Inc/(Dec)
                                                     ---------    ---------   ----------     ---------   ---------   ----------
<S>                                                    <C>          <C>          <C>          <C>         <C>            <C>
Card billed business                                   $ 92.0       $101.2        (9)%        $ 382.0     $ 375.2          2%
Total cards-in-force (millions)                          44.2         43.3         2%            44.2        43.3          2%
Basic cards-in-force (millions)                          32.9         32.3         2%            32.9        32.3          2%
Average basic cardmember spending (dollars)            $2,758       $3,161       (13)%        $11,594     $12,011         (3)%

U.S. Consumer Travel:
    Travel sales (millions)                            $  655       $  707        (7)%        $ 3,113     $ 2,975          5%
    Travel commissions and fees/sales                     7.8%         8.2%                       8.2%        8.0%

Total segment assets                                   $ 77.8       $ 82.3        (5)%        $  77.8     $  82.3         (5)%
Segment capital (millions) (A)                         $4,755       $4,454         7%         $ 4,755     $ 4,454          7%
Return on average segment capital (B)                    16.8%        40.2%                      16.8%       40.2%
Return on average tangible segment capital (B)           17.7%        41.8%                      17.7%       41.8%

Cardmember receivables:
  Total receivables                                    $ 17.8       $ 21.4       (17)%        $  17.8     $  21.4        (17)%
  30 days past due receivables as a% of total             3.7%         N/A                        3.7%        N/A
  Average receivables                                  $ 18.1       $ 20.2       (10)%        $  19.2     $  19.7         (3)%
  Net write-off rate (C)                                  3.5%         N/A                        3.6%        N/A

Cardmember lending - owned basis (D):
  Total loans (E)                                      $ 32.7       $ 43.3       (24)%        $  32.7     $  43.3        (24)%
  30 days past due loans as a% of total                   4.7%         2.8%                       4.7%        2.8%
  Average loans (E)                                    $ 33.2       $ 40.8       (19)%        $  36.7     $  37.1         (1)%
  Net write-off rate                                      7.0%         3.5%                       5.8%        3.1%
  Net interest yield on cardmember loans (F)              8.5%         8.4%                       8.5%        8.9%

Cardmember lending - managed basis (G):
  Total loans (E)                                      $ 62.4       $ 65.9        (5)%        $  62.4     $  65.9         (5)%
  30 days past due loans as a% of total                   4.7%         2.8%                       4.7%        2.8%
  Average loans (E)                                    $ 63.0       $ 63.2         -%         $  64.0     $  58.2         10%
  Net write-off rate                                      6.7%         3.4%                       5.5%        3.1%
  Net interest yield on cardmember loans (F)              8.7%         8.8%                       9.1%        9.1%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

(C) In the fourth quarter 2008, the Company revised the time period in which
past due cardmember receivables in U.S. Card Services are written off.
Receivables are now written off when 180 days past due. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter and year 2008 include write-offs of $341 million resulting
from the change from 360 days past due to 180 days past due. The net write-off
rate excludes the $341 million. However, this amount is reflected as a
write-off reducing the reserve balance in the fourth quarter and full year
2008 reserve roll-forward. Including the $341 million, the net write-off rate
was 11.0% and 5.4% for the fourth quarter 2008 and full year 2008,
respectively. The net write-off rate, reflecting write-offs of principal only,
has been presented beginning with the first quarter of 2008.

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

(E) 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.

(F) See Appendix VIII for discussion of Net interest yield on cardmember
loans.

(G) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information for further discussion of the managed
basis presentation.

                                      22
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                  December 31,    September 30,     June 30,        March 31,    December 31,
                                                      2008            2008            2008            2008           2007
                                                  ------------    -------------   ------------    ------------   ------------
<S>                                                  <C>              <C>            <C>             <C>            <C>
Revenues
  Discount revenue, net card fees and other          $2,465           $2,597         $2,716          $2,579         $2,720
  Securitization income, net                            199              200            227             444            326
  Interest income                                     1,049            1,190          1,189           1,308          1,402
  Interest expense                                      490              528            539             609            739
                                                     ------           ------         ------          ------         ------
    Net interest income                                 559              662            650             699            663
                                                     ------           ------         ------          ------         ------
Total revenues net of interest expense                3,223            3,459          3,593           3,722          3,709
                                                     ------           ------         ------          ------         ------
Provisions for losses                                 1,051              941          1,516             881          1,139
                                                     ------           ------         ------          ------         ------
Total revenues net of interest expense after
  provisions for losses                               2,172            2,518          2,077           2,841          2,570
                                                     ------           ------         ------          ------         ------
Expenses
  Marketing, promotion, rewards
    and cardmember services                           1,208            1,245          1,240           1,144          1,739
  Salaries and employee benefits
    and other operating expenses                      1,012              909            900             906            871
                                                     ------           ------         ------          ------         ------
        Total                                         2,220            2,154          2,140           2,050          2,610
                                                     ------           ------         ------          ------         ------
Pretax segment income (loss)                            (48)             364            (63)            791            (40)
Income tax (benefit) provision                          (52)             120            (84)            268            (47)
                                                     ------           ------         ------          ------         ------
Segment income                                       $    4           $  244         $   21          $  523         $    7
                                                     ======           ======         ======          ======         ======
</Table>

                                      23
<Page>

(Preliminary)

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

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                  December 31,    September 30,     June 30,        March 31,    December 31,
                                                      2008            2008            2008            2008           2007
                                                  ------------    -------------   ------------    ------------   ------------
<S>                                                  <C>              <C>            <C>             <C>            <C>
INCOME STATEMENT DATA
  Discount revenue, net card fees and other:
    Reported for the period (GAAP)                   $2,465           $2,597         $2,716          $2,579         $2,720
    Securitization adjustments                          110              122             95              73             76
                                                     ------           ------         ------          ------         ------
    Managed discount revenue, net card fees
     and other                                       $2,575           $2,719         $2,811          $2,652         $2,796
                                                     ------           ------         ------          ------         ------

  Interest income:
    Reported for the period (GAAP)                   $1,049           $1,190         $1,189          $1,308         $1,402
    Securitization adjustments                          902              883            824             903            828
                                                     ------           ------         ------          ------         ------
    Managed interest income                          $1,951           $2,073         $2,013          $2,211         $2,230
                                                     ------           ------         ------          ------         ------

  Securitization income, net:
    Reported for the period (GAAP)                   $  199           $  200         $  227          $  444         $  326
    Securitization adjustments                         (199)            (200)          (227)           (444)          (326)
                                                     ------           ------         ------          ------         ------
    Managed securitization income, net               $    -           $    -         $    -          $    -         $    -
                                                     ------           ------         ------          ------         ------

  Interest expense:
    Reported for the period (GAAP)                   $  490           $  528         $  539          $  609         $  739
    Securitization adjustments                          230              196            184             220            287
                                                     ------           ------         ------          ------         ------
    Managed interest expense                         $  720           $  724         $  723          $  829         $1,026
                                                     ------           ------         ------          ------         ------

  Provisions for losses:
    Reported for the period (GAAP)                   $1,051           $  941         $1,516          $  881         $1,139
    Securitization adjustments                          577              629            409             387            263
                                                     ------           ------         ------          ------         ------
    Managed provisions for losses                    $1,628           $1,570         $1,925          $1,268         $1,402
                                                     ------           ------         ------          ------         ------
</Table>

See page 21 for discussion of managed basis presentation.

                                      24
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                                 Quarters Ended
                                                  ---------------------------------------------------------------------------
                                                  December 31,    September 30,     June 30,        March 31,    December 31,
                                                      2008            2008            2008            2008           2007
                                                  ------------    -------------   ------------    ------------   ------------
<S>                                                  <C>              <C>            <C>             <C>            <C>
Card billed business                                 $ 92.0           $ 97.9         $100.0          $ 92.1         $101.2
Total cards-in-force (millions)                        44.2             44.7           44.2            43.8           43.3
Basic cards-in-force (millions)                        32.9             33.4           33.0            32.7           32.3
Average basic cardmember spending (dollars)          $2,758           $2,950         $3,047          $2,838         $3,161

U.S. Consumer Travel:
    Travel sales                                     $  0.7           $  0.8         $  0.9          $  0.8         $  0.7
    Travel commissions and fees/sales                   7.8%             8.2%           9.0%            7.7%           8.2%

Total segment assets                                 $ 77.8           $ 80.5         $ 83.5          $ 81.9         $ 82.3
Segment capital (A)                                  $  4.8           $  5.1         $  4.9          $  4.5         $  4.5
Return on average segment capital (B)                  16.8%            17.0%          25.0%           37.9%          40.2%
Return on average tangible segment capital (B)         17.7%            17.7%          26.1%           39.4%          41.8%

Cardmember receivables:
  Total receivables                                  $ 17.8           $ 18.8         $ 19.8          $ 19.2         $ 21.4
  30 days past due receivables as a % of total          3.7%             3.6%           3.4%            3.3%           N/A
  Average receivables                                $ 18.1           $ 19.3         $ 19.6          $ 19.7         $ 20.2
  Net write-off rate (C)                                3.5%             3.4%           3.9%            3.6%           N/A

Cardmember lending - owned basis (D):
  Total loans (E)                                    $ 32.7           $ 34.6         $ 37.8          $ 38.0         $ 43.3
  30 days past due loans as a % of total                4.7%             3.9%           3.5%            3.4%           2.8%
  Average loans (E)                                  $ 33.2           $ 36.3         $ 37.9          $ 39.6         $ 40.8
  Net write-off rate                                    7.0%             6.1%           5.8%            4.5%           3.5%
  Net interest yield on cardmember loans (F)            8.5%             8.6%           8.2%            8.7%           8.4%

Cardmember lending - managed basis (G):
  Total loans (E)                                    $ 62.4           $ 64.3         $ 64.7          $ 63.6         $ 65.9
  30 days past due loans as a % of total                4.7%             3.9%           3.3%            3.2%           2.8%
  Average loans (E)                                  $ 63.0           $ 64.6         $ 64.2          $ 64.5         $ 63.2
  Net write-off rate                                    6.7%             5.9%           5.3%            4.3%           3.4%
  Net interest yield on cardmember loans (F)            8.7%             9.1%           8.9%            9.6%           8.8%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

(C) In the fourth quarter 2008, the Company revised the time period in which
past due cardmember receivables in U.S. Card Services are written off.
Receivables are now written off when 180 days past due. Previously,
receivables were written off when 360 days past due. The net write-offs for
the fourth quarter 2008 include write-offs of $341 million resulting from the
change from 360 days past due to 180 days past due. The net write-off rate
excludes the $341 million. However, this amount is reflected as a write-off
reducing the reserve balance in the fourth quarter 2008 reserve roll-forward.
Including the $341 million, the net write-off rate was 11.0% for the fourth
quarter 2008.The net write-off rate, reflecting write-offs of principal only,
has been presented beginning with the first quarter of 2008.

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

(E) 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.

(F) See Appendix VIII for discussion of Net interest yield on cardmember
loans.

(G) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. The difference between the "owned basis" (GAAP)
information and "managed basis" information is attributable to the effects of
securitization activities. Refer to the information set forth under U.S. Card
Services Selected Financial Information for further discussion of the managed
basis presentation.

                                      25
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                          December 31,                            December 31,
                                                     ----------------------   Percentage      -------------------    Percentage
                                                       2008          2007      Inc/(Dec)        2008       2007       Inc/(Dec)
                                                     ---------    ---------   ----------      -------     -------    ----------
<S>                                                   <C>          <C>           <C>           <C>         <C>           <C>
Revenues
  Discount revenue, net card fees and other           $  864       $  967        (11)%         $3,758      $3,499         7%
                                                      ------       ------                      ------      ------
  Interest income                                        427          478        (11)           1,984       1,741        14
  Interest expense                                       193          256        (25)             961         909         6
                                                      ------       ------                      ------      ------
    Net interest income                                  234          222          5            1,023         832        23
                                                      ------       ------                      ------      ------
Total revenues net of interest expense                 1,098        1,189         (8)           4,781       4,331        10
                                                      ------       ------                      ------      ------
Provisions for losses                                    243          220         10            1,030         812        27
                                                      ------       ------                      ------      ------
Total revenues net of interest expense after
  provisions for losses                                  855          969        (12)           3,751       3,519         7
                                                      ------       ------                      ------      ------
Expenses
  Marketing, promotion, rewards and cardmember
    services                                             303          638        (53)           1,453       1,566        (7)
  Salaries and employee benefits and other
    operating expenses                                   590          512         15            2,145       1,836        17
                                                      ------       ------                      ------      ------
        Total                                            893        1,150        (22)           3,598       3,402         6
                                                      ------       ------                      ------      ------
Pretax segment (loss) income                             (38)        (181)       (79)             153         117        31
Income tax benefit                                       (74)        (113)       (35)            (198)       (174)       14
                                                      ------       ------                      ------      ------
Segment income (loss)                                 $   36       $  (68)         #           $  351      $  291        21
                                                      ======       ======                      ======      ======

</Table>

# - Denotes variance of more than 100%.

                                      26
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                  Quarters Ended                      Years Ended
                                                   December 31,                       December 31,
                                                 ----------------    Percentage     ----------------   Percentage
                                                  2008      2007      Inc/(Dec)      2008      2007     Inc/(Dec)
                                                 ------    ------    ----------     ------    ------   ----------
<S>                                              <C>       <C>          <C>         <C>       <C>          <C>
Card billed business                             $ 24.2    $ 28.2       (14)%       $106.1    $ 98.0         8%
Total cards-in-force (millions)                    16.3      16.0         2%          16.3      16.0         2%
Basic cards-in-force (millions)                    11.4      11.3         1%          11.4      11.3         1%
Average basic cardmember spending (dollars)      $2,109    $2,515       (16)%       $9,292    $8,772         6%

International Consumer Travel:
  Travel sales (millions)                        $  266    $  310       (14)%       $1,267    $1,113        14%
  Travel commissions and fees/sales                 7.5%      8.7%                     8.1%      8.6%

Total segment assets                             $ 20.4    $ 21.4        (5)%       $ 20.4    $ 21.4        (5)%
Segment capital (millions) (A)                   $1,985    $2,062        (4)%       $1,985    $2,062        (4)%
Return on average segment capital (B)              16.7%     15.3%                    16.7%     15.3%
Return on average tangible segment capital (B)     22.6%     21.4%                    22.6%     21.4%

Cardmember receivables:
  Total receivables                              $  5.6    $  6.6       (15)%       $  5.6    $  6.6       (15)%
  90 days past due as a % of total                  3.1%      1.8%                     3.1%      1.8%
  Net loss ratio as a % of charge volume           0.30%     0.21%                    0.24%     0.26%

Cardmember lending:
  Total loans (C)                                $  9.5    $ 11.2       (15)%       $  9.5    $ 11.2       (15)%
  30 days past due loans as a % of total            3.6%      2.8%                     3.6%      2.8%
  Average loans (C)                              $  9.8    $ 10.8        (9)%       $ 10.9    $ 10.0         9%
  Net write-off rate                                5.1%      4.4%                     4.8%      4.9%
  Net interest yield on cardmember loans (D)        9.8%      8.7%                     9.8%      8.9%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

(C) 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.

(D) See Appendix VIII for discussion of Net interest yield on cardmember
loans.

                                      27
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                               Quarters Ended
                                                -----------------------------------------------------------------------------
                                                December 31,    September 30,      June 30,        March 31,     December 31,
                                                    2008            2008            2008             2008           2007
                                                ------------    -------------    ------------    ------------    ------------
<S>                                                   <C>              <C>             <C>             <C>             <C>
Revenues
  Discount revenue, net card fees and other           $  864           $  965          $  992          $  937          $  967
                                                      ------           ------          ------          ------          ------
  Interest income                                        427              523             524             510             478
  Interest expense                                       193              256             260             252             256
                                                      ------           ------          ------          ------          ------
    Net interest income                                  234              267             264             258             222
                                                      ------           ------          ------          ------          ------
Total revenues net of interest expense                 1,098            1,232           1,256           1,195           1,189
                                                      ------           ------          ------          ------          ------
Provisions for losses                                    243              316             242             229             220
                                                      ------           ------          ------          ------          ------
Total revenues net of interest expense after
 provisions for losses                                   855              916           1,014             966             969
                                                      ------           ------          ------          ------          ------
Expenses
  Marketing, promotion, rewards and cardmember
   services                                              303              388             404             358             638
  Salaries and employee benefits and other
   operating expenses                                    590              527             537             491             512
                                                      ------           ------          ------          ------          ------
        Total                                            893              915             941             849           1,150
                                                      ------           ------          ------          ------          ------
Pretax segment (loss) income                             (38)               1              73             117            (181)
Income tax benefit                                       (74)             (66)            (42)            (16)           (113)
                                                      ------           ------          ------          ------          ------
Segment income (loss)                                 $   36           $   67          $  115          $  133          $  (68)
                                                      ======           ======          ======          ======          ======
</Table>

                                      28
<Page>

(Preliminary)

                          INTERNATIONAL CARD SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                               Quarters Ended
                                                -----------------------------------------------------------------------------
                                                December 31,    September 30,      June 30,        March 31,     December 31,
                                                    2008            2008             2008            2008            2007
                                                ------------    -------------    ------------    ------------    ------------
<S>                                                <C>              <C>             <C>             <C>             <C>
Card billed business                               $ 24.2           $ 27.5          $ 28.3          $ 26.1          $ 28.2
Total cards-in-force (millions)                      16.3             16.4            16.3            16.1            16.0
Basic cards-in-force (millions)                      11.4             11.5            11.5            11.4            11.3
Average basic cardmember spending (dollars)        $2,109           $2,393          $2,476          $2,309          $2,515

International Consumer Travel:
  Travel sales                                     $  0.3           $  0.3          $  0.4          $  0.3          $  0.3
  Travel commissions and fees/sales                   7.5%             8.4%            8.1%            8.4%            8.7%

Total segment assets                               $ 20.4           $ 22.6          $ 22.7          $ 21.3          $ 21.4
Segment capital (A)                                $  2.0           $  2.3          $  2.2          $  2.0          $  2.1
Return on average segment capital (B)                16.7%            11.8%           15.8%           16.4%           15.3%
Return on average tangible segment capital (B)       22.6%            15.9%           21.5%           22.6%           21.4%

Cardmember receivables:
  Total receivables (C)                            $  5.6           $  6.1          $  6.6          $  6.3          $  6.6
  90 days past due as a % of total                    3.1%             2.7%            2.4%            2.2%            1.8%
  Net loss ratio as a % of charge volume             0.30%            0.25%           0.22%           0.21%           0.21%

Cardmember lending:
  Total loans (C) (D)                              $  9.5           $ 11.1          $ 11.8          $ 11.4          $ 11.2
  30 days past due loans as a % of total              3.6%             3.3%            3.1%            3.0%            2.8%
  Average loans (D)                                $  9.8           $ 11.4          $ 11.6          $ 11.2          $ 10.8
  Net write-off rate                                  5.1%             5.1%            4.5%            4.4%            4.4%
  Net interest yield on cardmember loans (E)          9.8%             9.7%            9.6%            9.6%            8.7%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

(C) The March 31, 2008 balance reflects a reclassification of $393 million
from cardmember receivables to cardmember lending for charge card products
with lending features.

(D) 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.

(E) See Appendix VIII for discussion of Net interest yield on cardmember
loans.

                                      29
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                  Quarters Ended                      Years Ended
                                                   December 31,                       December 31,
                                                 ----------------    Percentage     ----------------    Percentage
                                                  2008      2007      Inc/(Dec)      2008      2007      Inc/(Dec)
                                                 ------    ------    ----------     ------    ------    ----------
<S>                                              <C>       <C>          <C>         <C>       <C>           <C>
Revenues
  Discount revenue, net card fees and other      $1,150    $1,245        (8)%       $5,081    $4,697          8%
                                                 ------    ------                   ------    ------
  Interest income                                    30        49       (39)           168       187        (10)
  Interest expense                                  136       166       (18)           553       615        (10)
                                                 ------    ------                   ------    ------
    Net interest income                            (106)     (117)       (9)          (385)     (428)       (10)
                                                 ------    ------                   ------    ------
Total revenues net of interest expense            1,044     1,128        (7)         4,696     4,269         10
                                                 ------    ------                   ------    ------
Provisions for losses                                69        55        25            231       163         42
                                                 ------    ------                   ------    ------
Total revenues net of interest expense
 after provisions for losses                        975     1,073        (9)         4,465     4,106          9
                                                 ------    ------                   ------    ------
Expenses
  Marketing, promotion, rewards and cardmember
   services                                         79       135       (41)           377       387         (3)
  Salaries and employee benefits and other
   operating expenses                              955       794        20          3,412     2,975         15
                                                 ------    ------                   ------    ------
        Total                                     1,034       929        11          3,789     3,362         13
                                                 ------    ------                   ------    ------
Pretax segment (loss) income                        (59)      144         #            676       744         (9)
Income tax (benefit) provision                      (41)       34         #            182       208        (13)
                                                 ------    ------                   ------    ------
Segment (loss) income                            $  (18)   $  110         #         $  494    $  536         (8)
                                                 ======    ======                   ======    ======
</Table>

# - Denotes variance of more than 100%.

                                      30
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                  Quarters Ended                      Years Ended
                                                   December 31,                       December 31,
                                                 ----------------    Percentage     ----------------    Percentage
                                                  2008      2007      Inc/(Dec)      2008      2007      Inc/(Dec)
                                                 ------    ------    ----------     ------    ------    ----------
<S>                                              <C>       <C>          <C>         <C>        <C>         <C>
Card billed business                             $ 28.7    $ 32.2       (11)%       $ 129.2    $ 122.1        6%
Total cards-in-force (millions)                     7.1       6.8         4%            7.1        6.8        4%
Basic cards-in-force (millions)                     7.1       6.8         4%            7.1        6.8        4%
Average basic cardmember spending (dollars)      $4,070    $4,695       (13)%       $18,527    $18,017        3%

Global Corporate Travel:
  Travel sales                                   $  4.3    $  5.5       (22)%       $  21.0    $  20.5        2%
  Travel commissions and fees/sales                 8.4%      7.8%                      7.8%       7.7%

Total segment assets                             $ 25.1    $ 21.1        19%        $  25.1    $  21.1       19%
Segment capital (millions) (A)                   $3,539    $2,239        58%        $ 3,539    $ 2,239       58%
Return on average segment capital (B)              15.4%     25.3%                     15.4%      25.3%
Return on average tangible segment capital (B)     33.4%     43.3%                     33.4%      43.3%

Cardmember receivables:
  Total receivables                              $  9.4    $ 11.4       (18)%       $   9.4    $  11.4      (18)%
  90 days past due as a % of total                  2.7%      2.1%                      2.7%       2.1%
  Net loss ratio as a % of charge volume           0.14%     0.12%                     0.13%      0.10%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

                                      31
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                               ----------------------------------------------------------------------------
                                               December 31,    September 30,     June 30,       March 31,      December 31,
                                                   2008            2008            2008            2008            2007
                                               ------------    ------------    ------------    ------------    ------------
<S>                                               <C>             <C>             <C>             <C>             <C>
Revenues
  Discount revenue, net card fees and other       $1,150          $1,291          $1,405          $1,235          $1,245
                                                  ------          ------          ------          ------          ------
  Interest income                                     30              43              49              46              49
  Interest expense                                   136             134             146             137             166
                                                  ------          ------          ------          ------          ------
    Net interest income                             (106)            (91)            (97)            (91)           (117)
                                                  ------          ------          ------          ------          ------
Total revenues net of interest expense             1,044           1,200           1,308           1,144           1,128
                                                  ------          ------          ------          ------          ------
Provisions for losses                                 69              60              40              62              55
                                                  ------          ------          ------          ------          ------
Total revenues net of interest expense after
 provisions for losses                               975           1,140           1,268           1,082           1,073
                                                  ------          ------          ------          ------          ------
Expenses
  Marketing, promotion, rewards and
      cardmember services                             79             113              99              86             135
  Salaries and employee benefits and other
      operating expenses                             955             836             843             778             794
                                                  ------          ------          ------          ------          ------
        Total                                      1,034             949             942             864             929
                                                  ------          ------          ------          ------          ------
Pretax segment (loss) income                         (59)            191             326             218             144
Income tax (benefit) provision                       (41)             57              99              67              34
                                                  ------          ------          ------          ------          ------
Segment (loss) income                             $  (18)         $  134          $  227          $  151          $  110
                                                  ======          ======          ======          ======          ======
</Table>

                                      32
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                               ----------------------------------------------------------------------------
                                               December 31,    September 30,     June 30,       March 31,      December 31,
                                                   2008            2008            2008            2008            2007
                                               ------------    ------------    ------------    ------------    ------------
<S>                                               <C>             <C>             <C>             <C>             <C>
Card billed business                              $ 28.7          $ 32.3          $ 35.4          $ 32.8          $ 32.2
Total cards-in-force (millions)                      7.1             7.0             7.0             6.9             6.8
Basic cards-in-force (millions)                      7.1             7.0             7.0             6.9             6.8
Average basic cardmember spending (dollars)       $4,070          $4,611          $5,083          $4,770          $4,695

Global Corporate Travel:
  Travel sales                                    $  4.3          $  5.1          $  6.2          $  5.4          $  5.5
  Travel commissions and fees/sales                  8.4%            8.0%            7.5%            7.4%            7.8%

Total segment assets                              $ 25.1          $ 23.6          $ 25.8          $ 28.4          $ 21.1
Segment capital (A)                               $  3.5          $  3.6          $  3.3          $  3.4          $  2.2
Return on average segment capital (B)               15.4%           21.2%           23.6%           23.2%           25.3%
Return on average tangible segment capital (B)      33.4%           43.9%           46.7%           42.4%           43.3%

Cardmember receivables:
  Total receivables                               $  9.4          $ 12.5          $ 13.4          $ 12.8          $ 11.4
  90 days past due as a % of total                   2.7%            1.8%            1.6%            1.7%            2.1%
  Net loss ratio as a % of charge volume            0.14%           0.15%           0.10%           0.12%           0.12%
</Table>

(A) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(B) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

                                      33
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                           December 31,                           December 31,
                                                     ----------------------    Percentage    ----------------------    Percentage
                                                        2008         2007       Inc/(Dec)      2008         2007        Inc/(Dec)
                                                     ---------    ---------    ----------    ---------    ---------    ----------
<S>                                                     <C>         <C>           <C>         <C>          <C>             <C>
Revenues
 Discount revenue, fees and other                       $893       $  961          (7)%       $3,875       $3,549            9%
                                                        ----       ------                     ------       ------
 Interest income                                           1            1           -              5            3           67
 Interest expense                                        (51)         (79)        (35)          (222)        (312)         (29)
                                                        ----       ------                     ------       ------
  Net interest income                                     52           80         (35)           227          315          (28)
                                                        ----       ------                     ------       ------
Total revenues net of interest expense                   945        1,041          (9)         4,102        3,864            6
                                                        ----       ------                     ------       ------
Provisions for losses                                     36           28          29            127          103           23
                                                        ----       ------                     ------       ------
Total revenues net of interest expense after
 provision for losses                                    909        1,013         (10)         3,975        3,761            6
                                                        ----       ------                     ------       ------
Expenses
 Marketing and promotion                                 118          165         (28)           553          595           (7)
 Salaries and employee benefits and other
  operating expenses                                     488          469           4          1,932        1,606           20
                                                        ----       ------                     ------       ------
    Total                                                606          634          (4)         2,485        2,201           13
                                                        ----       ------                     ------       ------
Pretax segment income                                    303          379         (20)         1,490        1,560           (4)
Income tax provision                                      88          125         (30)           495          538           (8)
                                                        ----       ------                     ------       ------
Segment income                                          $215       $  254         (15)        $  995       $1,022           (3)
                                                        ====       ======                     ======       ======
</Table>

                                      34
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                         Quarters Ended                           Years Ended
                                                           December 31,                           December 31,
                                                     ----------------------    Percentage    ----------------------    Percentage
                                                        2008         2007       Inc/(Dec)      2008         2007        Inc/(Dec)
                                                     ---------    ---------    ----------    ---------    ---------    ----------
<S>                                                   <C>          <C>            <C>         <C>          <C>             <C>
Global Card billed business (A)                       $160.5       $177.5         (10)%       $683.3       $647.3           6%

Global Network & Merchant Services:
 Total segment assets                                 $  7.0       $  6.5           8%        $  7.0       $  6.5           8%
 Segment capital (millions) (B)                       $1,441       $1,170          23%        $1,441       $1,170          23%
Return on average segment capital (C)                   75.5%        90.7%                      75.5%        90.7%
Return on average tangible segment capital (C)          77.6%        93.4%                      77.6%        93.4%

Global Network Services:
 Card billed business                                 $ 16.0       $ 16.0           -%          67.4       $ 52.9          27%
 Total cards-in-force (millions)                        24.8         20.3          22%          24.8         20.3          22%
</Table>

(A) Global Card billed business includes activities (including cash advances)
related to proprietary cards, cards issued under network partnership
agreements, and certain insurance fees charged on proprietary cards.

(B) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(C) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

                                      35
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA

(Millions)

<Table>
<Caption>
                                                                             Quarters Ended
                                               ----------------------------------------------------------------------------
                                               December 31,    September 30,     June 30,       March 31,      December 31,
                                                   2008            2008            2008            2008            2007
                                               ------------    -------------   ------------    ------------    ------------
<S>                                                 <C>           <C>             <C>             <C>             <C>
Revenues
 Discount revenue, fees and other                   $893          $1,015          $1,025          $  942          $  961
                                                    ----          ------          ------          ------          ------
 Interest income                                       1               2               1               1               1
 Interest expense                                    (51)            (54)            (57)            (60)            (79)
                                                    ----          ------          ------          ------          ------
  Net interest income                                 52              56              58              61              80
                                                    ----          ------          ------          ------          ------
Total revenues net of interest expense               945           1,071           1,083           1,003           1,041
                                                    ----          ------          ------          ------          ------
Provisions for losses                                 36              34              26              31              28
                                                    ----          ------          ------          ------          ------
Total revenues net of interest expense after
 provision for losses                                909           1,037           1,057             972           1,013
                                                    ----          ------          ------          ------          ------
Expenses
 Marketing and promotion                             118             150             149             136             165
 Salaries and employee benefits and other
  operating expenses                                 488             490             453             501             469
                                                    ----          ------          ------          ------          ------
    Total                                            606             640             602             637             634
                                                    ----          ------          ------          ------          ------
Pretax segment income                                303             397             455             335             379
Income tax provision                                  88             139             156             112             125
                                                    ----          ------          ------          ------          ------
Segment income                                      $215          $  258          $  299          $  223          $  254
                                                    ====          ======          ======          ======          ======
</Table>

                                      36
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                       SELECTED STATISTICAL INFORMATION

(Billions, except percentages and where indicated)

<Table>
<Caption>
                                                                             Quarters Ended
                                               ----------------------------------------------------------------------------
                                               December 31,    September 30,     June 30,       March 31,      December 31,
                                                   2008            2008            2008            2008            2007
                                               ------------    -------------   ------------    ------------    ------------
<S>                                               <C>             <C>             <C>             <C>             <C>
Global Card billed business (A)                   $160.5          $175.5          $180.9          $166.4          $177.5

Global Network & Merchant Services:
 Total segment assets                             $  7.0          $  8.0          $  7.2          $  6.8          $  6.5
 Segment capital (B)                              $  1.4          $  1.4          $  1.4          $  1.2          $  1.2
Return on average segment capital (C)               75.5%           82.4%           88.1%           91.3%           90.7%
Return on average tangible segment capital (C)      77.6%           84.7%           90.7%           94.2%           93.4%

Global Network Services:
 Card billed business                             $ 16.0          $ 18.2          $ 17.5          $ 15.7          $ 16.0
 Total cards-in-force (millions)                    24.8            24.0            22.6            21.2            20.3
</Table>

(A) Global Card billed business includes activities (including cash advances)
related to proprietary cards, cards issued under network partnership
agreements, and certain insurance fees charged on proprietary cards.

(B) Segment capital represents capital allocated to a segment based upon
specific business operational needs, risk measures, and regulatory capital
requirements.

(C) Refer to Appendix I for components of return on average segment capital
and return on average tangible segment capital.

                                      37
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
  COMPONENTS OF RETURN ON AVERAGE EQUITY, RETURN ON AVERAGE TANGIBLE EQUITY,
               RETURN ON AVERAGE SEGMENT CAPITAL, AND RETURN ON
                       AVERAGE TANGIBLE SEGMENT CAPITAL
                                  APPENDIX I

(Millions)

<Table>
<Caption>
                                                                                  Quarters Ended
                                                      ------------------------------------------------------------------
                                                      December 31,   September 30,   June 30,   March 31,   December 31,
                                                         2008            2008          2008       2008          2007
                                                      ------------   -------------   --------   ---------   ------------
<S>                                                     <C>             <C>          <C>         <C>           <C>
CONSOLIDATED
   Total net income                                     $ 2,631         $ 3,290      $ 3,542     $ 3,946       $ 4,012
   Average shareholders' equity                          12,121          11,833       11,396      10,977        10,751
   Average goodwill and other intangibles                 2,533           2,264        2,006       1,745         1,643
                                                        -------         -------      -------     -------       -------
      Average tangible shareholders' equity             $ 9,588         $ 9,569      $ 9,390     $ 9,232       $ 9,108
                                                        -------         -------      -------     -------       -------
   Return on average equity (A)                            21.7%           27.8%        31.1%       35.9%         37.3%
   Return on average tangible equity (A)                   27.4%           34.4%        37.7%       42.7%         44.0%

U.S. CARD SERVICES
   Total segment income                                 $   792         $   795      $ 1,143     $ 1,702       $ 1,823
   Average segment capital                                4,728           4,672        4,567       4,496         4,531
   Average goodwill and other intangibles                   243             188          182         176           170
                                                        -------         -------      -------     -------       -------
      Average tangible segment capital                  $ 4,485         $ 4,484      $ 4,385     $ 4,320       $ 4,361
                                                        -------         -------      -------     -------       -------
   Return on average segment capital (A)                   16.8%           17.0%        25.0%       37.9%         40.2%
   Return on average tangible segment capital (A)          17.7%           17.7%        26.1%       39.4%         41.8%

INTERNATIONAL CARD SERVICES
   Total segment income                                 $   351         $   247      $   321     $   322       $   291
   Average segment capital                                2,105           2,102        2,032       1,964         1,900
   Average goodwill and other intangibles                   550             544          538         538           539
                                                        -------         -------      -------     -------       -------
      Average tangible segment capital                  $ 1,555         $ 1,558      $ 1,494     $ 1,426       $ 1,361
                                                        -------         -------      -------     -------       -------
   Return on average segment capital (A)                   16.7%           11.8%        15.8%       16.4%         15.3%
   Return on average tangible segment capital (A)          22.6%           15.9%        21.5%       22.6%         21.4%

GLOBAL COMMERCIAL SERVICES
   Total segment income                                 $   494         $   622      $   623     $   558       $   536
   Average segment capital                                3,198           2,933        2,637       2,407         2,118
   Average goodwill and other intangibles                 1,721           1,515        1,303       1,092           881
                                                        -------         -------      -------     -------       -------
      Average tangible segment capital                  $ 1,477         $ 1,418      $ 1,334     $ 1,315       $ 1,237
                                                        -------         -------      -------     -------       -------
   Return on average segment capital (A)                   15.4%           21.2%        23.6%       23.2%         25.3%
   Return on average tangible segment capital (A)          33.4%           43.9%        46.7%       42.4%         43.3%

GLOBAL NETWORK & MERCHANT SERVICES
   Total segment income                                 $   995         $ 1,034      $ 1,042     $ 1,009       $ 1,022
   Average segment capital                                1,318           1,255        1,183       1,105         1,127
   Average goodwill and other intangibles                    35              34           34          34            33
                                                        -------         -------      -------     -------       -------
      Average tangible segment capital                  $ 1,283         $ 1,221      $ 1,149     $ 1,071       $ 1,094
                                                        -------         -------      -------     -------       -------
   Return on average segment capital (A)                   75.5%           82.4%        88.1%       91.3%         90.7%
   Return on average tangible segment capital (A)          77.6%           84.7%        90.7%       94.2%         93.4%
</Table>

(A) Return on average equity and return on average segment capital are
calculated by dividing one year period net income/segment income by one year
average total shareholders' equity/average segment capital, respectively.
Return on average tangible equity and return on average tangible segment
capital is computed in the same manner as return on average equity and return
on average segment capital except the computation of average tangible
shareholders' equity and average tangible segment capital excludes average
goodwill and other intangibles. The Company believes that return on average
tangible equity and return on average tangible segment capital is a useful
measure of the profitability of its business growth.

                                      38
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                      CONSOLIDATED STATEMENTS OF INCOME
                                 APPENDIX II

(Millions)

<Table>
<Caption>
                                                                        Quarters Ended                            Year Ended
                                               ------------------------------------------------------------      ------------
                                               December 31,      September 30,      June 30,      March 31,      December 31,
                                                   2007              2007             2007          2007            2007
                                               ------------      -------------      --------      ---------      ------------
<S>                                               <C>                <C>             <C>           <C>             <C>
Revenues
  Discount revenue                                $3,912             $3,659          $3,670        $3,355          $14,596
  Net card fees                                      508                488             469           454            1,919
  Travel commissions and fees                        514                484             491           437            1,926
  Other commissions and fees                         650                644             587           536            2,417
  Securitization income, net                         326                392             332           457            1,507
  Other                                              496                443             424           388            1,751
                                                  ------             ------          ------        ------          -------
    Total other revenues                           6,406              6,110           5,973         5,627           24,116
                                                  ------             ------          ------        ------          -------
Interest income
  Interest and fees on loans                       1,735              1,633           1,561         1,422            6,351
  Interest and dividends on investment
    securities                                       181                171             167           154              673
  Deposits with banks and other                       93                 90             130            87              400
                                                  ------             ------          ------        ------          -------
    Total interest income                          2,009              1,894           1,858         1,663            7,424
                                                  ------             ------          ------        ------          -------
Interest expense
  Deposits                                           170                141             145           133              589
  Short-term borrowings                              147                192             202           192              733
  Long-term debt                                     738                684             591           552            2,565
  Other                                               36                 31              26             1               94
                                                  ------             ------          ------        ------          -------
    Total interest expense                         1,091              1,048             964           878            3,981
                                                  ------             ------          ------        ------          -------
      Net interest income                            918                846             894           785            3,443
                                                  ------             ------          ------        ------          -------
Total revenues net of interest expense             7,324              6,956           6,867         6,412           27,559
                                                  ------             ------          ------        ------          -------
Provisions for losses
  Charge card                                        419                279             233           209            1,140
  Cardmember lending                                 970                579             638           574            2,761
  Other                                               61                 42              38            61              202
                                                  ------             ------          ------        ------          -------
      Total                                        1,450                900             909           844            4,103
                                                  ------             ------          ------        ------          -------
Total revenues net of interest expense after
  provisions for losses                            5,874              6,056           5,958         5,568           23,456
                                                  ------             ------          ------        ------          -------

Expenses
  Marketing and promotion                            804                646             660           452            2,562
  Cardmember rewards                               1,778              1,039           1,049           911            4,777
  Cardmember services                                137                125             117            99              478
  Salaries and employee benefits                   1,437              1,366           1,334         1,301            5,438
  Professional services                              646                539             578           517            2,280
  Occupancy and equipment                            382                374             352           328            1,436
  Communications                                     119                118             112           112              461
  Other, net                                        (587)               344             341           232              330
                                                  ------             ------          ------        ------          -------
      Total                                        4,716              4,551           4,543         3,952           17,762
                                                  ------             ------          ------        ------          -------
Pretax income from continuing operations           1,158              1,505           1,415         1,616            5,694
Income tax provision                                 300                383             369           516            1,568
                                                  ------             ------          ------        ------          -------
Income from continuing operations                    858              1,122           1,046         1,100            4,126
(Loss) income from discontinued operations,
  net of tax                                         (27)               (55)             11           (43)            (114)
                                                  ------             ------          ------        ------          -------
Net income                                        $  831             $1,067          $1,057        $1,057          $ 4,012
                                                  ======             ======          ======        ======          =======
</Table>

                                      39
<Page>

(Preliminary)

                              U.S. CARD SERVICES
                        SELECTED INCOME STATEMENT DATA
                                 APPENDIX III

(Millions)

<Table>
<Caption>
                                                                        Quarters Ended                            Year Ended
                                               ------------------------------------------------------------      ------------
                                               December 31,      September 30,      June 30,      March 31,      December 31,
                                                   2007              2007             2007          2007             2007
                                               ------------      -------------      --------      ---------      ------------
<S>                                               <C>                <C>             <C>           <C>             <C>
Revenues
  Discount revenue, net card fees and other       $2,720             $2,602          $2,567        $2,354          $10,243
  Securitization income, net                         326                392             332           457            1,507
  Interest income                                  1,402              1,293           1,285         1,145            5,125
  Interest expense                                   739                698             624           592            2,653
                                                  ------             ------          ------        ------          -------
    Net interest income                              663                595             661           553            2,472
                                                  ------             ------          ------        ------          -------
Total revenues net of interest expense             3,709              3,589           3,560         3,364           14,222
                                                  ------             ------          ------        ------          -------
Provisions for losses                              1,139                638             640           581            2,998
                                                  ------             ------          ------        ------          -------
Total revenues net of interest expense after
  provisions for losses                            2,570              2,951           2,920         2,783           11,224
                                                  ------             ------          ------        ------          -------
Expenses
  Marketing, promotion, rewards and
   cardmember services                             1,739              1,191           1,266           944            5,140
  Salaries and employee benefits and other
   operating expenses                                871                848             827           808            3,354
                                                  ------             ------          ------        ------          -------
        Total                                      2,610              2,039           2,093         1,752            8,494
                                                  ------             ------          ------        ------          -------
Pretax segment (loss) income                         (40)               912             827         1,031            2,730
Income tax (benefit) provision                       (47)               320             247           387              907
                                                  ------             ------          ------        ------          -------
Segment income                                    $    7             $  592          $  580        $  644          $ 1,823
                                                  ======             ======          ======        ======          =======
</Table>

                                      40
<Page>

(Preliminary)

                         INTERNATIONAL CARD SERVICES
                        SELECTED INCOME STATEMENT DATA
                                 APPENDIX IV

(Millions)

<Table>
<Caption>
                                                                        Quarters Ended                            Year Ended
                                               ------------------------------------------------------------      ------------
                                               December 31,      September 30,      June 30,      March 31,      December 31,
                                                   2007              2007             2007          2007             2007
                                               ------------      -------------      --------      ---------      ------------
<S>                                               <C>                <C>             <C>             <C>            <C>
Revenues
  Discount revenue, net card fees and other       $  967             $  895          $  846          $791           $3,499
                                                  ------             ------          ------          ----           ------
  Interest income                                    478                452             433           378            1,741
  Interest expense                                   256                233             230           190              909
                                                  ------             ------          ------          ----           ------
    Net interest income                              222                219             203           188              832
                                                  ------             ------          ------          ----           ------
Total revenues net of interest expense             1,189              1,114           1,049           979            4,331
                                                  ------             ------          ------          ----           ------
Provisions for losses                                220                197             211           184              812
                                                  ------             ------          ------          ----           ------
Total revenues net of interest expense after
  provisions for losses                              969                917             838           795            3,519
                                                  ------             ------          ------          ----           ------
Expenses
  Marketing, promotion, rewards and
    cardmember services                              638                354             293           281            1,566
  Salaries and employee benefits and other
    operating expenses                               512                453             453           418            1,836
                                                  ------             ------          ------          ----           ------
        Total                                      1,150                807             746           699            3,402
                                                  ------             ------          ------          ----           ------
Pretax segment income (loss)                        (181)               110              92            96              117
Income tax benefit                                  (113)               (30)            (25)           (6)            (174)
                                                  ------             ------          ------          ----           ------
Segment income                                    $  (68)            $  140          $  117          $102           $  291
                                                  ======             ======          ======          ====           ======
</Table>

                                      41
<Page>

(Preliminary)

                          GLOBAL COMMERCIAL SERVICES
                        SELECTED INCOME STATEMENT DATA
                                  APPENDIX V

(Millions)

<Table>
<Caption>
                                                                       Quarters Ended                           Year Ended
                                               ------------------------------------------------------------    ------------
                                               December 31,   September 30,      June 30,        March 31,     December 31,
                                                   2007           2007             2007            2007            2007
                                               ------------   -------------      --------        ---------     ------------
<S>                                               <C>             <C>             <C>             <C>             <C>
Revenues
  Discount revenue, net card fees and other       $1,245          $1,167          $1,190          $1,095          $4,697
                                                  ------          ------          ------          ------          ------
  Interest income                                     49              49              59              30             187
  Interest expense                                   166             152             166             131             615
                                                  ------          ------          ------          ------          ------
    Net interest income                             (117)           (103)           (107)           (101)           (428)
                                                  ------          ------          ------          ------          ------
Total revenues net of interest expense             1,128           1,064           1,083             994           4,269
                                                  ------          ------          ------          ------          ------
Provisions for losses                                 55              42              36              30             163
                                                  ------          ------          ------          ------          ------
Total revenues net of interest expense after
  provisions for losses                            1,073           1,022           1,047             964           4,106
                                                  ------          ------          ------          ------          ------
Expenses
  Marketing, promotion, rewards and cardmember
      services                                       135              86              83              83             387
  Salaries and employee benefits and other
      operating expenses                             794             749             746             686           2,975
                                                  ------          ------          ------          ------          ------
        Total                                        929             835             829             769           3,362
                                                  ------          ------          ------          ------          ------
Pretax segment income                                144             187             218             195             744
Income tax provision                                  34              52              56              66             208
                                                  ------          ------          ------          ------          ------
Segment income                                    $  110          $  135          $  162          $  129          $  536
                                                  ======          ======          ======          ======          ======
</Table>

                                      42
<Page>

(Preliminary)

                      GLOBAL NETWORK & MERCHANT SERVICES
                        SELECTED INCOME STATEMENT DATA
                                  APPENDIX VI

(Millions)

<Table>
<Caption>
                                                                       Quarters Ended                           Year Ended
                                               ------------------------------------------------------------    ------------
                                               December 31,   September 30,      June 30,        March 31,     December 31,
                                                   2007           2007             2007            2007            2007
                                               ------------   -------------      --------        ---------     ------------
<S>                                               <C>              <C>             <C>             <C>            <C>
Revenues
  Discount revenue, fees and other                $  961           $902            $886            $800           $3,549
                                                  ------           ----            ----            ----           ------
  Interest income                                      1              1               -               1                3
  Interest expense                                   (79)           (77)            (80)            (76)            (312)
                                                  ------           ----            ----            ----           ------
    Net interest income                               80             78              80              77              315
                                                  ------           ----            ----            ----           ------
Total revenues net of interest expense             1,041            980             966             877            3,864
                                                  ------           ----            ----            ----           ------
Provisions for losses                                 28             18              15              42              103
                                                  ------           ----            ----            ----           ------
Total revenues net of interest expense after
  provision for losses                             1,013            962             951             835            3,761
                                                  ------           ----            ----            ----           ------
Expenses
  Marketing and promotion                            165            151             150             129              595
  Salaries and employee benefits and other
      operating expenses                             469            422             383             332            1,606
                                                  ------           ----            ----            ----           ------
        Total                                        634            573             533             461            2,201
                                                  ------           ----            ----            ----           ------
Pretax segment income                                379            389             418             374            1,560
Income tax provision                                 125            123             152             138              538
                                                  ------           ----            ----            ----           ------
Segment income                                    $  254           $266            $266            $236           $1,022
                                                  ======           ====            ====            ====           ======
</Table>

                                      43
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                    NET INTEREST YIELD ON CARDMEMBER LOANS
                                 APPENDIX VII

(millions)

<Table>
<Caption>
                                                                   Quarters Ended                           Years Ended
                                            ---------------------------------------------------------- -------------------------
                                            December 31, September 30, June 30, March 31, December 31, December 31, December 31,
                                               2008         2008         2008     2008        2007         2008         2007
                                            ------------ ------------- -------- --------- ------------ ------------ ------------
<S>                                            <C>         <C>          <C>       <C>        <C>          <C>           <C>
Owned Basis:
 Net interest income                           $  771      $  950       $  954    $  971     $  918       $3,646        $3,443
 Average loans (billions) (A)                  $ 43.0      $ 47.7       $ 49.6    $ 50.7     $ 51.6       $ 47.6        $ 47.1
 Adjusted net interest income (B)              $  951      $1,068       $1,056    $1,124     $1,103       $4,199        $4,182
 Adjusted average loans (billions) (C)         $ 43.1      $ 47.8       $ 49.7    $ 50.9     $ 51.7       $ 47.7        $ 47.2
 Net interest yield on cardmember loans (D)       8.8%        8.9%         8.5%      8.9%       8.5%         8.8%          8.9%

Managed Basis (E):
 Net interest income (F)                       $1,443      $1,637       $1,594    $1,654     $1,459       $6,328        $5,437
 Average loans (billions) (A)                  $ 72.8      $ 76.1       $ 75.8    $ 75.7     $ 74.0       $ 75.0        $ 68.2
 Adjusted net interest income (G)              $1,622      $1,756       $1,695    $1,808     $1,643       $6,881        $6,176
 Adjusted average loans (billions) (H)         $ 72.9      $ 76.2       $ 76.0    $ 75.8     $ 74.1       $ 75.0        $ 68.3
 Net interest yield on cardmember loans (I)       8.9%        9.2%         9.0%      9.6%       8.8%         9.2%          9.0%
</Table>

(A) 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.

(B) Represents net interest income allocable to the Company's cardmember
lending portfolio, which excludes the impact of card fees on loans and balance
transfer fees attributable to the Company's cardmember lending portfolio.

(C) Represents average loans excluding the impact of deferred card fees net of
deferred direct acquisition costs for cardmember loans.

(D) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans is computed by
dividing adjusted net interest income by adjusted average loans, computed on
an annualized basis. The Company believes net interest yield on owned
cardmember loans on a consolidated and segment basis is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio. Reserves and net write-offs related to interest and fees
are recorded through provisions for losses - cardmember lending, and therefore
are not included in the net interest yield calculation.

(E) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. Refer to the information set forth under U.S.
Card Services Selected Financial Information for further discussion of the
managed basis presentation.

(F) Includes the securitization adjustment to interest income and interest
expense as set forth under U.S. Card Services Selected Financial Information
managed basis presentation.

(G) Represents net interest income allocable to the Company's managed cardmember
lending portfolio, which excludes the impact of card fees on managed loans and
balance transfer fees attributable to the Company's managed cardmember lending
portfolio.

(H) Represents average managed loans excluding the impact of deferred card
fees net of deferred direct acquisition costs for managed cardmember loans.

(I) Net interest yield on managed cardmember loans represents the net spread
earned on managed cardmember loans. Net interest yield on managed cardmember
loans is computed by dividing adjusted net interest income by adjusted average
loans, computed on an annualized basis. The Company believes net interest
yield on managed cardmember loans on a consolidated and segment basis is
useful to investors because it provides a measure of profitability of the
Company's managed cardmember lending portfolio. Reserves and net write-offs
related to interest and fees are recorded through provisions for losses -
cardmember lending, and therefore are not included in the net interest yield
calculation.

                                      44

<Page>

(Preliminary)

              U. S. CARD SERVICES AND INTERNATIONAL CARD SERVICES
                    NET INTEREST YIELD ON CARDMEMBER LOANS
                                 APPENDIX VIII

(millions)

<Table>
<Caption>
                                                                   Quarters Ended                           Years Ended
                                            ---------------------------------------------------------- -------------------------
                                            December 31, September 30, June 30, March 31, December 31, December 31, December 31,
                                                2008         2008        2008     2008        2007         2008         2007
                                            ------------ ------------- -------- --------- ------------ ------------ ------------
<S>                                           <C>          <C>          <C>        <C>        <C>         <C>         <C>
USCS Owned Basis:
 Net interest income                          $  559       $  662       $  650     $  699     $  663      $2,570      $2,472
 Average loans (billions) (A)                 $ 33.2       $ 36.3       $ 37.9     $ 39.6     $ 40.8      $ 36.7      $ 37.1
 Adjusted net interest income (B)             $  709       $  787       $  776     $  855     $  864      $3,127      $3,293
 Adjusted average loans (billions) (C)        $ 33.3       $ 36.3       $ 38.0     $ 39.6     $ 40.9      $ 36.8      $ 37.1
 Net interest yield on cardmember loans (D)      8.5%         8.6%         8.2%       8.7%       8.4%        8.5%        8.9%

USCS Managed Basis (E):
 Net interest income (F)                      $1,231       $1,349       $1,290     $1,382     $1,204      $5,252      $4,466
 Average loans (billions) (A)                 $ 63.0       $ 64.6       $ 64.2     $ 64.5     $ 63.2      $ 64.0      $ 58.2
 Adjusted net interest income (G)             $1,380       $1,475       $1,416     $1,538     $1,404      $5,809      $5,286
 Adjusted average loans (billions) (H)        $ 63.1       $ 64.7       $ 64.2     $ 64.6     $ 63.2      $ 64.1      $ 58.3
 Net interest yield on cardmember loans (I)      8.7%         9.1%         8.9%       9.6%       8.8%        9.1%        9.1%

ICS:
 Net interest income                          $  234       $  267       $  264     $  258     $  222      $1,023      $  832
 Average loans (billions) (A)                 $  9.8       $ 11.4       $ 11.6     $ 11.2     $ 10.8      $ 10.9      $ 10.0
 Adjusted net interest income (B)             $  242       $  281       $  280     $  269     $  239      $1,072      $  889
 Adjusted average loans (billions) (C)        $  9.8       $ 11.5       $ 11.7     $ 11.3     $ 10.9      $ 10.9      $ 10.0
 Net interest yield on cardmember loans (D)      9.8%         9.7%         9.6%     9.6%       8.7%        9.8%        8.9%
</Table>

(A) 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.

(B) Represents net interest income allocable to the Company's cardmember
lending portfolio, which excludes the impact of card fees on loans and balance
transfer fees attributable to the Company's cardmember lending portfolio.

(C) Represents average loans excluding the impact of deferred card fees net of
deferred direct acquisition costs for cardmember loans.

(D) Net interest yield on cardmember loans represents the net spread earned on
cardmember loans. Net interest yield on cardmember loans is computed by
dividing adjusted net interest income by adjusted average loans, computed on
an annualized basis. The Company believes net interest yield on owned
cardmember loans on a consolidated and segment basis is useful to investors
because it provides a measure of profitability of the Company's cardmember
lending portfolio. Reserves and net write-offs related to interest and fees
are recorded through provisions for losses - cardmember lending, and therefore
are not included in the net interest yield calculation.

(E) Includes on-balance sheet cardmember loans and off-balance sheet
securitized cardmember loans. Refer to the information set forth under U.S.
Card Services Selected Financial Information for further discussion of the
managed basis presentation.

(F) Includes the securitization adjustment to interest income and interest
expense as set forth under U.S. Card Services Selected Financial Information
managed basis presentation.

(G) Represents net interest income allocable to the Company's managed cardmember
lending portfolio, which excludes the impact of card fees on managed loans and
balance transfer fees attributable to the Company's managed cardmember lending
portfolio.

(H) Represents average managed loans excluding the impact of deferred card
fees net of deferred direct acquisition costs for managed cardmember loans.

(I) Net interest yield on managed cardmember loans represents the net spread
earned on managed cardmember loans. Net interest yield on managed cardmember
loans is computed by dividing adjusted net interest income by adjusted average
loans, computed on an annualized basis. The Company believes net interest
yield on managed cardmember loans on a consolidated and segment basis is
useful to investors because it provides a measure of profitability of the
Company's managed cardmember lending portfolio. Reserves and net write-offs
related to interest and fees are recorded through provisions for losses -
cardmember lending, and therefore are not included in the net interest yield
calculation.


                                      45
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3supp.txt
<DESCRIPTION>99.3
<TEXT>
                                                              Exhibit 99.3







                      [LOGO OF AMERICAN EXPRESS COMPANY]

                                     2008
                           Fourth Quarter/Full Year
                              Earnings Supplement














        The enclosed summary should be read in conjunction with the text and
        statistical tables included in American Express Company's (the
        "Company" or "AXP") Fourth Quarter/Full Year 2008 Earnings Release.

       -----------------------------------------------------------------------
       This presentation contains certain forward-looking statements that are
       subject to risks and uncertainties and speak only as of the date on
       which they are made. Important factors that could cause actual results
       to differ materially from these forward-looking statements, including
       the Company's financial and other goals, are set forth on page 37 of
       this Supplement, pages 63-64 in the Company's 2007 Annual Report to
       Shareholders and in its 2007 Annual Report on Form 10-K, and other
       reports, on file with the Securities and Exchange Commission.
       -----------------------------------------------------------------------


<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

FINANCIAL RESULTS
o    Fourth quarter diluted EPS from continuing operations of $0.21 decreased
     71% versus $0.73 last year. Total revenues net of interest expense
     decreased 11%. Return on average equity (ROE) was 22% and return on
     average tangible equity (ROTE), which excludes goodwill and intangibles,
     was 27%.*

- - 4Q '08 Income from continuing operations included:
           -- $421MM ($273MM after-tax) of total reengineering costs,
              primarily reflecting a restructuring charge related to the
              Company's previously announced reengineering initiatives, as
              discussed further on page 4; and
           -- A $106MM ($66MM after-tax) charge reflecting an increase in the
              Company's Membership Rewards(R) ("MR") balance sheet reserve, in
              connection with the extension of its partnership arrangements
              with Delta Air Lines ("Delta"), as discussed further on page 4.

- - 4Q '07 Income from continuing operations included:
           -- A $1.13B ($700MM after-tax) initial payment as part of the Visa
              litigation settlement, as discussed further on page 4, and in
              light of the settlement:
                - $143MM ($89MM after-tax) of incremental business-building
                  costs;
                - $74MM ($46MM after-tax) of Visa litigation-related costs; and
                - A $50MM ($31MM after-tax) contribution to the American
                  Express Charitable Fund.
           -- A $685MM ($430MM after-tax) charge to increase the MR liability,
              to incorporate an actuarial based approach which increased the
              global ultimate redemption rate assumption for current program
              participants to approximately 90 percent;
           -- A $438MM ($274MM after-tax) credit-related charge to increase
              the worldwide lending reserve coverage ratio to reflect
              deterioration of credit indicators in the latter part of 2007;
              and
           -- $16MM ($10MM after-tax) of reengineering costs, primarily
              related to the International Card Services ("ICS"), Global
              Commercial Services ("GCS") and Global Network & Merchant
              Services ("GNMS") segments.

- -        The discontinued operations line in the Consolidated Financial
         Statements contains the results of operations, assets and liabilities
         related to various business sales. This primarily includes the
         results from American Express Bank, Ltd. ("AEB"), which was sold to
         Standard Chartered PLC ("Standard Chartered") in 1Q '08, as well as
         American Express International Deposit Company, ("AEIDC"), which is
         subject to a put/call agreement in August 2009, as discussed further
         on page 5.
           -- 4Q '08 results included $66MM of losses from discontinued
              operations versus $27MM of losses last year. This primarily
              reflected losses of $97MM ($63MM after-tax) and $24MM ($16MM
              after-tax) in each respective period, for mark-to-market
              adjustments and sales within the AEIDC investment portfolio.

- -        Including discontinued operations, diluted EPS on a net income basis
         of $0.15 decreased 79% versus $0.71 last year.

BUSINESS METRICS
o Compared with the fourth quarter of 2007:

- -        Worldwide billed business of $160.5B decreased 10% as the negative
         impact of the global economic slowdown was evident within a lower
         level of proprietary card spending and a flat level of network
         partner-related card spending. A comparatively stronger U.S. dollar
         resulted in a 5% greater decline versus last year within the reported
         worldwide growth rate.

- -        Worldwide total cards-in-force of 92.4MM increased 7%, up 6.0MM from
         last year and 300K during 4Q '08.

- -        Worldwide average spending per proprietary basic card-in-force
         decreased 14% versus last year reflecting the impact of a weaker
         economic environment in both the U.S. and international markets. A
         comparatively stronger U.S. dollar resulted in a 4% greater decline
         versus last year within the reported worldwide growth rate.

- -        Worldwide lending balances of $42.2B on an owned basis decreased 22%
         and on a managed basis declined 7% to $72.0B. This decrease reflected
         the lower spending levels and credit-related actions in the U.S. and
         certain international markets.

FINANCIAL HIGHLIGHTS
o    In conjunction with the Company becoming a bank holding company ("BHC")
     on November 14, 2008, as discussed further on page 4, the Company has
     made various changes to its financial reporting.**

- -        P&L REVISIONS: The former P&L lines of "cardmember lending finance
         revenue," "other interest income," "cardmember lending interest
         expense" and "charge card and other interest expense" are now
         reflected within new categories in the "total interest income" and
         "total interest expense" lines, respectively. Additionally,
         provisions for losses are now reflected as a component of "revenue
         net of interest expense after provisions for losses," where
         previously it was shown below expenses. Lastly, certain fees
         associated with the Company's lending products have been reclassified
         from "net card fees" to "interest and fees on loans" and certain
         other provisions related to GNMS were reclassified to "other, net
         expense."


- --------------------------------------
   * Please refer to Appendix I of the Fourth Quarter/Full Year 2008 Earnings
     Release for the components of ROE and ROTE on both a consolidated and
     segment basis.
  ** Please refer to Appendix II-VI of the Fourth Quarter/Full Year 2008
     Earnings Release, American Express Company Selected Statistical Information
     pages, for P&L revisions for the historical quarters ended March 31, 2007
     through December 31, 2007 and for the year ended December 31, 2007.
     Revised P&Ls for the respective quarters ended December 31, 2007 through
     December 31, 2008 are included within the Fourth Quarter/Full Year 2008
     Earnings Release, American Express Company Selected Statistical
     Information pages.

                                      -1-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED


         The Company has also made several changes to its presentation of
         expenses. Specifically, "marketing, promotion, rewards & cardmember
         services expense" are now shown on three separate lines, "marketing
         and promotion", "cardmember rewards" and "cardmember services,"
         respectively. Additionally, "human resources" has been renamed
         "salaries and employee benefits."

- -        CREDIT METRICS: In 4Q '08, consistent with applicable regulatory
         guidance, the Company modified its reporting of the U.S. consumer and
         small business charge card receivables portfolio within the U.S. Card
         Services ("USCS") segment to write-off cardmember receivables within
         a 180 days past due period. Previously, the Company's write-off
         methodology for the charge card portfolio was 360 days past due. The
         Company plans to conform to this methodology within the corporate
         card receivables portfolio in GCS, as well as the international
         consumer and small business charge card receivables portfolio in ICS
         in a future period.

         In addition, certain non-credit-related reserves were reclassified
         from cardmember receivable and lending loss reserves to a
         contra-asset within "cardmember receivables" and "loans"
         prospectively beginning 4Q '08.

         These modifications do not result in a change in management's view of
         the Company's underlying credit quality or risk profile for its
         charge card portfolio, and do not impact the method in which the
         Company assesses the adequacy of its reserves.

o    SECURITIZATION INCOME, NET: Decreased 39% primarily due to a lower excess
     spread, net, driven by increased write-offs which were partially offset
     by higher finance charges and fees due to a greater average balance of
     securitized loans, lower interest expense due to lower rates paid on
     investor certificates and a $54MM credit-related charge to the fair value
     of the I/O Strip in 4Q '07. Securitization income, net represents the
     non-credit provision components of the gains from securitization
     activities within the USCS segment, fair value changes of the related I/O
     Strip and excess spread related to securitized loans and servicing
     income, net of related discounts or fees. As of December 31, the fair
     market value of the I/O Strip was $32MM, versus $223MM as of December 31,
     2007.

o    TOTAL INTEREST INCOME: Decreased 22% primarily due to lower interest and
     fees on loans, reflecting a lower average owned loan balance and a lower
     cardmember portfolio yield driven by the impact of reduced market
     interest rates on variably priced assets, as well as lower yields on
     investment securities and deposits, partially offset by a higher average
     balance of liquidity-related investments.

o    TOTAL INTEREST EXPENSE: Decreased 27%, reflecting a lower cost of funds,
     due to the benefit of lower market interest rates on variable-rate
     long-term and short-term debt, which more than offset the cost of higher
     funding levels related to increased cash amounts and other liquidity
     resources.

o    TOTAL PROVISIONS FOR LOSSES: Decreased 3% primarily reflecting the $384MM
     credit-related charge in 4Q '07 and lower average owned loans, business
     volumes and receivables, which more than offset the impact of increased
     loss and delinquency rates in 4Q '08.

o    MARKETING AND PROMOTION EXPENSES: Decreased 35%, reflecting generally
     lower investment spending in 4Q '08 and the non-recurrence of incremental
     business-building costs in 4Q '07.

o    CARDMEMBER REWARDS EXPENSE: Decreased 39%, reflecting the 4Q '07 increase
     to the MR liability as well as lower volume-driven rewards costs in 4Q
     '08, partially offset by the 4Q '08 increase in the MR balance sheet
     reserve in connection with the Company's extension of its partnership
     arrangements with Delta.

o    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Increased 16% as the 4Q '08
     restructuring charge related to the Company's reengineering initiatives
     and higher salaries expense more than offset a reduction in
     employee-related incentive costs.
- -        Compared with last year, the total employee count from continuing
         operations of 66,000 increased by 1,200 employees, or 2%. Compared
         with last quarter, the employee count declined by 500 employees,
         reflecting the initial impact of the 4Q '08 reengineering activities.

CAPITAL

o    TARP (SUBSEQUENT EVENT): On December 23, 2008, the Company announced that
     the U.S. Department of Treasury (the "Treasury") provided preliminary
     approval for the Company to participate in its Troubled Asset Relief
     ("TARP") Capital Purchase Program ("CPP"). Under this program the Company
     issued to the Treasury $3.39B of preferred stock on January 9, 2009, as
     well as warrants to purchase shares of common stock for up to 15% of that
     amount, or 24.3MM shares at a per share exercise price of $20.95. The
     preferred shares will pay dividends at a rate of 5% annually for five
     years, and 9% thereafter. Under the terms of the program, the Company may
     not redeem the preferred shares in whole or in part until after the third
     anniversary of the date of the investment, except with proceeds from a
     qualified equity offering. Additionally, as long as the preferred shares
     are outstanding, dividends cannot exceed $0.18 per share in any quarter,
     and share repurchases, except those related to employee compensation
     programs, are not permitted, unless approved by the Treasury. The warrants
     are immediately exercisable and have a 10 year term.

o    CAPITAL DISTRIBUTION TO SHAREHOLDERS: During 4Q '08, approximately 100%
     of capital generated was distributed to shareholders through our
     quarterly dividend, as earnings were suppressed by the previously
     discussed charges to net income and the weakened economic environment. On
     a cumulative basis, since 1994 we have distributed 69% of capital
     generated through share repurchases and dividends.

                                     -2-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED


- -       SHARE REPURCHASES: During 4Q '08 and 3Q '08 no shares were
        repurchased, versus 14MM shares in 4Q '07. Share repurchases were
        suspended during 1Q `08 in light of the uncertain U.S. economic
        environment. Since the inception of repurchase programs in December
        1994, 670MM shares have been acquired under cumulative Board
        authorizations to repurchase up to 770MM shares.

<TABLE>
<CAPTION>
                                                                Millions of Shares
                                                           ----------------------------
                                                             4Q '08   3Q '08    4Q '07
                                                             ------   ------    ------
<S>                                                          <C>      <C>      <C>
        Shares outstanding - beginning of period              1,160    1,159    1,169
        Repurchase of common shares                            --       --        (14)
        Employee benefit plans, compensation and other         --          1        3
                                                             ------   ------    ------
        Shares outstanding - end of period                    1,160    1,160    1,158
                                                             ======   ======    ======
</TABLE>

o    CAPITAL RATIOS: * As of December 31, 2008 the Company's key consolidated
     capital ratios, both on a reported basis, as well as on a pro forma basis
     assuming the $3.39B of TARP proceeds were received on December 31, 2008,
     were:

<TABLE>
<CAPTION>
                                                                                                                      Total
                                                                                          Tier 1                    Risk-Based
     ($ in B)      Tier 1         Total Average        Tier 1         Risk Weighted     Risk-Based      Tier 2       Capital
                  Capital            Assets        Leverage Ratio        Assets        Capital Ratio    Capital       Ratio
              ---------------- ------------------ ----------------- ----------------- --------------- ------------ -------------
<S>                 <C>              <C>                <C>              <C>                <C>         <C>          <C>
     Reported        $10.0            $132.1             7.6%             $107.0             9.4%        $1.6         10.8%
     Pro Forma       $13.4            $132.8            10.1%             $105.9            12.7%        $1.6         14.2%
</TABLE>

- ---------------------------
 * These ratios represent a preliminary estimate as of the date of this
   earnings supplement and may be revised in the Company's 2008 Annual Report on
   Form 10K.
- ---------------------------

     Additionally, the Company also believes its ratios of Total Capital to
     Total Managed Assets and Total Tangible Capital to Total Managed Assets,
     where capital is defined as shareholders' equity plus a portion of its
     subordinated debt that has equity characteristics of $563MM, and Total
     Tangible Capital excludes goodwill and intangibles, provide further
     insight into its capital position. As of December 31, 2008, on a
     consolidated reported basis, these ratios were 7.9% and 6.0%,
     respectively, and on a pro forma basis assuming the receipt of the TARP
     proceeds, with 25% of these proceeds deemed to be capital due to their
     characteristics, were 8.3% and 6.4%, respectively.**

- ---------------------------
** Based upon common shareholders' equity of $11.8B, goodwill and
   intangibles of $3.0B, total assets of $126.1B and total managed assets of
   $155.9B, as of December 31, 2008. On a GAAP asset basis, Total Capital to
   Total Assets and Total Tangible Capital to Total Assets were 9.8% and 7.4%
   respectively. On a proforma basis, including 25% of TARP proceeds, these o
   owned ratios were 10.2% and 7.8%, respectively.

- ---------------------------

FUNDING AND LIQUIDITY
o    FUNDING ACTIVITIES: Notwithstanding the difficult conditions in the
     financial markets during 4Q '08 the Company raised amounts in excess of
     its requirements in the quarter by accessing a variety of funding
     sources.
- -        DEPOSITS. The Company raised $6.2B of deposits within its brokered
         retail certificate of deposit ("CD") program, launched in October
         2008, through its American Express Centurion Bank ("AECB") and
         American Express Bank, FSB ("AEBFSB") subsidiaries (collectively, the
         "Banks"), with an average rate of 3.3% and an average duration of 20
         months. In addition to the brokered retail CD program, the Banks also
         offer FDIC-insured deposits (up to a $250,000 balance) to sweep
         account holders at selected broker-dealer networks. As of December
         31, 2008, the Company had accumulated $7.1B of deposits primarily
         through this program. $3.2B of these deposits were raised during 4Q
         '08.

- -        TLGP: AEBFSB issued an aggregate of $5.9B of unsecured debt through
         its access to the Federal Deposit Insurance Corporation's ("FDIC")
         Temporary Liquidity Guarantee Program ("TLGP"). The issuance was
         comprised of three tranches of debt: $750MM with a 2-year maturity
         and a rate of 85 basis points over 1-month LIBOR, $1.65B with a
         3-year maturity and a rate of 98 basis points over 1-month LIBOR, and
         $3.5B with a 3-year maturity and a fixed rate of 3.15%. The Company
         believes that the Banks, as FDIC depository institutions, could issue
         up to $13.3B of senior unsecured debt that would be guaranteed under
         the TLGP, which is currently scheduled to expire June 30, 2009.

     As a result of these funding activities and the issuance of $23B of term
     debt during the first nine months of the year, the term funding the
     Company raised substantially exceeded its 2008 funding needs. It has
     increased the amount of cash and readily-marketable securities holdings
     so that they exceeded short-term debt outstanding as of December 31,
     2008.

o    FUNDING REQUIREMENTS: The maturities of the Company's long-term debt and
     debt issued in connection with off-balance sheet securitizations for 2009
     are as follows:
<TABLE>
<CAPTION>
                                                        Debt Maturities, in billions
                                              -------------------------------------------------
<S>                                          <C>            <C>                   <C>
                        Quarter Ending:        Long-Term     Off-Balance Sheet       Total
                        ---------------        ---------     -----------------     -------
                        March 31, 2009             $2.3            $1.5              $3.8
                        June 30, 2009               7.2             0.6               7.8
                        September 30, 2009          2.7             2.7               5.4
                        December 31, 2009           2.9               -               2.9
                                                  -----            ----             -----
                                                  $15.1            $4.8             $19.9
                                                  =====            ====             =====
</TABLE>

                                     -3-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

     The Company's current funding targets for 2009 are expected to be lower
     than these debt maturities, primarily reflecting the impact of
     anticipated continuation of spending-related pressures and credit-related
     strategies on the Company's cardmember receivables and loans outstanding.
     The Company believes that through its cash and readily-marketable
     securities, its ability to access its additional capacity under the TLGP
     program and its potential to further grow its deposit base, it will
     satisfy all maturing obligations and fund normal business operations for
     in excess of a 12-month period in the event that access to the secured
     and unsecured fixed income capital markets remains unavailable. In
     addition, there are various other liquidity resources that the Company
     can draw upon.

- -        TARP. The $3.39B of CPP proceeds received January 9, 2009.
- -        DISCOUNT WINDOW. The Banks are insured depository institutions that
         have the capability of borrowing from the Federal Reserve Bank of San
         Francisco (i.e., access to the Federal Reserve Bank discount window),
         subject to the amount of qualifying collateral that they pledge. The
         Federal Reserve has indicated that both credit and charge card
         receivables are a form of qualifying collateral for secured
         borrowings made through the discount window or its Term Auction
         Facility (TAF) program.
- -        BANK LINES. At December 31, 2008, the Company maintained committed
         bank lines of credit totaling $11.2B, of which $2.5B was drawn as
         part of the Company's normal non-U.S. funding activities. The
         committed facilities have $2.0B of expirations in 2010; $3.2B in 2011
         with the remainder in 2012.

- -        COMMERCIAL PAPER: The Company had continuous access to the commercial
         paper market throughout the quarter. In addition, the Commercial
         Paper Financing Facility ("CPFF") became operational on October 27,
         2008, and is currently set to expire on April 30, 2009. Through its
         subsidiary, American Express Credit Corporation ("Credco") the
         Company is eligible to have up to $14.7B of commercial paper
         outstanding through the CPFF. At December 31, 2008 the Company had
         $7.3B commercial paper outstanding, including $4.5B issued under the
         CPFF.

- -        CONDUIT. The Company maintains an undrawn committed facility to
         purchase certificates backed by securitized credit card receivables
         up to $5B.

OTHER ITEMS OF NOTE
o    DELTA AIR LINES PARTNERSHIP EXTENSION: 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 MR, merchant acceptance and travel.
     As part of this agreement, the Company agreed to purchase $1B in Delta
     SkyMiles points, which will be used for future point needs under its MR
     and Co-brand agreements. This was recorded within "other assets" on the
     Company's Consolidated Balance Sheet. In connection with this
     announcement, in 4Q '08 the Company recorded a charge of $106MM
     ($66MM after-tax). This reflects an increase in the Company's MR balance
     sheet reserve to reflect the estimated impact of an increase in the cost
     per point that the Company will pay to Delta for previously-earned MR
     points that are expected to be transferred to Delta SkyMiles. This charge
     was reflected on the "cardmember rewards" expense line within the USCS and
     GCS segments.

o    BANK HOLDING COMPANY: On November 10, 2008, the U.S. Federal Reserve
     approved the application of the Company, and the Company's subsidiary,
     American Express Travel Related Services Company, Inc. ("TRS"), to each
     become a BHC and, as a result, to be regulated by the Federal Reserve. As
     part of this process, the Company and TRS also each elected to become a
     financial holding company, a type of BHC that is authorized to engage in
     additional activities. On November 14, 2008, AECB, a Utah industrial loan
     company, took the necessary steps to become a "bank" for purposes of the
     Bank Holding Company Act, thus consummating the Company's and TRS's
     transition to BHC status. The Company believes that the BHC structure
     provides it with greater flexibility in a challenging economic
     environment. It aligns American Express' regulatory status with other
     companies in the financial services industry, further diversifies the
     Company's funding sources and access to capital, and further enhances its
     ability to expand its deposit-taking capabilities.

o    RESTRUCTURING PLAN: On October 30, 2008, the Company announced various
     reengineering initiatives which are expected to produce cost benefits of
     approximately $1.8B in 2009, which represent reductions from previously
     anticipated 2009 spending levels. The reengineering plan includes:
     reducing staffing levels and compensation expenses (expected benefit of
     $700MM in 2009), cutting operating costs (expected benefit of $125MM in
     2009) and scaling back investment spending (expected benefit of $1B in
     2009). The Company began the execution and implementation of this plan in
     4Q '08, and as such, recorded a restructuring charge of $404MM ($262MM
     after-tax), primarily associated with severance and other costs related
     to the elimination of approximately 7,000 jobs or about 10 percent of the
     Company's worldwide workforce. This charge, in addition to other
     reengineering costs of $17MM ($11MM after-tax), are reflected within
     various operating expense lines, with $30MM recorded in USCS, $84MM in
     ICS, $136MM in GCS, $28MM in GNMS and $143MM in Corporate & Other.

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

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

                                     -4-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

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

o    ACQUISITION OF CPS: On March 28, 2008, the Company completed its purchase
     of GE's commercial card and corporate purchasing business unit, CPS, for
     $1.1B in cash and the repayment of $1.2B in CPS debt. The purchase
     included card relationships with GE as well as more than 300 large
     corporate clients, which cumulatively generated over $14B in global
     purchase volume in 2007. The Company believes that this acquisition will
     be additive to revenue growth, and will have a minor dilutive impact on
     both EPS and ROE in the early years following the transaction. This
     dilution estimate assumes the cash used for the purchase price would
     otherwise have been used for the repurchase of American Express common
     shares.

     In 1Q '08 the cash payment, total receivables of $1.3B and goodwill and
     other intangible assets of $1.0B related to the transaction were
     reflected on the Consolidated Balance Sheet. As of December 31, 2008
     receivables have been recorded within the "other receivables" ($885MM)
     and "other loans" ($0.1B) lines. As underlying cardmember relationships
     migrate to AXP products in the future, the associated receivables will be
     reflected in the "cardmember receivables" and "cardmember lending" lines.
     As the receivables are related to commercial card relationships, they are
     reflected within GCS, while the loans related to small business
     relationships are reflected within the USCS segment. The goodwill and
     intangible assets are recorded in the other assets line on the
     Consolidated Balance Sheet, and have been allocated to the GCS ($1.0B)
     and USCS ($200K) segments, respectively.

o    AEB AND AEIDC: On September 18, 2007, the Company announced that it
     entered into an agreement to sell AEB, its international banking
     subsidiary, and AEIDC, a subsidiary that issues investment certificates
     to AEB's customers, to Standard Chartered. On February 29, 2008, Standard
     Chartered completed its purchase of the AEB portion of this transaction.
     In 2Q '08, the Company and Standard Chartered agreed on the final
     purchase price of $796MM, equaling the final net asset value of the
     businesses that were sold plus $300MM. The AEIDC portion of the
     transaction is expected to be transferred to Standard Chartered through a
     put/call agreement in 3Q '09.

     As a result of the agreement, beginning with 3Q '07 and for all prior
     periods, AEB results, assets and liabilities (except for certain
     components of the business which were not sold) were removed from the
     Corporate & Other segment and reported within Discontinued Operations on
     the Company's Consolidated Financial Statements. Beginning with 3Q '08
     and for all prior periods, AEIDC results, assets and liabilities were
     removed from the Corporate & Other segment and are also reported within
     Discontinued Operations on the Company's Consolidated Financial
     Statements.

     EXPANDED PRODUCTS AND SERVICES

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

     In our proprietary issuing and network business we:
- -       With Delta, announced a multiyear extension of our exclusive Co-brand
        Credit Card and other partnership arrangements including American
        Express MR, merchant acceptance and travel.
- -       Reopened My WishList, a cyber-storefront famous for making
        once-in-a-lifetime experiences, such as luxurious travel and other
        experiential packages, as well as high-end products, including
        consumer electronics and fashion, available and affordable for
        Cardmembers.
- -       Launched a section on the economy for business owners on
        OPENForum.com, an education and networking resource designed to
        provide practical, actionable information from business experts,
        celebrity business owners and best-in-class bloggers and news outlets.
- -       Announced our premiere partnership with The GRAMMY Museum(SM) as part
        of our longstanding relationship with AEG, one of the leading sports
        and entertainment presenters in the world and a wholly owned
        subsidiary of the Anschutz Company.
- -       Introduced Business Logo Gift Cards which offers businesses a custom
        gift option that recipients can redeem as they wish, and an
        opportunity to celebrate and promote their brand.
- -       Were named the Official Card Partner of the San Francisco Convention &
        Visitors Bureau.

     In the GNS business we:
- -       Partnered with GE Consumer Finance and American Airlines to launch the
        first American Express airline cobrand card in Japan.
- -       Partnered with Fidelity Investments to launch an innovative card that
        gives Cardmembers the opportunity to turn 2% of purchases into a
        contribution for their Fidelity IRA.
- -       Partnered with Credit Saison and Takashimaya Credit to add the
        American Express brand to the department store's credit card portfolio
        in Japan.
- -       Announced a partnership with Bank of Georgia through which the bank
        will issue American Express branded Cards and acquire merchants onto
        the American Express network.
- -       Joined with a new partner, Banco Nacional Ultramarino, to launch the
        first American Express card in Macau in its local currency.
- -       Expanded our partnership with Mitsubishi UFJ NICOS (MUN) to launch a
        Korean Air cobrand card, our first cobrand card with MUN.
- -       Selected Golomt Bank of Mongolia as the exclusive merchant acquirer
        and processor of American Express transactions in this country.

                                     -5-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED
<TABLE>
<CAPTION>
(Preliminary)

                             Statements of Income
                                 (GAAP basis)

(Millions, except per share amounts)                                          Quarters Ended           Percentage
                                                                                December 31,            Inc/(Dec)
                                                                         -------------------------     -----------
                                                                            2008           2007
                                                                            ----           ----
<S>                                                                       <C>            <C>              <C>
         Revenues
            Discount revenue                                              $3,468         $3,912           (11%)
            Net card fees                                                    536            508             6
            Travel commissions and fees                                      444            514           (14)
            Other commissions and fees                                       522            650           (20)
            Securitization income, net                                       199            326           (39)
            Other                                                            566            496            14
                                                                          ------          -----
               Total other revenues                                        5,735          6,406           (10)
                                                                          ------          -----
         Interest income
            Interest and fees on loans                                     1,364          1,735           (21)
            Interest and dividends on investment securities                  168            181            (7)
            Deposits with banks and other                                     36             93           (61)
                                                                          ------          -----
               Total interest income                                       1,568          2,009           (22)
                                                                          ------          -----
         Interest expense
            Deposits                                                          99            170           (42)
            Short-term borrowings                                             77            147           (48)
            Long-term debt                                                   604            738           (18)
            Other                                                             17             36           (53)
                                                                          ------          -----
               Total interest expense                                        797          1,091           (27)
                                                                          ------          -----
                  Net interest income                                        771            918           (16)
                                                                          ------          -----
          Total revenues net of interest expense                           6,506          7,324           (11)
                                                                          ------          -----
          Provisions for losses
             Charge card                                                     426            419             2
             Cardmember lending                                              927            970            (4)
             Other                                                            51             61           (16)
                                                                          ------          -----
               Total                                                       1,404          1,450            (3)
                                                                          ------          -----
          Total revenues net of interest expense after
            provisions for losses                                          5,102          5,874           (13)
                                                                          ------          -----

         Expenses
            Marketing and promotion                                          524            804           (35)
            Cardmember rewards                                             1,088          1,778           (39)
            Cardmember services                                              140            137             2
            Salaries and employee benefits
                                                                           1,660          1,437            16
             Professional services                                           649            646             -
             Occupancy and equipment                                         456            382            19
             Communications                                                  118            119            (1)
             Other, net                                                      307           (587)            #
                                                                          ------          -----
               Total                                                       4,942          4,716             5
                                                                          ------          -----

         Pretax income from continuing operations                            160          1,158           (86)
         Income tax (benefit) provision                                      (78)           300             #
                                                                          ------          -----
         Income from continuing operations                                   238            858           (72)
         Loss from discontinued operations, net of tax                       (66)           (27)            #
                                                                          ------          -----
         Net income                                                         $172           $831           (79)
                                                                          ------          -----

         EPS-Basic
             Income from continuing operations                             $0.21          $0.74           (72)
                                                                          ======          =====
             Loss from discontinued operations                             (0.06)         (0.02)           (#)
                                                                          ======          =====
             Net Income                                                    $0.15          $0.72           (79)
                                                                          ======          =====

         EPS-Diluted
             Income from continuing operations                             $0.21          $0.73           (71)
                                                                          ======          =====
             Loss from discontinued operations                             (0.06)         (0.02)            #
                                                                          ======          =====
             Net Income                                                    $0.15          $0.71           (79)
                                                                          ======          =====

         Average Shares Outstanding
             Basic                                                         1,155          1,157             -
                                                                          ======          =====
             Diluted                                                       1,155          1,178            (2)
                                                                          ======          =====
         # Denotes variance of more than 100%.
</TABLE>

                                     -6-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                         FOURTH QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

o    CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE: Consolidated total
     revenues net of interest expense decreased 11%, reflecting decreases
     versus last year of 13% in USCS, 8% in ICS, 7% in GCS and 9% in GNMS.
     Total revenues net of interest expense decreased due to lower discount
     revenues, lower total interest income, reduced other commissions and
     fees, lower securitization income, net and reduced travel commissions and
     fees, partially offset by lower total interest expense, higher other
     revenues and increased net card fees. Translation of foreign currency
     reduced the total revenues net of interest expense growth rate by
     approximately 4%.

o    CONSOLIDATED PROVISIONS FOR LOSSES: Consolidated provisions for losses
     decreased 3% versus last year, reflecting a decrease of 8% in USCS, and
     increases of 10% in ICS, 25% in GCS and 29% in GNMS. Provisions decreased
     primarily due to the non-recurrence of the 4Q '07 credit related charge
     and the reduction in average owned loans, business volumes and receivables
     versus last year, which more than offset the impact of increased write-off
     and delinquency rates in 4Q '08. Translation of foreign currency reduced
     the provision growth rate by approximately 2%.

o    CONSOLIDATED EXPENSES: Consolidated expenses increased 5%, reflecting
     decreases of 15% in USCS, 22% in ICS, and 4% in GNMS, which were more
     than offset by an 11% increase in GCS and a more than 100% increase in
     Corporate & Other, primarily due to last year's VISA settlement. The
     total expense growth reflected higher other, net expenses, greater
     salaries and employee benefits expense, increased occupancy and equipment
     and greater cardmember services expenses, which were partially offset by
     reduced cardmember rewards and lower marketing and promotion expenses.
     Translation of foreign currency reduced the expense growth rate by
     approximately 4%.

o    PRE-TAX MARGIN: Was 2.5% in 4Q '08 compared with 15.8% in 4Q '07.

o    EFFECTIVE TAX RATE: Was (49%) in 4Q '08, reflecting a tax benefit of
     $78MM versus a rate of 26% and tax expense of $300MM in 4Q '07. Although
     each of these periods reflect a generally consistent level of recurring
     permanent tax benefits, the 4Q '08 tax rate reflects the impact of the
     benefits on lower pre-tax income, as well as a benefit related to the
     finalization of state tax returns.

o    DISCOUNT REVENUE: Decreased 11% on a 10% decrease in billed business. The
     greater revenue versus billed business decline reflects the relatively
     faster growth in billed business related to GNS, where we share discount
     revenue with our card issuing partners, and higher cash-back rewards
     costs.
- -        The average discount rate* was 2.53% in 4Q '08 versus 2.56% in 3Q '08
         and 2.54% in 4Q '07. The decline in the rate versus 3Q '08 reflects
         the normal seasonal impact of a higher level of retail-related
         business volumes. As indicated in prior quarters, selective repricing
         initiatives, changes in the mix of business and volume-related
         pricing discounts will likely result in some erosion of the average
         discount rate over time.
<TABLE>
<CAPTION>
                                                                  Quarters Ended                  Percentage
                                                                   December 31,                   Inc/(Dec)
                                                         ----------------------------------      -------------
                                                              2008                2007
                                                              ----                ----
<S>                                                       <C>                 <C>                  <C>
        Card billed business* (billions):
          United States                                     $112.7              $123.0               (8%)
          Outside the United States                           47.8                54.5              (12)
                                                            ------              ------
          Total                                             $160.5              $177.5              (10)
                                                            ======              ======
        Total cards-in-force (millions):
          United States                                       54.0                52.3                3
          Outside the United States                           38.4                34.1               13
                                                            ------              ------
          Total                                               92.4                86.4                7
                                                            ======              ======
        Basic cards-in-force (millions):
          United States                                       42.0                40.9                3
          Outside the United States                           33.4                29.2               14
                                                            ------              ------
          Total                                               75.4                70.1                8
                                                            ======              ======
        Average basic cardmember spending**
          United States                                     $2,948              $3,352              (12)
          Outside the United States                         $2,397              $2,914              (18)
          Total                                             $2,792              $3,228              (14)
</TABLE>


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


                                     -7-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                                 CONSOLIDATED

     WORLDWIDE BILLED BUSINESS: The 10% decrease in worldwide billed business
     reflected decreases of 9% in USCS, 14% in ICS, 11% in GCS and a flat
     level of GNS volume. The table below summarizes selected billed business
     related statistics for 4Q '08:
<TABLE>
<CAPTION>
                                                                                                     Percentage
                                                                                                 Increase/(Decrease)
                                                                                                    Assuming No
                                                                                                     Changes in
                                                                               Percentage             Foreign
                                                                            Increase/(Decrease)    Exchange Rates
                                                                            ------------------    ------------------
<S>                                                                               <C>                  <C>
             WORLDWIDE*
                 Total billed business                                              (10%)                (5%)
                 Proprietary billed business                                         (11)                 (7)
                 GNS                                                                   -                  11
                 Average spending per proprietary basic card                         (14)                (10)
                 Basic cards-in-force                                                  8
             U.S.*
                 Billed business                                                      (8)
                 Average spending per proprietary basic card                         (12)
                 Basic cards-in-force                                                  3
                 Proprietary consumer card billed business**                         (12)
                 Proprietary small business billed business**                         (3)
                 Proprietary Corporate Services billed business***                    (6)
             OUTSIDE THE U.S.*
                 Billed business                                                     (12)                  3
                 Average spending per proprietary basic card
                                                                                     (18)                 (4)
                 Basic cards-in-force                                                 14
                 Proprietary consumer and small business billed
                  business****                                                       (14)                  1
                 Proprietary Corporate Services billed business***                   (18)                 (3)
</TABLE>

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

- --          U.S. non-T&E-related volume categories (which represented
            approximately 74% of total U.S. billed business) declined 6%,
            while T&E volumes declined 10%.
- --          U.S. airline-related volume, which represented approximately 8% of
            total U.S. volumes during the quarter, decreased 10% due to a 9%
            decrease in the average airline charge and a 1% decline in airline
            transactions.
- --          Worldwide airline volumes, which represented approximately 9% of
            total volumes during the quarter, decreased 18% due to a 16%
            decrease in the average airline charge and a 2% decline in airline
            transactions.
- --          Assuming no changes in foreign exchange rates: Total billed
            business outside the U.S. reflected proprietary growth in the
            mid-single digits in Latin America and in the low-single digits in
            Canada, and declines in the low-single digits in Europe and Asia
            Pacific.

- -        TOTAL CARDS-IN-FORCE: Rose 7% worldwide due to an increase of 2% in
         both USCS and in ICS, a 4% increase in GCS and a 22% increase in GNS.
         The slower proprietary card growth reflects more modest card
         acquisition activities and the effect of certain credit-related
         actions, including the cancellation of approximately 300K inactive
         cards within our U.S. small business activities.
         -- 600K net cards were added during the quarter in the non-U.S.
            businesses, while net cards in the U.S. declined by 300K.

o    NET CARD FEES:  Increased 6% primarily due to a higher average fee per
     proprietary card.

o    TRAVEL COMMISSIONS AND FEES:   Decreased 14%, primarily reflecting a 19%
     decrease in worldwide travel sales.

o    OTHER COMMISSIONS AND FEES: Decreased 20% on a lower level of fees
     related to reduced cardmember spending volumes and average owned loans
     and a reclass to other revenues in USCS of certain card service-related
     fees, beginning in 1Q '08.

o    SECURITIZATION INCOME, NET: Decreased 39% primarily due to a lower excess
     spread, net, driven by increased write-offs which were partially offset
     by higher finance charges and fees due to a greater average balance of
     securitized loans, lower interest expense due to lower rates paid on
     investor certificates and the credit-related charge to the fair value of
     the I/O Strip in 4Q '07. Securitization income, net represents the
     non-credit provision components of the gains from securitization
     activities within the USCS segment, fair value changes of the related I/O
     Strip and excess spread related to securitized loans and servicing
     income, net of related discounts or fees.

                                     -8-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                                 CONSOLIDATED
<TABLE>
<CAPTION>
- - Components of Securitization Income, Net:
                                                                          Quarters Ended              Percentage
                                                                            December 31,              Inc/(Dec)
                                                                  ----------------------------     ---------------
                                                                          2008           2007
                                                                         -----           ----
<S>                                                                   <C>           <C>             <C>
(millions)

            Excess spread, net*                                            $54           $204            (74)%
            Servicing fees                                                 145            114             27
            Gain on sales from securitizations**                             -              8              #
                                                                      --------       --------
            Total securitization income, net                              $199           $326            (39)
                                                                      --------       --------
</TABLE>


         # Denotes variance of more than 100%.
         * Excess spread, net is the net cash flow from interest and fee
           collections allocated to the investors' interests after deducting
           the interest paid on investor certificates, credit losses,
           contractual servicing fees, other expenses and changes in the fair
           value of the I/O Strip.
        ** Excludes a $29MM gain from cardmember loan sales in 4Q '07,
           reflected in the provisions for losses. There were no sales in 4Q
           '08.

- - The average balance of Cardmember lending securitizations was $29.0B in 4Q
'08 compared with $22.7B in 4Q '07.

o    OTHER REVENUES: Increased 14%, primarily reflecting the impact of the CPS
     acquisition, the reclassification from other commissions and fees within
     USCS and higher network partner-related revenues.

o    TOTAL INTEREST INCOME:  Decreased 22%.

       - INTEREST AND FEES ON LOANS: Decreased 21%, primarily reflecting a
         lower average owned loan balance and a lower portfolio yield, due to
         the impact of reduced market interest rates on variably priced
         assets.

       - INTEREST AND DIVIDENDS ON INVESTMENT SECURITIES: Decreased 7%,
         primarily reflecting reduced investment yields which more than offset
         increased liquidity-related investment levels.

- - DEPOSITS WITH BANKS AND OTHERS: Decreased 61% primarily due to significantly
lower yields.

o    TOTAL INTEREST EXPENSE:  Decreased 27%.

     - DEPOSITS: Decreased 42% due to a lower cost of funds which more than
       offset increased balances.

     - SHORT-TERM BORROWINGS: Decreased 48% due to a decrease in short-term debt
       levels and a lower cost of funds.

     - LONG-TERM DEBT: Decreased 18%, primarily reflecting a lower cost of
       funds driven by reduced market rates on variably priced debt,
       partially offset by a slight increase in average long-term debt
       outstanding.

     - OTHER:  Decreased $19MM.

o    CHARGE CARD PROVISION FOR LOSSES: Increased 2% as the impact of higher
     loss and delinquency rates versus last year were partially offset by the
     4Q '07 credit-related charge and lower business volume and receivable
     levels in 4Q '08.

- - WORLDWIDE CHARGE CARD:*

- -- The write-off and past due rates increased versus last year and last
quarter.
<TABLE>
<CAPTION>

                                                            12/08             9/08              12/07
                                                        --------------    -------------     -------------
<S>                                                         <C>              <C>
              USCS Net write-off rate+                        3.5%             3.4%               N/A
              ICS Net loss ratio as a % of charge            0.30%             0.25%             0.21%
              volume
              GCS Net loss ratio as a % of charge            0.14%             0.15%             0.12%
              volume

              USCS 30 days past due as a % of total           3.7%             3.6%               N/A
              ICS 90 days past due as a % of total            3.1%             2.7%               1.8%
              GCS 90 days past due as a % of total            2.7%             1.8%               2.1%

              Worldwide Receivables (billions)               $33.0           $37.6               $40.1
              Reserves (millions)                             $810          $1,134              $1,149
              % of receivables                                2.5%             3.0%               2.9%
</TABLE>

             * There are no off-balance sheet Charge Card securitizations.
               Therefore, all credit quality statistics for the Charge Card
               portfolio are on an "Owned Basis."
             + In 4Q '08, the Company revised the time period in which past due
               U.S. Cardmember receivables are written off.  These
               receivables are now written off when they are 180 days past
               due, when previously, they were written off when they were 360
               days past due. The net write-off rate, reflecting write-offs of
               principal only, has been presented beginning with 1Q '08 and
               does not reflect the write off of $341MM incurred upon adopting
               the 180 day past due write-off policy in 4Q '08. However, this
               amount is reflected as a write-off reducing the reserve balance
               in the 4Q '08 reserve roll-forward.

                                     -9-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                                 CONSOLIDATED

o    CARDMEMBER LENDING PROVISION FOR LOSSES: Decreased 4% as the 4Q '07
     credit-related charge and a lower average loan balance versus last year
     were partially offset by higher write-off and delinquency rates in 4Q
     '08.

- - WORLDWIDE LENDING:*
   -- The write-off and past due rates increased versus last year and last
      quarter.
<TABLE>
<CAPTION>
                                                            12/08             9/08             12/07
                                                        --------------    -------------     -------------
<S>                                                       <C>              <C>              <C>
              Net write-off rate                              6.5%             5.8%             3.7%
              30 days past due as a % of loans                4.4%             3.7%             2.8%

              Total Loans (billions)                        $42.2            $45.7             $54.4
              Reserves (millions)                          $2,570           $2,640            $1,831
              % of total loans                                6.1%             5.8%              3.4%
              % of 30 days past due accounts                  137%             154%             119%

</TABLE>

              * All lending statistics are presented here on a GAAP or "Owned
               Basis". "Managed Basis" credit quality statistics are available
               in the Fourth Quarter/Full Year 2008 Earnings Release, American
               Express Company Consolidated Selected Statistical Information
               pages.


o    OTHER PROVISION FOR LOSSES:  Decreased $10MM versus last year.

o    MARKETING AND PROMOTION EXPENSES: Decreased 35%, reflecting lower
     investment spending in 4Q '08 and the incremental business-building costs
     in 4Q '07.

o    CARDMEMBER REWARDS EXPENSE: Decreased 39%, reflecting the 4Q '07
     MR-related charge as well as lower volume-driven rewards costs in 4Q '08,
     partially offset by the 4Q '08 Delta-related charge to the MR balance
     sheet reserve.

o    CARDMEMBER SERVICES EXPENSES:  Increased 2%.

o    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Increased 16% as $347MM of the 4Q
     '08 restructuring charge related to the Company's reengineering
     initiatives and higher salaries expense more than offset a reduction in
     employee-related incentive costs.

o PROFESSIONAL SERVICES EXPENSE:  Was flat versus the prior year.

o OCCUPANCY AND EQUIPMENT EXPENSE:  Rose 19% reflecting the 4Q '08
  reengineering costs and higher technology-related servicing costs.

o COMMUNICATIONS EXPENSE:  Decreased 1% versus the prior year.

o OTHER, NET EXPENSE:  Increased more than 100% primarily due to the initial
  Visa litigation settlement payment in 4Q '07, net of litigation expenses and
  the related contribution to the American Express Charitable Fund, as well as
  the 4Q '08 expenses related to the CPS acquisition. These were partially
  offset by the 4Q '08 settlement payments from MasterCard and Visa.


                                     -10-

<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                                 CONSOLIDATED

SUPPLEMENTAL INFORMATION - TANGIBLE COMMON EQUITY AND TOTAL ADJUSTED ASSETS

During the third quarter of 2006, the Company issued $750MM of 6.80%
Subordinated Debentures due 2036 ("Subordinated Debentures"), which are
automatically extendable until 2066 unless certain events occur prior to that
date. In connection with the Subordinated Debentures, the Company has
undertaken to disclose on a quarterly basis the amount of its "tangible common
equity" and "total adjusted assets", as defined in the Subordinated
Debentures. The Company's consolidated "tangible common equity" amount as of
the end of any fiscal quarter means the total shareholders' equity, excluding
preferred stock, of the Company as reflected on its consolidated balance sheet
prepared in accordance with GAAP as of such fiscal quarter end minus (i)
intangible assets and goodwill and (ii) deferred acquisition costs, as
determined in accordance with GAAP and reflected in such consolidated balance
sheet. The Company's "total adjusted assets" as of the end of any fiscal
quarter is calculated as the sum of (i) total consolidated assets as reflected
on the Company's balance sheet minus (ii) non-securitized Cardmember lending
receivables (without deduction for reserves), which are set forth on the
Company's balance sheet, plus (iii) managed (i.e., securitized and
non-securitized) worldwide Cardmember lending receivables as reported by the
Company for such fiscal quarter. As of December 31, 2008, the Company's
"tangible common equity" was $9B and its "total adjusted assets" as defined in
the Subordinated Debentures, were $156B. As of December 31, 2008, the
consolidated assets as reflected on the Company's balance sheet were $126B.


CORPORATE & OTHER

o Net income was $1MM in 4Q '08 compared with $158MM in 3Q '08 and $555MM in
  4Q '07.

  - 4Q '08 included:
    -- $93MM and $43MM of after-tax income related to the MasterCard and Visa
       litigation settlements, respectively; and
    -- $93MM of after-tax expense related to the Company's reengineering
       initiatives.

  - 3Q '08 included:
    -- $93MM and $43MM of after-tax income related to the MasterCard and Visa
       litigation settlements, respectively;
    -- $56MM in tax benefits primarily due to the revision of the Company's
       estimated annual effective tax rate; and
    -- $4MM of after-tax expense for reengineering costs.

  - 4Q '07 included:
    -- $700MM of after-tax income due to the initial payment of the Visa
       litigation settlement;
    -- $46MM of after-tax expense for litigation-related costs;
    -- $31MM of after-tax expense for the contribution to the American
       Express Charitable Fund; and
    -- $4MM of after-tax cost for incremental business-building initiatives.



                                     -11-
<Page>

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

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
(Preliminary)                                                                   Quarters Ended                 Percentage
                                                                                 December 31,                  Inc/(Dec)
                                                                       ----------------------------------    ---------------
(millions)                                                                 2008               2007
                                                                       --------            --------
<S>                                                                   <C>                 <C>                <C>
Revenues
    Discount revenue, net card fees and other                                $2,465            $2,720                (9%)
    Securitization income, net                                                  199               326               (39)
    Interest income                                                           1,049             1,402               (25)
    Interest expense                                                            490               739               (34)
                                                                            -------           -------
     Net interest income                                                        559               663               (16)
                                                                            -------           -------
Total revenues net of interest expense                                        3,223             3,709               (13)
                                                                            -------           -------
Provisions for losses                                                         1,051             1,139                (8)
                                                                            -------           -------
Total revenues net of interest expense after provisions for losses            2,172             2,570               (15)
                                                                            -------           -------
Expenses
    Marketing, promotion, rewards and cardmember services                     1,208             1,739               (31)
    Salaries and employee benefits and other operating expenses               1,012               871                16
                                                                            -------           -------
     Total                                                                    2,220             2,610               (15)
                                                                            -------           -------
Pretax segment loss                                                             (48)              (40)               20
Income tax benefit                                                              (52)              (47)               11
                                                                            -------           -------
Segment Income                                                                   $4                $7               (43)
                                                                            =======           =======
</Table>

<Table>
<Caption>
STATISTICAL INFORMATION
- -----------------------                                        Quarters Ended            Percentage
                                                                December 31,              Inc/(Dec)
                                                          -------------------------      ----------
                                                           2008               2007
                                                          ------             ------
<S>                                                       <C>               <C>             <C>
Card billed business (billions)                            $92.0             $101.2          (9%)
Total cards-in-force (millions)                             44.2               43.3           2
Basic cards-in-force (millions)                             32.9               32.3           2
Average basic cardmember spending* (dollars)              $2,758             $3,161         (13)
Segment capital (millions)**                              $4,755             $4,454           7
Return on average segment capital**                         16.8%              40.2%
Return on average tangible segment capital**                17.7%              41.8%
</Table>

 *   Proprietary cards only.

**   Segment capital includes an allocation attributable to goodwill and other
     intangibles. Please refer to Appendix I of the Fourth Quarter/Full Year
     2008 Earnings Release for the components of ROE and ROTE.

- -        BILLED BUSINESS: The 9% decrease in billed business reflects a 13%
         decrease in average spending per proprietary basic card partially
         offset by the 2% increase in basic cards-in-force.

          --   Within the U.S. consumer business, billed business decreased 12%;
               small business volumes declined by 3%.

- -        TOTAL CARDS-IN-FORCE: Increased by 0.9MM, or 2%, versus last year as
         more modest card acquisition spending was partially offset by the
         suppressing effect of credit-related actions, including the
         cancellation of approximately 300K inactive small business cards.

P&L DISCUSSION:

- -    SEGMENT INCOME: Decreased to $4MM as total revenues net of interest expense
     declined 13%, provisions for losses were 8% lower and expenses decreased by
     15%.

     -    4Q '08 included:
          --   $96MM ($60MM after-tax) of the Delta-related charge to the MR
               balance sheet reserve; and
          --   $30MM ($20MM after-tax) of the costs related to the Company's
               reengineering initiatives.

     -    4Q '07 included:
          --   The $438MM ($274MM after-tax) credit-related charge;
          --   $408MM ($253MM after-tax) of the MR-related charge; and
          --   $84MM ($52MM after-tax) of the incremental business-building
               costs.

- -    PRE-TAX MARGIN: Was (1.5%) in 4Q '08 compared with (1.1%) in 4Q '07.

- -    EFFECTIVE TAX RATE: Was 108% in 4Q '08 compared with 118% in 4Q '07. The
     high rates in both periods reflect the impact of allocated tax benefits on
     pre-tax losses, including the 4Q '08 benefit related to the finalization of
     state tax returns.

                                     -12-
<Page>

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 9% due to lower billed
     business volumes and lower commissions and fees partially offset by higher
     net card fees.

- -    SECURITIZATION INCOME, NET: Decreased 39% primarily due to a lower excess
     spread, net, driven by increased write-offs which were partially offset by
     higher finance charges and fees due to a greater average balance of
     securitized loans, lower interest expense due to lower rates paid on
     investor certificates and the credit-related charge to the fair value of
     the I/O Strip in 4Q '07. Securitization income, net represents the
     non-credit provision components of the gains from securitization activities
     within the USCS segment, fair value changes of the related I/O Strip and
     excess spread related to securitized loans and servicing income, net of
     related discounts or fees.

- -    INTEREST INCOME: Decreased 25% due to a decrease of 19% in the average
     owned lending balance and lower market interest rate-driven yields.

- -    INTEREST EXPENSE: Decreased 34% due to a lower market interest rate-driven
     cost of funds and lower average owned cardmember lending and receivable
     balances.

- -    PROVISIONS FOR LOSSES: Decreased 8% due to the 4Q '07 credit-related charge
     and reduced loan and business volumes in 4Q '08, partially offset by higher
     write-off and delinquency rates this year.

- -    CHARGE CARD: * +

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

<Table>
<Caption>
                                                                12/08            9/08            12/07
                                                             -------------    ------------    ------------
<S>                                                            <C>              <C>              <C>
              Total Receivables (billions)                     $17.8            $18.8            $21.4
              Net write-off rate                                 3.5%             3.4%             N/A
              30 days past due as a % of total                   3.7%             3.6%            N/A
</Table>

- -    CARDMEMBER LENDING: **

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

<Table>
<Caption>
                                                                12/08            9/08            12/07
                                                             -------------    -----------     ------------
<S>                                                            <C>              <C>              <C>
              Total Loans (billions)                           $32.7            $34.6            $43.3
              Net write-off rate                                 7.0%             6.1%             3.5%
              30 days past due as a % of total                   4.7%             3.9%             2.8%
</Table>

            * There are no off-balance sheet Charge Card securitizations.
              Therefore, all credit quality statistics for the Charge Card
              portfolio are on an "Owned Basis."
            **Owned basis. See pages 14-15 for "Managed Basis" Cardmember
              lending information.
             +In 4Q '08, the Company revised the time period in which past due
              U.S. Cardmember receivables are written off. These receivables
              are now written off when they are 180 days past due, when
              previously, they were written off when they were 360 days past
              due. The net write-off rate, reflecting write-offs of principal
              only, has been presented beginning with 1Q '08 and does not
              reflect the write-offs of $341MM incurred upon adopting the 180
              day past due write-off policy in 4Q '08.

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     31% primarily due to the MR-related charge and incremental
     business-building expenses in 4Q '07 as well as lower marketing and
     promotion expenses in 4Q '08, partially offset by the 4Q '08 Delta-related
     charge to the MR balance sheet reserve.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased 16%
     primarily due to the costs related to the Company's reengineering
     initiatives and higher technology-related investments.

                                     -13-
<Page>

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

MANAGED BASIS
For USCS, the managed basis presentation assumes that there have been no
off-balance sheet securitization transactions, i.e., all securitized cardmember
loans and related income effects are reflected as if they were in the Company's
balance sheets and income statements, respectively. For the managed basis
presentation, revenue and expenses related to securitized cardmember loans are
reflected in other commissions and fees (included in discount revenue, net card
fees and other), cardmember interest income, cardmember interest expense and
provisions for losses. On a managed basis, there is no securitization income,
net, as the managed basis presentation assumes no securitization transactions
have occurred.

The Company presents USCS information on a managed basis because that is the way
the Company's management views and manages the business. Management believes
that a full picture of trends in the Company's cardmember lending business can
only be derived by evaluating the performance of both securitized and
non-securitized cardmember loans. Management also believes that use of a managed
basis presentation presents a more accurate picture of the key dynamics of the
cardmember lending business. Irrespective of the on- and off-balance sheet
funding mix, it is important for management and investors to see metrics for the
entire cardmember lending portfolio because they are more representative of the
economics of the aggregate cardmember relationships and ongoing business
performance and trends over time. It is also important for investors to see the
overall growth of cardmember loans and related revenue in order to evaluate
market share. These metrics are significant in evaluating the Company's
performance and can only be properly assessed when all non-securitized and
securitized cardmember loans are viewed together on a managed basis. The Company
does not currently securitize international loans.

On a GAAP basis, revenue and expenses from securitized cardmember loans are
reflected in the Company's income statements in securitization income, net, fees
and commissions, and provisions for losses for cardmember lending. At the time
of a securitization transaction, the securitized cardmember loans are removed
from the Company's balance sheet, and the resulting gain on sale is reflected in
securitization income, net as well as an impact to provision for losses (credit
reserves are no longer recorded for the cardmember loans once sold). Over the
life of a securitization transaction, the Company recognizes servicing fees and
other net revenues (referred to as "excess spread") related to the interests
sold to investors (i.e. the investors' interests). These amounts, in addition to
changes in the fair value of the interest-only strips, are reflected in
securitization income, net, and fees and commissions. The Company also
recognizes cardmember interest income over the life of the securitization
transaction related to the interest it retains (i.e. the seller's interest). At
the maturity of a securitization transaction, cardmember loans on the balance
sheet increase, and the impact of the incremental required loss reserves is
recorded in provisions for losses.

As presented, in aggregate over the life of a securitization transaction, the
pretax income impact to the Company is the same whether or not the Company had
securitized cardmember loans or funded these loans through other financing
activities (assuming the same financing costs). The income statement
classifications, however, of specific items will differ.

The following information reconciles the GAAP basis presentation for certain
USCS income statement line items to the managed basis presentation, where
different:

<Table>
<Caption>
                                                                       Quarters Ended                  Percentage
                                                                        December 31,                   Inc/(Dec)
                                                              ----------------------------------    -----------------
     (millions)                                                  2008                2007
                                                              ---------            ---------

<S>                                                             <C>                 <C>                      <C>
- -        DISCOUNT REVENUE, NET CARD FEES AND OTHER:
         -----------------------------------------
           Reported for the period (GAAP)                       $2,465              $2,720                   (9%)
           Securitization adjustments                              110                  76                   45
                                                                ------              ------
           Managed discount revenue, net card fees and
           other                                                $2,575              $2,796                 (8)
                                                                ======              ======

- -        INTEREST INCOME:
         ---------------
           Reported for the period  (GAAP)                      $1,049              $1,402                  (25)
           Securitization adjustments                              902                 828                    9
                                                                ------              ------
           Managed interest income                              $1,951              $2,230                  (13)
                                                                ======              ======

- -        SECURITIZATION INCOME, NET:
         ---------------------------
           Reported for the period (GAAP)                         $199                $326                  (39)
           Securitization adjustments                             (199)               (326)                 (39)
                                                                ------              ------
           Managed securitization income, net                      $ -                 $ -                    -
                                                                ======              ======

- -        INTEREST EXPENSE:
         ----------------
           Reported for the period  (GAAP)                        $490                $739                  (34)
           Securitization adjustments                              230                 287                  (20)
                                                                ------              ------
           Managed interest expense                               $720              $1,026                  (30)
                                                                ======              ======

- -        PROVISIONS FOR LOSSES:
         ----------------------
           Reported for the period (GAAP)                       $1,051              $1,139                   (8)
           Securitization adjustments                              577                 263                    #
                                                                ------              ------
           Managed provisions for losses                        $1,628              $1,402                   16
                                                                ======              ======
 # Denotes variance of more than 100%.
</Table>


                                     -14-
<Page>

MANAGED P&L DISCUSSION

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 8% largely due to
     lower billed business volumes and lower commissions and fees partially
     offset by higher net card fees.

- -    INTEREST INCOME: Decreased 13% primarily due to lower market interest
     rate-driven yields.

- -    INTEREST EXPENSE: Decreased 30% due to a lower market interest rate-driven
     cost of funds and a lower average managed cardmember receivable balance.

- -    PROVISIONS FOR LOSSES: Increased 16% due to higher write-off and
     delinquency rates this year partially offset by the 4Q '07 credit-related
     charge and reduced loan and business volumes in 4Q '08.

     -    CARDMEMBER LENDING: *

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

<Table>
<Caption>
                                                                12/08            9/08             12/07
                                                              -----------     ------------    ------------
<S>                                                           <C>             <C>             <C>
              Total Loans (billions)                             $62.4           $64.3           $65.9
              Net write-off rate                                   6.7%            5.9%            3.4%
              30 days past due as a % of total                     4.7%            3.9%            2.8%
</Table>

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

                                     -15-
<Page>

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)
<TABLE>
<CAPTION>
(Preliminary)                                                                   Quarters Ended                   Percentage
                                                                                 December 31,                    Inc/(Dec)
                                                                       -------------- ---- --------------     -----------------
(millions)                                                                 2008                2007
                                                                         -------           -------
<S>                                                                   <C>               <C>                <C>
Revenues
    Discount revenue, net card fees and other                               $864              $967               (11%)
                                                                         -------           -------
    Interest income                                                          427               478               (11)
    Interest expense                                                         193               256               (25)
                                                                         -------           -------
      Net interest income                                                    234               222                 5
                                                                         -------           -------
Total revenues net of interest expense                                     1,098             1,189                (8)
                                                                         -------           -------
Provisions for losses                                                        243               220                10
                                                                         -------           -------
Total revenues net of interest expense after provisions for losses           855               969               (12)
                                                                         -------           -------
Expenses
    Marketing, promotion, rewards and cardmember services                    303               638               (53)
    Salaries and employee benefits and other operating expenses              590               512                15
                                                                         -------           -------
      Total                                                                  893             1,150               (22)
                                                                         -------           -------
Pretax segment loss                                                          (38)             (181)              (79)
Income tax benefit                                                           (74)             (113)              (35)
                                                                         -------           -------
Segment income (loss)                                                        $36              ($68)                #
                                                                         =======           =======
</Table>

# Denotes a variance of more than 100%.

STATISTICAL INFORMATION
<Table>
<Caption>
                                                               Quarters Ended                Percentage
                                                                December 31,                  Inc/(Dec)
                                                         ------------------------------     --------------
                                                           2008                2007
                                                         -------             -------
<S>                                                      <C>                <C>             <C>
Card billed business (billions)                            $24.2              $28.2           (14%)
Total cards-in-force (millions)                             16.3               16.0             2
Basic cards-in-force (millions)                             11.4               11.3             1
Average basic cardmember spending* (dollars)              $2,109             $2,515           (16)
Segment capital (millions)**                              $1,985             $2,062            (4)
Return on average segment capital**                         16.7%              15.3%
Return on average tangible segment capital**                22.6%              21.4%
</Table>

*Proprietary cards only.

**Segment capital includes an allocation attributable to goodwill and other
  intangibles. Please refer to Appendix I of the Fourth Quarter/Full Year
  2008 Earnings Release for the components of ROE and ROTE.

     -    BILLED BUSINESS: The 14% decrease in billed business reflects a 16%
          decrease in average spending per proprietary basic card partially
          offset by a 1% increase in basic cards-in-force.
          --   Adjusting for the impacts of foreign exchange translation, billed
               business increased 1% and average spending per proprietary basic
               card-in-force decreased 2%. Volume changes within the major
               geographic regions ranged from a flat level to single-digit
               growth.

     -    TOTAL CARDS-IN-FORCE: Increased by 300K, or 2%, versus last year.

P&L DISCUSSION

- -    SEGMENT RESULTS: Reflected income of $36MM this year versus a loss of $68MM
     last year. Total revenues net of interest expense decreased 8%, provisions
     for losses increased 10% and expenses declined by 22%. Both the revenue and
     expense declines were inflated by the translation of foreign currency.

     -    4Q '08 included $84MM ($55MM after-tax) of costs related to the
          Company's reengineering initiatives.

     -    4Q '07 included:
          --   $216MM ($138MM after-tax) of the MR-related charge;
          --   $20MM ($12MM after-tax) of the incremental business-building
               costs; and
          --   $9MM ($6MM after-tax) of reengineering costs.

- -        PRE-TAX MARGIN:  Was (3.5%) in 4Q '08 compared with (15.2%) in 4Q '07.

                                     -16-
<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2008 OVERVIEW
                           INTERNATIONAL CARD SERVICES

- -    EFFECTIVE TAX RATE: Was 195% in 4Q '08 compared with 62% in 4Q '07. The
     high rates in both periods reflect the impact of allocated tax benefits
     ($74MM in 4Q '08 and $113MM in 4Q '07) on pre-tax losses. As indicated in
     previous quarters, this segment reflects an overall tax benefit which will
     likely continue going forward since our internal tax allocation process
     provides ICS with the consolidated benefit related to its ongoing funding
     activities outside the U.S.

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 11% driven primarily
     by the lower level of card spending, decreased other commissions and fees
     and lower travel commissions and fees, partially offset by higher other
     revenues.

- -    INTEREST INCOME: Decreased 11% on a 9% reduction in average loans and lower
     interest on bank and other deposits, partially offset by a higher
     cardmember loan portfolio yield.

- -    INTEREST EXPENSE: Decreased 25% on lower volumes and average receivable
     balances and a decreased cost of funds.

- -    PROVISIONS FOR LOSSES: Increased 10% primarily due to higher delinquency
     and write-off rates partially offset by the lower loan and business
     volumes.

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

<Table>
<Caption>
                                                          12/08            9/08           12/07
                                                       ------------     -----------     -----------
<S>                                                     <C>              <C>             <C>
              Total Receivables (billions)                $5.6             $6.1            $6.6
              Net loss ratio as a % of charge volume      0.30%            0.25%           0.21%
              90 days past due as a % of total             3.1%             2.7%            1.8%
</Table>

- -        CARDMEMBER LENDING: *
          --   The write-off and past due rates increased versus last year.
               Compared to last quarter the write-off rate was flat while the
               past due rate rose.

<Table>
<Caption>
                                                          12/08            9/08           12/07
                                                       ------------     -----------     -----------
<S>                                                   <C>               <C>             <C>
              Cardmember Loans (billions)                 $9.5            $11.1           $11.2
              Net write-off rate                           5.1%             5.1%            4.4%
              30 days past due as a % of total             3.6%             3.3%            2.8%
</Table>

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

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     53% reflecting the 4Q '07 MR-related charge and incremental
     business-building costs and lower marketing and promotion spending
     in 4Q '08.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased 15%
     primarily due to higher salaries and employee benefits expense and other
     operating expense, reflecting the 4Q '08 restructuring charge related to
     the Company's reengineering initiatives, as well as increased other
     operating expenses.

                                     -17-
<Page>

                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2008 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
(Preliminary)                                                                  Quarters Ended            Percentage
                                                                                December 31,              Inc/(Dec)
                                                                         ------------------------       --------------
(millions)                                                                 2008              2007
                                                                         ------            ------

<S>                                                                      <C>               <C>                <C>
Revenues
    Discount revenue, net card fees and other                            $1,150            $1,245               (8%)
                                                                         ------            ------
    Interest income                                                          30                49              (39)
    Interest expense                                                        136               166              (18)
                                                                         ------            ------
      Net interest income                                                  (106)             (117)              (9)
                                                                         ------            ------
Total revenues net of interest expense                                    1,044             1,128               (7)
                                                                         ------            ------
 Provisions for losses                                                       69                55               25
                                                                         ------            ------
Total revenues net of interest expense after provisions for losses          975              1,073              (9)
                                                                         ------            ------
Expenses
    Marketing, promotion, rewards and cardmember services                    79               135              (41)
    Salaries and employee benefits and other operating expenses             955               794               20
                                                                         ------            ------
      Total                                                               1,034               929               11
                                                                         ------            ------
Pretax segment (loss) income                                                (59)              144                #
Income tax (benefit) provision                                              (41)               34                #
                                                                         ------            ------
Segment (loss) income                                                      ($18)              $110               #
                                                                         ======            ======
</Table>

# Denotes a variance of more than 100%.

STATISTICAL INFORMATION
<Table>
<Caption>
                                                                              Quarters Ended              Percentage
                                                                               December 31,               Inc/(Dec)
                                                                        -------------------------       --------------
                                                                          2008              2007
                                                                        -------           -------
<S>                                                                    <C>               <C>                <C>
Card billed business (billions)                                           $28.7             $32.2              (11%)
Total cards-in-force (millions)                                             7.1               6.8                4
Basic cards-in-force (millions)                                             7.1               6.8                4
Average basic cardmember spending* (dollars)                             $4,070            $4,695              (13)
Segment capital (millions)**                                             $3,539            $2,239               58
Return on average segment capital**                                        15.4%             25.3%
Return on average tangible segment capital**                               33.4%            43.3%
</Table>

* Proprietary cards only.

** Segment capital includes an allocation attributable to goodwill and other
   intangibles. Please refer to Appendix I of the Fourth Quarter/Full Year
   2008 Earnings Release for the components of ROE and ROTE.

     -    BILLED BUSINESS: The 11% decrease in billed business reflects a 13%
          decline in average spending per proprietary basic card partially
          offset by a 4% increase in basic cards-in-force.

          --   Adjusting for the impacts of foreign exchange translation, billed
               business and average spending per proprietary basic card-in-force
               decreased 5% and 8%, respectively. Volume decreases of 6% within
               the U.S. compared to results within other major geographic
               regions ranging from a mid-single digit decline to growth of 9%.

     -    TOTAL CARDS-IN-FORCE: Increased by 300K, or 4%, versus last year.

P&L DISCUSSION

- -    SEGMENT RESULTS: Reflected a loss of $18MM this year versus income of
     $110MM last year. Total revenues net of interest expense decreased 7%,
     provisions for losses increased 25% and expenses rose by 11%. Both the
     revenues and expenses reflect the translation impact of a comparatively
     stronger dollar, as well as the inclusion of the CPS acquisition this year.

     -    4Q '08 included:
          --   $136MM ($88MM after-tax) of the costs related to the Company's
               reengineering initiatives; and

          --   $10MM ($6MM after-tax) of the Delta-related charge to the balance
               sheet reserve.

     -    4Q '07 included:
          --   $61MM ($39MM after-tax) of the MR-related charge; and
          --   $5MM ($3MM after-tax) of reengineering costs.

     -    PRE-TAX MARGIN: Was (5.7%) in 4Q '08 compared with 12.8% in 4Q '07.

                                     -18-
<Page>


                            AMERICAN EXPRESS COMPANY
                          FOURTH QUARTER 2008 OVERVIEW
                           GLOBAL COMMERCIAL SERVICES

     -    EFFECTIVE TAX RATE: Was 69% in 4Q '08 compared with 24% in 4Q '07. The
          4Q '08 rate reflects the impact of allocated tax benefits on a pre-tax
          loss, including the benefit related to the finalization of state tax
          returns.

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Decreased 8% driven primarily by
     the lower level of card spending, as well as lower travel commissions and
     fees and other commissions and fees partially offset by higher other
     revenues from the CPS acquisition.

- -    INTEREST INCOME: Decreased 39% driven by lower deposit-related income.

- -    INTEREST EXPENSE: Decreased 18% due to lower average receivables partially
     offset by the cost of funding the CPS acquisition.

- -    PROVISIONS FOR LOSSES: Increased 25%, primarily reflecting higher loss and
     past due rates partially offset by lower business volumes.

- -    CHARGE CARD: *

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

<Table>
<Caption>
                                                          12/08            9/08           12/07
                                                       ------------     -----------     -----------
<S>                                                    <C>             <C>             <C>
              Total Receivables (billions)                $9.4            $12.5           $11.4
              Net loss ratio as a % of charge volume      0.14%           0.15%           0.12%
              90 days past due as a % of total            2.7%             1.8%            2.1%
</Table>

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

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     41%, reflecting the 4Q '07 MR-related charge, partially offset by the
     Delta-related charge to the MR balance sheet reserve this year.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased 20%
     primarily due to greater salaries and employee benefits expense and
     increased other operating expenses, reflecting the restructuring charge
     related to the Company's reengineering initiatives and operating expenses
     related to the CPS acquisition.

                                     -19-
<Page>

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

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)


<Table>
<Caption>
(Preliminary)                                                                  Quarters Ended               Percentage
                                                                                December 31,                Inc/(Dec)
                                                                        -------------------------         -------------
(millions)                                                                 2008              2007
                                                                        -------           -------
<S>                                                                   <C>               <C>                 <C>
Revenues
    Discount revenue, fees and other                                       $893              $961                (7%)
                                                                        -------           -------
    Interest income                                                           1                 1                 -
    Interest expense                                                        (51)              (79)              (35)
                                                                        -------           -------
      Net interest income                                                    52                80               (35)
                                                                        -------           -------
Total revenues net of interest expense                                      945             1,041                (9)
                                                                        -------           -------
Provisions for losses                                                        36                28                29
                                                                        -------           -------
Total revenues net of interest expense after provisions for losses          909             1,013               (10)
                                                                        -------           -------
Expenses
    Marketing and promotion                                                 118               165               (28)
    Salaries and employee benefits and other operating expenses             488               469                 4
                                                                        -------           -------
      Total                                                                 606               634                (4)
                                                                        -------           -------
Pretax segment income                                                       303               379               (20)
Income tax provision                                                         88               125               (30)
                                                                        -------           -------
Segment income                                                             $215              $254               (15)
                                                                        =======           =======
</Table>

<Table>
<Caption>
  STATISTICAL INFORMATION                                                      Quarters Ended             Percentage
                                                                                December 31,               Inc/(Dec)
                                                                        ---------------------------     -------------
                                                                          2008             2007
                                                                         ------           ------
<S>                                                                  <C>               <C>               <C>
  Global card billed business* (billions)                                $160.5            $177.5            (10%)
  Segment capital (millions)**                                           $1,441            $1,170             23
  Return on average segment capital**                                      75.5%             90.7%
  Return on average tangible segment capital**                             77.6%             93.4%

  Global Network Services:
  Card billed business (billions)                                         $16.0             $16.0              -
  Total cards-in-force (millions)                                          24.8              20.3             22
</Table>

* Includes activities related to proprietary cards (including cash advances),
  cards issued under network partnership agreements, and certain insurance fees
  charged on proprietary cards.
** Segment capital includes an allocation attributable to goodwill and other
   intangibles. Please refer to Appendix I of the Fourth Quarter/Full Year 2008
   Earnings Release for the components of ROE and ROTE.

P&L DISCUSSION

- -    SEGMENT INCOME: Decreased 15% as total revenues net of interest expense
     declined 9%, provisions for losses increased by $8MM and expenses decreased
     by 4%. Both the revenue and expense declines were inflated by the
     translation impact of a comparatively stronger dollar.

     -    4Q '08 included $28MM ($17MM after-tax) of the costs related to the
          Company's reengineering initiatives.

     -    4Q '07 included:
          --   $33MM ($20MM after-tax) of the incremental business-building
               costs; and
          --   $2MM ($1MM after-tax) of reengineering costs.

     -    PRE-TAX MARGIN: Was 32.1% in 4Q '08 compared with 36.4% in 4Q '07.

- -        EFFECTIVE TAX RATE: Was 29% in 4Q '08 compared with 33% in 4Q '07. The
         4Q '08 rate includes the allocated benefit related to the finalization
         of state tax returns.

- -    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Decreased 7%, reflecting a
     decline in merchant-related revenues, primarily from the 10% decrease in
     global card billed business, partially offset by higher GNS-related
     revenues.

- -    INTEREST INCOME: Was flat versus the prior year.

- -    INTEREST EXPENSE: The expense credit decreased 35% due to a lower
     rate-driven interest credit, primarily in the U.S., related to internal
     transfer pricing which recognizes the merchant services' accounts
     payable-related funding benefit as well as lower volumes.

- -        PROVISIONS FOR LOSSES:  Increased $8MM.

                                     -20-
<Page>

- -    MARKETING AND PROMOTION EXPENSES: Decreased 28% reflecting the incremental
     business-building costs in 4Q '07 and lower brand-related marketing and
     promotion expenses in 4Q '08.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased 4%
     primarily due to greater salaries and employee benefits expense and other
     operating expenses which reflect the 4Q '08 restructuring charge related to
     the Company's reengineering initiatives, partially offset by lower
     professional services expenses.

                                     -21-
<Page>

                           AMERICAN EXPRESS COMPANY
                        FULL YEAR QUARTER 2008 OVERVIEW
                                 CONSOLIDATED

  (Preliminary)

                              STATEMENTS OF INCOME
                                  (GAAP BASIS)
<Table>
<Caption>
(Millions, except per share amounts)                                         Years Ended            Percentage
                                                                             December 31,           Inc/(Dec)
                                                                      ---------------------------   ----------
                                                                         2008              2007
                                                                      --------           --------
<S>                                                                    <C>                <C>             <C>
Revenues
    Discount revenue                                                   $15,025            $14,596         3%
    Net card fees                                                        2,150              1,919        12
    Travel commissions and fees                                          2,010              1,926         4
    Other commissions and fees                                           2,307              2,417        (5)
    Securitization income, net                                           1,070              1,507       (29)
    Other                                                                2,157              1,751        23
                                                                      --------           --------
      Total other revenues                                              24,719             24,116         3
                                                                      --------           --------
Interest income
    Interest and fees on loans                                           6,159              6,351        (3)
    Interest and dividends on investment securities                        771                673        15
    Deposits with banks and other                                          271                400       (32)
                                                                      --------           --------
      Total interest income                                              7,201              7,424        (3)
                                                                      --------           --------
Interest expense
    Deposits                                                               518                589       (12)
    Short-term borrowings                                                  497                733       (32)
    Long-term debt                                                       2,439              2,565        (5)
    Other                                                                  101                 94         7
                                                                      --------           --------
      Total interest expense                                             3,555              3,981       (11)
                                                                      --------           --------
        Net interest income                                              3,646              3,443         6
                                                                      --------           --------
Total revenues net of interest expense                                  28,365             27,559         3
                                                                      --------           --------
Provisions for losses
    Charge card                                                          1,363              1,140        20
    Cardmember lending                                                   4,231              2,761        53
    Other                                                                  204                202         1
                                                                      --------           --------
      Total                                                              5,798              4,103        41
                                                                      --------           --------
Total revenues net of interest expense after provisions for
 losses                                                                 22,567             23,456        (4)
                                                                      --------           --------

Expenses
    Marketing and promotion                                              2,430              2,562        (5)
    Cardmember rewards                                                   4,389              4,777        (8)
    Cardmember services                                                    542                478        13
    Salaries and employee benefits                                       6,090              5,438        12
    Professional services                                                2,413              2,280         6
    Occupancy and equipment                                              1,641              1,436        14
    Communications                                                         466                461         1
    Other, net                                                           1,123                330         #
                                                                      --------           --------
      Total                                                             19,094             17,762         7
                                                                      --------           --------

Pretax income from continuing operations                                 3,473              5,694       (39)
Income tax provision                                                       670              1,568       (57)
                                                                      --------           --------
Income from continuing operations                                        2,803              4,126       (32)
Loss from discontinued operations, net of tax                             (172)              (114)       51
Net income                                                              $2,631             $4,012       (34)
                                                                      ========           ========

EPS-Basic
    Income from continuing operations                                    $2.43              $3.52       (31)
                                                                      ========           ========
    Loss from discontinued operations                                    (0.15)             (0.10)       50
                                                                      ========           ========
    Net Income                                                           $2.28              $3.42       (33)
                                                                      ========           ========

EPS-Diluted
    Income from continuing operations                                    $2.42              $3.45       (30)
                                                                      ========           ========
    Loss from discontinued operations                                    (0.15)             (0.09)       67
                                                                      ========           ========
    Net Income                                                           $2.27              $3.36       (32)
                                                                      ========           ========

Average Shares Outstanding
    Basic                                                                1,154              1,173        (2)
                                                                      ========           ========
    Diluted                                                              1,157              1,196        (3)
                                                                      ========           ========
</Table>
# Denotes variance of more than 100%

                                     -22-
<Page>

OVERVIEW

- -    2008 Income from continuing operations included:
     -    A $600MM ($374MM after-tax) addition to lending credit reserves
          in 2Q '08;
     -    $449MM ($291MM after-tax) of total reengineering costs, primarily
          reflecting the restructuring charge related to the Company's
          reengineering initiatives in 4Q '08;
     -    A $220MM ($138MM after-tax) reduction to the fair market value of the
          Company's I/O Strip; and
     -    A $106MM ($66MM after-tax) charge in 4Q '08 reflecting an increase in
          the Company's MR balance sheet reserve, in connection with the
          Company's extension of its partnership arrangements with Delta.

- -    2007 Income from continuing operations included:
     -    A $1.13B ($700MM after-tax) initial payment in 4Q '07 as part of the
          Visa litigation settlement, and in light of the settlement:
          --   $143MM ($89MM after-tax) of incremental business-building costs;
          --   $74MM ($46MM after-tax) of Visa litigation-related costs; and
          --   A $50MM ($31MM after-tax) contribution to the American Express
               Charitable Fund.
     -    An $80MM ($50MM after-tax) net benefit in 1Q '07 from the initial
          adoption of a new accounting standard, SFAS No. 155, that required the
          Company to record changes in the fair market value of the I/O Strip in
          the income statement;
     -    A $63MM ($39MM after-tax) gain in 1Q '07 relating to amendments to the
          Company's U.S. pension plans that reduced projected pension
          obligations to participants;
     -    A $685MM ($430MM after-tax) charge in 4Q '07 to increase the MR
          liability to incorporate an actuarial based approach which increased
          the global ultimate redemption rate assumption for current program
          participants to approximately 90 percent;
     -    A $438MM ($274MM after-tax) credit-related charge in 4Q '07 to
          increase the worldwide lending reserve coverage ratio to reflect
          deterioration of credit indicators in the latter part of 2007;
     -    $68MM ($42MM after-tax) of increased marketing and promotion
          expenditures in 2Q '07, above the level originally planned for that
          quarter; and
     -    $66MM ($43MM after-tax) of reengineering costs.

- -    Including discontinued operations, diluted EPS on a net income basis of
     $2.27 decreased 32% versus last year. 2008 results reflected $172MM of
     losses from discontinued operations versus $114MM of losses last year,
     primarily reflecting mark-to-market adjustments and sales within the AEIDC
     investment portfolio for each respective period.

- -    CAPITAL DISTRIBUTED TO SHAREHOLDERS: During 2008 we distributed 35% of
     capital generated to shareholders through quarterly dividends and share
     repurchases. On a cumulative basis, since 1994, we have distributed 69% of
     capital generated through share repurchases and dividends.

     -    SHARE REPURCHASES: 5MM shares were repurchased in 2008 versus 60MM
          shares in 2007. Share repurchases were suspended during 1Q '08 in
          light of the uncertain U.S. economic environment.

<Table>
<Caption>
                                                                            Millions of Shares
                                                                          --------------------
<S>                                                                       <C>              <C>
     -    ACTUAL SHARE ACTIVITY:                                          2008             2007
          ----------------------                                          ----             ----
           Shares outstanding - beginning of period                       1,158            1,199
           Repurchase of common shares                                       (5)             (60)
           Employee benefit plans, compensation and other                     7               19
                                                                          -----            -----
           Shares outstanding - end of period                             1,160            1,158
                                                                          =====            =====
</Table>

FINANCIAL RESULTS

- -   CONSOLIDATED TOTAL REVENUES NET OF INTEREST EXPENSE: Consolidated total
     revenues net of interest expense increased 3%, reflecting a decrease versus
     last year of 2% in USCS, and increases of 10% in ICS, 10% in GCS and 6% in
     GNMS. Total revenues net of interest expense increased due to greater
     discount revenues, lower total interest expense, higher other revenues,
     increased net card fees and greater travel commissions and fees, partially
     offset by lower securitization income, net, decreased interest income and
     lower other commissions and fees. Translation of foreign currency had a
     minimal impact on the total revenues net of interest expense growth rate.

- -   CONSOLIDATED PROVISIONS FOR LOSSES: Consolidated provisions for losses
     increased 41% versus last year, reflecting increases of 46% in USCS, 27% in
     ICS, 42% in GCS and 23% in GNMS. Provisions rose primarily due to the
     difficult credit environment, which led to increased write-off and
     delinquency rates versus last year. Translation of foreign currency had a
     minimal impact on the provision growth rate.

- -   CONSOLIDATED EXPENSES: Consolidated expenses increased 7%, reflecting
     increases of 1% in USCS, 6% in ICS, and 13% in both GCS and in GNMS. The
     total expense growth reflected higher other, net expense, greater salaries
     and employee benefits expense, higher occupancy and equipment expense,
     increased professional services costs and greater cardmember services
     expense, partially offset by decreased cardmember rewards expense and lower
     marketing and promotion expense. Translation of foreign currency had a
     minimal impact on the expense growth rate.

- -       PRE-TAX MARGIN:  Was 12.2% in 2008 compared with 20.7% in 2007.

                                     -23-
<Page>

- -    EFFECTIVE TAX RATE: Was 19% in 2008 compared with 28% in 2007. The rates
     for each of these years reflect tax benefits related to the resolution of
     certain prior years' tax items and in 2008 a relatively lower level of
     pre-tax income.

- -    DISCOUNT REVENUE: Rose 3% on a 6% increase in billed business. The slower
     revenue versus billed business growth reflects the relatively faster growth
     in billed business related to GNS, where we share discount revenue with our
     card issuing partners, and higher cash-back rewards costs.

     -    The average discount rate* was 2.55% in 2008 versus 2.56% in 2007.
<TABLE>
<CAPTION>
                                                                    Years Ended              Percentage
                                                                   December 31,                Inc/(Dec)
                                                         ----------------------------      ----------------
                                                           2008               2007
                                                          -----               -----
<S>                                                   <C>                 <C>                  <C>
        Card billed business* (billions):
           United States                                 $471.1              $459.3               3%
           Outside the United States                      212.2               188.0              13
                                                         -------              ------
           Total                                         $683.3              $647.3               6
                                                          ======              ======
        Average basic cardmember spending**
           United States                                $12,495             $12,856              (3)
           Outside the United States                    $10,837             $10,251               6
           Total                                        $12,025             $12,106              (1)
</Table>

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

- -        WORLDWIDE BILLED BUSINESS: The 6% increase in worldwide billed business
         reflected increases of 2% in USCS, 8% in ICS, 6% in GCS and 27% in GNS
         volume. The table below summarizes selected billed business related
         statistics for 2008:

<Table>
<Caption>
                                                                                                   Percentage
                                                                                                Increase/(Decrease)
                                                                                                  Assuming No
                                                                                                   Changes in
                                                                             Percentage             Foreign
                                                                         Increase/(Decrease)     Exchange Rates
                                                                         -------------------    ------------------
<S>                                                                        <C>                   <C>
             WORLDWIDE*
                 Total billed business                                            6%                    5%
                 Proprietary billed business                                      4                    3
                 GNS                                                             27                    27
                 Average spending per proprietary basic card                     (1)                   (1)
             U.S.*
                 Billed business                                                  3
                 Average spending per proprietary basic card                     (3)
                 Proprietary consumer card billed business**                     (1)
                 Proprietary small business billed business**                     7
                 Proprietary Corporate Services billed business***                4
             OUTSIDE THE U.S.*
                 Billed business                                                 13                    12
                 Average spending per proprietary basic card                      6                     4
                 Proprietary consumer and small business billed                   8                     7
                 business****
                 Proprietary Corporate Services billed business***                9                     8
</Table>

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

     --   U.S. non-T&E-related volume categories (which represented
          approximately 70% of total U.S. billed business) grew 5%, while T&E
          volumes rose 2%.
     --   U.S. airline-related volume, which represented approximately 9% of
          total U.S. volumes during the year, increased 5% due to a 5% increase
          in the average airline charge while transactions were flat.
     --   Worldwide airline volumes, which represented approximately 11% of
          total volumes during the year, increased 3% on 2% growth in
          transactions and a 1% increase in the average airline charge.
     --   Assuming no changes in foreign exchange rates: Total billed business
          outside the U.S. reflected proprietary growth in Asia Pacific, Canada
          and Europe in the mid single-digits, and growth in Latin America in
          the low double-digits.

- -    NET CARD FEES: Increased 12% primarily reflecting a higher average fee per
     proprietary card.

- -    TRAVEL COMMISSIONS AND FEES: Increased 4%, primarily reflecting a 3%
     increase in worldwide travel sales.

                                     -24-
<Page>

- -    OTHER COMMISSIONS AND FEES: Decreased 5% due to the reclass to other
     revenues in USCS of certain card service-related fees beginning in 1Q '08,
     and a lower level of fees related to a lower average balance of owned
     loans, which were partially offset by increased assessment revenues.

- -    SECURITIZATION INCOME, NET: Decreased 29% primarily due to a lower excess
     spread, net, driven by increased write-offs, charges to the fair value of
     the I/O Strip 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.

     -   Components of Securitization Income, Net:

<Table>
<Caption>
                                                                            Years Ended           Percentage
                                                                            December 31,          Inc/(Dec)
                                                                  ----------------------------   ------------
                                                                      2008            2007
                                                                      ----            ----
            <S>                                                       <C>             <C>             <C>
            (millions)
            Excess spread, net*                                       $544            $1,025          (47%)
            Servicing fees                                             543               425           28
            (Losses) Gains on sales from securitizations**             (17)               57            #
                                                                    ------            ------
            Total securitization income, net                        $1,070            $1,507          (29)
                                                                    ======            ======
</Table>

        #  Denotes variance of more than 100%.
        *  Excess spread, net is the net cash flow from interest and fee
           collections allocated to the investors' interests after deducting the
           interest paid on investor certificates, credit losses, contractual
           servicing fees, other expenses and changes in the fair value of the
           I/O Strip.
        ** Excludes $446MM and ($177MM) of impact from cardmember loan sales
           and maturities in 2008, respectively, as well as $144MM and ($84MM)
           of impact from cardmember loan sales and maturities in 2007,
           respectively, reflected in the provisions for losses.

     -   The average balance of Cardmember lending securitizations was $27.1B in
         2008 compared with $21.2B in 2007.

- -    OTHER REVENUES: Increased 23%, primarily reflecting the benefits of the CPS
     acquisition, higher network and partner-related revenues, a
     reclassification from other commissions and fees within USCS beginning in
     1Q '08 and greater foreign exchange-related revenues.

- -    TOTAL INTEREST INCOME:  Decreased 3%.

     -   INTEREST AND FEES ON LOANS: Decreased 3% 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 15%,
         primarily reflecting higher liquidity-related investment levels which
         more than offset the impact of reduced investment yields.

     -   DEPOSITS WITH BANKS AND OTHER: Decreased 32%, as lower yields more than
         offset higher deposit balances.

- -    TOTAL INTEREST EXPENSE:  Decreased 11%.

     -   DEPOSITS:  Decreased 12%, primarily due to a lower cost of funds which
         more than offset increased balances.

     -   SHORT-TERM BORROWINGS:  Decreased 32%, primarily due to a lower cost of
         funds and a decrease in average short-term debt.

     -   LONG-TERM DEBT: Decreased 5%, 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.

     -   OTHER:  Increased 7%.

- -    CHARGE CARD PROVISION FOR LOSSES: Increased 20% primarily due to higher
     loss and delinquency rates versus last year, partially offset by the 4Q '07
     credit-related charge.

- -    CARDMEMBER LENDING PROVISION FOR LOSSES: Increased 53% due to higher
     write-off and delinquency rates and higher average owned loan balances.
     -   The lending net write-off rate was 5.5% in 2008 versus 3.5% in 2007.*
         * All lending statistics are presented here on a GAAP or "Owned
           Basis". "Managed Basis" credit quality statistics are available in
           the Fourth Quarter/Full Year 2008 Earnings Release, American Express
           Company Consolidated Selected Statistical Information pages.

- -    OTHER PROVISION FOR LOSSES:  Increased 1%.

- -    MARKETING AND PROMOTION EXPENSES:  Decreased 5%, reflecting decreased
     investments versus 2007 which included the incremental business-building
     costs in 2Q '07 and 4Q '07.

- -    CARDMEMBER REWARDS EXPENSE: Decreased 8%, reflecting the 4Q '07 MR-related
     charge, which was partially offset by the 4Q '08 Delta-related charge to
     the MR balance sheet reserve and higher volume-driven rewards costs.

                                     -25-

<Page>

- -    CARDMEMBER SERVICES EXPENSES:  Increased 13%.

- -    SALARIES AND EMPLOYEE BENEFITS EXPENSE: Increased 12% reflecting the 4Q '08
     restructuring charge related to the Company's reengineering initiatives, an
     increase in average headcount, greater merit and salesforce-related
     incentive costs and the 1Q '07 pension-related gain.

- -    PROFESSIONAL SERVICES EXPENSE:  Increased 6% primarily due to higher
     technology-related consulting and credit and collection expenses.

- -    OCCUPANCY AND EQUIPMENT EXPENSE:  Rose 14% on higher technology-related
     costs and rent and lease expenses reflecting the 4Q '08 reengineering
     costs.

- -    COMMUNICATIONS EXPENSE:  Increased 1%.

- -    OTHER, NET EXPENSE: Increased more than 100% primarily due to the initial
     Visa litigation settlement payment in 4Q '07, net of litigation expenses,
     the related contribution to the American Express Charitable Fund and the
     2008 expenses related to the CPS acquisition. These impacts were partially
     offset by the 2008 settlement payments from MasterCard and Visa.


                               CORPORATE & OTHER

- -    Net income was $171MM in 2008 compared with $454MM in 2007.

     -   2008 included:
         -- $186MM and $172MM of after-tax income related to the MasterCard
            and Visa litigation settlements, respectively;
         -- $108MM of after-tax expense, primarily reflecting the restructuring
            charge related to the Company's reengineering initiatives; and
         -- A $19MM after-tax charge (including $5MM of the reengineering costs
            above) related to the exit of certain AEB operations not sold.

     -   2007 included:
         -- $700MM of after-tax income due to the initial payment of the Visa
            litigation settlement;
         -- $46MM of after-tax expense for litigation-related costs;
         -- $31MM of after-tax expense for the contribution to the
            American Express Charitable Fund;
         -- $4MM of after-tax expense for incremental business-building costs;
            and
         -- $4MM of after-tax expense for reengineering costs.

                                     -26-

<Page>

                            AMERICAN EXPRESS COMPANY
                             FULL YEAR 2008 OVERVIEW
                               U.S. CARD SERVICES

                         CONDENSED STATEMENTS OF INCOME
                                  (GAAP BASIS)

<Table>
<Caption>
(Preliminary)                                                                   Years Ended                 Percentage
                                                                                December 31,                Inc/(Dec)
                                                                       -------------------------------    ---------------
(millions)                                                                2008              2007
                                                                          ----              ----
<S>                                                                       <C>               <C>              <C>
Revenues
    Discount revenue, net card fees and other                          $10,357           $10,243               1%
    Securitization income, net                                           1,070             1,507             (29)
    Interest income                                                      4,736             5,125              (8)
    Interest expense                                                     2,166             2,653             (18)
                                                                         -----             -----
        Net interest income                                              2,570             2,472               4
                                                                         -----             -----
Total revenues net of interest expense                                  13,997            14,222              (2)
                                                                         ------           ------
Provisions for losses                                                    4,389             2,998              46
                                                                         -----             -----
Total revenues net of interest expense after provisions for losses       9,608            11,224             (14)
                                                                         -----            ------
Expenses
    Marketing, promotion, rewards and cardmember services                4,837             5,140              (6)
    Salaries and employee benefits and other operating expenses          3,727             3,354              11
                                                                         -----             -----
     Total                                                               8,564             8,494               1
                                                                         -----             -----
Pretax segment income                                                    1,044             2,730             (62)
Income tax provision                                                       252               907             (72)
                                                                         -----             -----
Segment Income                                                            $792            $1,823             (57)
                                                                          ====            ======
</Table>

STATISTICAL INFORMATION
<Table>
<Caption>
                                                                                Years Ended                 Percentage
                                                                                December 31,                Inc/(Dec)
                                                                       -------------------------------    ---------------
                                                                          2008             2007
                                                                          ----             ----
<S>                                                                       <C>              <C>                <C>
Card billed business (billions)                                         $382.0            $375.2               2%
Average basic cardmember spending* (dollars)                           $11,594           $12,011              (3)
</Table>

* Proprietary cards only.

     -   BILLED BUSINESS:  The 2% increase in billed business primarily reflects
         the 2% increase in basic cards-in-force, offset by a 3% decline in
         average basic cardmember spending.
         --   Within the U.S. consumer business, billed business declined 1%;
              small business volumes rose 7%.

P&L DISCUSSION:

- -    SEGMENT INCOME: Decreased 57% as total revenues net of interest expense
     decreased 2%, provisions for losses increased 46% and expenses increased
     1%.

     -   2008 included:
         -- The $600MM ($374MM after-tax) addition to lending credit reserves in
            2Q '08;
         -- The $220MM ($138M MM after-tax) reduction to the fair market value
            of the I/O strip;
         -- $96MM ($60MM after-tax) of the 4Q '08 Delta-related charge to the
            Company's MR balance sheet reserve; and
         -- $30MM ($20MM after-tax) of total reengineering costs, primarily
            reflecting the Company's 4Q '08 reengineering initiatives.

     -   2007 included:
         -- An $80MM ($50MM after-tax) benefit from the initial adoption of
            SFAS No. 155 in 1Q '07;
         -- $36MM ($22MM after-tax) of the 1Q '07 pension-related gain;
         -- The $438MM ($274MM after-tax) credit-related charge in 4Q '07;
         -- $408MM ($253MM after-tax) of the 4Q '07 MR-related charge;
         -- $131MM ($81MM after-tax) of the incremental business-building costs
            in 2Q '07 and 4Q '07; and
         -- $13MM ($8MM after-tax) of reengineering expenses.

     -   PRE-TAX MARGIN:  Was 7.5% in 2008 compared with 19.2% in 2007.


     -   EFFECTIVE TAX RATE: Was 24% in 2008 compared with 33% in 2007. The tax
         rates in both years reflect benefits related to the resolution of
         certain prior years' tax items.

- -    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Increased 1% due to greater net
     card fees, higher other revenue, increased travel commission and fees and
     higher discount revenue, which were partially offset by lower commissions
     and fees.

                                     -27-

<Page>

- -    SECURITIZATION INCOME, NET: Decreased 29% primarily due to a lower excess
     spread, net, driven by increased write-offs, charges to the fair value of
     the I/O Strip 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.

- -    INTEREST INCOME:  Decreased 8% due to lower market interest rate-driven
     yields and a slight decrease in average owned lending balances.

- -    INTEREST EXPENSE:  Decreased 18% primarily due to a lower cost of funds.

- -    PROVISIONS FOR LOSSES: Increased 46% due to higher write-off and
     delinquency rates in the lending and charge portfolios reflecting the
     challenging U.S. credit environment.

     -   CREDIT QUALITY:

         -- The charge card net write-off rate was 3.6%.* +
         -- The lending net write-off rate for 2008 was 5.8% versus 3.1% for
            2007.**

            * There are no off-balance sheet Charge Card securitizations.
              Therefore, all credit quality statistics for the Charge Card
              portfolio are on an "Owned Basis."
           ** Owned basis.  See pages 29-30 for "Managed Basis" Cardmember
              lending information.
            + In 4Q '08, the Company revised the time period in which past due
              U.S. Cardmember receivables are written off. These receivables are
              now written off when they are 180 days past due, when previously,
              they were written off when they were 360 days past due. The net
              write-off rate, reflecting write-offs of principal only, has been
              presented beginning with 1Q '08 and does not reflect the
              write-offs of $341MM incurred upon adopting the 180 day past due
              write-off policy in 4Q '08.

- -    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     6% due to the 4Q '07 MR-related charge, the incremental business-building
     expenses in 2Q '07 and 4Q '07 compared to lower marketing and promotion
     expenses in 2008, partially offset by the 4Q '08 Delta-related charge to
     the MR balance sheet reserve and higher volume-related rewards costs.

- -    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased 11%
     primarily due to higher software, operations, technologies and credit and
     collection costs, the 1Q '07 pension-related gain and 4Q '08 costs related
     to the Company's reengineering initiatives.

                                     -28-

<Page>

                            AMERICAN EXPRESS COMPANY
                           FIRST QUARTER 2008 OVERVIEW
                           INTERNATIONAL CARD SERVICES

MANAGED BASIS
For USCS, the managed basis presentation assumes that there have been no
off-balance sheet securitization transactions, i.e., all securitized cardmember
loans and related income effects are reflected as if they were in the Company's
balance sheets and income statements, respectively. For the managed basis
presentation, revenue and expenses related to securitized cardmember loans are
reflected in other commissions and fees (included in discount revenue, net card
fees and other), cardmember interest income, cardmember interest expense and
provisions for losses. On a managed basis, there is no securitization income,
net, as the managed basis presentation assumes no securitization transactions
have occurred.

The Company presents USCS information on a managed basis because that is the way
the Company's management views and manages the business. Management believes
that a full picture of trends in the Company's cardmember lending business can
only be derived by evaluating the performance of both securitized and
non-securitized cardmember loans. Management also believes that use of a managed
basis presentation presents a more accurate picture of the key dynamics of the
cardmember lending business. Irrespective of the on- and off-balance sheet
funding mix, it is important for management and investors to see metrics for the
entire cardmember lending portfolio because they are more representative of the
economics of the aggregate cardmember relationships and ongoing business
performance and trends over time. It is also important for investors to see the
overall growth of cardmember loans and related revenue in order to evaluate
market share. These metrics are significant in evaluating the Company's
performance and can only be properly assessed when all non-securitized and
securitized cardmember loans are viewed together on a managed basis. The Company
does not currently securitize international loans.

On a GAAP basis, revenue and expenses from securitized cardmember loans are
reflected in the Company's income statements in securitization income, net, fees
and commissions, and provisions for losses for cardmember lending. At the time
of a securitization transaction, the securitized cardmember loans are removed
from the Company's balance sheet, and the resulting gain on sale is reflected in
securitization income, net as well as an impact to provision for losses (credit
reserves are no longer recorded for the cardmember loans once sold). Over the
life of a securitization transaction, the Company recognizes servicing fees and
other net revenues (referred to as "excess spread") related to the interests
sold to investors (i.e. the investors' interests). These amounts, in addition to
changes in the fair value of the interest-only strips, are reflected in
securitization income, net, and fees and commissions. The Company also
recognizes cardmember interest income over the life of the securitization
transaction related to the interest it retains (i.e. the seller's interest). At
the maturity of a securitization transaction, cardmember loans on the balance
sheet increase, and the impact of the incremental required loss reserves is
recorded in provisions for losses.

As presented, in aggregate over the life of a securitization transaction, the
pretax income impact to the Company is the same whether or not the Company had
securitized cardmember loans or funded these loans through other financing
activities (assuming the same financing costs). The income statement
classifications, however, of specific items will differ.

   The following information reconciles the GAAP basis presentation for certain
USCS income statement line items to the managed basis presentation, where
different:

<Table>
<Caption>
                                                                         Years Ended                   Percentage
                                                                        December 31,                   Inc/(Dec)
                                                              ----------------------------------    -----------------
(millions)                                                         2008                2007
                                                                   ----                ----
<S>                                                                <C>                 <C>              <C>

- -        DISCOUNT REVENUE, NET CARD FEES AND OTHER:
           Reported for the period (GAAP)                       $10,357             $10,243               1%
           Securitization adjustments                               400                 310              29
                                                                    ---                 ---
           Managed discount revenue, net card fees and
           other                                                $10,757             $10,553               2
                                                                =======             =======

- -        INTEREST INCOME:
           Reported for the period  (GAAP)                       $4,736              $5,125              (8)
           Securitization adjustments                             3,512               3,130              12
                                                                  -----               -----
           Managed interest income                               $8,248              $8,255               -
                                                                 ======              ======

- -        SECURITIZATION INCOME, NET:
           Reported for the period (GAAP)                        $1,070              $1,507             (29)
           Securitization adjustments                            (1,070)             (1,507)            (29)
                                                                 -------            -------
           Managed securitization income, net                      $ -                  $ -               -
                                                                   ===                  ===

- -        INTEREST EXPENSE:
           Reported for the period  (GAAP)                       $2,166              $2,653             (18)
           Securitization adjustments                             830                 1,136             (27)
                                                                  ---                 -----
           Managed interest expense                              $2,996              $3,789             (21)
                                                                 ======              ======

- -        PROVISIONS FOR LOSSES:
           Reported for the period (GAAP)                        $4,389              $2,998              46
           Securitization adjustments                             2,002                 871               #
                                                                  -----                 ---
           Managed provisions for losses                         $6,391              $3,869              65
                                                                 ======              ======
</Table>
# Denotes variance of more than 100%.

                                     -29-

                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                              U.S. CARD SERVICES


MANAGED P&L DISCUSSION

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER: Increased 2% 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.

o    INTEREST  INCOME:  Remained flat as lower market interest rate-driven
     yields more than offset the 10% growth in average managed lending balances.

o    INTEREST EXPENSE: Decreased 21% due to a lower market interest
     rate-driven cost of funds which more than offset higher average managed
     receivable balances.

o    PROVISIONS FOR LOSSES: Increased 65% due to higher write-off and
     delinquency rates and higher average managed loan balances, partially
     offset by the credit-related charge in 4Q '07.

     - CARDMEMBER LENDING: *
       --  The lending net write-off rate for 2008 was 5.5% versus 3.1%
           for 2007.

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



                                     -30-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                          INTERNATIONAL CARD SERVICES

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)
<TABLE>
<CAPTION>

(Preliminary)
                                                                               Years Ended              Percentage
                                                                               December 31,              Inc/(Dec)
                                                                       ------------------------------ --------------
(millions)                                                                2008             2007
                                                                          ----             ----

<S>                                                                 <C>              <C>                <C>
Revenues
    Discount revenue, net card fees and other                           $3,758           $3,499             7
                                                                       -------          -------
    Interest income                                                      1,984            1,741            14
                                                                       -------          -------
    Interest expense                                                       961              909             6
                                                                       -------          -------
      Net interest income                                                1,023              832            23
                                                                       -------          -------
Total revenues net of interest expense                                   4,781            4,331            10
                                                                       -------          -------
Provisions for losses                                                    1,030              812            27
                                                                       -------          -------
Total revenues net of interest expense after provisions for losses       3,751            3,519             7
                                                                       -------          -------
Expenses
    Marketing, promotion, rewards and cardmember services                1,453            1,566            (7)
                                                                       -------          -------
    Salaries and employee benefits and other operating expenses          2,145            1,836            17
                                                                       -------          -------
         Total                                                           3,598            3,402             6
                                                                       -------          -------
Pretax segment income (loss)                                               153              117            31
Income tax benefit                                                        (198)            (174)           14
                                                                       -------          -------
Segment income                                                            $351             $291            21
                                                                       =======          =======
</TABLE>

<TABLE>
<CAPTION>
STATISTICAL INFORMATION
                                                                               Years Ended              Percentage
                                                                               December 31,              Inc/(Dec)
                                                                       ------------------------------ --------------
                                                                          2008             2007
                                                                          ----             ----
<S>                                                                 <C>              <C>                <C>
Card billed business (billions)                                         $106.1            $98.0             8%
Average basic cardmember spending* (dollars)                            $9,292           $8,772             6
</TABLE>


 * Proprietary cards only.

- -        BILLED BUSINESS: The 8% increase in billed business reflects a 6%
         increase in average spending per proprietary basic card and a 1%
         increase in basic cards-in-force.
           -- Adjusting for the impacts of foreign exchange translation,
              billed business and average spending per proprietary basic
              card-in-force increased 7% and 5%, respectively. Volume growth
              within the major geographic regions ranged from growth in the
               mid to high single-digits.

P&L DISCUSSION

o    SEGMENT INCOME: Increased 21% versus last year as total revenues net of
     interest expense increased 10%, provisions for losses increased 27% and
     expenses rose by 6%.

       - 2008 included $83MM ($54MM after-tax) of total reengineering costs,
         primarily reflecting the Company's 4Q '08 reengineering initiatives.

       - 2007 included:
         -- $2MM ($1MM after-tax) of the 1Q '07 pension-related gain;
         -- $216MM ($138MM after-tax) of the 4Q '07 increase to the MR reserve;
         -- $26MM ($16MM after-tax) of the incremental business-building
            costs in 2Q '07 and 4Q '07; and
         -- $16MM ($11MM after-tax) of reengineering costs.

- - PRE-TAX MARGIN:  Was 3.2% in 2008 compared with 2.7% in 2007.

- -        EFFECTIVE TAX RATE: Was (129%), reflecting a tax benefit of $198MM,
         compared with a rate of (149%) and a tax benefit of $174MM in 2007.
         As indicated in previous quarters, this segment reflects an overall
         tax benefit which will likely continue going forward since our
         internal tax allocation process provides ICS with the consolidated
         benefit related to its ongoing funding activities outside the U.S.
         Additionally, the tax rates in 2008 and 2007 reflected various tax
         benefits related to the resolution of certain prior years' tax items.

o    DISCOUNT REVENUE, NET CARD FEES AND OTHER:  Increased 7% driven primarily
     by higher discount revenue, greater net card fees and increased other
     revenue.


                                     -31-
<PAGE>

                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                          INTERNATIONAL CARD SERVICES

o    INTEREST INCOME:  Increased 14% on 9% growth in average loans and a
     higher cardmember portfolio yield.


o    INTEREST EXPENSE:   Increased 6% primarily due to higher loan and
     business volumes.

o    PROVISIONS FOR LOSSES: Increased 27% due to increased reserve levels due
     to the challenging economic environment and loan and business volume
     growth.

     - CREDIT QUALITY: *
        -- The charge card loss ratio was 0.24% in 2008 versus 0.26% in 2007.
        -- The lending write-off rate was 4.8% versus 4.9% last year.

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

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     7% due to the 4Q '07 MR-related charge and the incremental
     business-building costs in 2Q '07 and 4Q '07, which more than offset
     higher marketing and promotion expenses, other operating expenses and
     volume-related rewards costs in 2008.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased
     17% primarily due to higher salaries and employee benefits expense and
     increased other operating expenses, which reflect the costs related to
     the Company's reengineering initiatives in 4Q '08, as well as greater
     professional services expense.



                                     -32-
<PAGE>

                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES

<TABLE>
<CAPTION>

                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)


(Preliminary)
                                                                                 Years Ended                  Percentage
                                                                                 December 31,                  Inc/(Dec)
                                                                       ---------------------------------     ---------------
(millions)                                                                 2008               2007
                                                                           ----               ----
<S>                                                                    <C>                <C>                    <C>
Revenues
    Discount revenue, net card fees and other                            $5,081             $4,697                 8%
    Interest income                                                         168                187                (10)
    Interest expense                                                        553                615                (10)
      Net interest income                                                  (385)              (428)               (10)
Total revenues net of interest expense                                    4,696              4,269                 10
         Provisions for losses                                              231                163                 42
Total revenues net of interest expense after provisions for losses        4,465              4,106                  9
Expenses
    Marketing, promotion, rewards and cardmember services                   377                387                 (3)
    Salaries and employee benefits and other operating expenses           3,412              2,975                 15
       Total                                                              3,789              3,362                 13
Pretax segment income                                                       676                744                 (9)
Income tax provision                                                        182                208                (13)
Segment income                                                             $494               $536                 (8)

</TABLE>
<TABLE>
<CAPTION>
STATISTICAL INFORMATION                                                          Years Ended                  Percentage
                                                                                 December 31,                  Inc/(Dec)
                                                                      --------------- --- --------------    ----------------
                                                                             2008              2007
                                                                             ----              ----
<S>                                                                     <C>               <C>                  <C>
Card billed business (billions)                                            $129.2            $122.1               6%
Average basic cardmember spending* (dollars)                              $18,527           $18,017               3
</TABLE>

  *   Proprietary cards only.

- -        BILLED BUSINESS: The 6% increase in billed business reflects a 3%
         increase in average spending per proprietary basic card and a 4%
         increase in basic cards-in-force.
         --   Adjusting for the impacts of foreign exchange translation,
              billed business and average spending per proprietary basic
              card-in-force increased 5% and 2%, respectively. Volume growth
              of 4% within the U.S. compared to growth within the Company'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.

P&L DISCUSSION

o    SEGMENT INCOME: Decreased 8% versus last year as total revenues net of
     interest expense increased 10%, provisions for losses increased 42% and
     expenses rose by 13%. Both revenue and expense growth rates reflect the
     inclusion of the CPS acquisition this year.

- - 2008 included:
  -- $138MM ($89MM after-tax) of total reengineering costs, primarily reflecting
     the Company's 4Q '08 reengineering initiatives; and
  -- $10MM ($6MM after-tax)of the 4Q '08 Delta-related charge to the MR
     balance sheet reserve.

- - 2007 included:
  -- $19MM ($12MM after-tax) of the 1Q '07 pension-related gain;
  -- $61MM ($39MM after-tax) of the 4Q '07 MR-related charge; and
  -- $25MM ($16MM after-tax) of reengineering costs.

- - PRE-TAX MARGIN: Was 14.4% in 2008 compared with 17.4% in 2007.

- - EFFECTIVE TAX RATE: Was 27% in 2008 compared with 28% in 2007. The
  rates for each of these periods reflect tax benefits related to the
  resolution of certain prior years' tax items.

o DISCOUNT REVENUE, NET CARD FEES AND OTHER: Increased 8% primarily due to
  higher other revenues, driven partially by the CPS acquisition and
  greater discount and travel revenues.

o INTEREST INCOME:  Decreased 10% driven by lower deposit-related income.

o INTEREST EXPENSE:  Decreased 10% due to a lower cost of funds, primarily
  within the U.S., partially offset by the cost of funding the CPS acquisition.

                                     -33-
<PAGE>

                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                          GLOBAL COMMERCIAL SERVICES


o PROVISIONS FOR LOSSES: Increased 42%, primarily reflecting higher loss
  and past due rates due to the challenging economic environment.

  - CREDIT QUALITY:*
    -- The charge card loss ratio was 0.13% versus 0.10% last year.
    * There are no off-balance sheet charge card securitizations. Therefore,
      all credit quality statistics for the charge card portfolio are on
      an "Owned Basis."

o    MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES EXPENSES: Decreased
     3%, primarily reflecting the 4Q '07 MR-related charge, which more than
     offset higher volume-related rewards costs and the 4Q '08 Delta-related
     charge to the MR balance sheet reserve.

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased
     15% primarily due to higher other, operating expense and greater salaries
     and employee benefits expense, which reflect the impacts of the CPS
     acquisition, as well as the costs related to the Company's reengineering
     initiatives in 4Q '08 and the pension-related gain in 1Q '07.





                                     -34-
<PAGE>
                           AMERICAN EXPRESS COMPANY
                            FULL YEAR 2008 OVERVIEW
                      GLOBAL NETWORK & MERCHANT SERVICES

<TABLE>
<CAPTION>
                        CONDENSED STATEMENTS OF INCOME
                                 (GAAP BASIS)


(Preliminary)
                                                                                 Years Ended                 Percentage
                                                                                 December 31,                 Inc/(Dec)
                                                                       ---------------------------------    -------------
(millions)                                                                2008                2007
                                                                          ----                ----

<S>                                                                   <C>                <C>                   <C>
Revenues
    Discount revenue, fees and other                                     $3,875             $3,549                9%
    Interest Income                                                           5                  3               67
    Interest expense                                                       (222)              (312)             (29)
      Net interest income                                                   227                315              (28)
Total revenues net of interest expense                                    4,102              3,864                6
 Provisions for losses                                                      127                103               23
Total revenues net of interest expense after provisions for losses        3,975              3,761                6
Expenses
    Marketing and promotion                                                 553                595               (7)
    Salaries and employee benefits and other operating expenses           1,932              1,606               20
         Total                                                            2,485              2,201               13
etax segment income                                                       1,490              1,560               (4)
Income tax provision                                                        495                538               (8)
Segment income                                                             $995             $1,022               (3)
</TABLE>


<TABLE>
<CAPTION>
  STATISTICAL INFORMATION                                                       Years Ended                  Percentage
                                                                                December 31,                  Inc/(Dec)
                                                                    -----------------------------------     -------------
                                                                           2008                 2007
                                                                           ----                 ----
<S>                                                                    <C>                  <C>                  <C>
  Global card billed business* (billions)                                $683.3               $647.3               6%
  Global Network Services:
  Card billed business (billions)                                         $67.4                $52.9              27%
</TABLE>


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

P&L DISCUSSION

o    SEGMENT INCOME: Decreased 3% as total revenues net of interest expense
     grew 6%, provisions for losses increased 23% and expenses rose 13%.

     -   2008 included $31MM ($20MM after-tax) of total reengineering costs,
         primarily reflecting the Company's 4Q '08 reengineering initiatives.

     -   2007 included:
         -- $27MM ($18MM after-tax) of gains related to the sale of our
            merchant-related operations in Russia in 2Q '07;
         -- $5MM ($3MM after-tax) of the 1Q '07 pension-related gain;
         -- $43MM ($26MM after-tax) of the incremental business-building
            costs in 2Q '07 and 4Q '07; and
         -- $6MM ($4MM after-tax) of reengineering costs.

- - PRE-TAX MARGIN:  Was 36.3% in 2008 versus 40.4% in 2007.

- - EFFECTIVE TAX RATE:  Was 33% in 2008 compared with 34% in 2007.

o    DISCOUNT REVENUE, FEES AND OTHER REVENUE: Increased 9%, reflecting growth
     in merchant-related revenues, due to the 6% increase in global card
     billed business and higher GNS-related revenues.

o    INTEREST INCOME: Increased $2MM.

o    INTEREST EXPENSE: The expense credit decreased 29% due to a lower
     rate-driven interest credit, primarily in the U.S., related to internal
     transfer pricing which recognizes the merchant services' accounts
     payable-related funding benefit.

o    PROVISIONS FOR LOSSES:  Increased $24MM.

o    MARKETING AND PROMOTION EXPENSES: Decreased 7%, reflecting lower brand
     and other marketing and promotion expenses this year versus the
     incremental business-building costs in 2Q '07 and 4Q '07.


                                     -35-
<PAGE>

o    SALARIES AND EMPLOYEE BENEFITS AND OTHER OPERATING EXPENSES: Increased
     20% primarily due to increased merchant-related reserves due to the
     challenging economic environment, last year's gains related to the sale
     of our merchant-related operations in Russia, greater salaries and
     employee benefits expense, which reflected an expansion of the merchant
     sales force and the costs related to the Company's reengineering
     initiatives in 4Q '08 and higher volume-related expenses.


                                     -36-
<PAGE>

<PAGE>
               INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements, which are subject to risks
and uncertainties. The forward-looking statements, which address the Company's
expected business and financial performance, among other matters, contain
words such as "believe," "expect," "anticipate," "optimistic," "intend,"
"plan," "aim," "will," "may," "should," "could," "would," "likely," and
similar expressions. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which
they are made. The Company undertakes no obligation to update or revise any
forward-looking statements. Factors that could cause actual results to differ
materially from these forward-looking statements include, but are not limited
to, the following: consumer and business spending on the Company's credit and
charge card products and Travelers Cheques and other prepaid products and
growth in card lending balances, which depend in part on the economic
environment, and the ability to issue new and enhanced card and prepaid
products, services and rewards programs, and increase revenues from such
products, attract new Cardmembers, reduce Cardmember attrition, capture a
greater share of existing Cardmembers' spending, and sustain premium discount
rates on its card products in light of regulatory and market pressures,
increase merchant coverage, retain Cardmembers after low introductory lending
rates have expired, and expand the Global Network Services business; the
Company's ability to manage credit risk related to consumer debt, business
loans, merchants and other credit trends, which will depend in part on the
economic environment, including, among 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 businesses
that accept the Company's card products, and on the effectiveness of the
Company's credit models; the impact of the Company's efforts to deal with
delinquent Cardmembers in the current challenging economic environment, which
may affect payment patterns of Cardmembers, the Company's near-term write-off
rates, including during the first half of 2009, and the volumes of the
Company'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'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's borrowing costs, return on lending products and the
value of the Company's investments; the Company's ability to meet its ROE
target range of 33 to 36 percent on average and over time, which will depend
in part on factors such as the Company's ability to generate sufficient
revenue growth and achieve sufficient margins, fluctuations in the capital
required to support its businesses, the mix of the Company's financings, and
fluctuations in the level of the Company's shareholders' equity due to share
repurchases, dividends, changes in accumulated other comprehensive income and
accounting changes, among other things; the actual amount to be spent by the
Company on marketing, promotion, rewards and Cardmember services based on
management's assessment of competitive opportunities and other factors
affecting its judgment; the ability to control and manage operating,
infrastructure, advertising and promotion expenses as business expands or
changes, including the ability to accurately estimate the provision for the
cost of the Membership Rewards program; fluctuations in foreign currency
exchange rates; the Company's ability to grow its business, generate excess
capital and, over time, meet or exceed its return on shareholders' equity
target by reinvesting approximately 35 percent of annually-generated capital,
and returning approximately 65 percent of such capital to shareholders which
will depend on the Company's ability to manage its capital needs and the
effect of business mix, acquisitions and rating agency requirements; the
success of the Global Network Services business in partnering with banks in
the United States, which will depend in part on the extent to which such
business further enhances the Company's brand, allows the Company to leverage
its significant processing scale, expands merchant coverage of the network,
provides Global Network Services' bank partners in the United States the
benefits of greater Cardmember loyalty and higher spend per customer, and
merchant benefits such as greater transaction volume and additional higher
spending customers; the ability of the Global Network Services business to
meet the performance requirements called for by the Company's recent
settlements with MasterCard and Visa; trends in travel and entertainment
spending and the overall level of consumer confidence; the uncertainties
associated with business acquisitions, including, among others, the failure to
realize anticipated business retention, growth and cost savings, as well as
the ability to effectively integrate the acquired business into the Company's
existing operations; the underlying assumptions and expectations related to
the February 2008 sale of the American Express Bank Ltd. businesses and the
transaction's impact on the Company's earnings proving to be inaccurate or
unrealized; the success, timeliness and financial impact (including costs,
cost savings, and other benefits, including increased revenues), and
beneficial effect on the Company's operating expense to revenue ratio, both in
the short-term (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, outsourcing (including, among others,
technologies operations), relocating certain functions to lower-cost overseas
locations, moving internal and external functions to the internet to save
costs, and planned staff reductions relating to certain of such reengineering
actions; the Company's ability to reinvest the benefits arising from such
reengineering actions in its businesses; bankruptcies, restructurings,
consolidations or similar events (including, among others, the Delta
Airlines/Northwest Airlines merger) affecting the airline or any other
industry representing a significant portion of the Company's billed business,
including any potential negative effect on particular card products and
services and billed business generally that could result from the actual or
perceived weakness of key business partners in such industries; the triggering
of obligations to make payments to certain co-brand partners, merchants,
vendors and customers under contractual arrangements with such parties under
certain circumstances; a downturn in the Company's businesses and/or negative
changes in the Company's and its subsidiaries' credit ratings, which could
result in contingent payments under contracts, decreased liquidity and higher
borrowing costs; 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's future business growth, its credit ratings, market capacity and
demand for securities offered by the Company, performance by the Company'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's ability to securitize and sell
receivables and the performance of receivables previously sold in
securitization transactions and the Company'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's ability to redeem or otherwise access
in a timely manner up to $500 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's investment portfolio and, in
particular, those investments that are not readily marketable, including the
valuation of the interest-only strip relating to the Company's lending
securitizations; the Company's ability to invest in technology advances across
all areas of its business to stay on the leading edge of technologies
applicable to the payments industry; the Company's ability to protect its
intellectual property rights (IP) and avoid infringing the IP of other
parties; the potential negative effect on the Company's businesses and
infrastructure, including information technology, of terrorist attacks,
natural disasters or other catastrophic events in the future; political or
economic instability in certain regions or countries, which could affect
lending and other commercial activities, among other businesses, or
restrictions on convertibility of certain currencies; changes in laws or
government regulations; the potential impact of regulations 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's net income; accounting changes; outcomes and
costs associated with litigation and compliance and regulatory matters; and
competitive pressures in all of the Company's major businesses. A further
description of these and other risks and uncertainties can be found in the
Company's Annual Report on Form 10-K for the year ended December 31, 2007,
Item 1A of Part 2 in the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2008, and the Company's other reports filed with
the SEC.



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